An intensive professional development training course on
Certificate in
Inventory Management
Best Practices
The Complete Course on Inventory Management
Why Choose this Training Course?
The "Certificate in Inventory Management Best Practices" training course delves into the critical role of effective inventory management in achieving organizational efficiency and lean operations. In today’s business landscape, balancing cost reduction with high customer service levels is crucial for maintaining world-class performance. Despite its importance, inventory management remains one of the least understood practices, with many managers overlooking the direct link between effective inventory control and improved business outcomes.
This course addresses the challenges faced in inventory management, including the common pitfalls of mechanical Min/Max reorder point systems and the significant investments tied up in inventory, particularly in capital-intensive industries. By adopting sound inventory management principles, participants will learn to mitigate excessive costs, enhance stock availability, and avoid knee-jerk reactions, ultimately leading to more strategic and effective inventory practices.
This AZTech training course will feature:
- Reduction in inventory investment
- Improved customer satisfaction
- Reduced cost of running the inventory management function
- Understanding inventory categories in management
- Management of Stock Keeping Units in terms of their priorities
What are the Goals?
By the end of this AZTech training course, participants will be able to:
- Understand the importance of inventory & the role it plays in the profitability of the company
- Examine the most appropriate method for managing an item
- Understand the value chain in inventory management
- Apply best methods to optimise the investment in inventory
- Examine the appropriate inventory management technique for each type of item
Who is this Training Course for?
This AZTech training course is suitable to a wide range of professionals but will greatly benefit:
- Those involved in inventory, albeit as supplier, buyer, materials planner, warehousing, finance or even end-customer
- Professionals and staff in the organization who are responsible for reducing costs, increasing productivity, raising inventory turns and enhancing customer service through high fill rates, accurate information and excellent order fulfillment
How will this Training Course be Presented?
This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The course is highly class-work based and will prompt delegates to reflect on current practices and on their current practices. The Tutor will guide and facilitate learning using a wide variety of methods including direct input, discussions, case studies and group work.
The Course Content
Day One: Inventory in the Value Chain
- The purpose of inventory in the value chain
- Classification of inventory
- Procedure for eliminating obsolete inventory
- Pareto Law in identifying product Classification
- Location of inventory
- Using Economic Order Quantity on managing inventory order levels
Day Two: Demand Planning
- Basic forecasting methods
- Customer segmentation
- Hierarchy of planning
- Aggregate planning
- Maintenance & Inventory planning meeting
- Master Scheduling
Day Three: Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
Day Four: Inventory Recording
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
Day Five: Performance Measurement
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
The Certificate
- AZTech Certificate of Completion for delegates who attend and complete the training course
DO YOU WANT TOLEARN MORE ABOUT THIS COURSE?
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