An Intensive 5-day Training Course
Inventory Planning & Controls Techniques
- Format: Classroom
- Duration: 5 days
- Language: English
- Accredited: CPE, KHDA Certified training courses
INTRODUCTION
Inventory Management is critical in operations as inventory is a current asset to a firm. Carrying inventory comes with a certain degree of risk. This risk is a component of the cost of carrying inventory. When a company stocks items in the warehouse, there is always the risk that the items may fall in real value during the period they are stored. If a company stored parts for their work centres or equipment, the parts in the warehouse could be worth far less than the price that was originally paid and any losses, excess, obsolete and miss-managed inventory means a reduction in the company equity.
This Euromatech Inventory Planning & Control Techniques training course on Planning and techniques focuses on the techniques when companies are looking to reduce costs as at times, they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost and help with the company’s bottom line.
Participants attending this Euromatech Inventory Planning & Control Techniques training course will develop the following competencies:
- Understand the importance of the Supply Chain
- Enable delegates to evaluate Inventory visibility levels and segmentation approaches
- Examine stocking level criteria through assignment practices
- Types of tools used for inventory optimization
- Examine the influence that Contracts and Procurement have on Inventory
- Understanding that minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise
- Understand and implement the "world class" tools for managing inventory in the supply chain
TRAINING OBJECTIVES
By the end of this Euromatech Inventory Planning & Control Techniques training course, you will be have the:
- Ability to Set Min/Max and re-order points with little to no direction
- Ability to perform Annual Stock Taking process while maintaining high quality
- Demonstrates ability to apply Practical Inventory Management Tools and mentor others to use them
- Ability to master Item Master Management
WHO SHOULD ATTEND?
This Euromatech Inventory Planning & Control Techniques training course is suitable to a wide range of professionals but will especially benefit:
- Those New to Managing Warehouses or Stores
- Those Non-warehouse people who need to gain an awareness of the issues and key drivers of stock control operations
- Stock Professionals
- Warehouse Operatives and Supervisors
- Distribution Professionals
TRAINING METHODOLOGY
This Euromatech Inventory Planning & Control Techniques training course will combine presentations with interactive practical exercises, supported by video materials, activities and case studies. Delegates will be encouraged to participate actively in relating the principles of transport management to the particular needs of their Organisation.
TRAINING SUMMARY
Inventory control is an activity of checking a shop’s stock and to maintain the inventory at desired levels, keeping in view the best economic interest of an organization. In simple words, inventory control is a process of ensuring that a business maintains the adequate quantity of stock to meet the forecasted demand with minimum holding cost.
TRAINING OUTLINE
PROGRAMME OUTLINE
Day 1 - Inventory in the Supply Chain
- Inventory Flow in the Supply Chain
- Inventory Definitions and Importance
- Supply Chain and Inventory Dynamics
- Financial Management, Cash Flow, and Inventory
- Statistics Application in Inventory Control
- Truths on Inventory Visibility
Day 2 - Key Components to Understanding Effective Inventory Control
- End-User Demand Analysis
- Forecasting for Operations and Maintenance
- Understanding Supply Lead Time
- Developing Inventory Policies
- The Need for Inventory in Organizations
- Basic Mechanics of Inventory Systems
- Understanding Stock Coding
Day 3 - Inventory Mechanics, Methods and Systems
- Establishing Order Quantity
- Implications of Free Stock in Inventory
- Simple Replenishment Methods, for example, Min / Max
- Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
- Requirements Planning Systems, Bills of Material, and Inventory Planning
- Class Assignment Inventory Control Methods
Day 4 - Establishing Stock Control
- Establishing Stock Checking
- Developing Stock Accuracy
- Stock Tolerances and Approvals
- Stock Reconciliations / Discrepancies
- Identifying Surplus and Obsolescent Stock
- Identifying Different Storage Conditions
- Stock Variety Reductions
Day 5 - Implementing the Tactical Inventory Planning Decisions
- Supplier involvement in managing inventory
- Inventory Value analysis
- Category Management- Kraljics
- Supplier Quality Assurance
- Supplier rating and ranking
- IT systems and e-Procurement
- Policies and procedures
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ACCREDITATION
EuroMaTech is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
Taught by our team of highly qualified trainers, our KHDA approved training courses will provide you with an enriching learning experience and practical knowledge that will help you future-proof your career and support professional development within your organisation.
