Inventory & Stock Control Management

Course Introduction

Inventory is a current asset to a firm; carrying inventory comes with a definite level of risk; this risk is a component of the cost of maintaining inventory. While a company stocks items in the warehouse, there is a constant risk of dropping actual value during the storage phase. Suppose a company stored parts for their work centre or equipment. In that case, the elements in the warehouse could be worth far less than the price that was originally paid. Any losses, excess, obsolete, and mismanaged inventory means a decrease in the company equity.

Once the companies are looking to reduce expenses, a great many times, they disregard the inventory sitting in their warehouses and the cost of moving that inventory. This training course is vital for businesses to cautiously scrutinise all the costs of carrying inventory and resolve where they can make modifications to reduce that cost and assist with its bottom line.

This training course will highlight the following:

• Enable the delegates to assess Inventory visibility levels and segmentation approaches
• Examine stocking level theory through assignment practical examples
• Various types of tools used for optimising inventory
• Integration practices through materials management and asset management
• Applying overhead costs advantages and improving the profitability performance of the organisation

Objectives

The main objectives of this training course are to help the delegates to:

• Improving management of inventories from receiving products to storage
• Analysing the movement to the end-user is adds value 
• Managing the inventory to help you to reduce cost, improve customer satisfaction
• Understanding the appropriate Inventory theories used
• Establishing an accurate forecast to maximise the degree of service

Training Methodology

The delegates will increase competencies through various instructional methods, including a lecture, cases/exercises, reviewing published articles, checklists, and group discussions covering current practices and their relationship to implementing new concepts.

They will be encouraged to bring real problem examples with them for discussion on a confidential basis and share their experiences of particular issues in their company or industry.

Professional Impact

By professionals undertaking this Inventory and Stock Control training course, their organisations will derive the following benefits:

• Studying the link of inventory in the company supply chain operations and activities
• Examine the key areas of operation
• Understand key performance indicators
• Get a competitive advantage

Target Audience

This training course is suitable for a wide range of professionals but will greatly benefit: 

• Inventory and Stock Professionals
• Supply Chain, Logistics, Warehouse, and Distribution Experts
• Those new to Managing Inventory
• Those non-inventory people who need to gain an awareness of the issues and key drivers of stock control operations

Daily Topics

DAY ONE: INVENTORY MANAGEMENT

• Inventory Definitions and Importance
• Inventory flow in the Supply Chain
• Inventory Dynamics
• Financial Management and Inventory
• Statistics Application in Inventory Control
• Technological Tools on Inventory Visibility

DAY TWO: KEY COMPONENTS TO UNDERSTANDING EFFECTIVE INVENTORY CONTROL

• End-User Demand Analysis
• Forecasting for Operations and Maintenance
• Understanding Supply Lead Time
• Cost & Benefits Analysis
• Developing Inventory Policies
• The need for Inventory in Organisations

DAY THREE: INVENTORY MECHANICS, METHODS, AND SYSTEMS

• Essential mechanics of inventory systems
• Creating Order Quantity
• Implications of free stock in inventory
• Simple Replenishment Techniques
• Replenishment Methods, Reorder Point, and Reorder Level (ROP/ROL)
• Requirements Planning Systems, Bills of Material, and Inventory Planning

DAY FOUR: 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
• Understanding Stock Coding

DAY FIVE: UNDERSTANDING INVENTORY STRATEGIES

• The role Stock Committee
• Understanding Critical Stock
• Establishing the Use of Squirrel Stores
• Understanding Vendor Managed Inventory (VMI) and Co-Managed Inventory (CMI)
• Developing the need for Consignment Stocking
• Telemetry

For registration, course outline & more information please contact

NAYEL Training Centre 

Tel: +971 4 379 7245 | Mob: +971 50 249 6876 | WhatsApp: +971 50 249 6876

Email:  [email protected]