Inventory Management

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Introduction to Inventory Management
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Course Outline:
This 1 day course has been designed to provide an insight into Inventory Management - how it performs a key activity within the management of a Company and how it can provide real financial benefits.

It highlights the optimum performance of Inventory Management, identifies the root causes of inefficiencies and provides practical solutions. The course also includes industrial examples at every stage and basic inventory and financial formula where relevant.

At the end of the Course, Delegates should be able to apply some of the improvements, suggestions and savings in their own organisations.

People who should attend
Whilst the course is focussed primarily at personnel in Purchasing, Warehousing and Manufacturing who have a direct influence on the performance of inventory within their Organisation, the contents would also benefit personnel from Finance, Master Scheduling and Production Control.

Course Content:

Inventory Management – a key business function, covering the positive benefits (or negative effects) on business performance caused by effective (or ineffective) inventory management; relating stock write-offs to profit reduction.
Financial influence on inventory – value, depreciation, annual audits, cash flow plans. Annual inventory budgets, based on marketing strategies, sales forecasts, new product introductions.
Material planning systems and the necessity to maintain an accurate database and completing actions as planned.
Production planning and control and their effect on Work-in-Progress (WIP) inventory; manufacturing disciplines
Supplier selection, management and development; evaluating the consequences of long lead times, late deliveries, poor quality and shortages on inventory.
The importance of accurate stock.
Inventory strategies, providing examples of Just-in-Time, Kanban and Advanced Production Systems.
Practical methods of reducing inventory – reducing Suppliers’ lead times and production throughput times; minimising obsolete, slow-moving and excess active stock

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