The British Academy for Training and Development offers Inventory Planning and Stock Control Management Training Course. Inventory and Stock Control Management must be undeniably important in operations because inventory is a current asset for a company. Retaining inventory has some measurable risks associated with it, this risk is part of the cost of carrying an inventory. While a company holds goods in a warehouse, such goods may risk falling in actual value during the time they are stored. Parts for the work centers or equipment are stored for a company; the parts in the warehouse may be worth much less now than the amount originally paid. Any loss, excess, obsolete, and miss-managed stocks would decrease equity in the company.

This Inventory and Stock Control Management training course is based on the methods used when companies are searching to cut costs, often, they overlook the inventory lying in their warehouses and the cost incurred in carrying that inventory within them. Such cost-cutting becomes important because such companies need to understand all possible costs due to carrying inventory and find those areas where they could make some changes in this cost going forward for the improvement of the company bottom line. 

Objective:

The objectives of this training course are:

Improve management of inventories ranging from receiving of products to their storage and delivering See that movement to the end-user adds value Manage the inventory and supply chain effectively to reduce cost, enhance customer satisfaction, and improve safety and productivity. Look “outside of the box” Know the appropriate Inventory methods to utilise Create more accurate forecast demands and consolidate minimum inventory levels for greater customer service with a timely, integrated inventory management processState the objectives of stock management and list their impact on cost and customer servicePrepare proper classification of stock and use best practices for item specification and cataloguingUse scientific forecasting techniques to predict demand and better manage lead timesDifferentiate and categorise stock cost elementsCompute the optimum ordering quantity and determine safety stocks and reorder pointsWho Should Attend?

This course is ideal for:

Those new to managing inventoryThose non-inventory people who need to gain an awareness of the issues and key drivers of stock control operationsInventory, stock, supply chain, logistics, warehouse and distribution professionalsHow will attendees benefit?

Attendees of the Inventory Planning and Stock Control Management Training Course will gain a range of practical and strategic benefits

Inventory Accuracy Improvement: Attendees will be able to apply skill to determine optimal inventory levels, reduce all discrepancies, and keep stock records accurately in real-time.Enhanced Forecasting Skills: Attendees will be trained on how to better predict inventory requirements through modern demand-forecasting tools and methods, hence reducing the chance of overstocking or being left with stockouts.Cost Reduction: With improved stock control techniques, delegates will be able, in turn, to reduce holding and ordering costs while increasing the organisation’s profitability. Streamlined Operations: The course goes through the basic principles behind inventory planning such that warehouse and supply chain operations can be streamlined for better flow and productivity.Risk Mitigation: Knowledge of inventory control risk concerning obsolescence, demand variation, and supply chain disturbances will be imparted to the trainees. Practical Tools & Techniques: Attendees will gather practical knowledge about industry related tools such as EOQ, safety stock calculations, and ABC analysis.Strategic Decision Making: This would allow participants to align inventory with business goals and thereby become an important part of strategic-level planning and performance enhancement.

Inventory and the Supply Chain

• Inventory Definitions and Importance

• Inventory Flow in the Supply Chain

• The Basic Rules of Successful Supply Chain

• Supply Chain and Inventory Dynamics

• Financial Management and Inventory

• Statistics Application in Inventory Control

• Truths on Inventory Visibility

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 Organizations

Inventory Mechanics, Methods and Systems

• Basic Mechanics of Inventory 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

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

• Stock Variety Reductions

Understanding Inventory Strategies

• Creating Inventory Policy

• Incoterms and the Supply Chain Rules

• Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI)

Using the Supply Chain

• Using the Theory of Constraints

• Practical Inventory Improvements

• Keys to Reducing Stock Levels

• Model for Planning Inventory