Inventory serves as a current asset for a company, but its retention entails inherent risks, contributing to the overall expense of inventory management. Storing items in a warehouse exposes the company to potential depreciation, where the stored elements may decrease in value over time. For instance, if a company stores components for its work center or equipment, the inventory’s value in the warehouse might diminish compared to the initial purchase price. Any losses, excess, obsolete, or mismanaged inventory directly impact the company’s equity. In cost-cutting endeavors, companies often overlook the significant expenses associated with warehouse inventory and its handling.

This training course on Inventory & Stock Control Management underscores the essential tools and techniques for organizations seeking to minimize costs. Frequently, companies neglect the evaluation of warehouse inventory and the expenses associated with its maintenance when aiming to reduce expenditures. It is imperative for businesses to meticulously analyze all facets of inventory management costs, identifying areas where adjustments can be made to mitigate expenses and positively impact their financial performance.

Delegates will attain the following goals:

• Enhance oversight of inventory processes from product receipt to storage
• Evaluate value addition in the movement of products to the end-user
• Utilize inventory management techniques for cost minimization and improved customer satisfaction
• Comprehend and apply pertinent inventory theories
• Formulate precise forecasts to optimize service levels

Delegates will enhance their competencies through diverse instructional approaches, encompassing lectures, case studies/exercises, the examination of published articles, checklists, and group discussions that delve into current practices and their relevance to the integration of new concepts.

They will be prompted to confidentially present real-life examples of challenges and share their experiences related to specific issues within their company or industry.

Day One: Inventory Management

• Definitions and Significance of Inventory
• Inventory Flow within the Supply Chain
• Dynamics of Inventory
• Financial Management’s Impact on Inventory
• Application of Statistics in Inventory Control
• Technological Tools for Inventory Visibility

Day Two: Key Components for Effective Inventory Control

• Analysis of End-User Demand
• Forecasting for Operations and Maintenance
• Understanding Supply Lead Time
• Cost and Benefits Analysis
• Development of Inventory Policies
• The Importance of Inventory in Organizations

Day Three: Inventory Mechanics, Methods, and Systems

• Fundamental Mechanics of Inventory Systems
• Determining Order Quantity
• Implications of Free Stock in Inventory
• Simple Replenishment Techniques
• Replenishment Methods: Reorder Point and Reorder Level (ROP/ROL)
• Systems for Requirements Planning, Bills of Material, and Inventory Planning

Day Four: Establishing Stock Control

• Implementation of Stock Checking
• Developing Stock Accuracy
• Stock Tolerances and Approvals
• Reconciliation of Stock Discrepancies
• Identification of Surplus and Obsolescent Stock
• Recognition of Different Storage Conditions
• Understanding Stock Coding

Day Five: Understanding Inventory Strategies

• Role of the Stock Committee
• Understanding Critical Stock
• Implementation of Squirrel Stores
• Understanding Vendor Managed Inventory (VMI) and Co-Managed Inventory (CMI)
• Development of the Need for Consignment Stocking
• Telemetry