EuroWings Training Center | - Inventory and Stock Control Management training courses

Introduction

Knowledge of Inventory Management is critical for the effective management of procurement and the supply chain, however Inventory it is commonly not understood. Therefore too high levels of inventory are held with attendant increases to costs, product obsolescence etc.

The purpose of this seminar is to:

Enable delegates to evaluate current procedures
Examine how lead time builds up
Change methods of managing inventory.
Provides practical skills to eliminate wasteful costs.
Avoid those internal problems that limit performance.
Understand and implement the "world class" tools for managing inventory in the supply chain.

Objectives

This course will help you learn how to:

Appreciate that time is cash
See that movement to the customer is all that adds value
Work with all of the supply chain players pays
Look “outside of the box”
Use the appropriate methods
Apply the 8 Rules for Effective Supply Chain Management

Conference Methodology

Delegate discussion and involvement
Case studies
Exercises
Best practice examples
Supportive comprehensive course manual enabling practical application and reinforcement

Organisational Impact

Examine the link of inventory in the company supply chain operations and activities
Analyse the key areas of operation
Identify and understand key performance indicators
Succeed in improving operation
Apply the right cost and service balance
Gain a competitive advantage

Personal Impact

How to analyse stock and inventory
How to make productivity improvements
Understand the role of inventory in the supply chain
Balancing cost and service requirements
A framework for continual improvement
Best in class practices

CONFERENCE OUTLINE

Inventory and the Supply Chain

Inventory management definition
Types of stock
Demand amplifications
Demand replenishment in networks
Managing the flows
Type I and II supply chains
The Supply Chain Rules
Inventory and statistics
Concept of service level

Inventory Key Concepts

Key Component: Demand Analysis
Key Component: Demand Forecasting
Key Component: Supply Lead Time
Key Component: Cost & Benefits
Inventory benefits
Inventory polices
Inventory in organizations

Inventory Replenishment Methods and Systems

Basic mechanics of inventory systems
The stock time curve
Stock components
Stock investment
Free stock calculation
Simple replenishment methods, for example, Min/Max
Accurate replenishment methods, for example, Reorder Point and Reorder Level (ROP/ROL)
Requirements planning systems, for example, Materials/Manufacturing Resource/Requirements Planning (MRP / MRPII)

Stock Control-Coding

Different coding methods
Importance of inventory receipts
Identifying surplus and obsolescent stock
Checklists to help on deciding the best option

Stock Control-Recording

Separation of powers
Legal issues
How do we get inaccuracies?

Stock Control-Checking

Roles and responsibility
Requirements
Job Descriptions
Authority levels
Tolerances and approvals
The stock check programme
Options for stock checking methods
Reconciliations / discrepancies

Inventory Performance

Inventory Performance
Assessing the stock level
Models for implementing inventory control
Determining stock targets
Inventory questions
Inventory KPI's in warehouses/stores

Inventory Strategies

Push/pull
Quick response (QR)
Efficient consumer response (ECR)
Collaborative planning forecasting and replenishment (CPFR)
Lean and agile approaches
Quality Management
Postponement
Cross Docking
Consolidation
Vendor Managed Inventory (VMI)
Consignment stocking
Co Managed Inventory (CMI)
Direct product profitability (DPP)
Economic value added (EVA)
Collaborative supply chains

Inventory Improvements

Using the Supply Chain
Using the Theory of Constraints
Practical inventory improvements
Call offs and Telemetry
EDI and ICT
Keys to reducing stock levels
The 7 Rules for planning inventory
Model for planning inventory

EURO WINGS - Inventory and Stock Control Management