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Procurement & Logistics

Inventory Management

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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.

Targeted Groups:

Inventory Managers
Non-inventory people who need to gain an awareness of the issues and key drivers of stock control operations
Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals

Course Objectives:

At the end of this course the participants will be able 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
Evaluate current procedures
Examine how lead time builds up
Change methods of managing inventory.
Provide 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.

Targeted Competencies:

Stock and inventory analyzing
Productivity improvements
The role of inventory in the supply chain
Balancing cost and service requirements
Continual improvement
Best in class practices

Course Content:

Unit 1: 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

Unit 2: Inventory Key Concepts:

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

Unit 3: 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)

Unit 4: Stock Control-Coding:

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

Unit 5: Stock Control-Recording:

Separation of powers
Legal issues
How do we get inaccuracies?

Unit 6: Stock Control-Checking:

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

Unit 7: Inventory Performance:

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

Unit 8: 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

Unit 9: 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

26/9/2021 - 7/10/2021

4/7/2021 - 15/7/2021

10/10/2021 - 21/10/2021

6/6/2021 - 17/6/2021

10/10/2021 - 21/10/2021

Morocco (Casablanca)

4/4/2021 - 15/4/2021

20/6/2021 - 1/7/2021

18/7/2021 - 29/7/2021

1/11/2021 - 12/11/2021

24/5/2021 - 4/6/2021

Egypt (Sharm El-Sheikh)

16/5/2021 - 27/5/2021

Egypt (Sharm El-Sheikh)

11/7/2021 - 22/7/2021

Malaysia (Kuala Lumpur)

21/11/2021 - 2/12/2021

Malaysia (Kuala Lumpur)

18/7/2021 - 29/7/2021

Turkey (Istanbul)

28/2/2021 - 11/3/2021

Turkey (Istanbul)

11/7/2021 - 22/7/2021

Turkey (Istanbul)

4/7/2021 - 15/7/2021

Turkey (Istanbul)

17/10/2021 - 28/10/2021

7/6/2021 - 18/6/2021

19/7/2021 - 30/7/2021

Switzerland (Geneva)

10/5/2021 - 21/5/2021

Spain (Barcelona)

7/6/2021 - 18/6/2021

Spain (Barcelona)

22/3/2021 - 2/4/2021

Spain (Barcelona)

18/10/2021 - 29/10/2021

8/3/2021 - 19/3/2021

18/10/2021 - 29/10/2021

Manama (Bahrain)

4/7/2021 - 15/7/2021

Manama (Bahrain)

28/11/2021 - 9/12/2021

23/5/2021 - 3/6/2021

4/10/2021 - 15/10/2021

29/3/2021 - 9/4/2021

Singapore (Singapore)

3/5/2021 - 14/5/2021

25/10/2021 - 5/11/2021

Netherlands (Amsterdam)

23/8/2021 - 3/9/2021

Canada (Toronto)

1/3/2021 - 12/3/2021

Germany (Munich)

12/7/2021 - 23/7/2021

23/5/2021 - 3/6/2021

10/10/2021 - 21/10/2021

28/11/2021 - 9/12/2021

Mercury dynamic schedule is constantly reviewed and updated to ensure that every category is being addressed at least once a month, if not once every week. Please check the training courses listed below and if you do not find the subject you are interested in, email us or give us a call and we will do our best to assist.

Istanbul Office (Turkey)

training@mercury-training.com +905395991206

London (UK)

training@mercury-training.com +447481362802

Amman (Jordan)

training@mercury-training.com +962785666966

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