Inventory and Stock Control Management Training Course

Introduction

Inventory management and stock control knowledge is critical for effectively managing procurement and the supply chain. However, it is commonly not understood. Therefore, inventory levels that are too high are held with attendant increases in costs and product obsolescence.

Enhance your expertise in supply chain management with our comprehensive inventory and stock control management training course. This course offers a stock control and inventory management certificate for professionals who complete the training, verifying their acquired skills in efficient inventory control management systems.

Upon completing the stock control and inventory management certificate course, participants will be awarded a certificate, signifying their mastery of inventory management and control techniques.

The Importance of Inventory Control Management

The importance of inventory control management must be balanced in today's competitive market. Optimizing inventory levels, establishing effective inventory management control techniques, and understanding the nuances of inventory management stock control are pivotal for operational success.

This inventory management and stock control course delves deep into the principles and practical applications of inventory and stock control, ensuring professionals are equipped with the knowledge to excel in stock control management training.

Join our store management and stock control courses to gain intricate insights into stock control inventory management and to ensure that your stock control and inventory management skills set you apart in the logistics and supply chain fields.

Targeted Groups

• Procurement professionals.
• Logistic professionals.
• Warehouse and store managers.
• Purchasing professionals.
• Supply chain professionals.

Course Objectives

By the end of this stock control and inventory management training, participants will be able to:

• 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 world-class tools for managing inventory in the supply chain.
• Appreciate that time is cash.
• See that movement to the customer is all that adds value.
• Work with all of the supply chain players' pay.
• Look "outside of the box".
• Use the appropriate methods.
• Apply the 8 rules for effective supply chain management.

Targeted Competencies

At the end of this inventory management and stock control course, the target audience will be able to improve the following:

• Supply chain management.
• Enhancing customer value.
• Warehouse design.
• Warehouse operation.
• Inventory management.
• Transportation management.
• Stock and inventory analyzing.
• Productivity improvements.
• Balancing cost and service requirements.
• A framework for continual improvement.

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.
• The key component is demand forecasting.
• Key component: Supply lead time.
• Key component: Cost and 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 include Reorder Point and Reorder Level (ROP/ROL).
• Requirements planning systems include Material/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 in 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 KPIs 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.