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.
At the end of this conference the 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 the "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 pays
Look “outside of the box”
Use the appropriate methods
Apply the 8 Rules for Effective Supply Chain Management
Procurement Professionals
Logistic Professionals
Warehouse & Stores Managers
Purchasing Professionals
Supply Chain Professionals
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
Key Component: Demand Analysis
Key Component: Demand Forecasting
Key Component: Supply Lead Time
Key Component: Cost & Benefits
Inventory benefits
Inventory policies
Inventory in organizations
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)
Different coding methods
Importance of inventory receipts
Identifying surplus and obsolescent stock
Checklists to help on deciding the best option
Separation of powers
Legal issues
How do we get inaccuracies?
Roles and responsibility
Requirements
Job Descriptions
Authority levels
Tolerances and approvals
The stock check program
Options for stock checking methods
Reconciliations / discrepancies
Inventory Performance
Assessing the stock level
Models for implementing inventory control
Determining stock targets
Inventory questions
Inventory KPI's in warehouses/stores
Push/pull
Quick response (QR)
Efficient consumer response (ECR)
Collaborative planning forecasting and replenishment (CPFR)
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