Successful Inventory Management
To help managers associated with inventory management to understand the principles, the concepts and the techniques involved.
To show delegates how to apply these in a way that is financially beneficial to their companies’ balance sheets.
(Note: All tuition will be conducted in English. Delegates should bring calculators for use during the practical exercises)
Who Should Attend?
Logistics professionals involved with the management and control of inventory, including:
- Inventory Managers
- Warehousing Managers
- Financial Managers
- Procurement Managers
- Supply Chain and Logistics Managers
- Supply Chain Analysts
Successful Inventory Management Training – Workshop Outline – Bangkok Thailand
Module 1: Introduction to Total Supply Chain Management.
Delegates will be introduced to the concept of total supply chain management and part played by inventory management:
- The Supply Objectives (The six “rights”)
- Functions and responsibilities within the Supply Chain
- Inventory Accounting
- Inter-functional Co-operation
- Impact of Functions and Sub-functions on Total Cost
Module 2: The Fundamentals of Stock Control.
Effective stock control depends on the application of certain fundamental principles. These are identified to delegates.
- Factors affecting Stock Control
- The Nature of Demand
- The Pattern of Demand
- The Predictability of Demand
- Stock Levels and Stock-outs
- Warehousing Support
Module 3: Differential Stock Control.
Differential stock control is a technique whereby scarce management resources can be prioritised to optimise their effectiveness.
- Applying Pareto Analysis to Inventory Management
- ABC Categorisation
Module 4: Stocktaking & Stock Checks.
Stocktaking and stock checks are an essential procedure for ensuring that the inventory and logistics functions are being managed and operated correctly, but they are frequently incorrectly executed.
- Types of Stock-take
- Stock Record Updating
- Discrepancy Investigation Checklist.
- Principles of Stocktaking
- Conduct of the Count
Module 5: Classification and Coding.
An inventory should be classified and coded to ensure that it can be managed effectively. Delegates are exposed to the advantages and disadvantages the different methods:
- Categorisation of Materials and Supplies
- Methods of Coding
- Digital Significance Coding System Development
- Stores Catalogue Maintenance
Module 6: Provisioning and Forecasting Demand.
Establishing the depth and range of an inventory depends on objective calculation tempered by subjective assessment. Delegates are shown how to increase their chances of meeting operational requirements:
- The Stockholding Conflict
- Range and Depth of Stockholding
- Calculating the Requirement
- Economic Order Quantity
- Operational Costs
- Forecasting the Requirement
Module 7: Determining Safety Stock Levels.
Safety stocks are a necessary financial burden on the business. Delegates are shown how to calculate safety stock levels to ensure that service levels are maintained for a reasonable cost to the business:
- Applying Differential Stock Control
- Setting the Safety Stock Level
Module 8: Questions and Discussions.
Delegates are invited to discuss issues that have arisen either as a result of their attending the workshop, or from their own experiences in their place of work.