Introduction

This course provides a comprehensive overview of modern inventory management techniques, helping professionals optimize stock levels and improve operational efficiency.

Objectives

• Understand the fundamentals of inventory management
• Identify and implement key inventory control methods
• Analyze inventory performance using industry-standard metrics
• Apply technology solutions to streamline inventory processes
• Develop strategies for reducing costs and mitigating risks

Course Outlines

Day 1: Fundamentals of Inventory Management

• Introduction to inventory management concepts
• Types of inventory and their roles
• Inventory management challenges
• The importance of accurate inventory records
• Aligning inventory management with business objectives

Day 2: Inventory Control Methods

• Periodic vs. perpetual inventory systems
• ABC analysis and classification
• Economic Order Quantity (EOQ) model
• Just-In-Time (JIT) inventory management
• Reorder point and safety stock calculations

Day 3: Inventory Performance and Analysis

• Key performance indicators for inventory
• Turnover ratios and stock aging
• Demand forecasting techniques
• Inventory valuation methods
• Reducing excess and obsolete inventory

Day 4: Technology in Inventory Management

• Role of ERP and inventory management systems
• Barcoding and RFID technologies
• Automation in warehouse management
• Data analytics for inventory optimization
• Integrating inventory management with supply chain

Day 5: Inventory Strategy, Cost Control, and Risk Management

• Developing inventory policies and procedures
• Balancing service levels and carrying costs
• Mitigating risks in inventory management
• Continuous improvement in inventory processes
• Case studies and best practice review