Towards Effective Inventory Control & Warehouse Management

Introduction

Inventory represents money tied up until the inventory leaves the company as purchased products. Profits will not be realized until a sale is made. For some companies, a large portion of their investment is in inventory and these must be well managed to maximize profits. Efficient inventory management is the process of ensuring that materials are available for consumption or usage, when it is actually needed. It usually involves controlling the inflow of materials in the right quantity, not too much or not too little. In a competitive environment, companies that operate on low profit margins, poor inventory management can seriously affect the business. The challenge is not to reduce inventory to bare minimum, so as to reduce costs or to buffer plenty of stocks to satisfy all demands, but to have optimum amount to achieve the competitive priorities of businesses efficiently. Thus, new and effective techniques need to be adopted to reduce overall costs of holding and ordering inventories and at the same time satisfy customer’s inventory needs.

 How Will You Benefit

At the end of the training program, participants will be able to:

• How to manage and plan cost effective inventory systems by understanding the concept of costs
• Customer service levels and how it will affect inventory holdings and inventory investment
• The dangers of holding too much safety stock and how to reduce them effectively
• How to classify materials with modern concepts to avoid redundancy, duplication and inefficiencies
• The maintenance of physical records accuracy to ensure service level KPI’s are met
• Physical layout and location management using space utilization measurements
• How to design KPI’s in the warehouse and materials environment for better efficiency and productivity

Who Should Attend

• Inventory Managers, Operation Managers/ Executives, Marketing
• Managers/ Executives, Store/ Warehouse Managers/ Executives/
• Supervisors, Logistics/ Distribution Managers/ Executives, Purchasing/ Planning Managers/ Executives

Methodology

This program is essentially Lecture, exercises, Q&A, class participation

Module