Managing Inventory And Stock For Accuracy And Performance

1. Develop understanding on fundamental and principle of inventory management 2. Understand why integration is important for efficient inventory operation 3. Acquired the understanding of the push and pull inventory system strategies 4. Acquired knowledge in measuring inventory and stock performances 5. Develop understanding and knowledge on inventory and stock forecasting 6. Able to understand operational risk management and why it is important in inventory management 7. Understand the managing strategies to manage suppliers effectively to eliminate disruption to inventory supplies 8. Develop full awareness and knowledge on how to implement effective inventory system at the workplace 9. Understanding key warehousing inventory principle

Module 1 – Inventory and Stock Management Strategies 1. Definition of “inventory” and “stock” 2. Inventory on business bottom-line profit 3. Type of integration in inventory management 4. Internal and External Integration 5. Consignment stock 6. Customer stock 7. Vendor managed inventory 8. Understanding Pareto management and how to decide the management of material and inventory 9. Push and Pull strategies 10. Kanban 11. Reorder level and Safety stock calculation Module 2 – Understanding the Holding Cost and Economic Order Quantity 1. Different type of inventory cost 2. Inventory holding cost 3. Understanding inventory valuation formulas 4. Calculating Inventory Holding Cost 5. Economic Order Quantity Module 3 – Key Inventory and Stock Measurement 1. Inventory turnover 2. Inventory to Sales 3. Days on Hand 4. Weeks on Hand 5. Backorder Rate 6. Inventory Shrinkage 7. Dead / Slow Moving stock 8. Available Material 9. Sell Thru rate 10. Lost Sales and Productive 11. Picking accuracy 12. Put away 13. Receiving 14. Inventory accuracy 15. Rate of Return 16. Rate of Fulfillment Module 4 – Material and Inventory Forecasting 1. Qualitative Forecasting 2. Quantitative Forecasting 3. Measuring Forecasting Accuracy Module 5 – Managing Stock Accuracy 1. Cycle counting technique 2. Cycle counting versus Stock taking 3. Stock control technique to reduce stock movement 4. Put away and Location management 5. Receiving procedure for high stock accuracy 6. Picking and Issuing procedure for high stock accuracy 7. Managing stock for preservation 8. Key Performances Index (KPI) Module 6 – Strategies to Reduce Inventory and Stock Disruption 1. Supplies strategies 2. On boarding and Off Boarding suppliers system 3. Managing beyond the 1st tiers supplies 4. Conducting audit and key areas of audits 5. Leverage and Preventive Strategies 6. Quality management strategies 7. Cross docking 8. Key Inventory Principles for Warehousing operation 9. Inventory Picking strategies