Inventory Management

No public date is currently scheduled for this course. We can provide a tailored course at a time and date that suits you. If interested please contact us.

Duration: 2 days

Prerequisites:

A keen desire to acquire the practical skills and knowledge, or to become experts in this important area of the supply chain, for both enhanced personal development and to strengthen the performance in this area of your business operations.

Complete Pre-Course Material: will be provided to you once you have enrolled.

Price: 2,360 CHF

Inventory management is important for businesses of any size. Those with responsibilities in this area of your company’s supply chain will reap the benefits of the increased knowledge and key skills gained from this well-designed course to help your business increase efficiency, improve productivity and decrease waste in your business operations – manufacturing, services, industrial operations and production.

in PERson Training

A personalised and supported experience.

Small group sizes and expert trainers who facilitate inspiring, interactive and fun classes.

Join our Inventory Management Course

All businesses hold some form of inventory, which includes all its goods, items or materials, in a form that is raw, semi-finished or finished and whether tangible or intangible. A business’s inventory constitutes a major asset and in certain industries is the core of its business.

The amount of inventory held by a business is crucial, for either a shortage or an excess of inventory can pose significant problems: a shortage impacts service issues and customer satisfaction, while a glut can lead to reduced profitability where inventory spoils, is stolen, sold at clearance etc.

Thus, inventory management becomes crucial to help businesses reduce the risks of inventory excesses and shortages and increase profitability. Inventory management is the process of ordering, storing and using the inventory of a business. It requires the efficient management of the raw materials and finished products, as well as all the equipment needed, the storage facilities, warehousing and all the processing of these items to finished goods. Inventory managers require the knowledge of the amount of inventory to buy, when to buy it and at what price, as well as how much to produce, when to sell products and at what price.

For complex supply chains and manufacturing processes balancing the risks of excess inventory and shortage is a frequent challenge. Two strategies for inventory management are used to increase efficiency, improve productivity and decrease waste: just-in-time (JIT) and materials requirement planning (MRP).

Small businesses track stock manually and determine the reorder points and quantities using Excel formulas, while larger businesses use specialized enterprise resource planning (ERP) software and customized software as a service (SaaS) applications.

This course is aimed at:

Those Who Want to Master This Important Area of Supply Chain Management.
Those Who Want to Enhance Their Career Prospects or Become Better Managers.
People Who Would Like to Work in A New Role Where There Is A Requirement for Some Knowledge of Inventory Management And Use Tally ERP9 For Inventory Management Process.
Business Owners Who Want to Know How to Manage Their Company’s Inventory.
Accountants and Book Keepers.
Stock Keepers.
Inventory Managers.
Aspiring Operational Managers.
Procurement Professionals.
Logistics Personnel.
Production Planners.
Business Optimization Analysts.

This course will help you to:

Become an expert and an authority in your team in this crucial area of the supply chain.

Become a better manager

Increase your confidence.

Smart, inclusive, holistic management strategies.

CERTIFICATION

Get Certified with our Inventory Management Course.

Analytical tools such as spend analyses (what is bought where?) and cost modeling (what drives cost?) to inform business case development: – How to negotiate with suppliers using market-based (competitive bid) or multi-party (negotiation) mechanisms; – Ways of structuring relationships and contracts to track results, drive sustainable performance, and mitigate risk.

Course Content

Introduction: what is Inventory Management and why it’s important in the Supply Chain.

The different types of inventory in a business, how much inventory to hold, costs of holding inventory.

Demand (Forecasting), bull-whip
Inventory transparency (Safety, in -transit…)

How performance is measured; what metrics are used.

KPI, such as Inventory Cost Factor, Inventory Turnover,
Replenishment (continuous, periodic review)

Disposition: How to order (CPFR, Kanban, Consignment, smart Logistics)

Specific Techniques and Calculation Methods taught:

Little’s Law: Calculate required inventory using Little’s Law/your mathematical minimum WIP for your process
Economic Order Quantity (EOQ) :Master this most common formula to minimise your total costs/formula to calculate how much to order
Price Break Model: An advanced EOQ method which lets us consider price discounts with order size/ advanced EOQ when prices vary with order quantity
ABC Analysis: Classify and group your inventory to prioritise attention
Performance Metrics: Detailed explanation of the top 8 most important and useful inventory KPIs /use of essential KPIs to keep your “finger on the pulse”
Safety Stock Levels :Calculate and cover your risk with basic and an advanced version using statistics modelling step by step in excel.

Practical Information

Want to know more?

When will the course take place?

The course can take place in two ways.

(1) If you contact us and tell us you want a training in a particular area we cover.

(2) When we have a course running which will be displayed above in a calendar format.

Where does the course take place?

The course can either be in-person or virtual via video conferencing.