towards effective inventory control & warehouse management
PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
TOWARDS EFFECTIVE INVENTORY CONTROL & WAREHOUSE MANAGEMENT Cut Your Costs and Increase Your Profits DURATION: 2DAYS; TIME SCHEDULE Time - 9:00am to 5:00pm Break - 10:15am to 10.30am and 3:15pm to 3:30pm Lunch - 1:00pm to 2:00pm 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. BENEFITS Upon completion of this 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 KEY CONTENT MODULE 1 - INVENTORY MANAGEMENT FUNDAMENTALS The Role And Purpose Of Inventory Types Of Inventory Inventory As A Business Strategy Role Of Inventory In The Supply Chain Environment MODULE 2 - THE CONCEPT OF COST IN INVENTORY MANAGEMENT Departmental Perspective Of Cos T- Procurement, Production, Warehouse, Finance, Planning, Etc. Types Of Cost In The Management Of Inventory The Hidden Cost Of Inventory Investment
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PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 3 - TOOLS TO MANAGE INVENTORY ‐ORDERING Order Quantity – Fixed And Time Based Understanding Constraints And Working With Information Addressing Lead Time And Consumption Variables Supplier Constraints – MOQ, Time And Quality Issues Exercises On Determining Order Quantities Using Various Models MODULE 4 - CUSTOMER VARIABLES Understanding Service Levels Influence Of Service Levels In Holding Inventory Cost Of Service Levels And Safety Stocks Exercises On Determining Service Levels And Safety Stock MODULE 5 - CLASSIFICATION AND STRATIFICATION OF INVENTORIES Pareto Principle In Inventory Classification ABC, VED, FSN, Usage Based Selective Control Approach To Managing Inventory Exercises On Classification Of Materials MODULE 6 - FORECASTING TO HELP IN INVENTORY MANAGEMENT How Would Forecasting Help – Inventory Holding And Buying Decisions Types Of Forecasting To Consider Addressing Errors And Overstocking Of Inventory Exercises On Forecasting MODULE 7 - PHYSICAL MANAGEMENT OF INVENTORY Materials – Obsolete, Surplus And Slow Moving Critical And Fast Moving Materials – Customer Oriented Returns, Rejects And Damaged MODULE 8 - WAREHOUSE SYSTEMS FOR PROCESS EFFICIENCY AND COST BENEFITS Managing The Warehouse – Processes, Storage Systems And Controls Technology – WMS, RF, RFID, Etc. Supply Chain Management And The Transformation Of Warehouse Functions Exercises On Process Efficiency MODULE 9 - CREATING WAREHOUSE EFFICIENCY IN SPACE MANAGEMENT Developing KPI’s Space Management – Utilization Ratios Process Improvements – Handling And Distribution Exercises On Space Utilization
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PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 10 - PEOPLE ISSUES IN THE WAREHOUSE Training, Motivation And Rewards Safety And Security Availability Of Resources And Constraints In Meeting Customer Needs AUDIENCE 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
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Website: www.quorse.com
TOWARDS EFFECTIVE INVENTORY CONTROL & WAREHOUSE MANAGEMENT Cut Your Costs and Increase Your Profits DURATION: 2DAYS; TIME SCHEDULE Time - 9:00am to 5:00pm Break - 10:15am to 10.30am and 3:15pm to 3:30pm Lunch - 1:00pm to 2:00pm 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. BENEFITS Upon completion of this 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 KEY CONTENT MODULE 1 - INVENTORY MANAGEMENT FUNDAMENTALS The Role And Purpose Of Inventory Types Of Inventory Inventory As A Business Strategy Role Of Inventory In The Supply Chain Environment MODULE 2 - THE CONCEPT OF COST IN INVENTORY MANAGEMENT Departmental Perspective Of Cos T- Procurement, Production, Warehouse, Finance, Planning, Etc. Types Of Cost In The Management Of Inventory The Hidden Cost Of Inventory Investment
1|P a g e
PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 3 - TOOLS TO MANAGE INVENTORY ‐ORDERING Order Quantity – Fixed And Time Based Understanding Constraints And Working With Information Addressing Lead Time And Consumption Variables Supplier Constraints – MOQ, Time And Quality Issues Exercises On Determining Order Quantities Using Various Models MODULE 4 - CUSTOMER VARIABLES Understanding Service Levels Influence Of Service Levels In Holding Inventory Cost Of Service Levels And Safety Stocks Exercises On Determining Service Levels And Safety Stock MODULE 5 - CLASSIFICATION AND STRATIFICATION OF INVENTORIES Pareto Principle In Inventory Classification ABC, VED, FSN, Usage Based Selective Control Approach To Managing Inventory Exercises On Classification Of Materials MODULE 6 - FORECASTING TO HELP IN INVENTORY MANAGEMENT How Would Forecasting Help – Inventory Holding And Buying Decisions Types Of Forecasting To Consider Addressing Errors And Overstocking Of Inventory Exercises On Forecasting MODULE 7 - PHYSICAL MANAGEMENT OF INVENTORY Materials – Obsolete, Surplus And Slow Moving Critical And Fast Moving Materials – Customer Oriented Returns, Rejects And Damaged MODULE 8 - WAREHOUSE SYSTEMS FOR PROCESS EFFICIENCY AND COST BENEFITS Managing The Warehouse – Processes, Storage Systems And Controls Technology – WMS, RF, RFID, Etc. Supply Chain Management And The Transformation Of Warehouse Functions Exercises On Process Efficiency MODULE 9 - CREATING WAREHOUSE EFFICIENCY IN SPACE MANAGEMENT Developing KPI’s Space Management – Utilization Ratios Process Improvements – Handling And Distribution Exercises On Space Utilization
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PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 10 - PEOPLE ISSUES IN THE WAREHOUSE Training, Motivation And Rewards Safety And Security Availability Of Resources And Constraints In Meeting Customer Needs AUDIENCE 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
060117 3|P a g e
