Course Overview:
Inventory Management and Optimization offers participants in-depth training on efficient and cost-effective inventory control practices. It focuses on modern techniques that ensure the alignment of inventory systems with organizational goals, covering a range of strategies to balance supply and demand while minimizing costs.
Participants will explore key topics such as demand forecasting, safety stock management, just-in-time (JIT) inventory, and ABC analysis. The course blends theoretical concepts with practical applications through case studies and hands-on exercises, allowing participants to directly apply what they’ve learned to real-world inventory challenges.
Duration
5 Days
Who Should Attend
- Inventory managers, supervisors, and officers
- Supply chain professionals and logisticians
- Warehouse and operations managers
- Procurement and purchasing personnel
- Production planners and material controllers
- Business owners and anyone involved in inventory decision-making
Course Objectives
By the end of this course, participants will be able to:
- Understand key principles and techniques of effective inventory management.
- Develop strategies to reduce excess inventory and optimize stock levels.
- Implement demand forecasting and inventory replenishment methods.
- Apply cost control and risk management strategies in inventory.
- Utilize technology and software for efficient inventory tracking and management.
- Enhance decision-making skills related to inventory optimization and supply chain efficiency.
Course Outline:
Module 1: Introduction to Inventory Management
- Overview of inventory management
- Types of inventory and their role in the supply chain
- Objectives and challenges in inventory control
- Key inventory management metrics (turnover ratio, carrying cost, etc.)
Module 2: Inventory Classification and Demand Forecasting
- ABC and XYZ analysis for inventory categorization
- Demand forecasting techniques
- Qualitative and quantitative methods
- Trend analysis and seasonal adjustment
- Safety stock calculation and reorder points
- Inventory replenishment strategies (Just-in-Time, Economic Order Quantity)
Module 3: Inventory Costing and Valuation
- Inventory costing methods (FIFO, LIFO, weighted average)
- Holding costs, ordering costs, and stockout costs
- Reducing inventory costs and maintaining service levels
- Valuation of inventory and its impact on financial performance
Module 4: Inventory Optimization Techniques
- Inventory turnover optimization and performance monitoring
- Lean inventory management and waste reduction
- Multi-echelon inventory optimization
- Using technology for inventory management (WMS, ERP systems)
Module 5: Risk Management and Case Studies in Inventory Optimization
- Managing risks in inventory (obsolescence, surplus, stockouts)
- Role of supply chain collaboration and vendor-managed inventory (VMI)
- Case studies on successful inventory optimization strategies
