Introduction
Effective inventory management is critical for procurement and supply chain efficiency. Poorly managed inventory leads to higher costs, obsolescence, and inefficiencies. This seminar helps participants evaluate current procedures, understand lead times, implement “world-class” inventory tools, eliminate wasteful costs, and improve overall supply chain performance.
Objectives
By the end of this seminar, participants will be able to:
- Appreciate that time is cash and focus on value-adding activities.
- Optimize inventory movement through the supply chain.
- Collaborate effectively with all supply chain participants.
- Apply innovative thinking to inventory challenges (“think outside the box”).
- Use appropriate inventory management methods and systems.
- Apply the 8 Rules for Effective Supply Chain Management to inventory operations.
Target Audience
- Inventory and warehouse managers
- Supply chain and logistics professionals
- Procurement officers
- Production planners and operations managers
- Anyone responsible for inventory control or stock management
Outline
Day 1 – Inventory and Supply Chain Fundamentals
- Introduction to inventory management and its role in the supply chain
- Types of stock and demand amplification
- Inventory flows and replenishment in networks
- Supply chain rules, service levels, and performance metrics
- Case study: Assessing current inventory processes
Day 2 – Inventory Key Concepts & Replenishment Systems
- Demand analysis and forecasting
- Supply lead times and cost-benefit analysis
- Inventory policies and integration with operations
- Stock mechanics, stock time curves, and stock components
- Replenishment methods: Min/Max, ROP/ROL, and MRP / MRPII
Day 3 – Stock Control & Performance Monitoring
- Stock control: Coding, recording, and checking
- Roles, responsibilities, and approval processes
- Stock check programs and reconciliation
- Measuring inventory performance: KPIs and targets
- Practical exercise: Stock audit and discrepancy analysis
Day 4 – Inventory Strategies & Advanced Techniques
- Inventory strategies: Push/Pull, Quick Response, ECR, CPFR, Lean & Agile
- Postponement, cross docking, vendor-managed inventory, and co-managed inventory
- Direct product profitability (DPP) and economic value added (EVA)
- Collaboration across supply chain players
- Group activity: Designing an optimized inventory strategy
Day 5 – Inventory Improvements & Technology Integration
- Using the Theory of Constraints for inventory optimization
- Practical tools: Call-offs, telemetry, EDI, and ICT solutions
- Reducing stock levels and eliminating waste
- Implementing the 7 Rules for Planning Inventory
- Action plan: Applying world-class inventory methods in participants’ organizations
