Introduction

Effective inventory management and purchasing are critical components of a successful supply chain. This 5-day training program is designed to build foundational knowledge and practical skills in managing inventory and executing purchasing strategies that align with organizational goals. The training emphasizes real-world application, strategic thinking, and performance optimization.

Target Audience

• Inventory Managers

• Procurement Officers

• Supply Chain Coordinators

• Warehouse Supervisors

• Operations Managers

• Purchasing Assistants

Training Objectives

By the end of this program, participants will be able to:

• Understand key concepts and terminology in inventory and purchasing

• Apply forecasting and inventory control techniques

• Evaluate and improve purchasing processes

• Use strategies to optimize inventory levels and reduce costs

• Align inventory and purchasing functions with business strategy

Training Outline

Day 1: Fundamentals of Inventory Management

• Introduction to inventory and its role in supply chain management

• Types of inventory (raw materials, WIP, finished goods, MRO)

• Inventory costs: carrying, ordering, and stockouts

• Key inventory terminology and concepts (SKU, EOQ, ROP, safety stock)

• Introduction to inventory classification methods (e.g., ABC analysis)

Day 2: Inventory Planning and Control Techniques

• Demand forecasting methods and their application

• Economic Order Quantity (EOQ) and Reorder Point (ROP) calculations

• Safety stock planning

• Inventory control systems and models (JIT, Kanban, VMI)

• Measuring inventory performance through KPIs

Day 3: Purchasing and Supplier Management

• Overview of the purchasing cycle

• Strategic vs. tactical purchasing

• Supplier selection criteria and evaluation

• Supplier relationship management and performance tracking

• Cost analysis and negotiation basics

Day 4: Technology in Inventory and Procurement

• Introduction to inventory and procurement software (ERP, WMS, SCM)

• Role of automation in inventory and purchasing

• Use of barcoding, RFID, and IoT in inventory tracking

• Data analytics in procurement decision-making

• Benefits and challenges of e-procurement

Day 5: Strategic Planning and Risk Management

• Aligning inventory and purchasing with organizational goals

• Inventory optimization strategies

• Procurement risk management and mitigation

• Ethical sourcing and sustainability in procurement

• Developing an inventory and purchasing improvement plan