Introduction
Knowledge of Inventory Management is critical for the effective management of procurement and the supply chain, however Inventory it is commonly not understood. Therefore too high levels of inventory are held with attendant increases to costs, product obsolescence, etc.
The purpose of this seminar is to:
- Enable delegates to evaluate current procedures
- Examine how lead time builds up
- Change methods of managing inventory.
- It provides practical skills to eliminate wasteful costs.
- Avoid those internal problems that limit performance.
- Understand and implement the "world-class" tools for managing inventory in the supply chain.
Course Objectives of Quality Control Management
This course will help you learn how to:
- Appreciate that time is cash
- See that movement to the customer is all that adds value
- Work with all of the supply chain players pays
- Look “outside of the box”
- Use the appropriate methods
- Apply the 8 Rules for Effective Supply Chain Management
Course Methodology of Quality Control Management
- Delegate discussion and involvement
- Case studies
- Exercises
- Best practice examples
- Supportive comprehensive course manual enabling practical application and reinforcement
Organizational Impact of Quality Control Management
- Examine the link of inventory in the company supply chain operations and activities
- Analyze the key areas of operation
- Identify and understand key performance indicators
- Succeed in improving the operation
- Apply the right cost and service balance
- Gain a competitive advantage
Personal Impact of Quality Control Management
- How to analyze stock and inventory
- How to make productivity improvements
- Understand the role of inventory in the supply chain
- Balancing cost and service requirements
- A framework for continual improvement
- Best in class practices
Who Should Attend?
- Those new to managing inventory
- Those non-inventory people who need to gain an awareness of the issues and key drivers of stock control operations
- Inventory, Stock, Supply Chain, Logistics, Warehouse, and Distribution Professionals
Course Outlines of Quality Control Management
Day 1: Inventory and the Supply Chain
- Inventory management definition
- Types of stock
- Demand amplifications
- Demand replenishment in networks
- Managing the flows
- Type I and II supply chains
- The Supply Chain Rules
- Inventory and statistics
- Concept of service level
Key Component: Demand Analysis
- Key Component: Demand Forecasting
- Key Component: Supply Lead Time
- Key Component: Cost & Benefits
- Inventory benefits
- Inventory policies
- Inventory in organizations
Day 2: Inventory Replenishment Methods and Systems
- Basic mechanics of inventory systems
- The stock time curve
- Stock components
- Stock investment
- Free stock calculation
- Simple replenishment methods, for example, Min/Max
- Accurate replenishment methods, for example, Reorder Point and Reorder Level (ROP/ROL)
- Requirements planning systems, for example, Materials/Manufacturing Resource/Requirements Planning (MRP / MRPII)
Stock Control-Coding
- Different coding methods
- Importance of inventory receipts
- Identifying surplus and obsolescent stock
- Checklists to help on deciding the best option
Day 3: Stock Control-Recording
- Separation of powers
- Legal issues
- How do we get inaccuracies?
Stock Control-Checking
- Roles and responsibility
- Requirements
- Job Descriptions
- Authority levels
- Tolerances and approvals
- The stock check program
- Options for stock checking methods
- Reconciliations / discrepancies
Day 4: Inventory Performance
- Inventory Performance
- Assessing the stock level
- Models for implementing inventory control
- Determining stock targets
- Inventory questions
- Inventory KPI's in warehouses/stores
Inventory Strategies
- Push/pull
- Quick response (QR)
- Efficient consumer response (ECR)
- Collaborative planning forecasting and replenishment (CPFR)
- Lean and agile approaches
- Quality Management
- Postponement
- Cross Docking
- Consolidation
- Vendor Managed Inventory (VMI)
- Consignment stocking
- Co-Managed Inventory (CMI)
- Direct product profitability (DPP)
- Economic value added (EVA)
- Collaborative supply chains
Day 5: Inventory Improvements
- Using the Supply Chain
- Using the Theory of Constraints
- Practical inventory improvements
- Call offs and Telemetry
- EDI and ICT
- Keys to reducing stock levels
- The 7 Rules for planning inventory
- Model for planning inventory
About London
The UK capital of London is a city that combines the old and the new. It is as equally famous for the latest fashion and innovation as it is for its impressive heritage. London's attractions range from the Royal Palace to the DIY atmosphere of its markets. It is also a picturesque city of parks and of course, the majestic Thames River. The city extends for miles beyond its ancient core and each neighborhood has its own charming atmosphere for visitors to explore. London also wears its status as a world city proudly and the influence of different cultures is plain to see in the food and fashion of the capital.
Things to do and places to visit in London
With so many attractions in London, anyone can find something to delight them. Art lovers will enjoy the world-renowned museums and galleries, most of which are free. Sports fans are spoilt for choice by the city's array of football clubs. Theatre and music fans have a vast list of venues to visit, whilst shopaholics have Harrods, Oxford Street, Camden and much more to look forward to after arranging flights to London.
Some unmissable London attractions include:
- Seeing priceless masterpieces in the Tate Britain or the National Gallery.
- Watching the changing of the guard at Buckingham Palace.
- Visiting Trafalgar Square's famous monument.
- Marveling at the Crown Jewels in the Tower of London.
- Getting a bird's eye view of the city from the London Eye.
- Tasting one of Brick Lane's famous curries.
- Browsing the exclusive shops of Knightsbridge.
- Visiting a market – Spitalfields for antiques, Camden for clothes or Borough Market for street food.
- Admiring design from around the world in the Victoria and Albert Museum.
- Looking for clues at the home of fiction's most famous detective, Sherlock Holmes.
- Strolling through one of the lovely parks, including Hyde Park, St James' Park or Kew Gardens.
- Eating Britain's most famous dish, fish and chips.
- Watching the street performers in Covent Garden.
- Enjoying the views at a South Bank cafe.