17 - 21 Feb 2025
Kuala Lumpur (Malaysia)
Hotel : Royale Chulan Kuala Lumpur
Cost : 5250 € Euro
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:
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.
This course will help you learn how to:
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
Case studies
Exercises
Best practice examples
Supportive comprehensive course manual enabling practical application and reinforcement
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
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
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
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: 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
Requirements
Job Descriptions
Authority levels
Tolerances and approvals
The stock check program
Options for stock checking methods
Reconciliations / discrepancies
Day 4: 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 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