Inventory Management and Control

Covers inventory planning, forecasting, stock control, and inventory optimization techniques. Emphasizes reducing inventory costs and improving service levels.

Course Overview:

Effective inventory management is vital for balancing supply with demand, minimizing carrying costs, and ensuring smooth operations. This course by 4D – The Fourth Dimension Training and Consultancy provides participants with comprehensive knowledge and practical tools to manage inventory efficiently. Topics include inventory classification, control techniques, demand forecasting integration, and the use of technology in inventory monitoring. Participants will learn strategies to reduce excess and obsolete stock while maintaining high service levels, leading to improved cash flow and operational performance.

Course Objectives:

By the end of this course, participants will be able to:
○ Understand inventory concepts and types
○ Classify inventory using ABC and other methods
○ Apply inventory control techniques such as EOQ and safety stock calculation
○ Integrate demand forecasting with inventory planning
○ Utilize technology and ERP systems for inventory management
○ Develop policies to minimize stockouts and overstock situations
○ Monitor inventory performance using KPIs

Target Audience:

○ Inventory Managers and Supervisors
○ Supply Chain and Logistics Professionals
○ Warehouse and Operations Managers
○ Procurement and Planning Staff
○ Business Analysts involved in inventory control

Course Delivery Method:

○ Instructor-led classroom or virtual sessions
○ Practical exercises and case studies
○ Group discussions and problem-solving workshops
○ Use of inventory management tools and software demonstrations

Course Outlines

Module 1: Fundamentals of Inventory Management

○ Definition, importance, and objectives of inventory management
○ Types of inventory: raw materials, work-in-progress, finished goods
○ Inventory costs and their impact on profitability

Module 2: Inventory Classification and Analysis

○ ABC XYZ FSN GOLF VED analysis and other classification techniques
○ Inventory turnover ratios and their interpretation
○ Criticality and demand variability analysis

Module 3: Inventory Control Techniques

○ Economic Order Quantity (EOQ) model
○ Reorder point and safety stock calculations
○ Just-in-Time (JIT) and lean inventory concepts
○ Vendor Managed Inventory (VMI) overview

Module 4: Demand Forecasting and Inventory Planning

○ Basics of demand forecasting for inventory management
○ Integrating forecasts into replenishment strategies
○ Seasonal and trend adjustments in inventory planning

Module 5: Technology in Inventory Management

○ Role of ERP and inventory management systems
○ Barcode, RFID, and automated data capture
○ Inventory tracking, cycle counting, and audit procedures

Module 6: Inventory Performance Measurement and Improvement

○ Key inventory KPIs: stock accuracy, fill rate, days of inventory
○ Strategies to reduce excess, obsolete, and slow-moving stock
○ Continuous improvement methods for inventory control