Inventory Management
Course description :
Inventory Management
Most companies carry too much inventory. “You can’t sell from an empty wagon” is usually the reasoning. Being overstocked means the company will likely not run out of anything. But what about the inventory that has celebrated a few birthdays in the warehouse? Has anyone stopped to calculate the true cost of worrying about “running out?” The costs of maintaining excessive inventory usually far outweigh the true cost of not being able to quickly deliver a particular item to a customer once in a very long while. A balance must be struck between inventory levels and turnover. Good inventory managers know what stock moves at what rate. They carefully plan re-order levels to ensure that the chances of running out are minimized while the turnover rate is maximized.
Sample Workshop topics:
Internal Customers & External Customers
The receiving process
The outbound process
Setting business and inventory management objectives
Inventory validation techniques
Course Outline
The concept
Assessing the quality and
Competency of staff
Manual vs. automated systems
Developing a strategy for improvement
Achieving and maintaining inventory accuracy
Stock location management
Action plans for developing an effective team
Shipping and receiving operations
Developing your inventory management strategy
