Inventory Management

Course duration : 20 hours.

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

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