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Inventory Techniques

Aim

To provide an overview of the importance of inventory, inventory costs and inventory management techniques. Consideration is also given to how inventory contributes to all aspects of company performance.

Target Population

People who manage, plan or co-ordinate inventory throughout the supply chain.

Objectives

After this programme participants will be able to:

  • Describe the importance of inventory and its contribution to company financial performance.
  • Define the key elements of inventory costs
  • Calculate safety stocks
  • Describe and use different lot/batch sizing techniques
  • Describe and utilise different replenishment techniques
  • Understand inventory storage and inventory accuracy techniques

Detailed Content

Day One

The importance of Inventory

A session explaining how inventory links to the supply chain planning and control model. A plenary session is then used to relate the generic model to the participants own planning and control model.

Inventory costs

A session where participants are taught how to calculate the cost of carrying inventory versus replenishment costs. They then explore financial reports; where inventory impacts these statements and how inventory contributes to financial performance.

Calculating safety stock

A session which allows the participants to learn and apply statistical calculation of safety stock using own data if available. Participants also learn and apply lot sizing techniques.

Day Two

Inventory tools and techniques

A session that allows the participants to practice replenishment techniques; including continuous and period review in a risk free environment.

Warehouse organisation and inventory storage

A short session on warehouse organisation and inventory storage methods including cycle counting versus inventory count.

Key performance indicators and inventory productivity

A session which explains key performance indicators and productivity measures, particularly; stock turn, average stock investment, forecast accuracy and forecast bias. Participants are then given the opportunity to practice calculating these measures with their own data.

Action Planning

A short workshop where the participants summarise their key learning’s and identify where they can apply them to their own business.

All of our programmes are individually tailored to your specific needs. For some examples of programmes we
run, please see below:

Supply Chain Discovery

find out more

Customer Service and S&OP Process

find out more

The Procurement Cycle

find out more

Managing Logistics Operations

find out more