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Advanced Inventory Management

Objective and Benefits

After attending this workshop, you will

  • Learn the Best Practices in Inventory Management
  • Learn Inventory Management Modeling
    – Replenishment: When, What and How Much
    – Replenishment Models
    – Warehouse Management Systems
  • Learn to identify Wastes in Managing Inventory
  • Learn to use tools to reduce Waste and Non-Value activities to improve responsiveness of the Warehousing and Inventory Management processes.
  • Learn to ANTICIPATE PROBLEMS using the methodology in this workshop

Course outline:

Foundations:

  • The Big Picture: Connecting Profitability, Customer Longevity, Process, Operations and Sales
  • Inventory Management and Replenishment Model
  • Inventory Control
  • Inventory Policy
  • Reasons for Carrying inventory and Warehousing
  • Types of Inventory
  • Inventory Costs
  • Inventory System Categories
  • 10 Best Practices in Inventory Management
    – WMS
    – Parameters in setting up inventory Levels
    – Replenishment
    – Timeline Analysis
    – Proactive Maintenance
  • Inventory and Warehouse Management
    – Challenges in Warehouse Management
    – Planning and Optimizing Warehouse Layout
    – Inventory Classification
    – ABC Analysis
    – Physical Inventory
    – Cycle Count
    – Best Practices
    – FIFO implementation
  • Waste Reduction and Elimination:
    – Types of Waste
    – 5S

Duration:

Duration of the Training Workshop is 1 day.

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