Integrated Inventory and Warehouse Management

Introduction

Inventory Management is critical in operations as inventory is a current asset to a firm. Carrying inventory comes with a certain degree of risk. This risk is a component of the cost of carrying inventory. When a company stocks items in the warehouse, there is always the risk that the items may fall in real value during the period they are stored. If a company stored parts for their work centers or equipment, the parts in the warehouse could be worth far less than the price that was originally paid and any losses, excess, obsolete and miss-managed inventory means a reduction in the company equity.

This training course on Integrated Inventory Management focuses on the techniques when companies are looking to reduce costs as at times, they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost and help with the company’s bottom line.

The purpose of this GLOMACS Integrated Inventory and Warehouse Management training course is to:

• Understand the importance of the Supply Chain
• Enable delegates to evaluate Inventory visibility levels and segmentation approaches
• Examine stocking level criteria through assignment practices
• Types of tools used for inventory optimization
• Examine the influence that Contracts and Procurement have on Inventory
• Understanding that minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise
• Understand and implement the "world class" tools for managing inventory in the supply chain

Objectives

By the end of this Integrated Inventory and Warehouse Management training course, you will be able to:

• Improve management of inventories reaching from receiving products to storage and delivering
• See that movement to the end-user adds value
• Professionally manage the inventory and supply chain and help you to reduce cost, improve customer satisfaction and increase safety and productivity.
• Look “outside of the box”
• Understand the appropriate Inventory methods to be applied
• Establish more accurate forecast demands and maximize the degree of service by reducing your inventory with a time-conscious and integrated inventory management process

Training Methodology

This Integrated Inventory and Warehouse Management training courses will be presented by a competent Professional who has designed successful inventory control measures.

Participants will learn by active participation during the training course through the use of exercises, questionnaires, syndicate and group discussion, training videos and practical on-hand application of inventory and stock control tools.

Organisational Impact

• Examine the link of inventory in the company supply chain operations and activities
• Analyse the key areas of operation including contracts and procurement
• Identify and understand key performance indicators
• Succeed in improving operations
• Apply the right cost and service balance
• Gain a competitive advantage

Personal Impact

From this Integrated Inventory and Warehouse Management training course, participants will learn:

• How to analyse stock and inventory?
• How to make productivity improvements?
• Understand the Role of Inventory in the Supply Chain
• Balancing Cost and Service Requirements
• A Framework for Continual Improvement of contracts and procurement
• Best in Class Practices