Master Inventory Management: Optimize Stock & Boost Profits

Course Description

This comprehensive 5-day course covers all aspects of modern inventory management. Participants will learn advanced techniques for stock control, demand forecasting, inventory optimization, and performance measurement. The course combines theoretical knowledge with practical applications to equip supply chain professionals with the skills needed to excel in inventory management.

Learning Objectives

• Develop strategies for effective inventory control and stock optimization
• Master demand forecasting techniques and inventory planning methods
• Implement best practices for warehouse operations and stock management
• Analyze inventory performance using key metrics and financial indicators
• Apply inventory management principles to improve supply chain efficiency

Course Modules

Day 1: Foundations of Inventory Management

• Introduction to inventory management and its role in the supply chain
• Types of inventory and their purposes
• Inventory costs and financial implications
• ABC analysis and inventory classification

Day 2: Demand Forecasting and Planning

• Forecasting methods and techniques
• Demand planning and aggregate planning
• Safety stock calculations
• Inventory replenishment strategies

Day 3: Inventory Control Systems and Optimization

• Economic Order Quantity (EOQ) model
• Reorder point and reorder level systems
• Just-in-Time (JIT) and lean inventory management
• Inventory optimization techniques

Day 4: Warehouse Management and Stock Control

• Warehouse layout and design for efficient operations
• Inventory accuracy and cycle counting
• FIFO, LIFO, and other stock rotation methods
• Technology in inventory management (RFID, barcodes, WMS)

Day 5: Performance Measurement and Continuous Improvement

• Key Performance Indicators (KPIs) for inventory management
• Inventory turnover and days of supply
• Cost reduction strategies and value analysis
• Continuous improvement in inventory management

Practical Wins for Participants

• Develop a customized inventory control strategy for their organization
• Create accurate demand forecasts using advanced techniques
• Implement an optimized warehouse layout and stock control system
• Establish a set of KPIs to measure and improve inventory performance