Materials Management & Inventory Control: Optimize Supply Chain

Course Description

This intensive 5-day course provides a comprehensive understanding of materials management and inventory control principles. Participants will learn strategies to optimize stock levels, improve inventory accuracy, and enhance overall supply chain performance. The course covers key concepts, practical techniques, and best practices in materials management.

Learning Objectives

• Understand the fundamentals of materials management and inventory control
• Develop strategies to optimize inventory levels and reduce carrying costs
• Learn techniques for accurate forecasting and demand planning
• Implement effective warehouse management and stock control practices
• Analyze and improve inventory performance using key metrics
• Align materials management with overall supply chain strategy

Course Modules

Day 1: Introduction to Materials Management

• Overview of materials management and its importance
• Key components of the supply chain
• Inventory types and their roles
• Cost factors in materials management

Day 2: Inventory Control Techniques

• ABC analysis and inventory classification
• Economic Order Quantity (EOQ) model
• Safety stock and reorder point calculations
• Just-In-Time (JIT) and lean inventory management

Day 3: Demand Forecasting and Planning

• Forecasting methods and techniques
• Demand planning and inventory replenishment
• Managing demand variability
• Collaborative planning, forecasting, and replenishment (CPFR)

Day 4: Warehouse Management and Stock Control

• Warehouse layout and design principles
• Inventory accuracy and cycle counting
• Barcode and RFID technologies
• Warehouse Management Systems (WMS)

Day 5: Performance Measurement and Optimization

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

Practical Wins for Participants

• Develop a customized inventory optimization plan for your organization
• Create accurate demand forecasts using industry-standard techniques
• Implement an effective cycle counting program to improve inventory accuracy
• Design a performance measurement dashboard for materials management