Description

Background

The impact of proper stock control on service levels, efficiency, and business continuity is a success determinant. Besides the leadership and skills to manage stock control, a sound knowledge of the current software, data processing strategies are factors to consider. Requirement planning is a grave process within Supply Chain Management, which guarantees continuity of supply of the inventory at the lowest cost. Efficient demand planning will help the SCM team advance the accuracy of forecasts, ensure enough inventory levels at all times, and enhance profitability by optimizing the expenses. The control side of this process is to ensure that plans are being met and to take the necessary actions when needed.

This course will ensure you get the right set of skills and knowledge to lead effective stock control in any type of business.

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Benefits

This course will provide you with:

• The objectives of inventory management and their influence on smooth business operation
• Key Performance Indicators (KPIs) to measure and improve inventory performance
• Forecasting techniques to predict demand and better manage lead times
• Techniques to reduce inventory stock out
• Calculation of optimum ordering quantity and reorder points
• Classification of inventory and cataloging
• Record accuracy, data analysis and stock management learning cycle

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Who Should Attend

• This course is designed for those involved in inventory or demand planning and stock control at the operational and supervisory levels. It is also helpful for those employed in other functions of supply chain management (purchasing, stores, distribution) who need to comprehend the mechanics of effective stock control.

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Curriculum

Day One

• Demand Planning and stock control
• Stock Management Information System
• Objectives of inventory planning
• Inventory Flow Cycle

Day Two

• Inventory push versus pull systems
• Types of inventory
• The ABC classification ranking model for inventory
• Materials specifications and categorization

Day Three

• The inventory order cycle
• Dependent versus independent demand
• Purchasing Cycle and Operations
• Contracting modalities
• Factors impacting demand forecast accuracy

Day Four

• Time series forecasting methods:
  • Seasonal demand
  • Moving average
  • Exponential smoothing
• Measuring the accuracy of the forecast
• The use of ERP(s) to properly forecast demand and avoid stock out
• Setting lead time and methods to control it

Day Five

• Reducing inventory holding time
• Elements of inventory holding and ordering costs
• Role of Finance in Inventory Management
• Maintaining Ordering based on commonly practiced models – Economic Order Quantity (EOQ)  and EQP models
• Objectives of safety stocks