- Call : 0815 6428 671 | 07034854045
- Email : info@mctimothyassociates.com
Why Attend
The participants attending this course would be able to understand the financial impacts of inventory and the risks in both over and under the holding of inventory – the management of inventory, including lead time management, demand planning and interfacing with other functional groups, directly and indirectly, involved in inventory planning and operations.
They should also be able to understand the importance of effective Warehouse Management in minimizing the cost associated with storing, moving and transporting goods into and out of the warehouse storage locations; the importance of reconciled physical count balances and system records and most importantly, the efficient, fast, precise and perfectly-timed issuances of the right quality & quantity of stocks to its intended users.
Event Date: 07/10/2021 – 09/10/2021
Day 1 Inventory Classifications Techniques Day 2 Day 3 Leveraging Your Resources and Developing New Capabilities Create a World-Class Warehouse with Performance Management and Metrics
Why keep Inventory?
– How much Inventory to keep so we don’t run out of business?
– The Financial Implications of Holding Inventory
– Inventory Carrying Cost and how it affects business
– Effect on Financial
– The Cost of not holding enough Inventories
– The Role of the Accounting Inventory Manager
– Inventory Management & the Supply Chain Strategy
– Demand Forecasting
– Lead time Management
– Inventory Stakeholders Planning
– ABC Analysis – Fast & Slow Moving, Excess, Obsolete & Defective Stocks
– Traceability and Variety Reduction
– The Inventory Management Plan
Strategic Inventory Operations
Monitoring Movements – Inventory Accuracy
Measuring and Valuation of Inventory
Receipt & Issuance of Inventory
Systems to Replenish Inventory
How Much to Order – EOQ
Warehouse Planning & Systems
Warehouse Infrastructure Strategies
Warehouse location strategy
• Options in warehouse layout and design
• Classes of warehouses
• Warehouse automation
• Information technology (IT) in the warehouse
• Industry variations
Warehouse Operating Processes and Principles
• Key functional processes from receiving to picking and shipping
• Optimizing the flow of goods across processes
• Advanced processes – break-bulk, cross-docking, mixing, assembly
• Cycle counting, conducting a physical inventory audit
• Implementing Lean principles in the warehouse
• Continuous improvement and managing change
Inventory, Analysis, and Product Classification
• The function of inventory
• Inventory accuracy and control
• Handling WIP (Work-In-Progress) inventory
• Three-dimensional inventory classification and segmentation (ABC)
• Using inventory classification to drive efficiency
• Replenishment methods and strategies
• Managing and incentivizing your people
• Employee training and evaluation
• The IT environment: your enterprise and the warehouse
• Role of the warehouse in the value chain
• Outsourcing: risks and opportunities
• Supplier collaboration models and strategies
• Contemporary trends in warehousing
• Warehouse best practices and benchmarking
• The role of performance management in the warehouse
• What should you measure?
• Establish an executive dashboard using key performance indicators (KPIs)
• Identifying, prioritizing, and implementing improvements.
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