Procurement & Supply

Inventory Optimization

Tutor: SETTEC
Start Date: Sunday, Jul 16,2023
End Date: Wednesday, Jul 19,2023

0LE per Course join now

Introduction:

Efficient management of inventories, accumulated in any part of the supply chain, is an essential part of the reduction of an enterprise’s working capital requirements. Inventory decisions are high-risk and high-impact from the perspective of logistics operations. Just as shortages can disrupt planned marketing and manufacturing operations, overstocked inventories also create problems.

Overall Objectives:

This course focuses on the methodology and various practical tools that enable managers to forecast and plan inventories in a cost-effective manner. Parallel to this it examines the operational and strategic management of inventories and the role of inventory management in improving competitiveness of an enterprise. In particular, it explains the most important practical aspects associated with inventory management from warehouse design to evaluating inventories practices and building inventory management plan of action.

Specific Objectives:

This Inventory Optimization course should enable the attendees to:
•   Forecast inventory requirements
•   Optimize inventory levels
•   Build an inventory management plan
•   Increase traceability & reduce parts variety
•   Design and manage warehouse operations

Related Objectives:

•   Evaluate opportunities to reduce holding costs and variety of suppliers,
•   Understand how to achieve internal and external customer service levels,
•   Plan to minimize error rates and,
•   Work to achieve international quality and traceability standards.

Contents:

1. Appraisal of Inventory

1.1 knowing inventory management
1.2 Importance of inventory management
1.3 Reasons for keeping inventory
1.4 Optimum inventory
1.5 Out-of-Stock cost
1.6 Financial impact of holding inventory
1.7 Types of inventory
1.8 Responsibilities of Inventory management

2. Foundations of Inventory Optimization

2.1 Demand forecasting techniques
2.2 Managing Lead-time
2.3 Enterprise Resource Management (ERM) systems

3. Inventory Planning

3.1 Determining service level
3.2 Categorization of Inventory
3.3 Traceability and variety reduction
3.4 Inventory coding system
3.5 Insurance
3.6 Floating charge security
3.7 The inventory management plan
3.8 Inventory performance management
3.9 Disaster recovery planning

4. Inventory Operations

4.1 Monitoring inventory movements
4.2 Valuate of inventory and how to measure
4.3 Inventory receipt and issue
4.4 Inventory replenishing systems
4.5 How much to order?
4.6 When to order?

5. Warehouse Systems

5.1 Warehouse location
5.2 Warehouse design
5.3 Warehouse layout
5.4 Material handling and equipment
5.5 Warehouse operations
5.6 Record keeping and communication
5.7 International quality standards

6. Course Summary

6.1 Summary of Inventory optimization

Target group:

This interactive training course (40% exercise) is intended for the professionals, managers & directors who are involved in developing inventory strategy, and those who have hands-on logistics functions covering planning and execution of inventory operations.

Language:

• The materials for the trainees will be in English.
• The language of instruction will be in Arabic / English.