Conducting Effective Stock and Inventory Cycle Counting

Inventory accuracy is a critical sensitive area affecting firms.  Cycle counting can increase inventory accuracy to level of 97% and better while offering significant cost savings when compared to physical inventory counting that the majority of firms currently use.  Inventory record accuracy has a significant impact on increasing level of customer service, reducing costs and increasing productivity. This workshop teaches participants best practice in conducting effective stock and inventory cycle counting.

CONTENT:

*Inventory Costs and Service

- Why hold stock?

- Inventory costs

- Service level from inventory

- Lead time variability and uncertainty

- Inventory and statistics

*Approaches

- Periodic physical inventory

- Cycle counting

- Cost of inaccurate records

- Excess inventory levels

- Lower productivity levels

- Expediting orders

- Lost sales

*Methods of Counting

- Bar –code readers

- Count cards

- Count sheets

*Causes of inventory Accuracy Errors

- Bad units of measure

- Theft

- Obsolescence

- Poor security

- Item identification

- Adequate storage space

- Locator system problems

- Timely reporting of transactions

*Executing the Count

- Break up counting into small groups

- Create a map of stocking area

- Stocking area into counting area

FOR WHOM:

Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.