Best Practice in Inventory Management

All organizations need to maintain inventory in various forms like raw materials, work in progress (WIP) and finished products. However, maintaining inventory at optimum level is a perennial challenge. On the one hand there is risk of stock out and building up of excess inventory on the other. Hence, maintaining inventory at optimum level is essential for business organizations which can lead to additional profits and to equip the stores/ inventory professionals with effective inventory management strategies.

Content

• What Inventory and how it impacts our business?

• Challenges in managing the inventory

• How to calculate Ordering Cost and Inventory Carrying Cost

• What is ABC (Class of materials) analysis and how to use it?

• How to improve productivity through ABC analysis?

• How to do the scientific selection of the vendors?

• What is EOQ and how to calculate EOQ for various price bands?

• How to calculate Total Material Cost and its use for negotiations

• How to determine various stock levels

• KPIs (Key Performance Indicators) for managing the inventory

• KPIs for managing the vendors

• KPIs for managing the warehouse

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.

Date:

23rd – 26th July, 2019