Inventory Control And Planning: Stock Optimization Training Course

Introduction

In today's fast-paced business environment, efficient inventory control and planning are crucial for maintaining profitability and customer satisfaction. This comprehensive training course, "Inventory Control and Planning: Stock Optimization Training Course," equips professionals with the knowledge and tools to effectively manage and optimize their stock levels. We delve into the intricacies of demand forecasting, stock replenishment strategies, inventory analysis, and safety stock calculations, empowering you to minimize holding costs and prevent stockouts. By mastering these strategies, you'll improve your organization's ability to meet customer demand, reduce waste, and enhance overall supply chain efficiency.

This program focuses on actionable insights and practical application, enabling participants to develop and implement robust inventory optimization frameworks and planning strategies. We explore the latest advancements in inventory management software, predictive analytics, and automated replenishment systems, emphasizing practical case studies and interactive exercises. You'll learn how to measure and report inventory performance, engage stakeholders, and foster a culture of data-driven inventory management within your organization, ultimately transforming inventory control into a strategic advantage.

Target Audience:

• Inventory Managers
• Supply Chain Planners
• Logistics Managers
• Procurement Specialists
• Operations Managers
• Warehouse Supervisors
• Demand Planners

Course Objectives:

• Understand the fundamental principles of inventory control and planning.
• Learn how to implement effective demand forecasting techniques.
• Master the techniques of stock replenishment and reordering.
• Develop skills in performing detailed inventory analysis and reporting.
• Learn how to calculate and manage safety stock levels.
• Understand the role of inventory management software and tools.
• Implement strategies for minimizing inventory holding costs and stockouts.
• Learn how to optimize inventory across multiple locations.
• Develop skills in utilizing ABC and XYZ analysis for inventory segmentation.
• Analyze the impact of inventory decisions on overall supply chain performance.
• Understand the legal and regulatory considerations in inventory management.
• Develop strategies for managing obsolete and slow-moving inventory.
• Stay updated with the latest trends in inventory control and planning.

DURATION

10 Days

COURSE CONTENT

Module: Introduction to Inventory Control and Planning:

• Overview of inventory control and planning principles.
• The importance of stock optimization in supply chain management.
• Key drivers and trends in inventory management.
• Understanding the interconnectedness of inventory and other supply chain functions.
• The role of inventory control in achieving operational efficiency.

Module: Demand Forecasting Techniques:

• Implementing various demand forecasting methods (time series, causal, etc.).
• Utilizing statistical forecasting tools and software.
• Managing forecast accuracy and bias.
• Developing demand planning strategies.
• Integrating sales and marketing insights into forecasting.

Module: Stock Replenishment & Reordering:

• Implementing effective stock replenishment strategies.
• Utilizing reorder point and periodic review systems.
• Managing lead times and order quantities.
• Implementing automated replenishment systems.
• Optimizing order frequency and timing.

Module: Inventory Analysis & Reporting:

• Performing detailed inventory analysis and reporting.
• Utilizing inventory performance metrics and KPIs.
• Analyzing inventory turnover and days of supply.
• Developing inventory dashboards and reports.
• Identifying areas for inventory improvement.

Module: Safety Stock Management:

• Calculating and managing safety stock levels.
• Utilizing statistical methods for safety stock determination.
• Analyzing demand variability and lead time fluctuations.
• Implementing safety stock policies and procedures.
• Optimizing safety stock across different product categories.

Module: Inventory Management Software & Tools:

• Utilizing inventory management software and systems.
• Implementing warehouse management systems (WMS).
• Leveraging ERP modules for inventory control.
• Utilizing barcode and RFID technologies.
• Implementing automated data capture and analysis.

Module: Minimizing Inventory Costs & Stockouts:

• Implementing strategies for minimizing inventory holding costs.
• Reducing stockout occurrences and associated costs.
• Optimizing inventory levels to balance cost and service.
• Utilizing lean inventory management principles.
• Implementing continuous improvement initiatives.

Module: Multi-Location Inventory Optimization:

• Optimizing inventory across multiple locations.
• Utilizing distribution requirements planning (DRP).
• Managing inventory transfers and allocations.
• Implementing centralized and decentralized inventory models.
• Optimizing inventory flow across the supply chain network.

Module: ABC & XYZ Analysis:

• Utilizing ABC analysis for inventory segmentation.
• Implementing XYZ analysis for demand variability assessment.
• Developing inventory control policies based on segmentation.
• Optimizing inventory strategies for different product categories.
• Utilizing segmentation for targeted inventory management.

Module: Impact on Supply Chain Performance:

• Analyzing the impact of inventory decisions on supply chain performance.
• Measuring the contribution of inventory optimization to efficiency.
• Evaluating the impact on customer service and satisfaction.
• Demonstrating the strategic value of inventory control.
• Aligning inventory strategies with overall supply chain objectives.

Module: Legal & Regulatory Considerations:

• Understanding legal and regulatory requirements for inventory management.
• Navigating compliance with industry standards.
• Ensuring data privacy and security.
• Implementing ethical inventory practices.
• Developing legal and compliance frameworks.

Module: Obsolete & Slow-Moving Inventory Management:

• Developing strategies for managing obsolete and slow-moving inventory.
• Implementing inventory write-off and disposal processes.
• Utilizing markdown and clearance strategies.
• Preventing the accumulation of excess inventory.
• Optimizing inventory lifecycle management.

Module: Latest Trends in Inventory Control & Planning:

• Exploring emerging trends in inventory control and planning.
• Utilizing AI and machine learning for inventory optimization.
• Implementing blockchain for inventory traceability.
• Leveraging real-time data analytics and IoT.
• Adopting sustainable inventory management practices.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.