Course Overview
This intensive 5-day program provides comprehensive training on modern inventory management techniques for optimizing stock levels, reducing costs, and improving supply chain efficiency. Participants will learn systematic approaches to inventory control, demand forecasting, and warehouse operations using both traditional methods and digital tools.
Course Objectives
By completing this course, participants will be able to:
- Implement effective inventory classification and control systems
- Apply accurate demand forecasting techniques
- Optimize safety stock and reorder points
- Utilize inventory management software and technologies
- Reduce excess inventory and stockouts
- Measure and improve inventory performance
- Integrate inventory with supply chain operations
Who Should Attend?
This course is ideal for:
- Inventory managers and supervisors
- Warehouse and storekeepers
- Supply chain and logistics professionals
- Procurement and purchasing staff
- Production planners
- Operations managers
- ERP/WMS system users
Detailed Course Outline
Day 1: Inventory Management Fundamentals
Module 1: Principles of Inventory Management
- Roles and objectives of inventory
- Types of inventory (raw, WIP, finished goods)
- Inventory costs (holding, ordering, shortage)
- Inventory accuracy and cycle counting
Module 2: Inventory Classification Methods
- ABC analysis (Pareto principle)
- VED, FSN, HML classification
- Inventory segmentation strategies
- Practical exercise: Inventory categorization
Day 2: Inventory Planning & Control
Module 3: Demand Forecasting Techniques
- Qualitative vs quantitative methods
- Moving averages, exponential smoothing
- Forecast accuracy measurement
- Case study: Forecast improvement
Module 4: Replenishment Methods
- Fixed order quantity vs fixed period systems
- Economic Order Quantity (EOQ) models
- Reorder point calculation
- Hands-on calculation exercises
Day 3: Advanced Inventory Techniques
Module 5: Safety Stock Optimization
- Variability in demand and lead time
- Service level concepts
- Safety stock formulas
- Simulation exercise
Module 6: Lean Inventory Strategies
- Just-in-Time (JIT) principles
- Vendor Managed Inventory (VMI)
- Consignment stock
- Kanban systems implementation
Day 4: Technology & Performance
Module 7: Inventory Management Systems
- WMS and ERP functionalities
- Barcode/RFID applications
- IoT in inventory tracking
- Software demonstration
Module 8: Inventory Performance Metrics
- Key KPIs (turnover, days on hand)
- Inventory valuation methods
- Excess and obsolete inventory
- Benchmarking exercise
Day 5: Special Topics & Integration
Module 9: Spare Parts Inventory
- Maintenance inventory characteristics
- Criticality analysis
- Rotable inventory management
- Case study discussion
Module 10: Supply Chain Integration
- Cross-functional inventory impacts
- S&OP process overview
- Final assessment
- Action planning workshop