Advanced Inventory Management
Thanks to global sourcing, companies are pressured with shorter lead times, more variable factors and higher carrying costs. To keep costs down, companies need to accurately predict their inventory demands and improve processes to meet monetary and time concerns.
Advanced Inventory Management will simplify the mystique of inventory management, It removes the uncertainty that most inventory managers have between meeting customer expectation while at the same time optimising inventory levels to please stakeholders.
All participants will create their own action plan to go back into the workplace with and the tools to make a real difference!
New skills you will learn
- How to Enhance your forecasting process
- How to determine which inventory management system works best for your organisation
- How to Eliminate dead stock and get slow-moving inventory out the door
- Keeping inventory management costs down and find out why effective logistics management is vital to the company’s competitive advantage
- How to create a cycle-counting programme that could eliminate your annual inventory
- Improving operations’ efficiency, reduce waste and meet the challenges of global competition
Who should attend?
This training course is aimed at those with a medium or higher level of inventory experience, these roles might include:
- Inventory Managers
- Inventory Controllers
- Purchasing Procurement Managers
- Buyers
- Managing Directors of Smaller Companies who want an understanding of inventory
- Warehouse Managers
- Logistic Managers
- Supply Chain Manager
Past attendee testimonials
“The course was very comprehensive and the tutor was very knowledgable”
Garth Costar, Purchasing Officer, Holcim
“Keith is an excellent facilitator, full of knowledge and wonderful ideas. This makes the learning process as easy as possible.”
Edmund Gomes, Supply Chain & Logistics Manager, Independent Building Supplies Ltd
Understanding materials forecasting and inventory management
- Definition and scope of inventory management
- Business conditions and financial implications of inventory
- Inventory in the supply chain including the effects such as the ‘Bull Whip’ principle
- Planning versus Forecasting
- Delivery promise
Current demand systems
- Dependent demand systems
- MRP
- Seasonal volume prediction
- Problems that can occur with MRP systems
- Re-order point
- Economic Order Quantity (EOQ)
- Periodic review systems
- Kanban
Fundamental key steps in managing inventory
- ACB classification
- Utilising pareto
- Different ways to classify inventory
- Service levels
- Safety stocks
- Redundant stock and it’s removal
Inventory management and performance measuring tools
- Inventory measurements
- Common events that create inventory inaccuracy
- Cycle counts
- Net variances versus absolute variances
- Aids to improve inventory accuracy
- Barcoding
Forecasting
- Understanding demand behaviour and characteristics of inventory
- Forecasting techniques
- Sales & operations planning
- Evaluating forecasting accuracy
- Understanding forecasts and managing key relationships within the supplier customer cycle
Forecasting models and systems
- Various models to consider
- ERP systems
Considerations for supply chain strategy for inventory
- Inventory focus
- Who is responsible in the business?
- Different views of inventory
- Strategic inventory decisions
Financial implications
- Inventory velocity: turns ratio
- Carrying cost (inc. effect on margin, implications if slow moving stock)
Inventory reduction
- A series of steps to be outlined for course participants to follow
Improvement plans for inventory management
• Root Cause Analysis methods
• KPI creation and management
• 5S
Keith Robinson
Facilitator - Procurement, Supply Chain & Distribution
Keith has over 20 years of supply chain experience working in New Zealand and Europe. He has worked in industries as diverse as automotive, plastics, pharmaceuticals, timber, electronic, clothing and distribution.Keith consults on a very broad range of senior management, health and safety and supply chain management issues, offering strategic advice and training on all facets of supply with a “sustainable lowest total cost” focus. He is the President of the Chartered Institute of Logistics and Transport (CILT).
Keith has presented at conferences both in New Zealand and internationally, has lectured at a tertiary level and is also involved in NZQA assessment. He facilitates the internationally recognised C.P.M. (Certified Purchasing Manager) qualification in New Zealand.
Health & Safety
Keith has been a Health and Safety Manager for 20 + years in a variety of different organisations. Originally working in the supply chain sector, Keith has embedded sound H&S systems in a wide variety of industries – for instance: manufacturing, distribution, hospitality, panel and paint, schools, food and even the volunteer sector. The majority of Keith’s time recently is helping organisations get ready for the new health and safety legislation; writing manuals, consulting, training and writing board papers. What he has found is that every organisation has different hazards and issues, which affects the way they have to apply the new legislation. Keith has worked with issues such as:
- When an employee needs to carry firearms as part of their role
- Staff having to cope with very aggressive and intoxicated members of the public
- Trying to manage the H&S of hundreds of volunteers in a hazardous environment
- H&S for staff handling large sums of cash
- The medical profession with drugs and needles
- 50+ stores people in one company picking from height
- Management of H&S in relation to event management
- Loan workers and working at night in isolation
