In most manufacturing enterprises, material content is 40% to 80% of the product cost. In distribution, it can be even higher. Service industries typically see lower percentages, but inventory still has significant cost and service impact.

Participants in this six (6) session course will learn the purpose of maintaining inventory, approaches to determine appropriate levels, and methods of physical control.

Module 1:
Elements and Focus of Modern Inventory Management

• Inventory Manager as a Money Manager
• Inventory's place on the Organisation Balance Sheet
• Inventory Management Cycle
• The Profit Impact of good Inventory Management
• Reasons for having Inventory
• The life cycle of Inventory

Module 2:
Achieving Strategic Objectives through Inventory Management

• Twin Objective of Inventory Management
• The Cost of carrying Inventory (K-cost)
• Inventory Management vs Inventory Control
• Identifying your Inventory Management Styles
• Building your Stock-Stocking Criteria

Module 3:
Stock Control Methods and Methodology

• Demand-driven Inventory Management
• Independent vs Dependent Demand
• What to buy? When to buy? How much to buy?
• Identifying Different Forecasting Techniques
• Monitoring and Reporting on key Inventory Indicators
• Inventory Management for Manufacturing Organisations

Module 4:
Storeroom / Warehouse Management

• Physical layout of storeroom / warehouse
• Stock Classifications Systems
• Stock Coding Systems and Transactions Recording
• Physical Stock Taking vs Cycle Counting
• Store Warehousing Location and Layout
• Dealing with Excess and Obsolete Inventory
• Inventory Record Accuracy
• Dealing with Fraud in your Warehouse