Advanced Inventory Planning and Management Seminar
High levels of inventory costs a lot of money while at the same time taking up a lot of valuable space and time. This inefficiency is what makes organizations lose their competitive edge. Effective techniques need to be adopted in order for the inventory to move efficiently, while reducing ordering and holding costs.
Inventory control and management aims to maximize the level of customer service i.e. having the right goods, in sufficient quantities, in the right place and time while minimizing the cost of providing a certain level of customer requirements.
This 2-day seminar will provide you with a closer look at how to use lean tools and techniques in inventory control and management with emphasis on forecasting, calculation of economic order quantities and determining appropriate safety stocks.
“Effective inventory management allows you to meet or exceed your customers’ expectations of product availability while carrying the quantity that will maximize your net profits.”
Inventory Situations to Avoid
If you run out of stock, you could miss out on an opportunity to make a sale and you are likely to permanently lose the customers you have worked so hard to get.
On the other hand, if you have too much inventory and it just sits in the warehouse, then it is in danger of depreciating and losing its value. It is possible that you may have invested all your financial resources on non-moving stocks and you will end up losing your shirt.
Either situation is bad and must be avoided. What you want to have is the right amount of stocks that will turn a profit. You need to fulfill your promises to your customers and keep them coming back. Developing your business to get to this ideal situation requires a working knowledge of the techniques of inventory analysis. Accurate inventory is just too important to leave to chance.
This seminar workshop will teach you the proven techniques of how to effectively plan and manage your inventory.
Benefits of this RMP Consultancy Seminar
- Learn from an experienced expert practitioner and trainer
- Receive an updated set of templates that you can use immediately
- Enjoy the benefits of a small group size where the presenter can pay more attention to you and your unique needs
Advanced Inventory Planning and Management
“Effective inventory planning and management allows you to meet or exceed your customers’ expectations of product availability while carrying the quantity that will maximize your net profits.”
Key Topics of Advanced Inventory Planning and Management Seminar
- Forecasting your Inventory Requirements
- Creating an Annual, Quarterly and Monthly Forecasts
- Analyzing Time Series Forecasts
- Analyzing Seasonal Forecasts
- The Ideal Inventory Cycle
- Key Inventory Indicators
- Inventory Turnover
- Inventory Cover
- Customer Service Levels
- Average Inventory Age
- Stock Reduction Strategies
- Using Lead Times to calculate when to Order Stocks
- Calculating Safety Stocks
- Economic Order Quantity Analysis
- Calculating Ordering Costs
- Calculating Holding Costs
- Identifying fast, slow and non-moving items
- Identifying profitable product lines
- Counting your Inventory
- Pareto Principle
- ABC Inventory Control and Cycle Counting
- The Principles of Just in Time (JIT) Inventory Management
Duration of Advanced Inventory Planning and Management Seminar
Who should attend the Advanced Inventory Planning and Management Seminar
- Inventory Planners
- Accounting Staff
- Warehouse Staff
- Business Owners
Advanced Inventory Planning and Management Seminar Methodology
The seminar uses a combination of lectures, visual presentations, workshops, and group discussions. More emphasis is placed on workshops to allow the participants to learn the material presented in a fun and easy manner.
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Bring a Laptop
Many of the Lessons to be presented require calculations using MS Excel. It is recommended that you bring your LAPTOP COMPUTER to be able to follow the analysis being demonstrated. A Maximum of 2 participants per laptop may share for optimum learning. Your computer should have MS Excel or equivalent software installed.
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