Inventory Management: The Nuts And Bolts

LEARNING OUTCOMES:

• Understand terms that are frequently used in warehouse management
• Identify the goals and objectives of inventory management and measure your process against these goals
• Calculate safety stock, reorder points, and order quantities
• Evaluate inventory management systems
• Identify the parts of the inventory cycle
• Better maintain inventory accuracy

COURSE OVERVIEW & CONTENT:

No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm. Like many other things that depend on human interpretation, “control” means different things to different individuals.

This is an introductory workshop for you, the warehouse or stockroom manager, the person in charge of what comes in and goes out of your company. You want a smooth and cost-effective operation, with enough products on hand to satisfy needs without stockpiling too much.

This course will discuss all aspects of inventory management, including common terms, the inventory cycle, how to maintain inventory accuracy, and what some of the latest trends are.

What is Inventory?

• Definitions
  • What Inventory Is
  • What Key Concepts (including LIFO, FIFO, backorders, and lead time)
• The Goals and Objectives of Inventory Management
• Analyze Where The System Can Improve

Types of Inventory

• Anticipation
• Fluctuation
• Lot Size
• Transportation

Key Players

• What Roles Customers, Top Management, and Employees Play in the Inventory Management System

Setting up the Warehouse

• The Eight Objectives of a Warehouse
• Maintaining Location Accuracy

What Makes a Good Inventory Management System?

• Types of Inventory Management Systems and Criteria For A Good System

The Warehouse Inventory Cycle

• The Warehouse Inventory Cycle Of Demand, Receiving, Validation, and Put-Away

Identifying Demand

• Key Formulas
  • Order Quantities, Re-Order Points, and Safety Stock
• Case Study

The Receiving Process

• What Should Happen When Materials Are Received Into Inventory

Validating Inventory

• Ways to Validate the Quality of Merchandise

The Put-Away Process

• The Five Goals Of The Put-Away Process

Maintaining Inventory Accuracy

• Ways to Keep Inventory Organized and Controlled

The Outbound Process

• The Phases of the Outbound Process:
  • Picking, Packing, Loading, and Shipping

Industry Trends

• Some of the Latest Inventory Management Trends, Including Online Systems and Just-In-Time Principles