• Understand the key principles of inventory management and monitoring.

• Develop strategies for optimizing inventory levels to reduce costs and increase efficiency.

• Implement inventory forecasting techniques to better align supply with demand.

• Apply inventory monitoring tools and techniques for real-time tracking and control.

• Learn how to manage inventory turnover, shrinkage, and stock discrepancies.

• Integrate inventory management systems to enhance accuracy and efficiency.

Day 1: Introduction to Inventory Management

• Overview of Inventory Management
  Introduction to the importance of inventory management in supply chain operations.

• Types of Inventory
  Raw materials, work-in-progress (WIP), finished goods, maintenance, repair, and operations (MRO) supplies.

• Inventory Costs and Trade-offs
  Cost components of holding inventory (carrying costs, stockout costs, and ordering costs).

• Practical Case Study:
  Analyze the inventory needs and challenges of a manufacturing company and propose an initial management strategy.

Day 2: Demand Forecasting and Inventory Optimization

• Demand Forecasting Techniques
  Qualitative and quantitative forecasting methods to predict future demand.

• Inventory Control Models
  Economic Order Quantity (EOQ), Reorder Point (ROP), and Safety Stock techniques.

• Optimizing Inventory Levels
  Balancing inventory holding costs with service level requirements to meet customer demand.

• Practical Exercise:
  Develop a demand forecast for a retail company and calculate optimal stock levels using EOQ and ROP models.

Day 3: Monitoring and Tracking Inventory

• Inventory Monitoring Techniques
  Cycle counting, physical inventory checks, and real-time inventory tracking.

• Inventory Turnover and Stock Analysis
  How to monitor inventory turnover ratios and use ABC analysis for better stock management.

• Inventory Management Systems
  Introduction to modern inventory management systems (IMS) and Enterprise Resource Planning (ERP) solutions.

• Practical Workshop:
  Implement an inventory tracking system and perform a cycle count for a distribution company.

Day 4: Managing Inventory Discrepancies and Shrinkage

• Identifying and Addressing Shrinkage
  Causes of inventory shrinkage (theft, damage, obsolescence) and how to minimize losses.

• Stock Discrepancies
  Techniques for identifying and correcting stock discrepancies through inventory audits.

• Managing Inventory Write-offs
  Best practices for handling obsolete or excess inventory and minimizing financial impact.

• Case Study:
  Analyze a company’s inventory shrinkage problem and propose solutions to minimize discrepancies.

Day 5: Advanced Inventory Management and Reporting

• Inventory Turnover and Performance Metrics
  Key performance indicators (KPIs) for monitoring inventory efficiency (e.g., days in inventory, stock turnover).

• Inventory Reporting
  How to create detailed inventory reports for management, including stock valuation and reordering reports.

• Integrating Inventory Management into Financial Reporting
  The impact of inventory management on financial statements (balance sheet and income statement).

Final Case Study:
Design an inventory management and reporting system for a company, integrating tracking, forecasting, and performance metrics.

• Numerous practical examples illustrating the different studied concepts

• Practical cases to draw parallels with the concepts learned

• Supply chain and inventory managers.

• Operations managers responsible for stock control.

• Warehouse and logistics personnel managing inventory processes.

• Finance professionals involved in inventory accounting and reporting.

• Basic understanding of supply chain and operations.

• No prior inventory management experience required, but helpful.

• Training structured around skill transfer

• Acquisition of operational skills through practice and experimentation

• Collaborative learning during synchronous sessions

• Multi-stage learning path to allow engagement, learning, and transfer

• Training promoting participant engagement for better anchoring of lessons

• Skill evaluation will be conducted throughout the training by the participant (self-evaluation) and/or the trainer according to the training methods.

• Online training evaluation on your participant space:

  • Immediate evaluation at the end of the training to measure your satisfaction and perception of skill improvement against training objectives. With your agreement, your overall rating and comments will be published on our site via Verified Reviews.

  • Post-training evaluation 40 days later to validate the transfer of your acquired skills in the workplace

• Attendance tracking and issuance of an individual training certificate or a certificate of completion