Inventories Monitoring & Management
Category: Corporate finance, management
Duration: 5 Days
Related to : Cash management, working capital management
This five-day training program is designed to provide participants with a comprehensive understanding of inventory management and monitoring techniques. Effective inventory management is critical to optimizing cash flow, minimizing costs, and ensuring product availability. Participants will learn how to control stock levels, forecast demand, and utilize modern inventory systems to streamline operations. This course combines theory with practical applications, ensuring that participants can apply the knowledge to improve efficiency and accuracy in their own inventory management processes.
Learning Objectives
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.
Training Program
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.
Key Points
Numerous practical examples illustrating the different studied concepts
Practical cases to draw parallels with the concepts learned
Who Should Attend This Training
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.
Prerequisities
Basic understanding of supply chain and operations.
No prior inventory management experience required, but helpful.
Teaching Methods
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
Satisfaction and Evaluation
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
LONDON
128 City Road, EC1V 2NX London
PARIS
38 Rue Boulard, 75014, Paris