The Complete Course on Inventory Management
Course Code: PM23
Course Objective
- Develop strategic purchasing plans & discuss how to improve internal customer service
- Explore many ways of reporting key performance indicators (KPIs)
- Understand the most important competencies for purchasing personnel
- Understand the importance of inventory & the role it plays in the profitability of the company
- Apply best methods to optimise the investment in inventory
Target Audience
- Purchasing, Procurement, Contracts, Contract Administration, Projects personnel
- Engineering, Facilities, Finance, and Maintenance Personnel
- Personnel involved in the planning and management of tender process
- Those involved in inventory management as a supplier, buyer, materials planner, warehousing, finance or even end-customer
- Those in general management wanting an understanding of the procurement and inventory processes
Course Outline
Day One: The 1st Steps to Becoming World Class
- Stages To World Class Purchasing
- How Purchasing is viewed today
- Strategic Sourcing
- Developing Spend Profiles and the ABC Analysis
- New Job Descriptions For Purchasing of the future
- Purchasing Personnel Required Skill Sets
Day Two: Evaluating Your Own Operation
- What are Best Practices
- Purchasing Gap Analysis
- Vision and Mission for Purchasing
- Developing The Purchasing Department Strategic Plan
- Developing Key Performance Indicators (KPIs) For Procurement
- Developing A Company Purchase Price Index
Day Three: Continuous Improvement and How to Get It
- Cost Reduction Initiatives
- Methods of Cost Containment
- Waste In The Supply Chain
- Breaking Down The Elements Of Supplier Cost
- Commodity/Service Strategic Planning
- Resisting Price Increases
Day Four: Supplier Management Approaches
- Supplier Classification System
- Supplier Qualification Methods
- Supplier Performance Metrics
- Apply Performance criteria to Purchasing Decisions
- Process Mapping To Eliminate Low Value Activities
- Applying eProcurement business process
Day Five: Improving the Image of Procurement
- Global Sourcing
- International Labor Rates Comparison
- Developing and Maintaining a Customer Focus
- Basic Issues In Corruption And Fraud Prevention
- Increasing The Level of Procurement Professionalism
- Keeping Current in the profession
Day Six: Inventory in the Value Chain
- The purpose of inventory in the value chain
- Classification of inventory
- Procedure for eliminating obsolete inventory
- Pareto Law in identifying product Classification
- Location of inventory
- Using Economic Order Quantity on managing inventory order levels
Day Seven: Demand Planning
- Basic forecasting methods
- Customer segmentation
- Hierarchy of planning
- Aggregate planning
- Maintenance & Inventory planning meeting
- Master Scheduling
Day Eight: Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- Determining safety stock
Day Nine: Inventory Recording
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
Day Ten: Performance Measurement
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
Register for this course
Date & Location