(Lean) Inventory Management

Description

This course is designed to provide a detailed introduction to the efficient management of products and materials in a warehouse within a supply chain operation. Managing inventory is a critical success factor in most organisations as they can no longer hold large volumes of stock or risk flow through their supply chain. Inventory management is all about effective control, over what can be a complex and extensive inventory. The course will be a mix of theory and practical with activities to engage the learner and encourage application back in the workplace.

What you will learn

This course will introduce a mix of best practice tools and techniques that can be applied within the warehouse environment. It’s not just simply a tick list of theoretical techniques but a blend of methodologies, some taken and adapted from other fields that have a practical application in managing inventory to achieve organisational goals.

Managing inventory isn’t easy however this course will provide you with skills that will make you analyse what you do and how to do it better.

Course Content:

Introduction to Inventory
• Role of the inventory manager
• Understanding the supply chain
• Importance of accurate data when managing inventory
• Applying lean principles to managing inventory- e.g. Value Chain Analysis, 5S, JiT
• Understanding inventory terminology e.g.
-SKU – Stock-Keeping Unit
-BOM - Bill of Material
-JIT – Just-in-Time
-FIFO – First in First out
-LIFO – Last in First out

Types of Inventory
• Different types of inventory in organisations
• Inventory cycle concept
• Challenges managing inventory levels

Inventory and MRPII
• Importance of inventory in MRPII
• World class inventory metrics
• Demand management and inventory requirements

The ‘World Class’ Warehouse
• Setting up an efficient warehouse operation
• Calculating order quantities, reorder points and safe stock
• Error reduction in warehouse activities
• Managing people to achieve high performance

Inventory Management Systems
• Building an efficient and workable inventory management system.
• Maintenance of inventory accuracy
• Crisis inventory management
• Developing an inventory quality management system (IQMS)