Inventory Management

1 day (workshop) / Implementation time varies

Companies today must be fast and nimble enough to react quickly to changes in customer demand and do it with little inventory. Gone are the days when manufacturers could stockpile large quantities of raw materials, load-up the shop floor with work-in-process, and pack warehouses with finished goods. The old ways are fading fast. They cost too much, require too much working capital, and contribute to erratic and longer lead times. This means that better inventory management lies in the rigorous application of good sense across corporate disciplines. 

In a survey conducted by APICS Magazine, it was noted that 82% of senior executives who responded said that excessive inventory levels were a major concern for them. Some saw inventory as just a vehicle that absorbs massive amounts of cash while others understood that high inventories were also an indication of other serious problems.

Also, the monies unnecessarily tied-up in inventory could be better spent elsewhere such as: new product development, expanded marketing and sales, modernization, reengineering, expansion, acquisitions, debt reduction among others. Even though inventories are under constant analysis and manipulation, permanent inventory reduction opportunities go largely untapped as evidenced by the fact that most manufacturers consistently carry too much inventory. However, well-intentioned efforts to reduce inventory, more often than not, get only temporary results. Without effective business process changes, the organization can easily slip back to old ways with inventories (and costs) climbing up again. 

Course Description:
In this course we will address all of these issues and concerns mentioned above. Participants will walk away with a clear understanding of what the issues are and the tools needed to deal with them.  We will discuss management of inventory accuracy, management planning, and materials requirement planning. In this training, participants will learn such topics as: Replenishment Methods, Inventory measurement,  Inventory Transaction Mapping, and Counting Inventory.  Training will focus on the importance of maintaining an accurate inventory to minimize the investment in inventory while maximizing customer satisfaction.

Learning Objectives:

Upon the completion of this workshop participants will have an understanding of the: