Introduction
In today’s business environment, inventory and warehouses can be the key link between success and positive cash flow or failure and overwhelming red ink. Despite every effort to eliminate warehousing and inventory within, warehousing will continue to play a critical role in assuring high level of customer service and overall logistics performance. Warehousing minimizes the effect of supply chain inefficiencies; improve logistics accuracy and inventory managements and allows results accumulations, consolidation and customization.
This training course is designed to provide participants with the relevant concepts on warehouse operations essential to fulfil clients’ requirements while utilizing area, system, and exertions efficiently, meeting this intention requires regular planning of inventory and warehouse management.
Objectives
After completing this course, participants will be able to:
- Gain a comprehensive understanding of the importance of inventory and warehousing
- Learn warehouse functions & design, and materials handling
- Know all aspects of Inventory management and manage Inventory records
- Learn & detect managing uncertainties
- Effectively manage warehouse performance
- Master sustainability in warehousing.
Training Methodology
This training course is designed to be highly interactive and participatory. To ensure maximum comprehension and retention, this training will utilize a variety of proven virtual learning methods such as break-out sessions for group discussions and brainstorming, virtual icebreakers, recorded videos, case studies, and readings.
Outline
Day 01
- INTRODUCTION TO WAREHOUSING AND INVENTORY
- Definition of inventory
- Importance of inventory and warehousing
- Warehouse location
- Types of warehouses
- Strategic warehousing
- Distribution centers and cross-docking
- Role of the Warehousing and Inventory Manager
- INVENTORY MANAGEMENT
- Types of Inventory
- Costs Associated with Inventory
- Economic Order Quantity (EOQ)
- Limitations of the EOQ approach
- Selective Inventory Control Techniques like ABC, VED, FSN etc.
- Vendor Managed Inventories
Day 02
- MANAGING WAREHOUSE PERFORMANCE
- Measuring warehouse performance – key metrics
- Managing outsourced warehouses
- Warehouse Management System
- Warehouse communications
- UPC
- RFID
- Risk Management in warehousing
- IMPORTANCE OF INVENTORY MANAGEMENT
- Higher profits through reduced costs and increased sales
- Improved customer service
- Reduced inventory investment
- Increased productivity
- Inventory record accuracy
- TYPES OF INVENTORY MANAGEMENT STRATEGIES
- Just-in-time
- Material requirements planning
- Hybrid push–pull
- Supply chain management
Day 03
- OBJECTIVES OF INVENTORY PLANNING
- Customer satisfaction
- Forecasting needs
- Controlling costs
- Successful storage
- OBJECTIVES OF INVENTORY CONTROL
- Protection against fluctuation in demand
- Better use of men, material and machines
- Protection against fluctuations in output
- Control of stock volume
- Control of stock distribution
Day 04
- INVENTORY CONTROL TECHNIQUES
- Set par levels
- Use first-in, first-out
- Manage relationships
- Apply contingency planning
- Follow regular auditing
- Prioritise with ABC
- Advocate accurate forecasting
- Consider dropshipping
- MAJOR ACTIVITIES OF INVENTORY CONTROL
- Planning
- Procuring
- Receiving and inspecting
- Storing and issuing
- Recording
- Physical verification
- Follow-up
- Material standardisation and substitution
Day 05
- STEPS IN INVENTORY CONTROL
- Deciding minimum and maximum inventory limits
- Determining re-order point
- Determining re-order quantity
- ABC analysis
- FACTORS INFLUENCING INVENTORY CONTROL
- Requirements
- Quantity in stock order
- Procurement time/Lead time
- Obsolescence
- Profitability
