Inventory and Stock Control Management

Purchases and Store Programs

Fees:

Venue: Munich / Germany

Start Date: 2025-04-13

End Date: 2025-04-17

Duration: 5 days

Course Content:

Introduction

Inventory and Stock Control Management is critical in operations as inventory is a current asset to a firm. Carrying inventory comes with a certain degree of risk. This risk is a component of the cost of carrying inventory. When a company stocks items in the warehouse, there is always the risk that the items may fall in real value during the period they are stored. If a company stored parts for their work centers or equipment, the parts in the warehouse could be worth far less than the price that was originally paid and any losses, excess, obsolete and miss-managed inventory means a reduction in the company equity.

This Inventory and Stock Control Management training course focuses on the techniques when companies are looking to reduce costs as at times, they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost and help with the company’s bottom line.

Course Objective

By the end of the course, participants will be able to:

· Improve management of inventories reaching from receiving products to storage and delivering.

· See that movement to the end-user adds value.

· Professionally manage the inventory and supply chain and help you to reduce costs, improve customer satisfaction and increase safety and productivity.

· Look "outside of the box”.

· Understand the appropriate Inventory methods to be applied.

· Establish more accurate forecast demands and maximize the degree of service by reducing your inventory with a time-conscious and integrated inventory management process.

Course Outline

Day 1:

Inventory and the Supply Chain

Inventory Definitions and Importance.
Inventory Flow in the Supply Chain.
The Basic Rules of Successful Supply Chain.
Supply Chain and Inventory Dynamics.
Financial Management and Inventory.
Statistics Application in Inventory Control.
Truths on Inventory Visibility.

Day 2:

Key Components to Understanding Effective Inventory Control

End-User Demand Analysis.
Forecasting for Operations and Maintenance.
Understanding Supply Lead Time.
Cost & Benefits Analysis.
Developing Inventory Policies.
The Need for Inventory in Organizations.

Day 3:

Inventory Mechanics, Methods and Systems

Basic Mechanics of Inventory Systems.
Establishing Order Quantity.
Implications of Free Stock in Inventory.
Simple Replenishment Methods, for example, Min / Max.
Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL).
Requirements Planning Systems, Bills of Material and Inventory Planning.
Class Assignment Inventory Control Methods.

Day 4:

Establishing Stock Control

Establishing Stock Checking.
Developing Stock Accuracy.
Stock Tolerances and Approvals.
Stock Reconciliations / Discrepancies.
Identifying Surplus and Obsolescent Stock.

Day 5:

Understanding Inventory Strategies

Creating Inventory Policy.
Incoterms and the Supply Chain Rules.
Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI).
Using the Supply Chain.
Using the Theory of Constraints.
Practical Inventory Improvements.
Keys to Reducing Stock Levels.
Model for Planning Inventory.

Identifying Different Storage Conditions.
Understanding Stock Coding.
Stock Variety Reductions.