Best Practices in Managing Inventory & Stock Control
The efficient management of inventory and material planning has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line.
Managing Inventory & Stock Control training focuses on all major aspects of inventory planning and stock control. This course emphasis on latest demand planning theories, models and best practices strategies to build competency of participants. It helps participants to learn how to deal with future scenarios to improve customer service whilst achieving optimal inventory level and obtain added value for money.
Learning Objectives
- Understand objectives of the modern inventory management and stock control
- Insight on demand planning, role of finance, cost implications and customer service
- Formulate inventory classifications, types of demand and various factors affecting the demand
- Applications of forecasting techniques to determine demand and efficient management of lead-time