Inventory & Stock Control Management

An Intensive 5 - Day Training Course

Inventory & Stock Control Management

Improving Business Productivity Through Optimization

Scheduled Dates

11 - 15 Dec 2022 Dubai - UAE $4,950
Enroll Now View Online Format In-House Options

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We provide a wider range of training options. Tailored and customized, we can deliver your organization’s training needs anytime, anywhere.

Why Choose this Training Course?

Why Choose this Training Course? 

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.

When companies are looking to reduce costs, a great many 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.

The purpose of this seminar is to:

  • Enable delegates to evaluate Inventory visibility levels and segmentation approaches
  • Examine stocking level criteria through assignment practices
  • Types of tools used for inventory optimization
  • Current integration practices between materials management systems and asset management systems
  • Understanding that minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise
  • Understand and implement the "world class" tools for managing inventory in the supply chain

What are the Goals?

What are the Goals? 

  • Improve management of inventories reaching from receiving products to storage and delivering
  • See that movement to the end-user is adds value 
  • Professionally manage the inventory and supply chain and help you to reduce cost, 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

Who is this Training Course for?

Who is this Training Course for? 

This PetroKnowledge training course is suitable for a wide range of professionals but will greatly benefit: 

  • Those new to managing inventory
  • Those non inventory people who need to gain an awareness of the issues and key drivers of stock control operations
  • Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals

How will this Training Course be Presented?

How will this Training Course be Presented? 

  • Delegate discussion and involvement
  • Case studies
  • Exercises
  • Best practice examples
  • Supportive comprehensive course manual enabling practical application and reinforcement

Organisational Impact

  • Examine the link of inventory in the company supply chain operations and activities
  • Analyse the key areas of operation
  • Identify and understand key performance indicators
  • Succeed in improving operations
  • Apply the right cost and service balance
  • Gain a competitive advantage

Personal Impact

  • How to analyse stock and inventory
  • How to make productivity improvements
  • Understand the role of inventory in the supply chain
  • Balancing cost and service requirements
  • A framework for continual improvement
  • Best in class practices

Daily Agenda

Day One: 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 Two: 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 Three: 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 Four: Establishing Stock Control

  • Establishing Stock Checking
  • Developing Stock accuracy
  • Stock tolerances and approvals
  • Stock reconciliations/discrepancies
  • Identifying Surplus and obsolescent stock
  • Identifying different Storage conditions
  • Understanding Stock coding
  • Stock Variety reductions

Evaluating Inventory Performance

  • Inventory Assessment
  • Assessing the stock level
  • Models for implementing inventory control
  • Determining stock targets
  • Establishing Inventory questionnaires
  • Inventory KPI's in warehouses/stores

Day Five: Understanding Inventory Strategies

  • Creating Inventory Policy
  • The role Stock Committee
  • Understanding Critical stock
  • Establishing the Use of squirrel stores
  • Collaborative supply chains
  • Incoterms and the supply chain rules
  • Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI)
  • Developing the need for Consignment stocking
  • Telemetry
  • Information, Communication and Technology in Inventory Control

Inventory Improvements

  • Using the Supply Chain
  • Using the Theory of Constraints
  • Practical inventory improvements
  • Keys to reducing stock levels
  • The 7 Rules for planning inventory
  • Model for planning inventory

Certificate

  • On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

Visit Website ›

Oxford Management Centre

Our collaboration with Oxford Management Centre aims to provide the best training services and benefits for our valued clients.

Visit Website ›

Frequently Asked Questions

How can I register for a training course?

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 56 222 7795 | +971 2 557 7389 or send an email to reg@petroknowledge.com

When and how do I arrange payments?

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

When should I expect to receive confirmation of registration?

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

Is there a discount for more than one registrant/course?

For corporate fees and group registration, please send your query to info@petroknowledge.com.

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.


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