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?
Inventory and Stock Control Management online training course 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 online training course on Inventory and Stock Control Management focuses on the techniques when companies are looking to reduce cost, 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.
The purpose of this PetroKnowledge online training courseis 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?
This online training course will help you learn how 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 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?
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?
This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.
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
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
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
Day Five: 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
On successful completion of this online training course, a PetroKnowledge E-Certificate will be awarded to the delegates
In Association With
Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients