Training on Inventory management and Stock Control Using Technology Course

COURSE OVERVIEW

INTRODUCTION

Many operation managers encounter challenges in deciding: What to buy? How much to buy? When to buy? Indecisiveness and poor inventory management hampers operations and increases costs for organizations. This course is designed to ensure participants are exposed to practical methods and practices for effective inventory management, meet or exceed customer expectations, and achieve value for money. In addition, the versatile role of technology in effective inventory management will be discussed. Actual cases of organizations initiating a programme that utilizes barcodes or RFID tags and scanners to control inventory as well as keep track of all items in use across the entire supply chain shall be discussed.

DURATION

10 days.

WHO SHOULD ATTEND 

Inventory control professionals; manufacturing and production control managers; industrial engineers; plant managers; customer/technical service officer; warehouse administrators; directors of finance; procurement officers; supermarket, wholesale, and retail shop managers, and support staff.

COURSE OBJECTIVES

By the end of the workshop participants should be able to:

1. Understand the concepts of inventory and the significance of holding inventory
2. Describe the main functions of inventory and associated challenges
3. Appreciate the different types of inventory costs and value creation
4. Understand the main requirements of effective inventory management
5. Describe the A-B-C analysis of classifying inventory and its significance.
6. Understand and apply the various inventory control models in effective inventory management
7. Appreciate the role of information technology in effective inventory management.
8. Understand how effective inventory management can make an organization competitive

TOPICS TO BE COVERED

            Day1. The nature and importance of inventories

• Define the term inventory
• Different types of inventories
• Functions of inventories
• Objectives of inventory management
• Two basic functions of management concerning inventory
• Types of inventory systems
• Definition of inventory management

Day 2: Requirements for effective inventory management

• A system to keep track of the inventory on hand and on order
• A reliable forecast of demand that includes an indication of
• possible forecast error
• Knowledge of lead times and lead time variability
• Reasonable estimates of inventory holding costs, ordering costs, and shortage costs

Day 3: Inventory Strategies

• Inventory Operations Strategy
• How to improve inventory performance
• Auditing of current processes
• Symptoms of poor inventory management
• Practical scenarios from inventory management

Day 4: Inventory counting systems and costs in inventory management.

• Periodic inventory system (xed-time)
• Perpetual inventory system (Continuous review system)
• Two-bin system
• Universal Product Code (UPC)
• Point-of-sale (POS) system
• Radio Frequency Identification (RFID) TAGS
• Stock Keeping Units (SKUs)

           Day 5: Costs in inventory management

• Purchase costs
• Holding costs
• Ordering Costs
• Setup costs
• Shortage Costs

Day 6: Classification systems

• The use of Pareto analysis to save time and give control
• ABC analysis for managing inventory.
• VED, HML, FSN, SDE, XYZ analysis

Day 7: Inventory control models

• How much to order
• Economic Order Quantity (EOQ) Models
• Economic Production Quantity (EPQ)Model
• Quantity Discount Model

Day 8:  Inventory Control Systems

• Dependent and independent demand items
• Single-period and Multiple periods
• Continuous and periodic inventory systems
• Reorder point ordering

          Day 9: Effective procurement management and information technology

• Warehouse Management Systems
• Logistics Management Information Systems (LMIS)
• Barcode System
• Radio Frequency Identification (RFID) Technology
• Inventory management software in Kenya

Day 10: Backorder Management

• Backorder inventory
• Causes of Backorders
• How does the back-ordering work?
• Challenges faced while backordering
• Backorder management tools.

Day 11: Modern techniques in Inventory Management

• Goals of Vendor Management Inventory (VMI)
• Customer Benefits of (VMI)
• Supplier Benefits (VMI)
• How to make VMI work
• Common mistakes in (VMI)

Day 12: Just in Time (JIT)

• Just-in-Time inventory (JIT)
• Who can use JIT?
• JIT Environment
• JIT supply
• JIT and Distribution
• Stock control using JIT

           Day13: Role of ICT in Inventory Management

• ICT and Supply chain visibility and transparency
• Technological disruptions in the Supply Chain and their impact on quality and risk
• Technology resilience and competitive advantage
• private/public sector SCM applications (case study)

            Day 14: Ethics in Supply Chain Management (Focus on Inventory Management)

• Environmental, Social, Health and Safety considerations in SCRM
• Prohibited practices (Child Labor, Money laundering, Sexual Exploitation and Abuse, Sexual Harassment) in SCM
• Ethics Vs Compliance
• Understanding Conflict of Interest
• Supplier ethics
• Reducing ethics and compliance risks in the supply chain
• Reputational risk and its implications to organizations

 Day 15: Closure and Recap

• Case study on assessment methodology
• Group presentation on assessment methodology
• Recap, Closure and issuance of certificates Visit In Nairobi

METHODOLOGY

The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.

All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.

CERTIFICATION

Upon successful completion of this training, participants will be issued with Steady Development Centre certificate..

TRAINING VENUE

The training will be held at Steady Development Centre. The course fee covers the course tuition, training materials, two break refreshments and lunch.

All participants will additionally cater for their, travel expenses, visa application, insurance, and other personal expenses.

ACCOMMODATION AND AIRPORT PICKUP

Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer.

Email: training@steadydevelopmentcentre.com

Tel: +254 718108851

TAILOR- MADE

This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our Steady Development Centre or at a convenient location.

Payment

The course fee payment should be transferred to Steady Development Centre account through bank, 3 working days before commencement of the training so as to enable us to prepare better.

For further inquiries, please contact us on:

• Tel: +254 718108851
• Email: training@steadydevelopmentcentre.com

Our Upcoming Training Schedule