Most companies carry too much inventory. “You can’t sell from an empty wagon,” is usually the reasoning. Being over-stocked means the company will likely not run out of anything. But what about the inventory that has celebrated a few birthdays in the warehouse? Has anyone stopped to calculate the true cost of worrying about “running out?”
The costs of maintaining excessive inventory usually far outweigh the true cost of not being able to quickly deliver a particular item to a customer once in a very long while. A balance must be struck between inventory levels and turnover. Good inventory managers know what stock moves at what rate. They carefully plan re-order levels to ensure that the chances of running out are minimized while the turnover rate is maximized. Duration: 1 day.
What Will Participants Learn?
Understand terms that are frequently used in warehouse management
Identify the goals and objectives of inventory management, and measure your process against these goals
Calculate safety stock, reorder points, and order quantities
Evaluate inventory management systems
Identify the parts of the inventory cycle
Better maintain inventory accuracy
What Topics are Covered?
What is inventory?
Types of inventory
Key players
Setting up the warehouse
What makes a good inventory management system?
The warehouse inventory cycle
Identifying demand
Validating inventory
The put-away and receiving process
Maintaining inventory accuracy
The outbound process
Industry trends
What’s Included?
Instruction by an expert facilitator
Small, interactive classes
Specialized participant manual and course materials including a pre-assignment and a post-assignment
A personalized Certificate of Completion