MANAGING MATERIAL & INVENTORY PERFORMANCES

INTRODUCTION FOR MANAGING MATERIAL & INVENTORY PERFORMANCES 

Managing Material and Inventory Performances are key to ensuring organizations stay focused on achieving the key goals of delivering the utmost product and material services to the customers.

Very often, disruption in quality, delivery and unforeseen sudden issue demand created issues which will impact the overall efficiency of the companies. This can result in negative branding issues.

This program allows participants to understand key strategies to implement in ensuring the material and inventory performances are always under control and will eliminate issues to the companies operating standard.

LEARNING OUTCOME

By the end of the session, participants will able to:-

• Develop an understanding of the fundamentals and principles of inventory management
• Understand why integration is important for efficient inventory operation
• Acquired an understanding of the push and pull inventory system strategies
• Acquired an understanding of the challenges of Inventory Management
• Develop know-how on 3rd party risk management system
• Able to understand operational risk management and why it is important in inventory management
• Understand the role of different sections in the inventory supply chain flow to manage inventory efficiently
• Understand the managing strategies to manage suppliers effectively to eliminate disruption to inventory supplies
• Develop full awareness and knowledge of how to implement an effective inventory system at the workplace
• Understand Inventory Planning structure for better inventory management
• Understanding key warehousing inventory principle
• Understanding material performance managing system

COURSE CONTENT

Module 1 – Integrating the Material Management

• Definition of “inventory”
• Type of Inventory
• Disadvantages and Advantages of Inventory
• Inventory on business bottom-line profit
• Type of integration in inventory management
• Internal and External Integration
• Key consideration in integration

Module 2 – Managing Effective Inventory

• Consignment stock
• Customer stock
• Vendor managed inventory
• Stock accuracy management
• Safety stock calculation
• Reorder level calculation
• Calculating your inventory replenishment and safety stock level
• Calculating inventory turnover ratio and inventory to sales ratio
• Understanding Pareto management and how to decide the management of material and inventory

Module 3 – Inventory Cost and Understanding Economic Order Quantity

• Different types of inventory cost
• Inventory holding cost
• Understanding inventory valuation formulas
• Calculating Inventory Holding Cost
• Economic Order Quantity

Module 4 – Inventory Ratio and KPI

• – Inventory turnover KPI
• – Inventory to Sales KPI
• – Days on Hand KPI
• – Weeks on Hand KPI
• – Backorder Rate KPI
• – Inventory Shrinkage KPI
• – Dead / Slow Moving stock KPI
• – Stock accuracy KPI
• – Available Material KPI

Module 5 – Material and Inventory Forecasting

• Qualitative Forecasting
• Quantitative Forecasting
• Measuring Forecasting Accuracy

Module 6 – Supply Chain Inventory Strategies

• Traditional Inventory system
• Understanding the Push and Pull System
• Lean Kanban
• Deciding factors in choosing the best system
• Learning Pareto Analysis for Inventory Control
• Case study – Understanding Pareto management and how to decide the management of material and inventory

Module 7 – Preventing Inventory Disruption

• 3rd party risk management
• Managing beyond the 1st tiers supplies
• Conducting audits and key areas of audits
• Leverage and Preventive Strategies
• Quality management strategies

Module 8 – Inventory Risk Management

• Operational Risk Management
• Managing beyond Operational risk
• Preemptive technique to avoid disruption

Module 9 – Warehousing Inventory Principles

• Stock accuracy management system
• Location management system
• Cross-docking
• Key Inventory Principles for Warehousing Operation
• Inventory Picking strategies