Effective Strategies for Addressing Non-Moving Stock Issues

Objectives:
• Understand the causes and implications of non-moving stock in inventory management.
• Learn effective strategies for identifying and categorizing non-moving stock.
• Explore techniques for analyzing non-moving stock data and trends.
• Develop skills to develop actionable plans for reducing non-moving stock levels.
• Gain insights into inventory optimization techniques to prevent future non-moving stock occurrences.
• Understand the importance of collaboration and communication across departments in addressing non-moving stock issues.
• Learn how to leverage technology and data analytics to manage non-moving stock more effectively.
• Acquire knowledge of best practices and case studies for successfully managing non-moving stock.
Course Content:
Understanding Non-Moving Stock
• Definition and significance of non-moving stock
• Causes and consequences of non-moving stock
• Impact of non-moving stock on inventory costs and operations
Identifying Non-Moving Stock
• Methods for identifying non-moving stock items
• Criteria for categorizing non-moving stock
• Techniques for prioritizing non-moving stock for analysis
Analyzing Non-Moving Stock Data
• Data collection and analysis techniques
• Trend analysis and forecasting methods
• Identifying patterns and outliers in non-moving stock data
Developing Action Plans
• Setting goals and objectives for reducing non-moving stock
• Strategies for liquidating or repurposing non-moving stock
• Creating timelines and milestones for action plan implementation
Inventory Optimization Techniques
• Just-in-Time (JIT) inventory management principles
• ABC analysis and inventory segmentation strategies
• Demand forecasting and inventory planning methodologies
Collaboration and Communication
• Importance of cross-functional collaboration in addressing non-moving stock
• Effective communication strategies for sharing non-moving stock insights and action plans
• Building consensus and gaining buy-in from stakeholders
Leveraging Technology and Data Analytics
• Inventory management software and tools for identifying and managing non-moving stock
• Data analytics techniques for gaining insights into non-moving stock patterns
• Automated alerts and notifications for proactive non-moving stock management
Best Practices and Case Studies
• Best practices for managing non-moving stock effectively
• Real-world case studies of successful non-moving stock reduction initiatives
• Lessons learned and key takeaways from industry leaders
Continuous Improvement
• Monitoring and evaluating the effectiveness of non-moving stock reduction efforts
• Adjusting strategies and action plans based on feedback and results
• Cultivating a culture of continuous improvement in non-moving stock management
Future Trends in Inventory Management
• Emerging trends and technologies in inventory management
• Predictive analytics and artificial intelligence (AI) applications for non-moving stock management
• Sustainability and environmental considerations in inventory optimization.

FOR WHOM:
Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:

1ST BATCH:        14th – 17th Jan, 2025      

2ND BATCH:       17th – 20th June, 2025