Excellent Planning and Controlling of Material and Inventory

OBJECTIVE
The main objective of this course is to empower professionals with
• Detailed knowledge and understanding of inventory management
• The ability and confidence to independently and successfully drive inventory management for the organisation
• The adequate skill and confidence to train other professionals on inventory management
• The required attention to detail and confidence to check existing systems and introduce changes for enhanced inventory management
• The skillset and capabilities to oversee inventory management across any organisation or industry, thus increasing scope for progression and career development
• The required understanding of advanced concepts related to inventory management to make the process smarter and faster, through leaner processes and systems
• the ability and potential to provide customers with superior quality goods at the right time
• the knowledge and experience to protect the organisation against risks of damage, loss or theft of goods

CONTENT
Types of Inventory
• Raw materials
• Work-in-progress
• Finished goods
• Maintenance, repair and operating goods
• Services
• Transportation

Types of Inventory Costs
• Holding/carrying costs
• Ordering costs
• Stock-out costs

Importance of Inventory Management
• Higher profits through reduced costs and increased sales
• Improved customer service
• Reduced inventory investment
• Increased productivity
• Inventory record accuracy

Types of Inventory Management Strategies
• Material requirements planning
• Hybrid push–pull
• Supply chain management

Objectives of Inventory Planning
• Customer satisfaction
• Forecasting needs
• Controlling costs
• Successful storage

Objectives of Inventory Control
• Protection against fluctuation in demand
• Better use of men, material and machines
• Protection against fluctuations in output
• Control of stock volume
• Control of stock distribution

Inventory Control Techniques
• Set par levels
• Use first-in, first-out
• Manage relationships
• Apply contingency planning
• Follow regular auditing
• Prioritise with ABC
• Advocate accurate forecasting
• Consider drop shipping

Causes for Increase in Inventory
• Delay in order deliveries
• Quality problems
• Unexpected demand increase
• Inaccurate forecasts of lead times

Major Activities of Inventory Control
• Planning
• Procuring
• Receiving and inspecting
• Storing and issuing
• Recording
• Physical verification
• Follow-up
• Material standardisation and substitution

Steps in Inventory Control
• Deciding minimum and maximum inventory limits
• Determining re-order point
• Determining re-order quantity
• ABC analysis

Factors Influencing Inventory Control
• Requirements
• Quantity in stock order
• Procurement time/Lead time
• Obsolescence
• Profitability

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:        18th – 21st Mar,              2025     

2ND BATCH:       1st – 4th Sept,                   2025