Optimizing Inventory Management: Effective Physical Inventory and Cycle Counting Strategies Workshop

Objectives:
• Understand the importance of physical inventory and cycle counting in maintaining accurate inventory levels
• Learn how to plan and execute a successful physical inventory count
• Identify and implement effective cycle counting strategies to reduce inventory discrepancies
• Analyze and interpret inventory data to inform business decisions
• Develop a comprehensive inventory management plan to improve operational efficiency and reduce costs
Workshop Content:
Introduction to Inventory Management
• Overview of inventory management principles
• Importance of accurate inventory levels in supply chain management
• Common inventory management challenges and their impact on business operations
Physical Inventory Counting
• Planning and preparation for a physical inventory count
• Best practices for conducting a physical inventory count
• Strategies for minimizing disruptions to business operations during the count
• Effective use of technology in physical inventory counting
Cycle Counting Fundamentals
• Definition and purpose of cycle counting
• Benefits of cycle counting in inventory management
• Types of cycle counting methods (e.g., ABC analysis, random sampling)
• How to determine the frequency of cycle counts
Implementing Cycle Counting
• Developing a cycle counting schedule
• Selecting items for cycle counting
• Conducting a cycle count
• Analyzing and addressing discrepancies found during cycle counting
Inventory Data Analysis and Interpretation
• Understanding inventory data and its applications
• Analyzing inventory trends and patterns
• Using inventory data to inform business decisions (e.g., stock replenishment, inventory optimization)
• Common inventory metrics and KPIs (e.g., inventory turnover, fill rate)
: Developing a Comprehensive Inventory Management Plan
• Integrating physical inventory and cycle counting into a comprehensive inventory management plan
• Strategies for reducing inventory costs and improving operational efficiency
• Implementing inventory management best practices
• Continuous improvement and monitoring of inventory management processes
Case Studies and Group Discussions
• Real-world examples of effective physical inventory and cycle counting strategies
• Group discussions on common inventory management challenges and solutions
• Opportunities for participants to share their own experiences and best practices
Conclusion and Next Steps
• Recap of key takeaways from the workshop
• Action plan for implementing physical inventory and cycle counting strategies
• Resources for further learning and support.

FOR WHOM:
Storeroom and Warehouse Workers, Inventory Personnel and anyone who is responsible for or takes part in the taking of physical inventories.
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:       9th – 11th June, 2025