Procurement and Inventories

Advanced Forecasting and Inventory Management

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Advanced Forecasting and Inventory Management Course

Introduction:

Welcome to this transformative workshop focused on enhancing your competencies in warehousing and inventory management. Throughout this program, you will develop a range of valuable skills, including:

- Analyzing costs and lead times: You will learn how to effectively evaluate and analyze costs and lead times associated with warehousing and inventory management. This will enable you to make informed decisions and optimize resource allocation.

- Understanding the link of warehousing and inventory in the supply chain: Gain a comprehensive understanding of how warehousing and inventory management are interconnected with the broader supply chain. Explore the interactive components that shape and influence these crucial areas.

- Changing current methods to optimize cost and serve trade-offs: Challenge existing practices and explore alternative methods to optimize costs while considering trade-offs. Discover strategies to enhance efficiency and effectiveness in warehousing and inventory management.

- Improving current methods: Engage in a process of continuous improvement by exploring best practices and innovative techniques. Discover new methods to enhance your current warehousing and inventory management practices, staying ahead of industry trends.

- Sharing different approaches with all stakeholders for mutual gain: Embrace collaboration and effective stakeholder engagement by sharing and exchanging diverse approaches with all parties involved. Foster an environment of mutual learning and understanding, leading to collective benefits.

- Discussing, listening, and understanding the point of view of others: Develop essential communication skills, including active listening and open discussions. Cultivate empathy and understanding of different perspectives, fostering a collaborative and inclusive environment.

By the end of this workshop, you will have honed your skills in analyzing costs and lead times, gained a comprehensive understanding of the link between warehousing and inventory in the supply chain, optimized methods for cost-efficiency, improved current practices, shared diverse approaches for mutual gain, and developed effective communication skills. Get ready to unlock your potential and thrive in the dynamic world of warehousing and inventory management.

Course Objectives:

By the end of this program you will be able to:

Plan and control stock successfully and cost-effectively using proven techniques of inventory management.
Forecast demand and control lead time.
Classify, count, and reduce inventory.
Reduce inventory investment and surplus.
Use the right key performance indicators KPIs for the measurement and evaluation of the inventory department.
Learn the principles of Warehouse and Inventory Management
Evaluate current procedures
Examine operations and activities
Analyze the key areas of operations
Identify and Understand key performance indicators
Succeed in improving operations
Improve personal productivity
Make needed changes to methods to improve customer service whilst achieving reductions in inventory
Eliminate wasteful costs
Avoid those internal problems that limit performance
Obtain added value for money
Understand and implement the essential tools for managing warehouses and inventory in the supply chain

Who Should Attend?

Managers, supervisors, and professionals are responsible for the design and use of inventory management systems.
Managers in finance, operations, and warehousing who drive improvement in the supply chain.
All managers and executives in the organization are responsible for reducing costs, increasing productivity, raising inventory turns, and enhancing customer service through high fill rates, accurate information, and excellent inventory management processes.
This program is for all individuals who have a stake in the Supply Chain and all Logistics, Materials, Inventory, Stock, Warehouse and Distribution Professionals
It will also help those who need to develop their limited understanding of Warehouse and Inventory management
It will be especially helpful to all those who are looking to make business gains and benefits and to any owners, operators, and directors of companies with warehouse and stores operations and who hold stock and inventory

Course Outlines:

State-of-the-Art Overview

· Forecasting That Works

· New Rules for Effective Inventory Control

· Integrating Inventory Plans with Business Plans

· Three Principles for Success

New Performance Measurements for Inventory Management

· Customer Service Effectiveness

· Inventory Control

· Warehouse Productivity

· Return on Investment (ROI)

New Paradigm for Inventory Control

· Establishing the Right Controls

· The Problem With Traditional ABC Approaches

· Inventory Segmentation Approaches That Work

· Planning Total Inventory Levels

Using Demand Data for Inventory Management

· New Principles of Forecast Simulation

· Setting Up a System for Every Scenario

· Integrating Demand Data with Inventory Planning

· Models for New Items

· Forecast Accuracy Measurements

Creating Useful Inventory Forecasts

· Aggregate and Item Financial Data

· Projections for Capacity & Load Planning

· Integrating Marketing Intelligence

· Aligning System Settings With Inventory Projections

· Monitoring Inventory Flow Against the Forecast

Advanced Inventory Control Settings

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