Inventory Management Techniques (Live Online)

Inventory Management Techniques: Planning, Replenishment and Activities ControlThese inventory management techniques will improve your inventory turnover ratio and transform frozen assets into cash!Who Should Attend:Factory and inventory control professionals, manufacturing and production control managers, industrial engineers, plant managers, material and purchasing managers, factory superintendents and customer/technical service managers who can benefit from enhancing their inventory management techniques.Cutting-edge inventory management techniques deliver results that go far beyond initial expectations. Explore the latest inventory management methods for saving money, satisfying customers and speeding up the flow of inventory. Learn how to take days—not hours—out of the manufacturing and distribution cycle. Discover how to apply today’s most exciting stockless production techniques.How You Will Benefit:Identify strategies for reducing inventory investments while optimizing responsiveness to customer needsDiscover techniques for making scheduling and shop loading more efficientDetermine tactics for narrowing the sales and stock replenishment gapFine-tune your record keeping capabilitiesImprove the effectiveness of cycle counts and physical inventoriesWhat You Will Cover:Developing an effective inventory management strategyIdentifying and establishing optimal inventory levelsForecasting and demand management toolsInventory planning and replenishment systems: order point, MRP, MRP IIManaging, measuring and reporting inventory accuratelyDistribution Resource Planning and warehouse managementTactics for eliminating excess and obsolete stocksLead time analysis and reduction techniquesJust in Time philosophy and its applicationsCourse Outline:Learning ObjectivesUnderstand the Strategic Purpose of Inventory the Processes Used By the Material Management Function to Align with the Internal/External Goals of the FirmLearn About the Inventory Management Policies and Procedures That Establish the Reporting and Financial Controls Required By a FirmUnderstand the Role Played By the Materials Manager/Analyst in Meeting and Exceeding Internal Customer Requirements and ExpectationsLearn the Critical Areas of Expertise Required of the Materials Management Function, the Knowledge Base Needed to Proactively Perform, Understand, and Manage the Inventory Cycle/Supply Chain of the Firm, and to Best Respond to Customer DemandLearn How to Ascertain and Analyze Factors That Affect the Supplier Risk of Carrying InventoryLearn About Inventory Patterns and Models Used By Firms to Predict Demand for InventoryLearn About the Strategies to Plan Replenishment of Inventory to Meet the Service Requirements of the Firm and Its CustomersUnderstand the Connection Between Inventory and Service Level and How to Calculate the Service Level Required By Your Firm to Meet a Certain Customer Satisfaction LevelLearn How to Set an Inventory Safety Stock Level That Fits the Strategy of Your FirmLearn How to Design Information Systems to Support Your Firm’s Inventory ObjectivesLearn About Inventory Performance Factors and How to Measure Them to Best Manage Inventory PerformanceLearn How to Use Techniques to Predict Demand Levels and How to Calculate Optimum Inventory Levels to Meet DemandLearn How to Plan and Schedule Replenishment of Inventory to Support Manufacturing/Distribution Operations That Meet the Bottom Line and Enhance Customer SatisfactionLearn How to Measure and Report Inventory to the Firm’s Internal CustomersLearn How Inventory Accuracy Is Improved and About Techniques to Efficiently Report Inventory InformationLearn About Tools to Forecast Demand and Ways to Increase the Material Manager’s Ability to Understand the Needs of the Firm’s CustomersUnderstand the Impact of Inventory Throughput on Supply Chain EfficiencyLearn About the Different Strategies Used to Manage Bottlenecks and Constraints That Decrease the Amount of Inventory and Lead Time for Materials to the FirmLearn How to Reduce the Cost of Inventory ObsolescenceLearn the Principles of Just-In-Time and Practice with Others on your Team to Improve the Management of Inventory in a Hypothetical FirmThe Strategic Role of Inventory ManagementUnderstand the Purposes of, and the Processes Used for Inventory Management to Support Operations and Meet Customer RequirementsDefine the Typical Conflicting Goals of Inventory in Companies and Their Impact on Company SuccessLearn the Critical Areas of Expertise Required By the Materials Management Function to Proactively Perform, Understand, and Manage the Inventory Cycle/Supply Chain of a FirmBuild an Inventory Management Strategy That Is Consistent with the Goals of the FirmLearn the Proper Measurements for Inventory and Other Associate Costs Within a CompanyFront-End Optimizing of Inventory LevelsSet the Optimum Inventory Level to Support the Business Plan of the FirmForecast Demands for InventoryCalculate Demands from Forecasting ModelsAssess the Impact of “Lean” Systems and Throughput VelocityDevelop a Safety Stock Level to Support Customer Requirements That Is Consistent with the Customer Service Objectives of the FirmCalculate Safety Stock Using the Mean Absolute DeviationSystems for Inventory Planning and ReplenishmentUnderstand the Various Types of Replenishment Techniques Used in Different Operational EnvironmentsLearn About Inventory Behavior and the Effect of Lot Sizes on Average Inventory LevelLearn About the Relationship Between Lot Size and Lead Time on Inventory LevelsLearn How to Remedy Surplus/Obsolescent Inventory and the Associated Costs to the Firm and Other Ways to Reduce Inventory CostComplete an Exercise to Calculate Replenishment of Inventory Using the Time-Phased Order Point Method (TCOP)Complete an Exercise to Calculate Replenishment, Illustrating the Bill of Materials Setback Logic and the Materials Requirements Planning (MRP) MethodAutomating Order ProcessesSee the Impact on Cost, Lot Size, and Inventory Levels When Order Costs Are AutomatedLearn About Supplier Managed InventoriesDiscover the Benefits of Consignments and Stocking AgreementsStudy the New Tools of Electronic CommerceSee How Obsolete Inventory Jobbers Can HelpSee How a Third-Party Logistics Firm Can HelpReview Online Inventory Access for Customers and SuppliersDistribution and Service InventoriesDefine Physical Distribution, Logistics Management (Supply Chain), and Demand ManagementDefine Enterprise Resources for Integrated Planning of InventoryLearn How to Reduce the Cost of Carrying Inventory By Warehouse Layout and Design, Waste Elimination and Inventory Locator System DesignDefine Distribution Resource Planning (DRP) and Learn How to Use DRP Techniques to Replenish Inventory at Distribution CentersComplete an Exercise on Calculating DRP Requirements for a Hypothetical Warehouse Location to Meet Business RequirementsDefine the Value and Importance of Service Parts ManagementInventory Accuracy and AuditsUnderstand the Prerequisites Necessary for Inventory Control and AccuracyCompare the Benefits of Conducting Physical Inventory vs. Cycle CountingLearn the Steps to Follow in Getting Started with Cycle Counting to Audit an Inventory on an Ongoing BasisLearn About the Procedures to Follow When Doing a Work-in-Process Inventory AuditLearn How to Use A-B-C Analysis to Detect, Identify and Control “Typical” Sources of Error in Inventory ReportingEstablish Meaningful Inventory Accuracy Goals for the Firm to FollowJust-In-Time and Inventory Process ImprovementLearn How JIT Systems Fit in Your CompanyComplete a JIT Simulation ExerciseLearn More Business Strategies for InventoryUnderstand Flowcharting and Inventory Balancing