Inventory Management

category : Supervisors and Managers

Inventory Management

Most companies carry too much inventory. “You can’t sell from an empty wagon” is usually the reasoning. Being overstocked means the company will likely not run out of anything. But what about the inventory that has celebrated a few birthdays in the warehouse? Has anyone stopped to calculate the true cost of worrying about “running out?”The costs of maintaining excessive inventory usually far outweigh the true cost of not being able to quickly deliver a particular item to a customer once in a very long while. A balance must be struck between inventory levels and turnover. Good inventory managers know what stock moves at what rate. They carefully plan re-order levels to ensure that the chances of running out are minimized while the turnover rate is maximized.

 

Sample Workshop topics:

  • Internal Customers & External Customers
  • The receiving process
  • The outbound process
  • Setting business and inventory management objectives
  • Inventory validation techniques

 

Course Outline

  • The concept
  • Assessing the quality and
  • Competency of staff
  • Manual vs. automated systems
  • Developing a strategy for improvement
  • Achieving and maintaining inventory accuracy
  • Stock location management
  • Action plans for developing an effective team
  • Shipping and receiving operations
  • Developing your inventory management strategy