Introduction to Inventory Management and
Inventory Control
Overview of Inventory Management:
Definition, importance, and
scope of inventory management.
The relationship between
inventory management and overall supply chain success.
Types of Inventory:
Raw materials,
work-in-progress, and finished goods.
Decoupling inventory and
pipeline inventory.
Inventory Control Techniques:
Economic Order Quantity (EOQ):
Formula and application.
ABC Analysis: Classifying
inventory based on value and turnover.
Just-in-Time (JIT) and its
impact on inventory control.
Reorder Points (ROP) and
safety stock calculations.
Inventory Systems:
Perpetual vs. periodic
inventory systems.
Push vs. pull inventory
systems.
Demand Forecasting, Replenishment, and Stock
Tracking
Demand Forecasting:
Methods for accurate demand
forecasting: qualitative vs. quantitative methods.
Techniques such as moving averages,
exponential smoothing, and regression analysis.
Understanding demand
variability and lead time.
Inventory Replenishment Strategies:
Replenishment planning and
order quantity calculations.
Strategies for reducing
stockouts and excess inventory.
The role of safety stock in
inventory replenishment.
Stock Tracking and Monitoring:
Stock tracking methods:
Barcode technology and RFID.
Implementing a Warehouse
Management System (WMS).
Importance of cycle counting
and periodic stocktaking.
Inventory Performance Metrics and KPIs:
Key metrics: Inventory
turnover, fill rate, and stockout rate.
Monitoring and optimizing
inventory performance.
Advanced Inventory Management Practices and
Technology
Technology in Inventory Management:
The role of automation and
technology in inventory control.
How RFID, barcode scanners,
and WMS systems improve accuracy and efficiency.
The impact of IoT and AI on
inventory management.
Inventory Optimization Techniques:
Techniques for reducing excess
inventory: Lean inventory and demand-driven supply chains.
Inventory visibility and
real-time tracking.
Managing multi-location and
global inventories.
Risk Management in Inventory Management:
Identifying and mitigating
risks such as stockouts, theft, and spoilage.
Creating contingency plans for
inventory disruptions.
Best Practices and Case Studies:
Reviewing real-world case
studies of successful inventory management strategies.
Discussion of best practices
and industry standards.
Group activities and
discussions on solving common inventory challenges.
