Introduction:

How does today’s procurement professional proactively prepare to satisfy client needs? One answer may be an effective warehouse and inventory control system. This course focuses on optimizing the development, management and maintenance of a supply chain that includes a warehousing and inventory management strategy. It enables the procurement professional to gain command of the key elements of a successful operation and provides a guide to complementing procurement activities with prudent inventory management techniques. Can these concepts help your procurement function add value to meet often unpredictable demands?

Warehouse is an essential limb of an industrial unit. It is the depository of all materials required by the industrial unit and supplies materials as and when required. Different types of materials are required for different operations in a production unit. The course aims to develop an understanding of how inventory planning is undertaken for different types of demand that arise as a result of the nature of the business operations that are being supported. It also aims to provide an in-depth understanding of the role and management of warehouse operations in the physical management of inventory for these differing types of demand.

Course Objectives:

By the end of this course, delegates will be able to:

• The different types of inventories and importance of inventory to organizations
• The principles and purpose on inventory management and control
• The costs associated with inventory management
• Inventory verification and valuation methods
• Different approaches for effective management of dependent demand and independent demand inventories and when to apply them
• The fundamentals of warehousing and stock handling
• Organizational structure and functional responsibilities in inventory and warehousing
• How to measure and improve inventory management performance

Who Should Attend?

Logistics Consultants, Logistics and Financial Managers, Accounting and Operations Managers, Third-Party Logistics Providers, Supply Chain and Logistics Managers and Professionals, Operations Managers, Logistics Professionals, Logistic Providers, Logistic Administrators, Logistics Planning and Inventory Managers, Supply, Buying, Purchase, Logistics, Materials and Supply Chain Professionals, General Services Personnel, Purchasing and Procurement Managers, Retailers, Warehouse Personnel, Transportation and Distribution Managers/Personnel, Inventory and Warehouse Control Professionals, Freight Forwarders and Linear Specialists, Production Managers, Production Planners, Financial Managers, Project Managers, Distribution Center Supervisors, Line Managers, Fleet Managers, Fleet Supervisors, Fleet Operators, Fleet Inspectors

Course Outline:

Warehouse Management: Warehouse Organization

• Introduction to warehouse organization
• Position of warehouse/stores in the organization
• Organization structure of stores division
• Organization matters for efficient working of stores division
• Delegation of authority

Requisitions and Replenishment of Materials

• Need for requisitioning the material
• Replenishment of stock items
• Preparation of materials requisition report
• Dispatch of requisition to user department
•  Review order quantity

Performance Evaluation of Stores Activities

• Criticism of stores division
• Poor inventory control
• Improper store-keeping and tools management
• Performance indicators and evaluation
• How is performance evaluation carried out

ISO Standards and Warehouse Activities

• Introduction to ISO standards
• The importance of ISO standards
• Registration for ISO certification
• Warehouse activities and quality assurance
• Stores division activities in conformance to ISO 9001

Warehouse Location, Layout and Facilities Planning

• Number and size of stores
• Location of stores
• Layout planning of warehouse
• Physical facilities planning

Warehouse Security, Safety and Maintenance

• Security
• Entry to warehouse
• Management of warehouse keys
• Closing of warehouse
• Issue to authorized individuals

Inventory Control: Inventory Classification and Strategies

• Advantages of classification of inventory
• Regular inventory item
• In-process inventories
• Finished goods inventory
• Strategic considerations in the control of finished goods inventory
• Market research

Codification and Standardization

• Methods of codification
• Variety reduction
• Advantages of standardization
• Situations where standardization is not preferred
• Types of standards
• Standardization program

Inventory Control Model

• Theoretical inventory control model
• Elements of inventory control model
• Dynamic nature of the inventory control model
• Maintenance requirements
• Reorder point fluctuations

Inventory Control Techniques

• Best order quantity
• Economic Order Quantity (EOQ) defined
• Determining Economic Order Quantity (EOQ)
• Variable costs
• ABC analysis
• Other techniques of analysis

Effective Management of Spare Parts

• Factors influencing the stocking of spare parts
• Appropriate maintenance techniques
• Administrative and financial factors
• Steps for management of spare parts
• Diagnostic survey
• Reconditioning and overhauling of parts

Valuation of Inventory

• Importance of valuation of inventory
• Valuation of material issues
• First in First Out (FIFO)
• Last in First Outs
• Highest in First Out (HIFO)
• Next in First Out (NIFO)
• Simple average method
• Weighted average cost method
• Factors considered in selection of method of valuation of inventory

COURSE LOCATIONS