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READ1108 – Intensive Inventory Management
September 22, 2020 @ 8:30 am - September 25, 2020 @ 5:00 pm
Description
This program will help you transform your company data to meaningful, actionable results using inventory management best practices. This program deals with STOCK processes such as inventory stratification, forecasting and replenishment. Inventory stratification is the process of classifying items into a certain number of categories so that managing them day-to-day does not become unwieldy. The stratification process is usually not well-defined or given due importance, and it often gets over-simplified. When appropriately used, it can play a pivotal role in defining policies and procedures for other inventory management processes such as forecasting and replenishment. You will get hands on experience performing inventory stratification, analyzing demand patterns, applying various forecasting methods, evaluating forecast error to choose the best method, and deciding ‘what to order?’ and ‘how much to order?’. After this program, you will be able to use the tool that you develop during this course to implement best practices right away.
What you will learn:
- Increase service level and inventory turns
- Proactively identify new items to stock
- Reduce obsolescence and right-size inventory investments
- Improve forecast accuracy through focused forecasting
- Optimize safety stock investment and item profitability
- Understand demand and supply variability
- Effectively redeploy slow-moving inventory