Inventory Management: The Nuts and Bolts
No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm. Like many other things that depend on human interpretation, “control” means different things to different individuals.
This is an introductory workshop for you, the warehouse or stockroom manager, the person in charge of what comes in and goes out of your company. You want a smooth and cost-effective operation, with enough products on hand to satisfy needs without stockpiling too much.
This course will discuss all aspects of inventory management, including common terms, the inventory cycle, how to maintain inventory accuracy, and what some of the latest trends are.
This one-day workshop will teach participants how to:
- Understand terms that are frequently used in warehouse management
- Identify the goals and objectives of inventory management and measure your process against these goals
- Calculate safety stock, reorder points, and order quantities
- Evaluate inventory management systems
- Identify the parts of the inventory cycle
- Better maintain inventory accuracy
What is Inventory?
To begin, participants will explore what inventory is and what key concepts (including LIFO, FIFO, backorders, and lead time) mean. Participants will also look at the goals and objectives of inventory management and analyze where their system can improve.
Types of Inventory
This session will explore anticipation, fluctuation, lot size, and transportation inventories.
Key Players
Next, participants will discuss what roles customers, top management, and employees play in the inventory management system.
Setting up the Warehouse
This session will discuss the objectives of a warehouse and ways to maintain location accuracy.
What Makes a Good Inventory Management System?
Next, participants will discuss types of inventory management systems and criteria for a good system.
The Warehouse Inventory Cycle
This session will introduce the warehouse inventory cycle of demand, receiving, validation, and put-away.
Identifying Demand
In this session, participants will learn how to determine order quantities, re-order points, and safety stock through discussion and a case study.
The Receiving Process
Next, participants will learn what should happen when materials are received into inventory.
Validating Inventory
This session will explore ways to validate the quality of merchandise.
The Put-Away Process
Participants will discuss the five goals of the put-away process.
Maintaining Inventory Accuracy
Next, participants will learn ways to keep their inventory organized and controlled.
The Outbound Process
This session will look at the phases of the outbound process: picking, packing, loading, and shipping.
Industry Trends
To conclude the workshop, we will explore some of the latest inventory management trends, including online systems and just-in-time principles.
OUR GUARANTEE:
Our high impact and interactive training programs have been skillfully researched and are designed to provide each participant with powerful, specific tools and knowledge. If any participant feels that they did not receive great value, effective tools or skills, they are asked to contact our customer satisfaction department. We will honour a 70% refund to the individual who has expressed (in writing) the reason for their dissatisfaction. We believe that if you have not received what we have promised to deliver, then you are entitled to a refund.
ONLINE LEARNING
$199.00 USD
LIVE TRAINING
In Person Training
The traditional classroom style of training remains our Most Popular and Most Requested format. On-site training provides participants with an in-person facilitator who will work directly with the team, whether for a single training session or a training series. The Mainstream team will craft and tailor your experience to ensure that your training session is specific, relevant and unique to your audience while meeting your learning objectives. Why settle for ‘pre-formatted, pre-scripted, one-size fits all’ training programs, when our team is able to customize a program that is just right for you? We know that every team has unique learning needs, situations and that they come from a variety of industries, each having unique customer needs and demands. Our programs can be scaled to accommodate time restraints, unique learning needs and even industry or company nuances and barriers.
Don’t settle for a program that gives you almost what you need; our team wants to give you Exactly what you need.
Virtual Room
Delivering traditional onsite training results …virtually!
We’ve officially changed the rules and redefined what is possible in the world of soft skills learning. Our unique technology, accompanied by honed delivery methodology, have successfully replicated the traditional classroom-style training environment, allowing it to exist online.
Most online training solutions limit participants’ responses to keystrokes or to single person conversations because -with inferior technology- group discussions become distorted and confusing to follow. Our Virtual Room has eliminated those barriers and encourages learning through meaningful instructor feedback, skills modelling and engaging group discussion, without visual or audio distortion
The Virtual Room is for any organization seeking a flexible substitute to traditional onsite training; whether to lower costs, eliminate unnecessary travel or to simply ease the burden of demanding work schedules.
Lunch & Learn
A Lunch and Learn session is an onsite or virtual learning program with a facilitator-led session sharing valuable information and skills on an area of identified learning interest. It’s a great break away from a traditional training program, allowing your team the opportunity to learn while enjoying their lunch. Due to the limited time, the program focuses on specific learning concepts and skills. It is an interactive session that quickly targets and reveals learning objectives that are predetermined by the training organizer. Lunch & Learn sessions are also great as a training series, providing progressive learning programs for developing skills in a ‘bite-sized’ format.
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