Advanced Warehouse Management & Inventory Control
In this course, we will discuss the best and the latest methods to store and protect high value inventories. We will also discuss the best characteristics of a modern warehouse. Knowing what you have and how much you have are the keys to proper warehousing management. We will explore the various methods to achieve record accuracy and successful cycle counting. A scientific method of auditing the warehouse will be applied.
Inventory planning and stock control is a critical process within Supply Chain Management (SCM) which ensures continuity of supply of the inventory at the lowest cost.
In this course, many inventory planning theories, models and best practices will be discussed which will assist the participants deal with various future scenarios to ensure continuous flow of the inventory at the least possible cost.
· State the objectives of inventory management and list their impact on cost and customer service
· Prepare proper classification of inventory and use best practices for item specification
· Use forecasting techniques to predict demand and better manage lead times
· Compute the optimum ordering quantity and determine safety stocks and reorder points
· Identify the different types of storage and material handling systems
· Develop better skills for housekeeping and safety within the warehouse
· Improve supervisory skills and deal more effectively with warehouse staff issues
· Measure warehouse productivity and conduct a scientific audit of the warehouse
· Explain the challenges, objectives and functions of warehousing
Introduction to inventory management
· Objectives of inventory planning and stock control
· Reasons to hold inventory
· Inventory information system considerations
· Inventory push vs. pull systems
· Identifying inventory costs
· Customer service in inventory management
Counting and controlling inventory
· Importance of accurate inventory records
· Warehousing functions
· Causes of inaccurate inventory records
· Requirements for accurate inventory records
· Reporting record accuracy
· Periodic and cycle counting
Forecasting demand and lead time
· The inventory order cycle
· Dependent versus independent demand
· Factors affecting demand
· Factors impacting demand forecast accuracy
· Demand patterns
· Time series forecasting methods:
> Seasonal demand
> Moving average
> Exponential smoothing
· Measuring the accuracy of the forecast
· Setting lead time and methods to control it
Inventory systems
· Elements of inventory holding and ordering costs
· The Economic Order Quantity (EOQ) model
· Dealing with quantity discounts
· Objectives of safety stocks
· Setting safety stocks
· Determining the Reorder Point (ROP)
Introduction to warehousing management
· Objectives of warehousing
· The modern warehouse
· The warehousing cycle
· Problems and challenges in warehousing
· Warehousing and inventory costs
· Customer service in warehousing
Storage and material handling systems
· Layout of the warehouse
· Size and shape of the warehouse
· Storage utilization and organization
· Types of storage systems
· Fixed versus random location
· Material handling equipment
· Material handling equipment checklist
· Improving the receiving/issuing material operations
Dealing with staff related warehousing issues
· Key roles of the warehouse manager
· Staff management issues
· Corrective guidance techniques
· Qualities of a good warehouse employee
· Motivation of warehouse employees
Safety in the warehouse
· Good housekeeping inside the warehouse
· Identifying safety hazards
· Unsafe acts and conditions
· Causes of damage
· Planning for safety
Productivity and audit of a warehouse
· Definition of productivity
· Causes of lost time
· Warehousing key performance indicators
· Objectives of the warehouse audit
· Components of the audit
· Steps to follow before, during and after the audit
Everyone involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, those involved in warehousing (store) activities, both at the operational and supervisory levels.