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Inventory Control Course


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Summary

The Inventory Control Course is designed to provide participants with a comprehensive understanding of inventory management principles and practices. Effective inventory control is crucial for maintaining optimal stock levels, reducing costs, and ensuring that organizations can meet customer demand. This course covers essential techniques and strategies for tracking, managing, and optimizing inventory to enhance overall operational efficiency.

Participants will learn about the various aspects of inventory control, including inventory valuation, stock replenishment, demand forecasting, and the use of technology in inventory management. This course is ideal for inventory managers, supply chain professionals, and anyone involved in inventory control and logistics.

Objectives and target group

Target Groups:

  • Inventory Managers: Professionals responsible for overseeing inventory control and management.
  • Supply Chain Professionals: Individuals involved in logistics and inventory optimization.
  • Operations Managers: Those focused on improving operational efficiency in inventory management.
  • Procurement Officers: Professionals managing purchasing and inventory replenishment.
  • Aspiring Inventory Management Professionals: Individuals looking to build a career in inventory control and optimization.

Course Duration:

  • 4 Weeks (with 2 sessions per week)
  • Each session: 2 hours

This course will equip participants with the essential skills and knowledge needed for effective inventory control, ultimately enhancing overall inventory management and operational efficiency.

 
 

Course Content

  1. Introduction to Inventory Control

    • Understanding the importance of inventory control in supply chain management
    • Key terms and concepts related to inventory management
    • Overview of the inventory control process

  2. Inventory Valuation Methods

    • Different methods for valuing inventory (FIFO, LIFO, Weighted Average)
    • Impact of inventory valuation on financial statements
    • Techniques for conducting inventory audits

  3. Inventory Tracking Techniques

    • Implementing inventory tracking systems (manual and automated)
    • Utilizing barcoding and RFID technology for accurate tracking
    • Best practices for maintaining accurate inventory records

  4. Stock Replenishment Strategies

    • Techniques for determining optimal stock levels
    • Implementing reorder points and safety stock practices
    • Managing lead times and supplier relationships

  5. Demand Forecasting

    • Understanding the role of demand forecasting in inventory management
    • Techniques for predicting customer demand and trends
    • Utilizing historical data for effective forecasting

  6. Optimizing Inventory Levels

    • Techniques for reducing excess inventory and minimizing stockouts
    • Implementing just-in-time (JIT) inventory practices
    • Strategies for managing seasonal fluctuations in inventory

  7. Risk Management in Inventory Control

    • Identifying potential risks associated with inventory management
    • Developing risk mitigation strategies for inventory practices
    • Ensuring compliance with regulations and industry standards

  8. Technology in Inventory Management

    • Overview of inventory management software and systems
    • Leveraging data analytics for informed decision-making
    • The role of automation in improving inventory control processes

  9. Performance Measurement and Continuous Improvement

    • Key performance indicators (KPIs) for evaluating inventory performance
    • Techniques for monitoring and analyzing inventory metrics
    • Implementing continuous improvement practices in inventory control

  10. Case Studies and Practical Applications

    • Analyzing real-world examples of effective inventory management
    • Lessons learned from challenges and successes in inventory control
    • Group discussions and exercises on applying inventory control techniques

Learning Outcomes:

By the end of this course, participants will:

  • Understand the key principles of effective inventory control.
  • Apply various inventory valuation methods to enhance financial accuracy.
  • Implement tracking techniques to maintain accurate inventory records.
  • Develop stock replenishment strategies to optimize inventory levels.
  • Utilize demand forecasting techniques to predict customer needs.
  • Identify and mitigate risks associated with inventory management.
  • Leverage technology to improve inventory control processes.
  • Measure performance and promote continuous improvement in inventory management.

Course Date

2024-12-16

2025-03-17

2025-06-16

2025-09-15

Course Cost

Note / Price varies according to the selected city

Members NO. : 1
£4800 / Member
Members NO. : 2 - 3
£3840 / Member
Members NO. : + 3
£2976 / Member

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