About
Inventory management is essentially about getting the correct stock in the right place, at the right time, for the right cost. Striking this elusive balance between customer needs and organisational constraints however, is an exact science.
The Essentials of Inventory Management has been specifically developed for those involved in planning and managing inventory levels that are critical in the smooth running of an organisations manufacturing, production and supply.
This separately bookable 1-day seminar is an essential training experience for all those involved in the inventory process, and will help you to drive costs down, increase efficiency and manage your inventory more effectively.
Outline
Definition, scope and context of inventory management
• Inventory management in the organisational context
• The goal: Minimum inventory investment with maximum productivity
• Demand and supply
Accurately forecasting stock demand
One of the key issues in inventory management is the accurate and reliable forecasting of future demand for the stock held. This session will examine the various ways in which you can determine how much stock you will hold, and how much you will need to meet your customers needs.
• Sales history & customer growth
• Identifying factors influencing demand
• Establishing the future needs of your customers
• Managing lead times
Ensuring the most financially viable stock levels
Ensuring that ordered stock meets the realistic demand of your customers is only half of the equation. It is also imperative for organisational success that order quantities are set in the most economically viable way.
• The balance between order cost and carrying cost
• The EOQ formula
Practical exercise
Improving business performance by cutting inventory costs
A key trade off in inventory management is the tying up of valuable cash flow. This session will look at ways in which you can free up this cash flow.
• Determining the value of your inventories
• Understanding the speed of stock movement in your warehouse
• Cost per stock keeping unit (SKU) vs. stock on hand
• Costs & benefits of consignment strategies
Out with the old, in with the new - managing redundant stock and negative inventories
Redundant and inaccurate inventories can grind your business to a halt if not properly managed. Learn how to identify these problems before they impact on your business.
• Identifying redundant stock and moving it on
• Using cycle counting strategies to maximise stock control
• Identifying and managing operating areas with ongoing problems
• Resolving negative stock inventories
Conducting an effective stock take
A stock take is a necessary evil, and you must be sure that you maximise the potential benefits that this process offers.
• Reasons for a stock take and potential benefits
• Stock take planning - the better the planning, the better the result
• Common pitfalls of stock takes - getting it right the first time
• Stock take measurements - the good, the bad and the ugly
• Stock take follow-up
Seminar wrap-up
Facilitator
Nigel Oliver, Director, Supply Chain Facilitation Ltd
Nigel runs a consultancy business Supply Chain Facilitation Ltd in New Zealand He has recently worked with a number of large businesses in New Zealand namely, Briscoes Group, New Zealand Post, Warehouse Stationery, Auckland City Council, Gordon and Gotch, Netlink.
Nigel has worked in Supply Chain Management and Logistics roles for large organisations throughout the world such as General Motors in the UK, Anglo American Corporation in South Africa, Edgars Retail Group South Africa, Coles Myer (Kmart in NZ), NZ Post, Officemax (Boise), Farmers retail group.
His extensive experience in change and project management has seen him in roles that have led to dramatic improvements in company performance across the supply chain.
In particular, Nigel was involved in redesigning the supply chain for Kmart NZ and the way in which they operated in NZ. His work on this saw the reduced holding of inventory in the NZ warehouse by 40% and reduced distribution staffing by 50%. At Boise, Nigel was instrumental in being part of the re-engineering process, which took part with merging the Blue Star group of companies. This involved implementing new systems and reducing the number of distribution centres from 24 down to 4 and reducing inventory from $33million to $20million.
Nigel is qualified in Industrial Engineering with qualifications from the UK in Management Services. He has been the Chairman of the Northern Section for the Chartered Institute of Logistics and Transport New Zealand and is currently a committee member and also lectures in Logistics subjects.
Nigel’s strengths lie in his ability to work collaboratively with clients to understand and meet their needs, and he particularly likes to ensure that what he recommends actually adds value to any business environment.
Nigel Oliver is also facilitating:
In-house Training
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