Advanced Forecasting and Inventory Management

Introduction

This workshop aims to enable participants to develop the following competencies:

• Analyzing costs and lead times
• Understanding of the link of warehousing and inventory in the supply chain and its interactive components
• Changing current methods to optimize cost and serve trade-offs
• Improving current methods
• Sharing different approaches with all stakeholders for mutual gain
• Discussing, listening, and understanding the point of view of others

Objectives

By the end of this program you will be able to:

• Plan and control stock successfully and cost-effectively using proven techniques of inventory management. 
• Forecast demand and control lead time. 
• Classify, count, and reduce inventory. 
• Reduce inventory investment and surplus. 
• Use the right key performance indicators KPIs for the measurement and evaluation of the inventory department.
• Learn the principles of Warehouse and Inventory Management
• Evaluate current procedures
• Examine operations and activities
• Analyze the key areas of operations
• Identify and Understand key performance indicators
• Succeed in improving operations
• Improve personal productivity
• Make needed changes to methods to improve customer service whilst achieving reductions in inventory
• Eliminate wasteful costs
• Avoid those internal problems that limit performance
• Obtain added value for money
• Understand and implement the essential tools for managing warehouses and inventory in the supply chain

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

• Managers, supervisors, and professionals are responsible for the design and use of inventory management systems.
  Managers in finance, operations, and warehousing who drive improvement in the supply chain.
• All managers and executives in the organization are responsible for reducing costs, increasing productivity, raising inventory turns, and enhancing customer service through high fill rates, accurate information, and excellent inventory management processes.
• This program is for all individuals who have a stake in the Supply Chain and all Logistics, Materials, Inventory, Stock, Warehouse and Distribution Professionals
• It will also help those who need to develop their limited understanding of Warehouse and Inventory management
• It will be especially helpful to all those who are looking to make business gains and benefits and to any owners, operators, and directors of companies with warehouse and stores operations and who hold stock and inventory

Course Outline

State-of-the-Art Overview
o    Forecasting That Works
o    New Rules for Effective Inventory Control
o    Integrating Inventory Plans with Business Plans
o    Three Principles for Success 
New Performance Measurements for Inventory Management
o    Customer Service Effectiveness
o    Inventory Control
o    Warehouse Productivity
o    Return on Investment (ROI)
New Paradigm for Inventory Control
o    Establishing the Right Controls
o    The Problem With Traditional ABC Approaches
o    Inventory Segmentation Approaches That Work
o    Planning Total Inventory Levels
Using Demand Data for Inventory Management
o    New Principles of Forecast Simulation
o    Setting Up a System for Every Scenario
o    Integrating Demand Data with Inventory Planning
o    Models for New Items
o    Forecast Accuracy Measurements
Creating Useful Inventory Forecasts
o    Aggregate and Item Financial Data
o    Projections for Capacity & Load Planning
o    Integrating Marketing Intelligence
o    Aligning System Settings With Inventory Projections
o    Monitoring Inventory Flow Against the Forecast
Advanced Inventory Control Settings
o    Using Safety time Instead of Safety Stock
o    The New Concepts of EOQ
o    The Correct Evaluation of Price Breaks
o    Automating Replenishment Orders
An Advanced Forecasting & Inventory Management System in Action
o    Unique Software Features & Functions
o    Demonstration of Inventory Control Concepts & Principals
o    Key Reports For Inventory Analysis
o    Creating Forecasts for Suppliers
o    Using Filters and Ranges

New Roles for Inventory Control Personnel
o    Role of the Inventory Manager
o    Reviewing Every Item, Every Day in a Weekly Work Plan
o    Developing Logical Ordering Strategies
o    Effective Expediting
o    Twenty Practical Considerations for Inventory Control
Distribution Requirements Planning (DRP)
o    Supply Chain Management
o    Impact on Warehousing Activities
o    Benchmarking World Class Inventory Management Systems