Location: The Professional Place: 12B, Olumoroti Street, Gbagada Phase 2, Gbagada
This course will enable Inventory/ Warehouse Management Professionals to understand how to improve the operations of any warehouse by implementing lean operating processes, by intelligently managing inventory, and by establishing a performance management program that ensures continuous improvement. An effective warehousing strategy can be a powerful competitive weapon.
Best-practice warehouses deliver superior customer satisfaction and return on investment by functioning as a tightly-integrated part of a company’s value chain. The purpose of this course is to show how to implement all of the essential tools for the effective management of warehouses and stores. This module includes how to evaluate procedures and how to improve methods by eliminating wasteful activities and excess costs.
This course aims to help the supply chain professional to understand and apply four (4) major and significant aspects of inventory management: -
Optimize Inventory Levels
Build an Inventory Management Plan
Design and Manage Warehouse Operations
Traceability and Reduce Parts Variety Participants should be able to understand the financial impacts of inventory and the risks in both over and under the holding of inventory - the management of inventory, including lead time management, demand planning and interfacing with other functional groups, directly and indirectly, involved in inventory planning and operations.
They should also be able to understand the importance of effective Warehouse Management in minimizing the cost associated with the storing, moving and transporting goods into and out of the warehouse storage locations; the importance of reconciled physical count balances and system records and most importantly, the efficient, fast, precise and perfectly-timed issuances of the right quality and quantity of stocks to its intended users.
Locating, structuring, and operating the warehouse
Implementing Lean principles in the warehouse
Crafting an inventory strategy using the Stock Keeping Unit (SKU) segmentation
Role of the warehouse in the value chain
Creating a metrics program and establishing an executive KPI dashboard
By the end of this course, participants will be able to:
Develop an understanding of the role of the warehouse in the end-to-end supply chain
Learn best practices for warehouse operating processes
Develop an inventory strategy in the warehouse
Leverage information technology to improve visibility
Develop a performance management program to and drive positive change
This course will benefit a number of participants from different parts of the organization including those who have an intermediate knowledge of the supply chain.
This course is suitable for a wide range of professionals but will greatly benefit:
Warehouse and distribution professionals
Procurement, buyers and purchasing professionals
Production and manufacturing professionals
Supply chain generalists
This course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes discussion and practical lectures leveraging years of hands-on supply chain and warehousing experience across industries. The trainer will use real-world challenges and solutions, exercises and case studies and an extensive course manual.
Why keeps Inventory?
How much Inventory to keep so we don’t run out of business?
The Financial Implications of Holding Inventory
Inventory Carrying Cost and how it affects business
Effect on Financial
The Cost of not holding enough Inventories
The Role of the Accounting Inventory Manager
Inventory Management and the Supply Chain Strategy
Lead time Management
Inventory Stakeholders Planning
Inventory Classifications Techniques
ABC Analysis - Fast and Slow Moving, Excess, Obsolete and Defective Stocks
Traceability and Variety Reduction
The Inventory Management Plan
Strategic Inventory Operations
Monitoring Movements - Inventory Accuracy
Measuring and Valuation of Inventory
Receipt and Issuance of Inventory
Systems to Replenish Inventory
How Much to Order – EOQ
Warehouse Planning and Systems
Warehouse Infrastructure Strategies
Warehouse location strategy
Options in warehouse layout and design
Classes of warehouses
Information technology (IT) in the warehouse
Warehouse Operating Processes and Principles
Key functional processes from receiving to picking and shipping
Optimizing the flow of goods across processes