Training Course: Materials Management & Inventory Control

Introduction

This comprehensive course offers an in-depth understanding of materials management and inventory control, providing delegates with the functional knowledge and techniques necessary to manage and control materials and stock efficiently. By exploring the roles and responsibilities involved in inventory control, particularly the Materials Controller and Planner, the course helps you align your inventory management processes with the overall Supply Chain strategy, ensuring optimized business outcomes and satisfied customers. Effective materials management not only improves inventory accuracy but also drives operational efficiency and cost savings, vital for any organization striving for operational excellence.

Course Objectives

Upon completion of this course, you will:

• Gain a deeper understanding of the goals and objectives of materials management and inventory control.
• Learn inventory management techniques and tools to enhance the efficiency of your inventory system.
• Master methods for managing and controlling inventory accuracy across your organization.
• Implement effective inventory management processes aligned with business objectives.
• Understand materials management responsibilities and how it fits into the overall Supply Chain strategy.
• Explore advanced inventory management techniques like Material Requirement Planning (MRP) and Manufacturing Resource Planning (MRP II).
• Learn strategies to optimize stock management and improve inventory performance in warehouses and stores.

Course Outlines

Day 1: Inventory and the Supply Chain

• Inventory Management Definition: Understand the fundamental definition of materials management and its key principles.
• Types of Stock: Explore different inventory types and their significance in stock management.
• Demand Amplification and Replenishment: Learn how inventory control and demand forecasting impact the supply chain.
• Managing the Flows: Understand the importance of managing stock flows across the organization.
• Type I and II Supply Chains: Examine different supply chain models and their impact on inventory management.
• Inventory and Statistics: Understand how statistical methods can optimize inventory control.
• Service Level Concept: Learn how service levels relate to inventory control and customer satisfaction.

Day 2: Inventory Replenishment Methods and Systems

• Basic Mechanics of Inventory Systems: Dive into the fundamentals of inventory control systems and their application in stock management.
• Stock Time Curve: Learn how to use the stock time curve to better manage stock levels.
• Fixed Order Quantity and Time Cycle Systems: Understand these inventory replenishment methods to streamline the inventory control process.
• Stock Control and Checking: Learn best practices for inventory control and stock checks, including managing surplus and obsolescent stock.
• Reviewing Current Procedures and Policies: Evaluate your current inventory control practices and develop effective strategies for improvement.

Day 3: Inventory Performance

• Inventory Assessment: Learn how to assess stock levels and improve inventory management.
• Inventory KPIs: Explore Key Performance Indicators (KPIs) that measure the efficiency of your inventory control and stock management.
• Inventory Strategies: Understand push/pull systems, QR (Quick Response), ECR (Efficient Consumer Response), and other modern inventory strategies.
• Collaborative Supply Chains: Learn how collaborative planning, forecasting, and replenishment (CPFR) can improve inventory management across the supply chain.

Day 4: Inventory Improvements

• Using the Supply Chain: Understand how to leverage supply chain tools for better inventory control.
• Practical Inventory Improvements: Implement practical solutions like EDI, ICT, and telemetry to reduce stock levels and improve inventory accuracy.
• Keys to Reducing Stock Levels: Learn stock management tips and strategies to optimize inventory levels and improve business efficiency.
• 7 Rules for Planning Inventory: Master the fundamental rules for effective inventory planning and stock management.

Day 5: Business Concepts and Planning

• Emerging Technologies in Manufacturing: Explore how new technologies impact materials management and inventory control.
• Materials Requirement Planning (MRP): Learn the essentials of MRP, Gross MRP, and Net MRP to improve your inventory management process.
• MRP Integration Issues: Understand key challenges when integrating MRP with other business functions like supply chain management and production scheduling.

Why Attend This Course: Wins & Losses!

This course is a must for materials managers, inventory control specialists, and anyone involved in stock management who wants to refine their skills and strategies. Here’s why attending will make a significant difference:

• Master Materials Management Principles: Learn key concepts like material management meaning, advantages of material management, and how to implement them for improved efficiency.
• Optimize Inventory Control: Gain hands-on experience with inventory control techniques and systems that will enhance your organization's inventory accuracy and reduce costs.
• Gain Practical Knowledge: Apply the inventory control and stock management tips in real-world scenarios to improve your day-to-day operations.
• Improve Supply Chain Integration: Learn how inventory control integrates with broader supply chain strategies to drive business performance.

Conclusion

The Inventory Management and Materials Control course is designed to provide HR professionals, stock managers, and operations staff with the critical tools and techniques required for effective materials management and inventory control. By attending this course, you will not only understand the benefits of material management but also be equipped with the knowledge to improve your inventory management processes, reduce operational costs, and align your strategies with the overarching goals of your organization. Don’t miss this opportunity to gain in-depth insights into stock management and inventory control, and take the next step in optimizing your organization’s materials management practices.