Fundamentals of Inventory Management

In this comprehensive program, you will learn the core functions of inventory management and its impact on the bottom line. Analyze and discuss ways to implement various order processing and distribution tools for more accurate measurement of inventory performance and improved forecasting. Examine inventory systems, software and other technology that maximizes your ability to effectively manage inventory dollars to improve cash flow. Evaluate cost controlling mechanisms that can be customized to your organization.

How You Will Benefit

•  Reasons for maintaining an inventory 

• Inventory classifications

• Costs of maintaining inventory

• Methods of determining the value of inventory

• Types of inventory locator systems

• Versions of inventory management systems

• Methods of disposal for excess/obsolete inventory

• Areas to be addressed in inventory management policies and procedures

What You Will Learn

• The basic principles and functions of inventory

• The financial implications of inventory

• How to account for inventory value

• How to manage inventory

• How to measure inventory performance

• How to control inventory accuracy

• About the different types of inventory systems

• What is important in the customer service aspect of inventory

• The implications of inventory disposal

Who Should Attend

Supply management professionals and others with responsibility for inventory investments and supply. Inventory and other professionals who would benefit from an understanding of inventory control concepts.

Training Approach

Your training experience with HOM includes:

• Pre- program assessments to clarify your development needs

• In class highly engaging experiential leaning activities

• Post –program ongoing support through application tool kits and  phone call coaching sessions