4.50
(6 Ratings)

Essentials of Inventory Management

Categories: Supply chain
Wishlist Share
Share Course
Page Link
Share On Social Media

About Course

If you are a small business owner or a large retailer, you need to know how inventory management works. Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the movement and flow of goods from the supplier to the storeroom to the consumer. In today’s competitive  environment, inventory management is one of the core skills that will help your business thrive.

What Exactly is Inventory Management?

Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.

It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.

What is inventory?

The goods that your company handles with the goal of selling are referred to as inventory. It could be raw materials that you purchase and transform into something completely new, or it could be a bulk product that you disassemble and sell separately. It could even be something wholly intangible, such as software.

Different Type of Inventory

There are several types of inventories, and the ones you will deal with will be determined by the products you sell. Here’s a quick rundown of some of the most common:

  • Finished goods or for-sale goods are the items you sell to customers.
  • Raw materials are the inventory used to create final products.
  • WIP: Essentially, unfinished items are inventory that is halfway through the production process.
  • MRO merchandise: MRO stands for maintenance, repair, and operation. This is the inventory that you use to help with the production process.
  • Safety stock: extra inventory kept on hand to deal with supplier shortages or increases in demand.

Every business that deals with inventory will require some sort of proper inventory management system. Let’s look at how that works in practice.

 

What is the workflow for inventory management?

Inventory management works on a basic level by tracking items, components, and ingredients across suppliers, stock on hand, manufacturing, and sales to ensure that stock is used as efficiently and effectively as appropriate. It may go as far as you need it to, such as studying the distinction between dependent and independent demand or predicting sales to plan ahead. But, in the end, it all comes down to your stock.

 

 

Show More

Course Content

Session 1 Introduction to Inventory

  • Introduction
    15:27

Session 2 Purpose & Types of Inventory

Session 3 Inventory Valuation

Session 4 Inventory impact on finance angle

Session 5 Obsolete Inventory Management

Session 6 Order Quantity

Session 7 MRP & ERP

Session 8 Physical accuracy

Session 9 Safety Stock

Session 10 Cycle Counting

Student Ratings & Reviews

4.5
Total 6 Ratings
5
3 Ratings
4
3 Ratings
3
0 Rating
2
0 Rating
1
0 Rating
AG
5 months ago
Excellent content,i love this program need more from your side.
SV
5 months ago
Overall session was really good
JM
5 months ago
Being a beginner i really like this session ,it was useful session
PK
5 months ago
I had no time to attend the live programs since I have to engage with my work on weekends too. Exxpert SCM helped and guided me to recorded programs.
SM
5 months ago
Once I have attended a webinar from Pattabhi Raman sir it was an interesting and interactive session too. So I have taken the Essentials of Inventory Management course and it is helping me gain more experience in SCM.
MK
5 months ago
Freshers who are looking forward to improving careers in the supply chain domain can take courses in Exxpert SCM for better career guidance
Open chat
Hello,
Can we help you?
Call Now Button