4.50(6)

Essentials of Inventory Management

  • Duration 2h 18m 59s
  • Total Enrolled 6
  • Last Update January 22, 2022

About Course

* Principles of Inventory Management & Control techniques. * Types of Inventory * Inventory Classification * Inventory Valuation * Link with finance & metrics for measurements

Description

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.

 

 

Topics for this course

10 Lessons2h 18m 59s

Session 1 Introduction to Inventory

Introduction00:15:27

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

About the instructor

I am a Supply Chain / Logistics / Sourcing Professional. Trainer and consultant. Worked in large MNCs in Supply Chain, Logistics for nearly 3 decades and have in-depth practical knowledge in each of the sub-domains Currently engaged in consultation, training and certification programs of world's leading Supply Chain Institutes. Also have our own job oriented programs. Sub domains includes Materials, Logistics, Supply Chain Analytics, Purchasing/Sourcing, Warehousing, Transportation, Inventory Optimization etc Saved in Millions for organisations, in Inventory optimizations and improved all related processes Improved customer fill rates and reduced cost of operations Solved work-place issues / problems in their occupation of Supply Chain professionals Specialties: Supply Chain Management, Logistics, Sourcing, Material Planning, Forecasting, Production scheduling, Warehouse management, Picking and line feeding, Logistics, Imports, exports, EOU, Lean, Operational Excellence, Productivity Improvement, employee & contractor management, Legal compliance ASCM, APICS, ISM
4.32 (139 ratings)

24 Courses

151 students

Student Feedback

4.5

Total 6 Ratings

5
3 ratings
4
3 ratings
3
0 rating
2
0 rating
1
0 rating

Excellent content,i love this program need more from your side.

Overall session was really good

Being a beginner i really like this session ,it was useful session

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.

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.

Freshers who are looking forward to improving careers in the supply chain domain can take courses in Exxpert SCM for better career guidance

1,999.00
Open chat
Hello,
Can we help you?