All organization need to maintain inventory in various forms like raw materials, work in progress (WIP) and finished products. However, maintaining inventory at optimum level is a perennial challenge. On the one hand there is risk of stock out and building up of excess inventory on the other. Hence, maintaining inventory at optimum level is essential for business organization which can lead to additional profits.
Cost Reduction of attending this Training or ROI on Training: - This training is aimed at reduction of Inventory Carrying Cost of raw materials. Cost of the training is just a small fraction of the benefits accrued by implementing TMC for negotiations. This Inventory Management training course provides an in-depth understanding of the inventory carrying charges and ordering charges. Intangible benefits of the training would accrue if you focus your efforts in managing these two costs.
Indigenous concept by the faculty: - You will learn how to calculate Total Material Cost (TMC). By mapping TMC, you will learn how to decide the negotiation point. This is a unique concept developed by the faculty and you will not find it in any book or website.
By attending Inventory Management workshop, delegates will:
- Understand the role of maintaining the inventory and how to release the working capital by holding a lean inventory
- Learn how to categorize the material and thereby improve the efficiency of the purchase and stores department
- Be able to take scientific decision on how much quantity to order when suppliers gives various price discounts
- Be able to take scientific decision on how to quantity on how much to keep in warehouse thereby avoiding excess quantity or inadequate stock
- How to measure the performance of the purchase function as a whole
- This Inventory Management class involves good amount of numerical exercises. Therefore you need to have strong numerical or calculation abilities.
Inventory Planners, Demand Planners, Purchase Managers (but not for stores professionals).