This program focuses on the operational and strategic management of inventories, the role of inventory management and professionals behind this important organizational function as it directly relates to the improvement of the company competitiveness. it will cover the most important aspect of inventory management from warehouse designs and operation through forecasting requirements and part variety reduction to evaluating inventory practices and building an effective inventory management plan of action.
Inventory can account for a substantial portion of a company’s assets. Management of inventory is an essential function that coordinates and controls the flow of goods required for a business to operate. Whether they are products purchased for resale, the components a manufacturer uses for its work-in-progress or finished goods it sells.
Inventory management includes the ordering and reordering of stock, maintaining accurate inventory records, forecasting demand and ensuring sufficient safety stock is available for production or supply.
An efficient inventory management system records and tracks goods on a quantity and value basis. Documenting and reporting on the inwards/outwards transfer of goods through the supply chain. In a nutshell, inventory management deals with the amount and cost of the stock.
Although fundamental, an inventory management system is just one part of warehouse management, therefore, it is much simpler. It provides important details of the total amount of stock held in a specific storage location at a given point in time.
In contrast, warehouses are considerably broader in scope than that of inventory management. The aim of effective management is to efficiently control the movement of materials within the warehouse operations.
These operations include the receipting of inwards goods, tracking, stacking and stock movement through the warehouse. Warehouse management is also responsible for ensuring shelving or pallet racking is in place to secure the stock, maintaining the quality of goods while in storage and until they are shipped out of the warehouse.
In addition, warehousing undertakes the task of securing hazardous materials and removing or disposing of any damaged goods.
A Point of Difference
The most significant difference between the two systems is the human factor. While inventory management focuses only on product or stock, warehouse management involves managing employees and shipping or freight personnel operating in the warehouse environment.
Warehouse processes cover the internal movements and storage of materials within warehouses. Workplace health and safety practices are vital to these operations requiring employees skilled in the operation of machinery used to stack and store inventory, such as hydraulic trolley jacks or forklift trucks.
Benefits of this training.
- Measuring warehouse productivity and improving it
- Estimating storage and space requirements accurately
- Practical techniques to manage the critical functions of an effective warehouse
- Selecting the proper equipment for your warehouse
- Choosing efficient storage systems for your warehouse
- Procedures for streamlining the flow of paper and materials to smooth workloads and improve warehouse controls
- Scheduling work to meet volume and costs targets
- Developing specific and realistic guidelines for planning and designing a warehouse
- How to simplify, SIMPLIFY, SIMPLIFY—and increase your warehouse productivity in the process
- Methods for assembling and analyzing the information you need to optimize your warehouse operations
- Increasing the capacity of your warehouse with optimal storage methods
- Balancing your warehouse service level with customers’ requirements
- The importance of focusing on the primary warehouse functions—and continuously improving your results
- How to be aware of the warehouse’s rhythm by determining management techniques for scheduling work and evaluating functional operations
- Order filling and selection techniques that will increase the speed, cut the cost, or reduce travel time
- Specific, proven techniques to reduce your warehouse while increasing control and improving customer service
- Ways to achieve a high warehouse record and location accuracy
- A practical, selective warehouse control method to determine the vital few and trivial many of your warehouse—and what you can cut
- Practical guidelines to help you prepare and conduct an excellent physical warehouse
- What a stocking rate is and what impact it can have on warehouse levels
- How to use cycle counting to increase your level of warehouse accuracy
How do warehouse inventory management systems work?
Warehouse inventory management software offers several key features to help you monitor the goods within your storage facilities and oversee inventory control. In some cases, warehouse management software is built into broader enterprise resource planning (ERP) software solutions; in other cases, warehouse management software serves as a stand-alone system. It is best to purchase a seamlessly integrated process if you want to manage your inventory across the entire ecosystem of your company.
Inventory management software covers the acquisition, tracking, and shipping of products, ensuring you know what products are where at what time. They can also serve as forecasting tools, helping you to order items based on expected customer demand according to historical sales data. Some also offer alerts and notifications to improve the operational process of your warehouse, indicating when it is time to perform cycle counts.
By the end of this training seminar, delegates will be able to:
- Learn the principles of Warehouse and Inventory Management
- Evaluate current procedures
- Examine operations and activities
- Analyze the key areas of operations
- Identify and Understand key performance indicators
- Succeed in improving operations
- Improve personal productivity
- Make needed changes to methods to improve customer service whilst achieving reductions in inventory
- Eliminate wasteful costs
- Avoid those internal problems that limit performance
- Obtain added value for money
- Understand and implement the essential tools for managing warehouses and inventory in the supply chain
who are the target audience?
- Supervisors in the store/warehouse functions
- supply chain specialists
- distribution professionals
- plant, warehouse and material managers
- store and shipping supervisors
- managers and data processing personnel
- those new to managing inventory
- specially helpful to those who are working to make business gains and benefits and to any owners and operators and directors of companies with warehouse and store operation and who hold stock and inventory
Where can i get the best warehouse and inventory control management training in Nigeria?
After reading the benefits and importance of warehouse and inventory control management training, the question is where can you get warehouse and inventory control management training in Nigeria? The answer is simple, JobSkills Training Institute. They are professionally trained to teach warehouse and inventory control management training and are have been awarded with recognized certificates.
JobSkills training institute has branches for warehouse and inventory control management training in Lagos State, Delta state, Rivers state, Edo state, Ogun state and FCT Abuja.
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