Masterclass Inventory Management

Why Attend
Effective inventory management is critical for balancing customer service, operational efficiency, and cost control. Poor inventory practices can lead to shortages, excess stock, obsolete items, and unnecessary working capital costs. This course provides participants with advanced tools and practical techniques to optimize inventory levels, improve forecasting accuracy, strengthen stock control systems, and measure inventory performance across the value chain.

Course Methodology
This course uses an interactive and practical approach through presentations, case studies, forecasting exercises, inventory analysis workshops, group discussions, practical calculations, and real workplace examples.

Course Objectives

• Understand the strategic role of inventory in the value chain
• Apply inventory classification and optimization techniques
• Improve demand planning and forecasting accuracy
• Strengthen inventory recording and control systems
• Use modern technologies for stock visibility
• Reduce obsolete and excess inventory
• Measure inventory performance effectively
• Build practical improvement plans for inventory operations

Target Audience

• Inventory Managers
• Warehouse Managers
• Supply Chain Professionals
• Logistics Supervisors
• Procurement Staff
• Operations Managers
• Anyone involved in stock control and inventory planning

Target Competencies

• Inventory Management
• Demand Planning
• Forecasting
• Stock Control
• Data Analysis
• Performance Measurement
• Process Improvement
• Supply Chain Coordination

Day 1: Inventory in the Value Chain

• Purpose of inventory in the value chain
• Classification of inventory
• Procedure for eliminating obsolete inventory
• Pareto Law in identifying product classification
• Location of inventory
• Using Economic Order Quantity to manage inventory order levels

Day 2: Demand Planning

• Basic forecasting methods
• Customer segmentation
• Hierarchy of planning
• Aggregate planning
• Maintenance and inventory planning meeting
• Master scheduling

Day 3: Forecasting

• Principles of forecasting
• Effect of lead time on the forecasting process
• Quantitative forecasting
• Qualitative forecasting
• Tracking forecast accuracy
• Determining safety stock

Day 4: Inventory Recording

• Period stock take
• Cycle counting
• Perpetual recording
• Utilizing barcodes to manage inventory and movements
• Use of Radio Frequency Identification (RFID) for recording inventory movement
• Inventory accounting

Day 5: Performance Measurement

• Stock turnover rate
• Customer service measures
• Cost of operations
• Measuring the effectiveness of your system
• How to use the measurements
• Class exercise on selective inventory management