Comprehensive Course on Inventory Management with Advanced Tools & Techniques

Objective: This course provides a structured approach to inventory management, incorporating best practices, advanced tools, automation, and global inventory optimization strategies. It is ideal for supply chain professionals, warehouse managers, inventory controllers, and logistics personnel.

Total Course Duration: 70 Hours

Inventory Fundamentals & Classification: 10 Hours

Tracking, Forecasting & Cost Management: 18 Hours

Advanced Tools & Risk Management: 18 Hours

Sustainability, Performance Optimization & Final Project: 24 Hours

Module 1: Introduction to Inventory Management (4 Hours)

  • Definition & Importance of Inventory Management
  • Role of Inventory in Supply Chain & Business Operations
  • Types of Inventory: Raw Materials, WIP, Finished Goods, MRO (Maintenance, Repair, Operations)
  • Key Challenges in Inventory Management

Module 2: Inventory Classification & Control Techniques (6 Hours)

  • ABC Analysis & Inventory Categorization
  • FIFO, LIFO, and FEFO Inventory Management Strategies
  • Just-in-Time (JIT) & Economic Order Quantity (EOQ) Models
  • Inventory Turnover Ratios & Optimization Strategies
  • Safety Stock & Reorder Point Calculation

Module 3: Inventory Tracking & Monitoring (8 Hours)

  • Barcode, RFID, and IoT-Based Tracking Systems
  • Real-Time Inventory Tracking & Visibility
  • Perpetual vs. Periodic Inventory Systems
  • Stock Audits & Cycle Counting Methods
  • Inventory Accuracy & Shrinkage Prevention

Module 4: Advanced Inventory Management Tools & Software (10 Hours)

  • Introduction to Inventory Management Systems (IMS)
  • Hands-on Training on SAP, Oracle NetSuite, Zoho Inventory
  • Integration of Inventory Systems with ERP & WMS
  • AI & Machine Learning in Inventory Optimization
  • Predictive Analytics for Demand Forecasting

Module 5: Demand Forecasting & Inventory Planning (8 Hours)

  • Basics of Demand Forecasting & Market Trends Analysis
  • Statistical Methods for Forecasting (Time Series, Regression Analysis)
  • Seasonal Demand & Buffer Stock Planning
  • Inventory Optimization Models
  • Case Study: Forecasting Demand in Retail & Manufacturing

Module 6: Warehouse Inventory & Storage Management (6 Hours)

  • Best Practices for Warehouse Inventory Storage
  • Slotting & Space Optimization Techniques
  • Inventory Consolidation & Location-Based Storage
  • Using AS/RS (Automated Storage & Retrieval Systems) for Inventory Handling
  • Case Study: Smart Warehousing for Inventory Management

Module 7: Inventory Costing & Valuation (6 Hours)

  • Standard Costing vs. Weighted Average Costing
  • Inventory Accounting Methods & Compliance
  • Inventory Write-Offs & Obsolete Inventory Management
  • Managing Carrying Costs & Reducing Holding Costs
  • Case Study: Cost Reduction Strategies in Inventory

Module 8: Inventory Risk Management & Compliance (6 Hours)

  • Identifying & Mitigating Inventory Risks (Stockouts, Overstocking, Damage)
  • Compliance with International Inventory Standards (ISO, GAAP, IFRS)
  • Warehouse Safety Regulations & Inventory Insurance Policies
  • Business Continuity & Disaster Recovery Planning
  • Cybersecurity & Data Protection in Inventory Systems

Module 9: Sustainable & Lean Inventory Management (8 Hours)

  • Green Inventory Management & Sustainable Procurement
  • Circular Supply Chains & Reverse Logistics
  • Implementing Lean Principles (Kaizen, Six Sigma) for Inventory Optimization
  • Waste Reduction Strategies in Inventory Management
  • Case Study: Sustainability Initiatives in Inventory Handling

Module 10: Performance Measurement & Continuous Improvement (6 Hours)

  • Key Performance Indicators (KPIs) for Inventory Efficiency
  • Benchmarking & Best Practices in Inventory Optimization
  • Continuous Improvement Strategies in Inventory Management
  • Leveraging Data Analytics for Inventory Decision-Making
  • Case Study: High-Performance Inventory Management Systems

Final Project & Certification (4 Hours)

  • Inventory Planning & Demand Forecasting Simulation
  • Hands-on IMS/WMS Implementation & Data Analysis Exercise
  • Presentation on an Inventory Optimization Strategy
  • Certification of Completion

This course ensures participants gain both theoretical knowledge and hands-on experience in modern inventory management, leveraging global best practices and advanced technologies.

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