Inventory Control: Accelerate Your Growth

Course overview

What is inventory control? The control of inventory and stock of items is known as inventory management. It relates to the movement of products from producers to warehouses for storage, and subsequently from warehouses to the point of sale of products. As a result, inventory might consist of both raw materials and completed goods.

One of an organization’s most precious assets is its inventory, thus it should be safeguarded from the danger of spoiling, theft, or destruction. Inventory management makes ensuring that the quality of the items is not compromised during storage or transportation and that they are delivered to customers on time.

Organizations may use different inventory management techniques, but the goal and aim are always the same. A sufficient replenishing at the appropriate moment is ensured by effective inventory management.

Additionally, this will boost your chances to demonstrate your abilities and assist organisational progress. Although inventory management techniques might vary from organisation to organisation, their goals always stay the same. By participating in this course, you can be confident that you have the skills necessary to manage inventory for any type of business or industry.

Introduction

Inventory and stock control are two related processes used to manage the ordering, storage, and use of materials, goods, and products. Inventory control is the process of managing and monitoring the levels, location, and cost of inventory items. Stock control is the process of managing and tracking the movement of inventory items within a business and ensuring that the right amount of stock is available at the right time. Inventory and stock control systems are used to ensure that companies have sufficient materials and products to meet customer demand. They also help to reduce costs associated with inventory and stock management, such as storage, transportation, and ordering costs. By implementing an efficient inventory and stock control system, companies can improve their supply chain operations and increase customer satisfaction.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Inventory Control: Accelerate Your Growth, participants will be able to:

• Thorough familiarity with and comprehension of inventory control
• The necessary expertise and assurance to mentor other professionals in inventory management; the capacity and assurance to independently and successfully drive inventory management for the organisation
• The essential focus on detail and assurance to examine current procedures and make adjustments for improved inventory management
• The expertise and capacity to supervise inventory management across all organisations and industries, expanding opportunities for advancement and career growth
• To improve efficiency and speed through smaller processes and systems, sophisticated ideas in inventory management must be understood.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several roleplays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including  Blogging, instant messaging, and forums for debate in groups.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.

Training Medium

This Inventory Control: Accelerate Your Growth training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What experience do you have with inventory and stock control systems?
• How familiar are you with proper inventory tracking techniques?
• Are you knowledgeable about stock replenishment processes?
• How comfortable are you with creating and managing budgets for inventory and stock?
• What methods do you employ to keep proper stock levels?
• Are you experienced in the use of software programs for maintaining inventory and stock records?

Course Modules

This Inventory Control: Accelerate Your Growth covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Different Inventory Types

• Raw materials
• Work-in-progress
• Finished products

Module 2 – Different Inventory Costs

• Holding/transport expenses
• Ordering expenses
• Stock-out expenses

Module 3 – The significance of inventory control

Improved earnings brought forth by lower expenses and higher sales

• Enhanced client services
• Decreased investment in inventory

Module 4 – Different Inventory Management Techniques

• Just-in-time
• Planning for material requirements
• Combined push-pull

Module 5 – Goals of Inventory Management

• Consumer contentment
• Estimating needs
• Cost management
• Effective storage

Module 6 – Aims of inventory management

• Protection against demand fluctuations
• Improved utilisation of labour, resources, and machinery
• Protection against output fluctuations

Module 7 – Inventory Management Methods

• Set benchmarks
• Utilise first-in, first-out
• Relationship management
• Implement emergency planning

Module 8 – The reasons for the rise in inventory

• Order delivery being delayed
• Quality issues
• Unexpected rise in demand

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What experience do you have in developing and maintaining an effective inventory and stock control system?
• What strategies do you have in place to ensure that stock levels are accurately tracked and monitored?
• What techniques do you use to ensure that overstocking and understocking are avoided?
• How do you handle inventory discrepancies and shortages?
• How do you ensure that inventory records are kept up to date?
• What methods do you use to forecast future stock needs?

Lessons Learned

The most important lesson learned from being an Inventory and Stock Control Specialist is that planning and organization are key to success. It is essential to know how much inventory is available, where it is stored, and how long it will take to restock it if needed. Additionally, keeping detailed records of all inventory changes is important in order to maintain an accurate inventory count. Finally, it is important to stay up-to-date on trends in the industry and make sure to adjust inventory levels accordingly in order to maximize profits.

“ For a firm to be successful, inventory and stock control are crucial. “