Inventory and Stock Control Management

Introduction

This course is aimed at both suppliers and buyers who need an overview of the key issues and drivers involved when viewing supply chains from a logistics/demand point of view. It examines what logistics and supply chain management are fundamentally about and the key aspects established are that time is cash; movement to the customer is all that adds value, working with all involved pays, and that having to look outside of the box is fundamental. It will also explore how to change current methods and activities so that benefits are obtained. Throughout the course, the Rules for Effective Supply Chain Management are identified and discussed; along with Relevant Case Studies and Best Practice guidelines.

Purchasing, logistics, materials management, and the supply chain can no longer be viewed as isolated elements but must be approached from a holistic point of view. This program will expose the delegate to the latest thinking and best practices involved in optimizing the whole supply chain process from start to finish. The role and importance of purchasing within the supply chain will be explored using the integrated purchasing model as a base. The elements of the supply chain will be identified together with tools, techniques, and methodologies of how to drive unnecessary costs out of the chain, and how to optimize the supply chain for maximum advantage. The event-driven process model will be explored and its contribution to modern supply chain management will be demonstrated. New environmental regulations governing the use and movement of hazardous materials and waste products, and their impact on supply chain management will be discussed, together with an approach on how to design and optimize the supply chain in light of these regulations.

Finally, the role and importance of information technology in purchasing, materials management, and supply chain management will be described together with methods on how to evaluate suitable technologies to meet business goals and objectives. Case studies and interactive work sessions will be used extensively throughout the program to integrate best practice theory with practical application.

Objectives

Upon the successful completion of this program, participants will be able to:

• Understand the integration between the various elements in the supply chain process;
• Add value to a supply chain through efficient logistics practices in the supply chain
• Follow an integrated management approach towards logistics in the supply chain
• Identify profitable customers in the supply chain to decide which customers should be rendered a basic service, zero-defect service, or value-added service
• Implement optimum customer service strategies from a logistics viewpoint
• Develop an effective channel strategy (selecting distribution channels)
• Set optimum inventory levels using basic methods
• Optimize inventories through proper logistics requirement planning in the supply chain
• Make appropriate transport arrangements with due consideration of product and market characteristics and of transport costs
• Understand the role of warehousing, materials handling, and packaging in logistics
• Contribute towards the optimum design of a supply chain network (number and location of depots/warehouses).
• Use the procurement excellence model to benchmark their own organization against best in class;
• Understand the application of the integrated purchasing model and the event-process model for managing demand;
• Develop strategies for successful global supply chain management;
• Understand how to optimize the supply chain;
• Understand the implication of new environmental legislation governing the use and movement of hazardous materials and waste, and how to design the supply chain to minimize the impact of these regulations;
• Use the latest tools and techniques to evaluate supply chain systems

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

The program will be of value for senior and middle management who are involved in supply chain management or logistics & warehouse functions. Managers on all levels of participating companies in a supply chain (manufacturers, distributors, wholesalers, retailers, and logistics service providers) will benefit from this program. In particular, people involved in purchasing, operations, warehousing, inventories, transport, and total supply chain management will find this program valuable.

Course Outline

Day 1: Understanding what Logistics and the Supply Chain are about

• Definitions of logistics and Supply Chain management
• The interrelations and connections of Buying, Making, Moving, and Selling activities
• History and the development
• A view of the future.  

Day 2: Key Aspects of Supply Chain Management

• The cost/service balance
• Customer service principles
• Lead times throughout the supply chain
• Adding value
• Production options/changes
• Trade off opportunities  

Day 3: The Benefits of adopting a Supply Chain approach

• Understanding the sub functional conflicts
• Benefits within and between functions
  Taking a supply chain view of total acquisition costs
• Accepting that competitive advantage comes from the Supply Chain  

Why a Supply Chain approach will change traditional ways

• Looking at demand amplification, and the "Forester" effect,
• Appreciating the effects of uncertainty and unresponsiveness
• Seeing how we currently manage the supply chain
• Changing the way we manage the Supply Chain for effectiveness  

Day 4: Impacts to the Supplier/Customer relationships

• Practical effects on lot sizes/order quantities
• Reducing costs
• Sharing developments
• Eliminating internal and external barriers
• Interfacing versus integrating relationships.

Case Studies

• Manufacturing and Retailer case studies
• The major lessons and key aspects from experience  

Day 5: Implementing a Logistics/Supply Chain management approach

• The changes needed with suppliers and customers.
• The changes need to internal organization and management practices
• Potential action needed
• The "doing nothing" future, with “lessons from experience”
• Guarding against futures of higher stock levels and competition gains
• Breaking down traditional silo/closed management