How to Reduce Inventory Levels - Some Practical Solutions
Inventory control techniques, standardisation, variety control, surplus avoidance, catalogue management and other tools and techniques for reducing stock levels, especially for MRO and other slow-moving stock.
Apply an integrated strategy to control your stockholdings.
The stock you hold for MRO (maintenance, repair and operation) is one of your most significant – and visible – assets. It needs to be managed well.
Many businesses try to control their inventory in a vacuum. Stock levels depend on many factors: demand variability, delivery lead time, supply chain design – not to mention transportation strategy and service level agreements. Trying to reduce inventory levels independently of these variables is a no-win strategy.
If you get it wrong, your company will suffer serious financial penalties: money tied up in unused material, missed production targets or shortfalls in safety.
The key to successful inventory management is to focus on the variables influencing stock levels and the relationships between them. This powerful, interactive course provides practical solutions to help you optimise your MRO stockholdings: solutions based on sound principles of procurement and supply management. We explore inventory control techniques, standardisation, variety control, surplus avoidance, catalogue management and other tools and techniques, especially for MRO and other slow-moving stock.
We have designed this course for:
Inventory managers, supply chain managers, planning and inventory managers, and any managers who have responsibility for stock management. It will be of benefit to any manager whose responsibilities include:
- Defining the specifications of materials and equipment
- Selecting the items to be held in stock, and the quantities to be stocked
- Planning the demand for stock items
- Purchasing items for stock replenishment
- Monitoring and controlling levels of stock, including disposal.
It will also be of interest to anyone seeking promotion to such a role, or graduates on fast-track development routes.
By the end of the course participants will be able to:
- Define the terms used in stockholding, and how they relate to each other
- Recognise the factors that determine the level of stockholding
- Apply various methods to measure performance for influencing factors
- Identify the timing and tactics needed to optimise stock levels
- Assess their own company's position regarding each of the stock-holding factors
- Consider the division of responsibility for these factors within the organisation
- Produce an action plan aimed at reducing inventory levels in their company
This course is available for in-house delivery if required.
This course will be conducted in the English language.