Strategic Inventory Reduction

Class lectures, practical exercises, case studies
Number of sessions: 1-2 sessions
Length of sessions: 1 - 8 hour session or 2 – 4 hour sessions
Total hours: 8 hours

Target audience:

The course is designed for employees from all organizations that have significant resources tied up in inventory. The skills learned apply to business owners, company executives, financial professionals, middle managers and employees of manufacturing and service organizations.

Summary of content:

• Understand the role of inventory in the business process.
• Discuss the effect of trying to reduce inventory the wrong way.
• Develop techniques to improve inventory accuracy – The ABC Principle.
• Understand how inaccurate data increases inventory.
• Discuss factors that affect inventory:
o Order Policy
o Lead Time
o Safety Stock
• Reducing inventory by changing the business model.
• Measuring inventory performance.
• Keys to successful inventory reduction.
• Where to look for inventory reduction opportunities.
• Stock room and tool room management.
Objectives and benefits:
At the completion of this seminar the participant will:
• Understand the relationship of inventory to the business.
• Know why a business enterprise needs inventory and what types of inventory are required.
• Be able to identify inventory reduction opportunities in her or his business.
• Be prepared to define and implement inventory reduction projects while maintaining or improving customer service.