Reducing Waste and Cost Through Inventory Control Techniques Course
1Summary
Every unit sitting too long in inventory is money not working for the business - and every stockout is a sale or a production run lost. The techniques in this course exist for exactly that reason: to help materials and inventory teams strike the balance between having enough and having too much.
Participants build a full toolkit - EOQ, JIT, ABC analysis, reorder points and safety stock, MRP, and inventory valuation - then apply it to real warehouse and materials-handling operations, including the technology (barcode, RFID, ERP, IoT) that makes modern inventory control possible.
2Objectives and target group
Objectives
- Understand the basic principles of inventory control and materials management.
- Apply EOQ, JIT, and ABC analysis to optimize stock levels.
- Calculate reorder points and set safety stock levels.
- Use Materials Requirements Planning (MRP) to plan and schedule materials.
- Apply inventory valuation methods (FIFO, LIFO, weighted average) and understand their financial impact.
- Implement best practices and technology for warehouse and materials handling.
- Reduce carrying, ordering, and stock-out costs while balancing investment and demand.
- Measure inventory performance with KPIs and apply continuous improvement.
- Explore the role of ERP, IoT, and AI in modern inventory control.
Target Audience
- Inventory control specialists.
- Materials and warehouse managers.
- Supply chain managers.
- Procurement managers.
- Students and graduates in logistics or business administration.
3Course Content
Module 1: Inventory Control and Materials Management Basics
- Overview and importance in the supply chain
- Types of inventory and inventory management systems
Module 2: Core Inventory Techniques
- Economic Order Quantity (EOQ) and Just-in-Time (JIT)
- ABC analysis for inventory categorization
Module 3: Reorder Points, Safety Stock and MRP
- Calculating reorder points and safety stock levels
- Materials Requirements Planning (MRP) for scheduling
Module 4: Inventory Valuation
- FIFO, LIFO, and weighted average methods
- Impact on financial reporting and decisions
Module 5: Warehouse and Materials Handling
- Best practices for storage and handling
- Technology: barcode scanning and RFID
Module 6: Cost Reduction and Performance
- Minimizing carrying, ordering, and stock-out costs
- KPIs and continuous improvement in inventory processes
Module 7: Technology and What's Next
- Role of ERP systems in inventory control
- Emerging technologies: IoT and AI for optimization