Warehouse is an essential limb of an industrial unit. It is the depository of all materials required by the industrial unit and supplies materials as and when required. Different types of materials are required for different operations in a production unit.
Who Should Attend?
Intended for Finance, procurement, and supply chain professionals looking for ways to become more effective and efficient by improving their inventory management methodologies. Warehouse managers and warehouse employees.
At the end of the course, participants will be able to:
- The different types of inventories and importance of inventory to organizations.
- The principles and purpose on inventory management and control.
- The costs associated with inventory management.
- Inventory verification and valuation methods.
- Different approaches for effective management of dependent demand and independent demand inventories and when to apply them.
- The fundamentals of warehousing and stock handling.
- Organizational structure and functional responsibilities in inventory and warehousing.
- How to measure and improve inventory management performance.
Module 1: Warehouse Management
- Introduction to warehouse organization
- Position of Warehouse/stores in the organization
- Organization structure of stores division
- Organization matters for efficient working of stores division
- Delegation of authority
Requisitions and Replenishment of Materials
- Need for requisitioning the material
- Replenishment of stock items
- Preparation of materials requisition report
- Dispatch of requisition to user department
- Review order quantity
Performance Evaluation of Stores Activities
- Criticism of stores division
- Poor inventory control
- Improper store-keeping and Tools Management
- Performance indicators and evaluation
- How is performance evaluation carried out
ISO Standards and Warehouse Activities
- Introduction to ISO standards
- The importance of ISO standards
- Registration for ISO certification
- Warehouse activities and quality assurance
- Stores division activities in conformance to ISO 9001
Warehouse Location, Layout, and Facilities Planning
- Number and size of stores
- Location of stores
- Layout planning of warehouse
- Physical facilities planning
Warehouse Security, Safety, and Maintenance
- Entry to warehouse
- Management of warehouse keys
- Closing of warehouse
- Issue to authorized individuals
Module2: Inventory Control
Inventory Classification and Strategies
- Advantages of classification of inventory
- Regular inventory item
- In-process inventories
- Finished goods inventory
- Strategic considerations in the control of finished goods inventory
- Market research
Codification and Standardization
- Methods of Codification
- Variety reduction
- Advantages of standardization
- Situations where standardization is not preferred
- Types of standards
- Standardization program
Inventory Control Model
- Theoretical inventory control model
- Elements of inventory control model
- Dynamic nature of the inventory control model
- Maintenance requirements
- Reorder point fluctuations
Inventory Control Techniques
- Best order quantity
- Economic Order Quantity (EOQ) defined
- Determining Economic Order Quantity (EOQ)
- Variable costs
- ABC analysis
- Other techniques of analysis
Effective Management of Spare Parts
- Factors influencing the stocking of spare parts
- Appropriate maintenance techniques
- Administrative and financial factors
- Steps for management of spare parts
- Diagnostic survey
- Reconditioning and overhauling of parts
Valuation of Inventory
- Importance of valuation of inventory
- Valuation of material issues
- First in First Out (FIFO)
- Last in First Outs
- Highest in First Out (HIFO)
- Next in First Out (NIFO)
- Simple average method
- Weighted average cost method
- Factors considered in selection of method of valuation of inventory
The trainings are delivered using a blended learning approach and comprise of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.
All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.