"It's easy to turn cash into inventory BUT the challenge is to turn inventory back into cash!"
The fundamental objective of supply chain professionals working with inventory planning & management is to meet or exceed customers' expectations of product availability while maximizing profitability or minimizing total inventory investment. However, meeting this objective is often fraught with practical issues.
How can you measure and continuously improve the accuracy of your demand and inventory forecasts? When and how much of the items should you replenish, if the item is of sporadic usage versus if the item is of recurring usage? How do you effectively deal with supplier price breaks and promotions? Some items tend to be more critical than others - what is the best way to identify these items among the rest? How can you improve stock accuracy in the warehouse to reduce unplanned stock-outs while filling orders in the most cost-effective manner?
Salvo Global's 2-day comprehensive Masterclass on "Inventory Planning & Optimization" addresses these concerns.
Key Course Benefits for attending Inventory Planning & Optimization:
· Gain competitive advantage through effective inventory management
· Understand the various components underlying the true full cost of inventory
· Explore critical factors necessary to accurately forecast future demand of products
· Ensure that you are stocking the right quantity of the right item in the right location to maximize customer service and profitability
· Implement different forecasting and replenishment strategies for items with different patterns of usage
· Increase your employees' awareness of bad inventory practices and motivate them to protect your inventory investment
· Organize your warehouse to minimize the cost of filling orders
· Establish cost effective procedures to ensure that inventory remains accurate
· Eliminate dead stock and liquidate unneeded slow moving inventory
· Understand that an accurate forecast is the key to effective SO&P operations
