Executive Development Workshop. A Systems Approach to Inventory Management

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1 Executive Development Workshop A Systems Approach to Inventory Management

2 OVERVIEW Inventory management is important from the view point that it enables to address two important issues - maintaining adequate inventory for smooth production and selling activities; and minimising the investment in inventory to enhance firm's profitability. This means that the investment in inventory should neither be excessive nor inadequate. It should just be optimum. If the investment in inventory is too high there is reduced profit. On the other hand if the inventory is too low, the firm cannot produce the quantities of product required by its customers. Therefore, in a manufacturing firm, an effective and efficient inventory management system is essential. The reach of this department extends throughout the organisation; from the customer service level to production and operations and of course the finance department. A poorly organised inventory management system can negatively affect the firm s bottom-line. In this highly interactive session, participants will learn how to implement inventory management strategies in a mission-critical environment and will go away with a clear understanding of the role they play in attaining the firm s success. LEARNING OBJECTIVES On completion of this workshop, participants should be able to: Appreciate the importance of inventory and inventory management to business objectives Understand the impact of good inventory management to the balance sheet and profitability Analyse the twin dilemma of inventory cost versus customer service Learn the theory and practice of inventory management Explore the tools and techniques for efficient inventory investments while achieving superior customer service and satisfaction Develop skills for effective and efficient inventory storage and warehouse management

3 COURSE OUTLINE Topics to be covered: Module 1: Define inventory in the context of different types of business activities The importance and fit of inventory in a company s balance sheet Why do you need inventory and how does it help profitability? The inventory life cycle Module 2: Explore different inventory types including goods in transit and finished goods Understand inventory valuation criteria and methods The cost of carrying inventory What is inventory protection and safety? Module 3: Discuss inventory control methods and methodology How does demand and supply affect inventory configuration? When, how and how much to buy questions in inventory management. Forecasting, monitoring and reporting on inventory management The use of key performance indicators (KPIs) to drive performance reporting Module 4: Inventory management and relationship to modern warehousing Understand inventory coding and classification Inventory validation and verification The cycle counting process and impact on inventory accuracy Fraud, obsolescence and inventory reporting

4 METHODOLOGY The training methodology for this workshop will utilize a comprehensive set of techniques that emphasize participation and interactive learning in an environment to develop you personally and professionally. These techniques will involve: Lectures Videos Experiential Exercises Individual and group activities Manuals and hand-outs Discussions and sharing of experiences Case studies

5 FACILITATOR S BIO Mr. Terrance Belton is an experienced Procurement and Inventory Management specialist having served for many decades in managerial positions for this function in the Energy Sector. He currently lectures various courses in the Chartered Institute of Procurement & Supply (CIPS) certification programme locally. He also engages in consulting work in the field. Mr. Belton has worked in several capacities at Petrotrin. There he had a wide portfolio which included: managing the materials management function covering areas of procurement, warehouse management, and inventory control; harmonizing the procurement procedures for the merged company including the deployment of its salvage and scrap procedures; and the development of supplier procurement procedures and supplier application processing. Later, at the National Gas Company (NGC) he was responsible for the management of the materials management function including procurement, logistics, and warehousing and inventory control. He was part of the team to develop e business and e commerce initiative for the company and joint initiatives in similar areas with other organisations. Additionally, Mr. Belton has lead initiatives in areas of contractor/supplier prequalification, drafting of invitation to bid requests for both individual purchases and projects and strategic sourcing and cost initiatives. One of his most outstanding achievements was in service as Procurement Team Lead for all procurement for NGC Cross Island Pipeline Project. As an internal consultant with foreign provider he has conducted buyer training programmes to specialist staff and has conducted procurement training programs covering areas of strategic procurement, purchasing management programs and transportation and logistics. Further, he has designed and delivered programmes for procurement staff training and development. Mr. Belton holds a BSc Economics and Diploma in Management from the University of the West Indies, St. Augustine Campus.

6 Programme Details Date: January 18 th and 19 th, 2016 Venue: Time: The UWI Institute of Critical Thinking, St. Augustine. 9am to 4pm Target Audience: Professionals involved materials and inventory control, procurement and supply chain management. Cost: TT $ Cost inclusive of training material, certificate, lunch and refreshment. Payment can be made through Cash, Credit Card/Linx or Company Cheque made payable to:- The University of the West Indies. Cancellations will incur an adminstrative charge of 50% workshop fee. Register now: please call or

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