Inventory control techniques

Material management

3.66 (77 reviews)

Udemy

platform

English

language

Engineering

Why take this course?

Master Inventory Control Techniques with Our Online Course!

Discover the Art of Effective Material Management with Nilesh Ahire 🎓✨

Course Title:

Inventory Control Techniques

Course Headline:

Material Management

Course Description:

Material management is a critical aspect for project managers, ensuring that all necessary materials are available when needed. Delving deeper, inventory management is a sophisticated discipline that encompasses the procurement, storage, and distribution of both raw materials and finished goods. It's not just about having the right stock at the right place; it's a comprehensive process that involves strategic planning to maintain optimal levels of inventory—balancing cost, demand, and supply chain dynamics.

In this course:

Understanding Inventory Management: Learn how to manage inventory effectively, which includes ordering, storing, and using materials in the most efficient manner possible. This course will guide you through the complexities of maintaining the right stock levels at the right times, minimizing costs, and maximizing efficiency.
Inventory Techniques Explored: Dive into ABC analysis and VED analysis—key techniques for managing inventory efficiently. You'll understand how to analyze your inventory to prioritize the most critical items and optimize your ordering process.
Balancing JIT & MRP: Explore the two major methods of inventory management—Just-in-Time (JIT) and Material Requirements Planning (MRP). Learn when and how to apply these methodologies to streamline your supply chain operations.
Inventory Beyond Physical Goods: Even if your company doesn't hold physical inventory, such as in financial services, you'll learn the importance of managing service processes effectively.

How Inventory Management Works:

A company's inventory is a cornerstone of its business operations. In retail and manufacturing sectors, where inventory levels are high, effective inventory management is crucial to success. It ensures that products are available when needed, prevents overstocking, and mitigates risks associated with holding inventory.

Strategic Decision Making: Understand the critical decisions involved in inventory management—when to restock, what quantities to order, and how to set reorder points using both manual methods and advanced ERP software.
Inventory as an Asset & Liability: Learn how to balance inventory as a valuable asset that can generate revenue against the risks it carries, such as spoilage or demand fluctuations.
Technological Tools: Get acquainted with the technological tools at your disposal, from basic Excel spreadsheets for small businesses to sophisticated SaaS applications used by large corporations.

Course Outline:

Introduction to Inventory Management
- The role of inventory in business operations
- Understanding the differences between inventory management and material management
Inventory Control Techniques
- Just-in-Time (JIT) vs. Material Requirements Planning (MRP)
- Implementing ABC & VED analysis to prioritize inventory items
Managing Physical Inventory vs. Intangible Assets
- Case studies across various industries
Inventory Management Strategies
- Analyzing market trends and demand forecasting
- Utilizing technology to optimize inventory levels
Advanced Topics in Inventory Control
- Risk management for inventory holdings
- Cost optimization and price strategy

What You Will Learn:

Essentials of Effective Inventory Management: Master the principles and practices that underpin successful inventory control.
Inventory Techniques: Learn the ABC & VED analyses and other techniques to manage your inventory more effectively.
Strategic Planning: Gain insights into strategic inventory management planning to align with business objectives.
Risk Assessment: Understand how to assess risks associated with inventory holding and mitigate potential losses.
Technological Solutions: Explore the role of technology in managing inventory, from basic tools to advanced ERP systems.

Enroll now to transform your approach to inventory management and drive your business operations to new heights! 🚀📊

About the Instructor:

Nilesh Ahire is a seasoned professional with extensive experience in supply chain management and inventory control. His expertise spans across various industries, providing him with a unique perspective on the complexities of effective inventory management. Nilesh's practical insights and real-world experience will guide you through this comprehensive course, ensuring you gain a deep understanding of the subject matter.

Join our community of learners and take your first step towards mastering inventory control techniques with our engaging online course today! 🌟🚀