Introduction

Inventory management is a critical function in supply chains, ensuring the right products are available at the right time while minimizing costs. Efficient inventory management helps businesses reduce waste, optimize cash flow, and improve customer satisfaction.

This course provides professionals with a strong foundation in inventory management, covering key concepts such as inventory control techniques, demand forecasting, stock replenishment strategies, and warehouse operations. Participants will explore best practices, digital tools, and automation technologies to improve inventory accuracy and efficiency.

Course Objectives

By the end of this course, participants will:

• Understand basic inventory management principles and key functions.
• Learn inventory control techniques, stock classification, and tracking methods.
• Explore warehouse operations, demand forecasting, and replenishment strategies.
• Assess inventory cost optimization, risk management, and performance measurement.
• Develop strategies for improving inventory accuracy and reducing holding costs.
• Gain insights into digital transformation, AI, and IoT in inventory management.

Who Should Attend?

This course is ideal for professionals seeking a basic understanding of inventory management, including:

• Warehouse & Inventory Managers
• Supply Chain & Logistics Coordinators
• Procurement & Purchasing Specialists
• Retail & E-Commerce Business Owners
• Operations & Production Managers
• Students & Career Switchers Exploring Supply Chain Roles

Course Outline

Day 1: Fundamentals of Inventory Management

Unit 1: Introduction to Inventory Management

• What is Inventory Management? Key Functions & Importance
• Types of Inventory: Raw Materials, Work-in-Progress (WIP), Finished Goods, Safety Stock
• The Role of Inventory in Supply Chain Efficiency & Customer Satisfaction
• Case Study: How Walmart Optimizes Inventory for High Efficiency

Unit 2: Inventory Control Techniques & Classification

• ABC Analysis for Inventory Prioritization
• FIFO (First-In, First-Out) vs. LIFO (Last-In, First-Out) Methods
• Just-in-Time (JIT) vs. Just-in-Case (JIC) Inventory Strategies
• Workshop: Classifying Inventory Using ABC Analysis

Day 2: Demand Forecasting & Inventory Planning

Unit 3: Demand Forecasting & Stock Replenishment Strategies

• The Importance of Demand Forecasting for Inventory Accuracy
• Forecasting Techniques: Historical Data, Moving Averages, AI-Based Forecasting
• Determining Reorder Points & Safety Stock Levels
• Case Study: How Zara Uses Demand Forecasting to Optimize Inventory

Unit 4: Stock Replenishment & Order Management

• Inventory Turnover & Economic Order Quantity (EOQ) Formula
• Setting Optimal Minimum & Maximum Stock Levels
• Vendor-Managed Inventory (VMI) & Automatic Replenishment Systems
• Workshop: Calculating EOQ & Setting Reorder Points

Day 3: Warehouse Operations & Inventory Tracking

Unit 5: Warehouse & Storage Management

• Warehouse Layout & Storage Optimization for Efficient Inventory Flow
• The Role of Pallet Racking, Bin Systems, & Shelving in Stock Management
• Improving Picking, Packing & Shipping to Reduce Errors
• Case Study: How Amazon Uses Robotics for Warehouse Efficiency

Unit 6: Inventory Tracking & Digital Solutions

• RFID, Barcoding & IoT for Real-Time Inventory Tracking
• AI-Based Inventory Monitoring & Automated Stock Audits
• Cloud-Based Inventory Management Software (IMS)
• Workshop: Implementing an RFID-Based Inventory Tracking System

Day 4: Inventory Cost Control & Risk Management

Unit 7: Inventory Cost Optimization & Performance Measurement

• Understanding Carrying Costs, Stockout Costs, & Ordering Costs
• Inventory Performance KPIs: Turnover Rate, Fill Rate, Shrinkage Rate
• Lean Inventory & Reducing Excess & Obsolete Stock
• Case Study: How Toyota Uses Lean Inventory Techniques to Minimize Waste

Unit 8: Risk Management in Inventory Operations

• Identifying & Mitigating Inventory-Related Risks
• The Impact of Supply Chain Disruptions on Inventory Availability
• Blockchain for Supply Chain Transparency & Inventory Security
• Workshop: Conducting an Inventory Risk Assessment

Day 5: Future Trends & Strategic Inventory Optimization

Unit 9: Digital Transformation in Inventory Management

• AI & Machine Learning for Predictive Inventory Analytics
• IoT-Enabled Smart Warehousing & Inventory Automation
• The Role of Blockchain for Fraud Prevention & Inventory Transparency
• Panel Discussion: Experts on the Future of Inventory Management

Unit 10: Implementing an Effective Inventory Management Strategy

• Creating a Standardized Inventory Control Framework
• Measuring Inventory Performance & Continuous Improvement Strategies
• Final Project: Developing an Inventory Optimization Plan
• Course Wrap-Up & Certification

Training Methodology

• Interactive Lectures & Real-World Case Studies from Industry Leaders
• Hands-On Workshops with Demand Forecasting, Inventory Auditing & Replenishment Simulations
• Live Demonstrations of RFID, AI-Based Inventory Monitoring & Cloud Inventory Systems
• Expert Panel Discussions & Group Strategy Sessions
• Practical Assignments & Certification at Course Completion