Inventory Management - From basics to brilliance

Name: Inventory Management - From basics to brilliance
Rating: 3.9 (33 reviews)

Inventory management - the theory and practical learnings behind the processes and functions explained.

Created byTerrence Walmsley - MLSCM

Last updated 1/2023

English

What you'll learn

Students will learn the theory and understanding of inventory and the elements that govern the management processes
Course applies to all industries, all functions
Learn analytics and understand variances
Apply operations processes to inventory functions with a view to automate operations

Course content

1 section • 17 lectures • 7h 50m total length

An introduction to iA - Inventory Academy - Background18:34
After viewing the Introduction, students will be able to decide on whether to view the modules. After reviewing all modules an exam will be sent to the student and on successful completion, a certificate will be issued stating all modules have been completed.
Module One - Safety ( the inventory MUST KNOWS in relation to SKU management)33:28
Module One - Safety ( the inventory MUST KNOWS in relation to SKU management and safety impacts)
Students will understand the requirements for SKU data to manage inventory that have safety impacts due to the nature or physical characteristics of the items.
Module 2 - Finance (The figures that affect inventory and understanding them)28:27
Students will learn about the financial aspects of SKU management. This finance is not about ledgers and chart of accounts, it's about waste management and inventory processes.
Module 3 - Inventory (the Master Data elements explained)36:03
Students will learn the value of Master Data and its impact on present and future development within the business
Module 4 - Strategic Planning - (the benefits of structured planning)17:47
Students will learn the value to a structured understanding of process driven inventory management.
Module 5 - Cost Management - (understanding inventory function costs)24:49
Students will understand the operational costs tied to inventory management and how to control the costs.
Module 6 - Production Systems (TQM,Lean, LSS, KPI's and more)23:36
Students will learn how production systems tools and processes can be used to manage inventory.
Module 7 - RIS - Research, Investigate, Stocktake (the 'how to' guide)37:22
Students will learn the different type of stock counting functions and how to run a full inventory stocktake function.
Module 8 - The Supply Chain (where inventory is positioned)23:03
Students will learn about the other supply chain functions within the supply chain and how inventory is affected by these functions.
Module 9 - Warehousing (how slotting, SKU dims and velocity affect the layout)33:04
Students will learn about warehousing functions and understand the fundamentals of layout and design.
Module 10 - Logistics (which SKU details are critical to success and accuracy)26:39
Students will learn about the logistics function as it relates to transport and the movement of inventory.
Module 11 - Purchasing/Procurement - (understanding the elements to purchasing)24:07
Students will learn about the supply equations and understand the equation components and the meaning of the functions.
Module 12 - Communications and Training (process alignment to BAU)22:34
Students will learn to understand the need for structured communications and staff training.
Module 13 - HR, IT, Sales & Maintenance (internal customer support)26:39
Students will learn about the other business support functions roles and how they can assist with inventory management.
Module 14 - Tools of the Trade (additional tools to assist inventory managers)33:59
Students will learn of other available commercial tools that are available to assist with inventory management.
Module 15 - Industry Specific Inventory Management (the differences explained)34:56
Students will understand how inventory management is affected by different industries requiring different management approaches.
Module 16 - Future State - (the guiding principles to automation)25:37
Students will view the next generation supply chain systems and processes as viewed by iA - Inventory Academy.

Requirements

it is recommended that students have a background or association with the management of inventory
Manage inventory by understanding how other functions are impacted

Description

Welcome to the iA Inventory Academy, where a transformative journey awaits you in the world of inventory management. Are you ready to embark on the most important inventory management course you will ever undertake?

In today's dynamic business landscape, effective inventory management is the linchpin that can propel an organization to success or bring it to its knees. Understanding the intricacies of inventory is essential for staff and students alike, and that's precisely what our comprehensive course offers – a deep dive into the key areas, functions, and processes that revolve around inventory.

Through our 16 thoughtfully designed modules, we equip you with the knowledge and skills to master the art of inventory management. Each module delves into specific aspects of inventory, unraveling critical insights to ensure you emerge as an adept inventory professional.

The journey begins with Module 1, Safety, where we prioritize the well-being of both personnel and goods. From handling dangerous goods to ensuring load compatibility, safety remains at the forefront of our inventory practices.

Finances are the lifeblood of any business, and in Module 2, we focus on aligning your strategies for profitability. Uncover the financial intricacies involved in inventory management, making well-informed decisions that drive your organization towards growth.

Moving forward, Module 3 sheds light on the very essence of inventory. We explore the physical characteristics of inventory and emphasize the significance of Master Data in optimizing your operations.

Strategic planning is a cornerstone of success, and Module 4 illuminates the connection between lead times and stock holdings. Gain insights into Sales and Operations Planning, a safeguard for your business's stability and progress.

Cost Management takes center stage in Module 5, where we unveil techniques to minimize loss and optimize operations. From inventory shelf life to stock rotation, we ensure you're well-equipped to tackle any cost-related challenges.

Engineer your inventory management prowess in Module 6, Production Systems – Lean/TQM/Six Sigma. Unleash the power of engineering platforms to elevate your inventory management to new heights.

Module 7, RIS – Research, Investigate, Stocktake, imparts the essential process requirements for governance and accountability. Become a master in handling inventory with utmost precision and diligence.

In Module 8, we unravel the intricate web of The Supply Chain and its profound impact on inventory management. A holistic understanding of supply chain dynamics empowers you to navigate complexities with ease.

Your journey continues as Module 9 brings you face-to-face with Warehousing's profound influence on inventory functions and processes. Gain mastery over warehouse management, a pivotal aspect of successful inventory operations.

Logistics, the heartbeat of efficient inventory management, takes the spotlight in Module 10. We delve into the impact of inventory master data and reveal how accurate dimensions can make or break your logistics strategy.

Procurement assumes center stage in Module 11, emphasizing structured function requirements and lead-time dynamics. The Supply Equation takes form as we foster your procurement prowess.

Mastering the art of communication and training in Module 12 empowers you with the prowess of Sales & Operations Planning (S&OP) and a well-structured communication strategy.

Module 13 transcends beyond inventory, exploring the symbiotic relationship of ancillary internal functions—Human Resources, Information Technology, Sales, and Maintenance—that fuel the primary business function, inventory.

Tools that make inventory management a dream are unveiled in Module 14. Discover the power of 'add-on' features and apps that streamline your inventory management process.

Module 15 uncovers the intricacies of Industry Specific Inventory Management, tailoring strategies to meet each industry's unique requirements and bespoke processes.

As your journey culminates with Module 16, we peer into the Future State, where next-generation supply chain systems are conceptualized, paving the way for innovation and efficiency.

Upon completing this course, you will be equipped to transition seamlessly into diverse industry inventory roles, equipped with in-depth industry knowledge. Get ready to hit the ground running and become a trailblazer in the world of inventory management. The iA Inventory Academy is committed to empowering you with the expertise to succeed in this vital domain. Let the journey begin!

Who this course is for:

Anyone interested in understanding and managing inventory and associated functions
All businesses manage inventory.