Inventory Management: Procurement Calculation using Excel
What you'll learn
- A very simple and very practical way of calculating Purchase Orders in Excel
- What is Reorder Point and how to calculate it in Excel for each product
- When is the IDEAL time to order more stock
- How to optimise the amount of money tied up in stock
- Get on top of your inventory management
- Improve your product availability and service levels
Requirements
- Basic Microsoft Excel
- High School Maths
- Access to Microsoft Excel would be a bonus
- A desire to improve your product availability whilst reducing warehousing costs
Description
Whether you are a business owner, supply chain analyst, operations manager or procurement professional, anyone can benefit from optimising their stock holding. This course will teach you how to calculate the IDEAL time and quantity of your Purchase Orders and how to do it all in Microsoft Excel.
There is no need to pay for an expensive software. You can build a simple but effective tool in Microsoft Excel and this course will teach you how to do it!
Why placing your Purchase Orders at the right time is important?
The more your business grows the more difficult it is to maintain ideal stock levels across your products. Setting a reorder point for your most important SKUs helps you determine when to replenish your stock, so that you have neither too much nor too little of any given item. A carefully calculated reorder point is therefore critical to good stock control, and keeps your key metrics looking healthy for your next inventory report.
Minimise costs
Storing more inventory than what can be sold in a timely fashion is not a productive use of capital. This course will equip you will a tool, which will provide your businesses greater financial flexibility by allowing them to keep the ideal amount of inventory on hand.
Minimise out of stocks
Too much inventory is expensive, but too little inventory can result in stockouts, which are damaging to your business: orders are delayed or cancelled, the service levels drop, which can result in the loss of customers. The Procurement Calculation in Excel tool will help prevent stockouts before it’s too late with inventory replenishment.
Maintaining proper inventory levels is an elegant dance that must balance consumer demand and supplier reliability. Storing too much inventory diminishes your budget in terms of warehousing costs and available capital, however you need the right amount of inventory to account for unexpected demand or supply problems.
COURSE CONTENTS:
1. Introduction to Procurement Calculation in Excel
Welcome!
Shoppers behaviour when faced with a stock-out
2. Theoretical Part
Reorder Point (ROP)
The True Costs of Inventory
“Excuses” for Inventory
Summary
3. Practical Part in Microsoft Excel
Full Document Overview
Formulas and Calculations
Who this course is for:
- Anyone who makes purchasing decisions and deals with inventory management
- Relevant to all industries
- Supply Chain and Purchasing / Procurement Professionals
- Startup and/or SME Owners
- Finance Professionals
Instructor
- 4.0 Instructor Rating
- 21 Reviews
- 306 Students
- 2 Courses
Highly experienced Supply Chain & Logistics specialist with Master’s in Logistics and Supply Chain and over 15 years of experience in end-to-end supply chain. Passionate about SC concepts and their implementation. Strong leadership, problem-solving and analytical skills.
Throughout my career, I have successfully managed all key aspects of the supply chain, including:
- Manufacturing
- CMO management
- 3PL management
- Procurement
- Transport
- International trade and customs clearance
- Demand planning and forecasting
- S&OP and S&OE processes
- And, project management.
I have had the opportunity to work in various sectors, such as fashion, cosmetics, pharma and consulting, which has provided me with a diverse range of experiences and insights.
Today I am very eager to share my skills and expertise with you in my unique Udemy courses, which I developed especially for you!