Advanced Inventory Forecasting Techniques
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Advanced Inventory Forecasting Techniques Course
Introduction:
The objective of this workshop is to empower participants in cultivating the following capabilities:
1. Cost and lead time analysis
2. Comprehension of the interconnectedness between warehousing, inventory, and the supply chain's interactive components
3. Adapting existing methods to optimize costs while considering trade-offs
4. Enhancing existing methods to achieve improvements
5. Facilitating the sharing of diverse approaches among all stakeholders for mutual benefit
6. Engaging in discussions, actively listening, and understanding the perspectives of others.
Course Objectives:
By the end of this program you will be able to:
- Plan and control stock successfully and cost-effectively using proven techniques of inventory management.
- Forecast demand and control lead time.
- Classify, count, and reduce inventory.
- Reduce inventory investment and surplus.
- Use the right key performance indicators KPIs for the measurement and evaluation of the inventory department.
- Learn the principles of Warehouse and Inventory Management
- Evaluate current procedures
- Examine operations and activities
- Analyze the key areas of operations
- Identify and understand key performance indicators
- Succeed in improving operations
- Improve personal productivity
- Make needed changes to methods to improve customer service whilst achieving reductions in inventory
- Eliminate wasteful costs
- Avoid those internal problems that limit performance
- Obtain added value for money
Who Should Attend?
This training course is suitable for a wide range of professionals but will greatly benefit:
- Those having some responsibility for buying from overseas and for forwarding/import activities.
- Traffic managers, forwarding managers, shipping managers, logistics/supply chain managers, and expeditors.
- Those existing managers/supervisors, who need a “confirmation” of their current operation
- Supply, Buying, Purchase, Logistics, Materials and Supply Chain Managers
- Those who are looking for business gains and benefits from managing their supply chains more effectively
Course Outlines:
State-of-the-Art Overview
- Forecasting That Works
- New Rules for Effective Inventory Control
- Integrating Inventory Plans with Business Plans
- Three Principles for Success
New Performance Measurements for Inventory Management
- Customer Service Effectiveness
- Inventory Control
- Warehouse Productivity
- Return on Investment (ROI)
New Paradigm for Inventory Control
- Establishing the Right Controls
- The Problem With Traditional ABC Approaches
- Inventory Segmentation Approaches That Work
- Planning Total Inventory Levels
Using Demand Data for Inventory Management
- New Principles of Forecast Simulation
- Setting Up a System for Every Scenario
- Integrating Demand Data with Inventory Planning
- Models for New Items
- Forecast Accuracy Measurements
Creating Useful Inventory Forecasts
- Aggregate and Item Financial Data
- Projections for Capacity & Load Planning
- Integrating Marketing Intelligence
- Aligning System Settings With Inventory Projections
- Monitoring Inventory Flow Against the Forecast
Advanced Inventory Control Settings
- Using Safety time Instead of Safety Stock
- The New Concepts of EOQ
- The Correct Evaluation of Price Breaks
- Automating Replenishment Orders
An Advanced Forecasting & Inventory Management System in Action
- Unique Software Features & Functions
- Demonstration of Inventory Control Concepts & Principals
- Key Reports For Inventory Analysis
- Creating Forecasts for Suppliers
- Using Filters and Ranges
New Roles for Inventory Control Personnel
- Role of the Inventory Manager
- Reviewing Every Item, Every Day in a Weekly Work Plan
- Developing Logical Ordering Strategies
- Effective Expediting
- Twenty Practical Considerations for Inventory Control
Distribution Requirements Planning (DRP)
- Supply Chain Management
- Impact on Warehousing Activities
- Benchmarking World Class Inventory Management Systems