Effective Inventory Control & Warehouse Management

26-27 Feb, 2024, Remote Online Training - Public

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MANOHARAN MURUGESON has more than 21 years of practical work experience in contracts administration, supplier management, procurement, project management, supply chain and logistics, etc. He specializes in training, facilitation and consulting to both the public and private sector in areas like Procurement Efficiencies including addressing issues of contracts
administration, fraud, cost management and product life cycle management, Warehouse Management, Operations Management, Total Cost Management, Supply Chain Management, Total Logistics management, Stock Taking and Auditing.

 

His landmark consulting experience was designing of materials part numbering and coding
systems, preparation of standards, policies and procedures for a large rail network. He was also involved as a consultant for the development of an automated business solution for a wholesale/retail stationery business with offshore branches where he was instrumental in business process analysis, process improvement, project management and eventual successful completion and commission of the system.

 

Mr. Haaran’s sample of illustrious clients list for training include Shell, UMW Toyota Motor,
Celcom, Samsung, Proton, Colgate-Palmolive, Eon Finance, Philips, Hicom-Yamaha, Malaysian Oxygen, NEC, Petronas, General Electrics, Gamuda, Johnson & Johnson Medical, JVC, Kontena Nasional, Glaxo Wellcome, Hitachi, Hong Leong Lurssen Shipyard, National Heart Institute (IJN), Kenwood, Macfood Service, Nestle, Mattel, Matsushita Industrial Corporation, Maybank, Minolta Precision Engineering, MISC, Perwaja Steel, Seagate, Canon, BASF and UPS, Petronas Carigali, Sidel, Western Digital, Perodua, Sharp, Panasonic.

 

He holds Masters in Business Administration (MBA) USA.

Venue Details

Remote Online Training - Public

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Inventory Management Fundamentals
  • The Concept of Cost in Inventory Management
  • Tools to Manage Inventory - Ordering
  • Customer Variables
  • Classification and Stratification of Inventories
  • Forecasting to help in Inventory management
  • Physical Management of Inventory
  • Warehouse Systems for Process Efficiency and Cost Benefits
  • Creating Warehouse Efficiency in Space Management
  • People Issues in the Warehouse
OVERVIEW

Inventory represents money tied up in the warehouses or work in progress until the inventory leaves the company as finished products or components purchased by customers.

In manufacturing companies, it is estimated that about 60% of the cost is related to inventory. Inventories are normally stored in various warehouses or distribution centres in disparate locations locally and globally. While there have been various initiatives like vendor managed inventory (VMI), JIT, etc., that have been practiced by organizations to reduce the cost of managing inventory and serving customers effectively, organizations are constantly looking for ways to reduce their investment in inventory.

Efficient inventory management is the process of ensuring that materials are available for consumption or usage when it is actually needed. It usually involves controlling the inflow of materials in the right quantity, not too much or not too little.

In a competitive environment, companies that operate on low profit margins, poor inventory management can seriously affect the business. The challenge is not to reduce inventory to bare minimum, so as to reduce costs or to buffer plenty of stocks to satisfy all demands, but to have optimum amount to achieve the competitive priorities of businesses efficiently.

Thus, new, and effective techniques need to be adopted to reduce overall costs of holding and ordering inventories and at the same time satisfy customer’s inventory needs.

This two-day course is designed to impart practical knowledge on how to:
1. Ensure that right quantity of materials is made available to serve internal and external customers
2. Ensure that available materials are managed well in the warehouses with high accuracy levels and readily available for usage.

KEY BENEFITS
  1. Design a systematic approach to prevent down times caused by materials shortage and other delays
  2. Avoid losses and optimize savings on inventory investment
  3. Identify surplus/obsolete materials and take appropriate actions
  4. Increase service levels and satisfy customers through good forecasting tools
  5. Minimize overheads, high holding costs, and ordering costs
  6. Create efficiencies in the warehouse using KPI’s and performance measurement tools
WHO SHOULD ATTEND
Inventory Managers, Operation Managers/ Executives, Marketing Managers/ Executives, Store/ Warehouse Managers/ Executives/ Supervisors, Logistics/ Distribution Managers/ Executives, Purchasing/ Planning Managers/ Executives
METHODOLOGY
Interactive Lectures, Exercises, Q&A, Video Presentation & Class Participation
DAY 1
9:00

INVENTORY MANAGEMENT FUNDAMENTALS 

  • The Role And Purpose Of Inventory
  • Types Of Inventory
  • Inventory As A Business Strategy
  • Role Of Inventory In The Supply Chain Environment And The ‘Bullwhip Effect’


10.45

THE CONCEPT OF COST IN INVENTORY MANAGEMENT

  • Departmental Perspective Of Cost- Procurement, Production, Warehouse, Finance, Planning, etc.
  • Types Of Cost In The Management Of Inventory
  • The Hidden Cost Of Inventory Investment

 

1:00 Lunch
2:00

TOOLS TO MANAGE INVENTORY - ORDERING

  • Order Quantity – Fixed And Time Based
  • Understanding Constraints And Working With Information
  • Addressing Lead Time And Consumption Variables
  • Supplier Constraints – MOQ, Time And Quality Issue
Exercises On Determining Order Quantities Using Various Models

 

3:45

CUSTOMER VARIABLES

  • Understanding Service Levels
  • Influence Of Service Levels In Holding Inventory
  • Cost Of Service Levels And Safety Stocks

Exercises On Determining Service Levels And Safety Stock

 

5:00 End of Course
DAY 2
9:00

CLASSIFICATION AND STRATIFICATION OF INVENTORIES

  • Pareto Principle In Inventory Classification
  • ABC, VED, FSN, Usage Based
  • Selective Control Approach To Managing Inventory

Exercises On Classification Of Materials


10.45

FORECASTING TO HELP IN INVENTORY MANAGEMENT

  • How Would Forecasting Help – Inventory Holding And Buying Decisions
  • Types Of Forecasting To Consider
  • The Bullwhip Effect Reduction
  • Addressing Errors And Overstocking Of Inventory

Exercises On Forecasting

 

11.00

PHYSICAL MANAGEMENT OF INVENTORY

  • Materials – Obsolete, Surplus And Slow Moving
  • Critical And Fast-Moving Materials – Customer Oriented
  • Returns, Rejects And Damaged

 

12.00

WAREHOUSE SYSTEMS FOR PROCESS EFFICIENCY AND COST BENEFITS

  • Managing The Warehouse – Processes, Storage Systems And Controls
  • Technology – WMS, RF, RFID, IoT, Drone, etc
  • Supply Chain Management And The Transformation Of Warehouse Functions

 

1:00 Lunch
2:00

CREATING WAREHOUSE EFFICIENCY IN SPACE MANAGEMENT

  • Developing KPI’s
  • Space Management – Utilization Ratios
  • Process Improvements – Handling And Distribution

Exercises On Space Utilization

 

3:45

PEOPLE ISSUES IN THE WAREHOUSE

  • Training, Motivation And Rewards
  • Safety And Security
  • Availability Of Resources And Constraints In Meeting Customer Needs

 

5:00 End of Course