Inventory Control & Management - ICM

About the Course:

Gain in-depth expertise in inventory management and unlock powerful tools for cost reduction, efficiency, and business performance. Designed for operations managers, supply chain professionals, and business owners, this course takes a practical approach to modern inventory management techniques.

In today’s fast-paced business environment, efficient inventory management is essential to maintaining competitive advantage. This course covers core topics and advanced methods used in various industries, from retail and manufacturing to healthcare and hospitality, to ensure optimal stock levels, cost savings, and enhanced customer satisfaction.

Starting with foundational principles, you’ll explore different inventory types, key terms, and the reasons inventory remains central to any operation. Dive into strategies like ABC, VED, and FSN analysis for effective classification, and learn to apply EOQ (Economic Order Quantity) models and Reorder Point methods to balance holding costs, ordering costs, and service levels. Gain confidence in calculating safety stock to manage demand uncertainty and avoid stockouts.

Next, discover modern tools and methodologies, including Just-in-Time (JIT) and Kanban systems, to minimize inventory holding without sacrificing availability. You’ll also learn to leverage Warehouse Management Systems (WMS), ERP systems, and cutting-edge technologies like barcoding and RFID for accurate, real-time inventory tracking.

Course Objectives:

• Understand the fundamental concepts and importance of inventory control.
• Learn various inventory management techniques and models.
• Apply forecasting methods to predict inventory needs.
• Analyze and improve inventory systems.
• Understand the role of technology in inventory control.

Who is the Target Audience?

• Students and Professionals in Engineering, Logistics, & Management who want to build a strong foundation in modern inventory management principles.
• Inventory and Logistics Analysts seeking to master techniques like EOQ, JIT, and forecasting for effective decision-making.
• Operations, Production and Supply Chain Managers looking to optimize stock levels, improve efficiency, and reduce inventory costs.
• Business Owners and Entrepreneurs aiming to streamline inventory processes, cut costs, and increase profitability.

Basic Knowledge:

• Basic knowledge of operations management and statistics.