Date: October 22-23, 2015
Location: Gaylord Texan Resort & Convention Center
1501 Gaylord Trail
Grapevine, TX 76051
Instructor: Jon Schreibfeder
Agenda: Click here to view agenda
CPE Credits: 14 CPE
The Effective Inventory Management Workshop is not a typical inventory management seminar. It is an intermediate-level, two-day group session designed for those who want to take an aggressive, hands-on approach to dealing with their inventory challenges.
All inventory management seminars are designed to teach you how to maximize the profitability and productivity of your inventory investment. We present a series of concepts, tools, and “best practices” in this highly interactive workshop. Participants should have at least one year of experience working in an inventory-related area as a prerequisite.
Prior to the session, EIM supplies you with a list of information to collect from your organization and computer system. During the workshop, you use your data (or alternative sample data supplied by EIM) in a series of exercises and Excel® spreadsheets to achieve the following objectives:
- Ensure that on-hand quantities in your warehouse remain accurate with cycle counting, ensuring that all material movement is properly recorded, and protecting your inventory from theft.
- Plan warehouse organization that minimizes the cost of filling orders.
- Accurately measure the productivity and profitability of your investment in inventory.
- Identify products that are not contributing to your overall inventory-related goals and might be candidates for liquidation.
- Identify and analyze possible unusual sales or usage.
- Recognize the specific components necessary to develop a meaningful forecast of future demand for each stocked product. During this segment, we look at several popular methods of forecasting to determine the “best” method for your inventory.
- Measure and improve forecast accuracy.
- State how promotions, environmental factors, and special products can be incorporated into your forecast.
- Decide whether it is better to buy from a vendor, transfer from a central warehouse, or assemble a product in-house.
- State the effect that longer and shorter lead times have on your total inventory investment and the service you provide your customers.
- Decide on the “right” amount of safety stock or reserve inventory for each item to balance customer service and profitability, as well as several methods for determining this quantity.
- Determine how often you should issue replenishment orders for each source of supply (especially when vendors offer different terms for different-sized orders or you have to decide between several vendors).
- Identify the best replenishment parameters and reorder quantity for each stocked item.
- Determine the optimal inventory for each product (expressed as an average monetary amount and number of days’ supply) compared to your current inventory.
- Identify how much excess inventory your suppliers are forcing you to carry.
- Determine when it is in your best interest to take advantage of special discounts, payment terms, or other incentives.
- State how changing your business objectives affect your inventory performance.
- Implement a simple way to determine what product or vendor lines need the most attention from a buyer.
- Implement the best “total performance” measurements for your investment in inventory.
Because we are dealing with your data and “live” software, we perform a lot of “what if” analyses, and you discover how making small adjustments to your current practices can result in big improvements. Best of all, you discover your organization’s unique potential, because you perform all analyses with your own data.
As we proceed through the course, you develop a list of action items to complete in the upcoming several months. During the last segment of the course, we organize these action items into a comprehensive plan to achieve effective inventory management.
In order to achieve maximum benefit from the course, all participants should have a laptop w/CD drive equipped with Excel® 2007 or later software. Participants should submit their data to EIM two weeks prior to the seminar for validation. A template for the data is used in the seminar and is emailed upon registration. If you do not have some of this data, please contact us to see if we can provide an alternative analysis. For those participants who cannot obtain the necessary data from their organizations, a sample database is supplied.
Full refund up to 30 days prior to seminar. 50% refund granted if cancellation notice received 14-30 days prior to seminar. No refund within 14 days of seminar date. Substitutions are allowed at any time, but please notify us at 972.304.3325.