Bad inventory decisions can kill an organization’s profitability, whittle away at its market share, and generally wreak havoc on the supply chain. If you’re basing your inventory decisions on guesses or informally-learned tactics rather than basing them on time-tested best practices, you are probably setting yourself up for failure. Profitable Inventory Management and Control will give you the skills you need to use inventory as a strategic weapon for boosting profitability and giving your organization a competitive advantage. Upon completing this course, you will be able to:
- Identify the six big inventory risks and how to mitigate them
- Forecast more accurately whether your business is stable, growing, declining, or subject to seasonality
- Set up the inventory replenishment cycle, including setting safety stock levels, reorder points, and economic order quantities (EOQ)
- Measure inventory management performance using metrics such as inventory turnover, fill rate, and various financial ratios
- Integrate desired service levels into inventory management and control decisions
- Conduct inventory analysis, including applying ABC Analysis/Stratification
- Reduce inventory and calculate cost savings related to inventory management and control decisions
- Evaluate the effect of lead time, including transportation considerations, on inventory
- Understand what postponement is and how you might apply it for reducing inventory and waste
- Understand what inventory optimization really is and how you can harness it through technology
This is a self-paced course with no instructor-led forum and you have 60 days from registration to complete all course elements. It should take you approximately 8 hours to review the material and take any quizzes. All readings are provided in the course.
This course has been pre-approved for 8 CEHs.