Inventory and Store Management training centre in Bangladesh

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Inventory and Store Management

Introduction

Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by an enterprise. In other word, inventory is stored accumulation of material resources and physically located that are used in a transformation process and/or activated as asset.

On the other hand, Store is an establishment that stocks goods for sale to customers/consumers or gathers materials for the purpose of using as an input for production processes. Enterprises build stores to ensure a balanced flow of materials in order to keep the business running.

Effective Store or Warehouse Management is a key part of the supply chain and primarily aims to control the movement and storage of materials within a store or warehouse and process the associated transactions, including shipping, receiving, put-away and picking.

Many enterprises spend a lot of time and efforts for developing sales projections and budgets for expenses. Each month these forecasts are compared to actual sales and expenses. If sales are lower, or expenses higher than what was projected; management usually takes corrective action to ensure that the company remains profitable. Unfortunately, few enterprises maintain budgets and projections for what is probably their largest asset, inventory. It is also noticed that many enterprises do not give due importance in maintaining proper utilization of store or warehouse where inventory is kept or preserved.

An organization's inventory can appear a mixed blessing, since it counts as an asset on the balance sheet, but it also ties up money that could serve for other purposes and requires additional expense for its protection. Besides, enterprises sometimes make store or warehouse without doing proper analysis and thus some portion of that store or warehouse remain unutilized.

Some organizations hold larger inventories than their operations require in order to inflate their apparent asset value and their perceived profitability. The hottest buzzword in inventory these days is zero inventory. It’s a cross between absolute zero and the speed of light. Neither is truly attainable in many cases.

Many enterprises have limited funds available to invest in inventory. We cannot stock a lifetime supply of every item. In order to generate the cash necessary to meet expenses and earn a profit, we must sell the material we’ve bought or produced. The inventory turnover rate measures how quickly we are moving inventory through our warehouse or store.

Considering this reality, many enterprises recognize that they need to know how to control and manage their largest asset, inventory. They also now realize that effective utilization of store or warehouse can contribute a lot to the organization. Inventory can be transformed back into cash through sales. Organization cannot be successful (or perhaps even survive) unless it understands this relationship and its details processes.

Conventional knowledge is sometimes unable to detect whether we should keep too little inventory or too much inventory or maintain just the right amount of inventory. Thus we need to make in-depth analysis of total supply chain process to ascertain optimal inventory. Effective inventory and store management is inevitable for today’s competitive business world. Please keep in mind, “It’s easy to turn cash into inventory, but the challenge is to turn inventory into cash”.

Please combat this challenge and learn Inventory and Store Management and contribute to your organization you work or you own.

Methodology

Interactive Lecture
PowerPoint Presentation
Group Discussion

Contents of Training:

DAY 01
Introduction to program & learning objective
Introduction to inventory
Why inventory keeping is necessary
Types and stages of inventory
Inventory in Working Capital Cycle
Supply Chain Management & Inventory
Demand management

Role of Inventory Manager
Lead-time management
How to reduce lead-time
LOB,VMI, CMI,EDI,BPR and ECR

Material Requirement Planning (MRP)
Bill of Material (BOM)
Distribution Resource Planning (DRP)
Inventory planning and related issues
Inventory Categorization: ABC analysis
Inventory Categorization: 80/20 Rule

Inventory replenishment
Re-order level
Periodic review system
How much to order, EOQ and related issues
Learning check
Wrap up of the day

DAY 02
Introduction to program & learning objective
Safety stock calculation
Inventory of perishable items
Inventory checking
Stock Keeping Unit (SKU) inventory
Inventory turnover
Method of inventory valuation

Receipt and Issue of Inventory
TQM/JIT
Inventory coding
Inventory and insurance

Warehouse operation
Why have stores?
How to chose store/warehouse location
Store/warehouse Layout
Warehouse design and its parameters
Materials handling and equipment

Safety at warehouse
Green warehouse
Inventory Management & 5S
Case study
Question-answer session
Wrap up of the day

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"Good & helpful for our work place and career also" - Jasim Ahmed Chowdhury, Officer, Accounts, Beximco Pharmaceuticals Ltd.
The professionals who are with the Store and inventory functions in their workplace.
Those wish to pursue their career in the relevant sector.
Arrangement for Certificate, lunch and two tea-break would be made by the Organizer during the workshop.