Most companies carry too much inventory. “You can’t sell from an empty wagon,” is usually the reasoning. Being over-stocked means the company will likely not run out of anything. But what about the inventory that has celebrated a few birthdays in the warehouse? Has anyone stopped to calculate the true cost of worrying about “running out?”

The costs of maintaining excessive inventory usually far outweigh the true cost of not being able to quickly deliver a particular item to a customer once in a very long while. A balance must be struck between inventory levels and turnover. Good inventory managers know what stock moves at what rate. They carefully plan re-order levels to ensure that the chances of running out are minimized while the turnover rate is maximized.

How You Will Benefit:

By the end of today, you will be able to:

  • Understand terms that are frequently used in warehouse management
  • Identify the goals and objectives of inventory management, and measure your process against these goals
  • Calculate safety stock, reorder points, and order quantities
  • Evaluate inventory management systems
  • Identify the parts of the inventory cycle
  • Better maintain inventory accuracy

What You Will Cover:

  • What is inventory?
  • Types of inventory
  • Key players
  • Setting up the warehouse
  • What makes a good inventory management system?
  • The warehouse inventory cycle
  • Identifying demand
  • Validating inventory
  • The put-away and receiving process
  • Maintaining inventory accuracy
  • The outbound process
  • Industry trends
When communicating with investors and business owner, I often ask them: “If you face some problems in managing your business, what would you do?” Although everyone differs in the name of the consultant he would resort to, two final points remain common when they describe that consultant they trust: capability and quality.
Capability means that the business consultant providing you with different and rich business solutions has to be ambitious to provide unique services and products with high quality to meet the needs of your estimated institution and can create an added value for you; quality means to be committed in its quest for excellence to reach beyond what you imagine.
As a business solution company, We_they centers around one point: the continuous improvement of the business solutions it provides through direct contact with business world needs and its changing nature.
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