Warehouse Management & Stock Control

Course details

In today’s highly competitive market place, warehousing and distribution could be your competitive advantage or your down fall!

• Warehousing is the storage of goods for profit. The physical location, the warehouse, is a storage facility that receives goods and products for the eventual distribution to consumers or other businesses. A warehouse is also called a distribution center. Warehouse management is the process of coordinating the incoming goods, the subsequent storage and tracking of the goods, and finally, the distribution of the goods to their proper destinations.
• Stock or Inventory management is primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to proceed the regular and planned course of production and stock of materials.
• The scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an on-going process as the business needs shift and react to the wider environment.
• stock control on the other hand comprises mainly the clerical and administrative functions of stores work. It involves:
• Ensuring that the right types and qualities of items needed for production, sale and distribution, are always available when required;
• Ensuring that stock is issued in the correct sequence, that is, “first in first out”, so that “older” stock is not allowed to deteriorate by being kept too long in the Store, for instance because it has been hidden from view by more recently received stock;
• Maintaining records showing the “movement” of items into and out of the Store, controlling and monitoring those movements and maintaining full records of the items in the Store;
• Ensuring that the correct “stock levels” of the various items are set and are maintained, that orders and reorders are made (or requested to be made) in good time, and that what is ordered is received;
• Checking, counting or otherwise measuring stock to ensure that records are accurate and that no losses are occurring due to pilfering, theft, damage or poor storage; pricing and valuing the items in the Store.
• Warehouse Management & Stock Control is an intensive five day (36 hours) Course for those who want to acquire, understand and implement the essential tools and techniques for managing stock/inventory in the supply chain.

arehouse Management & Stock Control – provides an understanding of the methods used by organizations to obtain the right quantities of stock or inventory.

The holding of stock can be a large financial burden upon an organisation and needs to be carefully controlled. It is important that purchasing and supply professionals understand the methods and techniques for reducing the cost of holding goods while providing an efficient and effective service to their customers.

Course Objectives

Participants attending the course will be able to:

1. To provide an understanding of the methods used by organisations to obtain the right quantities of stock or inventory.
2. Explain the different stock evaluation methods such as LIFO, FIFO, average cost, standard cost and replacement cost.
3. Describe the different costs involved in holding stock.
4. Explain ways in which demand can be affected (i.e., seasonal demand).
5. Explain the need for forecasting and demonstrate knowledge of the different demand forecasting techniques.
6. Show an understanding of stock replenishment systems and the use of economic order quantities.
7. Define the terms ‘safety’ and ‘service levels’ and describe their effect on order quantities.
8. Describe the different ways in which stock can be classified and the coding systems available.
9. Describe the systems for determining dependent demand – MRP and MRP2
10. Demonstrate an understanding of how the MRP system works.
11. Explain distribution resource planning and the importance of this system in managing the supply chain.
12. Outline the Just in Time philosophy and the requirements for its success.
13. Outline the requirements for the location of a stores or warehouse.
14. Identify the factors which should be taken into account when designing a stores/warehouse.
15. Identify the factors which should be taken into account when designing a stockyard.
16. Describe the general principles of stores/warehouse layout (i.e., flow, space utilisation and flexibility).
17. Explain the principles of efficient materials handling.
18. Explain the advantages and disadvantages of the different types of materials handling equipment.
19. Outline the different stock recording and stocktaking methods.

Organisational Impact

Organisations will be able to:

1. Examine the link of inventory in the company supply chain operations and activities.
2. Analyse the key areas of operations
3. Identify and understand key performance indicators (KPI).
4. Succeed in improving operations.
5. Have better control over their Inventory.
6. Reduce their overall stock holding costs.
7. Reduce costs and improve performance.
8. Have a competitive edge over their peers, and hence satisfy their customers.
9. Reduce their overall total cost of ownership without affecting quality of goods or services bought.
10. Get better return on their investment, and hence satisfy their shareholders
11. Gain market positioning and competitive advantage.

Personal Impact

Participants will:

1. Know how to analyse stock and inventory.
2. Know how to make productivity improvements.
3. Understand the role of inventory in the supply chain.
4. Balance cost and service requirements.
5. Add value to their organisations
6. Effectively manage warehouse operations
7. Achieve maximum performance in inventory management
8. Apply advanced methodologies of purchasing and supply chain management
9. Benefit from interaction with the course colleagues
10. Relate best in class practice within their relevant fields.

Training Methodology

Participants will learn by active participation during the course through the use of exercises, quizzes, case studies, actions, syndicate and group discussion, share experiences with other delegates from varied industries and discussions on “real life” issues in their organisations.

Teaching Faculty

• The Warehouse Management & Stock Control Course is conducted by professional, experienced and knowledgeable lecturers.
• Equipped with the required experience and knowledge of purchasing and supply chain management.
• Possess MCIPS, MBA and DBA as minimum qualifications, and committed to the teaching profession.
• Have more than ten years teaching experience in the purchasing and supply chain management (P&SCM) fields.

The class is taught by a member of our faculty, and every delegate can count on personal attention from our lecturers. You’ll always be invited to discuss your opinions, seek professional advice, or ask for extra help.