Essentials Of Inventory Management

by Tutorials Point

Essentials of Inventory Management

$9.49

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img Duration

2 Hours

Course Details

 

Online Essentials Of Inventory Management course by Tutorials Point

 

Description

If you are a small business owner or a large retailer, you need to know how inventory management works. Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the movement and flow of goods from the supplier to the storeroom to the consumer. In today’s competitive environment, inventory management is one of the core skills that will help your business thrive.

 

What Exactly is Inventory Management?

Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.

It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.

 

What is inventory?

The goods that your company handles with the goal of selling are referred to as inventory. It could be raw materials that you purchase and transform into something completely new, or it could be a bulk product that you disassemble and sell separately. It could even be something wholly intangible, such as software.

 

Different Type of Inventory

There are several types of inventories, and the ones you will deal with will be determined by the products you sell. Here’s a quick rundown of some of the most common:

  • Finished goods or for-sale goods are the items you sell to customers.

  • Raw materials are the inventory used to create final products.

  • WIP: Essentially, unfinished items are inventory that is halfway through the production process.

  • MRO merchandise: MRO stands for maintenance, repair, and operation. This is the inventory that you use to help with the production process.

  • Safety stock: extra inventory kept on hand to deal with supplier shortages or increases in demand.

 

Every business that deals with inventory will require some sort of proper inventory management system. Let’s look at how that works in practice.

 

What is the workflow for inventory management?

Inventory management works on a basic level by tracking items, components, and ingredients across suppliers, stock on hand, manufacturing, and sales to ensure that stock is used as efficiently and effectively as appropriate. It may go as far as you need it to, such as studying the distinction between dependent and independent demand or predicting sales to plan ahead. But, in the end, it all comes down to your stock.

 

What Will I Get?

  • Understand fundamentals of Inventory management

  • Types of inventory

  • Inventory cost valuation

  • Cycle counting

 

Requirements

  • No experience is needed ,anyone interested in SCM can learn

  • Online Branch

    Online, Online, Online
  • Teacher's Name
  • Pattabhi
  • Teacher's Experience
  • Exp. Supply Chain Professional, APICS- CPIM, CSCP, CLTD Founder & Chief Consultant at Exxpert SCM, Bangalore * Organizational experience of 25 years * APICS Certified: CPIM, CSCP, CLTD, DDI Certified - DDPP, ISM Certified - CPM, PMI Certified - PMP * Analytics qualified, Expert in Supply Chain Analytics * Trained for Training(Train the Trainer) # All above 4 qualities make a perfect Supply Chain Trainer, which is possible with only trainers globally He has wide experience of three decades in the manufacturing sector comprising automotive, and machinery. He has worked in India and Abroad in MNCs such as BOSCH, WABCO, VISTEON, and BIESSE. He has held various senior positions in the supply chains such as GM – Supply chain, GM – Material Planning, and Logistics. He has led and managed large teams of supply chain professionals specializing in areas such as warehouse and distribution management, logistics management, and material planning. He has successfully implemented various supply chain processes, optimization projects, ERP implementation projects, cost-saving projects, etc. Last 5 years, he is heading the current organization, providing both consulting & training. One of the popular program is "Supply Chain Analytics" which has the global audiences and appreciated by peers. Our organization provides both live and self paced programs
  • Gender
  • N/A
  • Teacher's Nationality
  • N/A

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