Events Details
  • June 29-30, 2021 (08:30 - 12:30 am, UTC+8)
  • Live Online

**The early-bird rate listed on the top right corner is valid by April 29, 2021.

This workshop allows all of the participants to share their unique challenges and situations.  We will discuss and explore many different challenges faced currently faced by organizations in forecasting future demand of products as well as managing their inventory investment. .  But general advice and instruction probably isn’t enough for you to achieve your goals.  By providing you with the opportunity to analyze your data with the provided tools, you can determine what specifically needs to be done in your organization.  We will help you develop a plan to achieve your goals.  Be prepared for a rewarding and exciting 16 hours of instruction and interaction.  Our goal is to help you solve all of your inventory-related challenges!

Join us for this comprehensive workshop presented in eight two-hour sessions.   We will explore the concepts and strategies of 21st century inventory control and management.  We will utilize a database from an actual EIM customer, as well as forecasting and analysis spreadsheets developed by EIM to conduct “what-if” scenarios to illustrate the concepts and principles presented.   As a bonus, you will receive a set of the spreadsheets used in the seminar (along with detailed instructions) along with complete documentation before the first session so you can perform this same analysis on your own inventory data.  Best of all, as we proceed through the session you will develop step-by-step instructions necessary to develop and maintain an effective inventory management program for your own organization:

Here is are just some of the topics we will cover in the eight two-hour sessions of this virtual workshop:

Session #1 – What Should You Stock? 
- Goal of effective inventory management
- Responsibilities of different departments in achieving effective inventory management
- Different types of inventory: 
         ·  Resale
         ·  Production
         ·  Maintenance, repairs and operations (MRO)
- Determining what products to stock in each warehouse, store  or facility
- Ranking products by activity, cost of goods sold and profitability
- Resale Inventory – Ensuring that all inventory is profitable or leads to other profitable sales
- MRO Inventory – Determining the “critical nature” of each item

Session #2 – Looking to the Future to Forecast 
- The difference between dependent and independent demand
- Forecasting new stock items
- Determining how to stock products with sporadic usage activity
- Defining the six elements of an accurate forecast
- Understanding the difference between sales, shipments and usage
- Verifying that usage is correctly recorded
- Identifying and correcting for unusual usage activity
- How promotions, events and other factors can affect a forecast

Session #3 – Best Practice Forecasting 
- Common forecasting methods and where each should be utilized
- Measuring the accuracy of your forecast
- Collaborative information from customers and sales people (CPFR)
- Building a cooperative environment throughout your supply chain
- Different types of seasonality and trends
- The appropriate forecast horizon
- The effect of inaccurate forecasts on the entire supply chain

Session #4 – Determining When to Replenish Stock (Achieving Your Customer Service Goals)
- Calculating accurate replenishment parameters
- Minimum/Maximum quantities
- Order points, reorder points and line points
- The difference between average lead times and anticipated lead times
- Different method for calculating safety stock quantities
- Using safety stock to balance customer service with your investment in stock inventory
- Order up to and flow point replenishment

Session #5 – Determining How Much To Order (Maximizing Profitability or Minimizing Costs) 
- Economic order quantities
- Purchasing when presented with special opportunities
- Determining your ideal inventory investment and potential turnover
- Setting up a multi-location supply network (assemble, transfer or buy)
- Distribution requirements planning (buying into the future, importing and container maximization)
- Materials requirements planning (acquiring raw materials and components just in time to complete an assembly or project)

Session #6 – Organizing Your Supply Chain
- How many distribution centers, regional warehouses and central warehouses do you need?
- Where should distribution centers be located?
- Transportation considerations
- How the structure of your distribution center will affect your investment in inventory?
- Should you utilize third party warehouses?

Session #7 – Benchmark Metrics – Analyzing Your Progress 
- Fill rate, customer service level and stockouts
- Vendor analysis
- What inventory turnover really tells you
- Turn/earn index and gross margin return on investment
- Excess stock and dead inventory

Session #8 – Utilizing all of the tools and techniques presented in the seminar, developing a plan for your organization to achieve effective inventory management

Who Should Attend
- Inventory Managers
- Stock Managers
- Logistics Managers
- Materials Managers
- Purchasing Managers
- Procurement Managers
- Spare Parts Mangers
- Logistics Managers
- Sales Managers
- General Management
- Accountants and Business Advisors

What Previous Attendees Say…
These comments are representative of responses from recent seminars:
- “This is the best seminar I have attended in 10 years as far as giving effective information as opposed to fluff.” 
- “One of the best instructors I have ever had.” 
- “Supplied spreadsheets will be useful for continued analysis and to incorporate changes to our current processes.”
- “This workshop guided us in developing effective tools policies and procedures to maximize the performance of stock inventory.”