How This Workshop Differs from Other Seminars The Advanced Effective Inventory Management Workshop is not a typical inventory management seminar.  It is a two day session designed for people who want to take an aggressive, hands-on approach to dealing with their inventory challenges.  Before the session we will supply you with a list of information to collect from your organization and computer system.  During the workshop you have the option to use your data (or alternative sample data supplied by the trainer) in a series of exercises and Excel spreadsheets to determine:   How to ensure that on-hand quantities in your warehouse remain accurate with cycle counting, ensuring that all material movement is properly recorded, and protecting your inventory from theft. Warehouse organization that will minimize the cost of filling orders How to accurately measure the productivity and profitability of your investment in inventory Products that are not contributing to your overall inventory-related goals and might be candidates for liquidation How to identify and analyze possible unusual sales or usage How to recognize the specific components necessary to develop a meaningful forecast of future demand for each stocked product.  During this segment we will look at several popular methods of forecasting to determine the “best” method for your inventory. How to measure and improve forecast accuracy How promotions, environmental factors and special products can be incorporated into a forecast Whether is it better to buy from a vendor, transfer from a central warehouse or assemble a product in house The effect that longer and shorter lead times have on your total inventory investment and the service you provide your customers How to decide on the “right” amount of safety stock or reserve inventory for each item to balance customer service and profitability as well as several methods for determining this quantity. How often you should issue replenishment orders for each source of supply (especially when vendors offer different terms for different sized orders or you have to decide between several vendors) The best replenishment parameters and reorder quantity for each stocked item  The optimal inventory for each product (expressed as an average monetary amount and  number of days supply) compared to your current inventory How much excess inventory your suppliers are forcing you to carry When it is in your best interest to take advantage of special discounts, payment terms or other incentives How changing your business objectives will affect your inventory performance A simple way to determine what product or vendor lines need the most attention from a buyer How collaboration with suppliers and customers can decrease the inventory throughout the supply chain The best “total performance” measurements for your investment in inventory

Upcoming Advanced Inventory Management Classes May 24-25, 2011 - MSCI Headquarters, Rolling Meadows, IL