Inventory Management in Manufacturing

Inventory Management in Supply Chain

We know inventory plays a lot of role in a Manufacturing organization. You will be needing inventory that must be procured, stored, moved, handled, regularly counted, made, reworked on need,  stored for dispatch and dispatched to customers. At every stage of using Inventory in multiple phase of life cycle you will be performing different types of transactions. Not performing these transactions in right manner can lead to huge costs, loss of business and reputation.

Major activities involved may be:

      1. Classification and categorization of Inventory to set the Inventory policies on multiple groups of Inventories
        1. Inventory review and Order fulfilment cycle is one of the key processes in Inventory Management
        2. The review methods and measurements are determined by multiple categorization of Items and setting priorities accordingly
      2. Fulfilment through Internal or external Procurement of inventory for making your products. Some of the material can be made within your factory to use in manufacturing the final products. The rest are procured from external sources.
      3. Inspection of received items from procurement
      4. Storing the items in appropriate storage space
      5. Tracking the health of inventory according to shelf life (perishable items), delicacy (glass products), cost (expensive items), special needs of storage (cold and dark storage for some types of medicines) and many other consideration
      6. Inventory valuation and correction
      7. Regular correction of stock through methods such as physical inventory and cycle counting
      8. Disposing the obsolete and some non-conforming inventories
      9. Performance metrics for Inventory Management. There are multiple measures such as Inventory turns, storage space reduction, Unit Price and many others to evaluate the Inventory management performance.

Each of above is a topic on it’s own within Inventory Management. Hence Inventory Management is a big topic that deserves special focus even for briefly running through it.

It is also quite important for you understand multiple Manufacturing scenarios before you attempt to understand the Inventory management in Manufacturing industries. There are multiple Manufacturing strategies such as Make to Stock, make to Order, Assemble to Order, Mass Production to stock, Project based Manufacturing, Continuous Manufacturing and Process Manufacturing etc. Inventory Management policies and priorities will be influenced on the basis of Manufacturing strategies that you adopt.

Our Course Inventory Management covers these topics in a structured format.

The Course structure is as follows:

      1. Inventory Classification by type of use
      2. Inventory classification by Value and Consumption patterns
      3. Order Review methods
      4. Quantity based Order Review Methods
      5. Demand Based Order Review Methods
      6. Lot Sizing
      7. Inventory Valuation
      8. Inventory Performance

The lessons are associated with many good illustrations for easy understanding of the concepts and basic Processes.

      • Where required, the key calculations such as Order Quantities in multiple Order Methods, MRP netting, Lot sizing and valuations are demonstrated with detailed explanation and examples.
      • At every logical point, the lessons are associated with Quiz to help the student verify their understanding before moving to next section or lesson.
      • EBooks are associates as a summary of the lessons for offline reading by the students.
      • At the end of course, you are equipped with a Practice Kit  for helping the students aspiring for certifications in Production & Inventory management and Supply Chain Management. This kit will be updated on regular basis while there are 75 questions as on 29th October. Each question has an answer along with detailed explanation.

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