How to Reduce Inventory Levels - Some Practical Solutions
Inventory control techniques, standardisation, variety control, surplus avoidance, catalogue management and other tools and techniques for reducing stock levels, especially for MRO and other slow-moving stock.
Most organisations have problems with their stockholdings of materials needed for Maintenance, Repair and Operation - perhaps holding too much stock, or having the wrong things in stock when they are needed for safe and profitable operation of the facility. In each case, there is a cost-penalty to the company, such as money tied up in excessive stock levels, the cost of not meeting production plans, shortfalls in safety or quality.
There are many reasons why these and similar problems arise; the reasons themselves are closely inter-related. This 5-day interactive course aims to provide practical solutions towards optimising a company's stockholding of MRO items by addressing the various factors that influence the stock-holding decision, based upon sound principles of procurement & supply management.
The course is intended for staff who:
Define the specifications of materials & equipment
Select the items to be held in stock, and the quantities to be stocked
Plan the demand for use of stock items
Purchase items for stock replenishment
Monitor & control levels of stock, including disposal.
By the end of the course participants will be able to:
Understand the inter-relationship & difference of various terms used in relation to stockholding
Recognise the factors that determine the level of stockholding
Appreciate various methods for measuring performance in the various factors
Identify the timing & tactics needed to exert appropriate influence to optimise stock levels
Assess their own company's position regarding each of the stock-holding factors
Consider the division of responsibility for these factors within the organisation
Produce an action plan aimed at reducing inventory levels in their company, over time.
Testimonial from a satisfied participant
"The knowledge acquired from this course can significantly improve value to the company from its inventory! May 2012"
Matthew Nyiaku, Instrument Engineer, LNG Company, West Africa