Inventory and Stock Control Specialist

Why Select this Training Course?

The duties of an inventory control specialist stretch beyond inventory control into management to cover supervising inventory control, administering deliveries, examining inventory, upholding inventory records, and procuring products. Typically, one performs the task of item, part, and product tracking for a corporation in a warehouse setting. Additional responsibilities include communicating inventory levels and discrepancies to management, identifying any inconsistencies in inventory, and generating reports that display the current inventory status and any inventory count discrepancies. Inventory specialists assist in formulating rules to promote optimal inventory management, facilitate adherence to workplace safety regulations, and enable other employees to precisely monitor inventory data.

This Rcademy Inventory and Stock Control Specialist course will provide students with comprehensive expertise and in-depth information regarding inventory management. This programme will provide students with a comprehensive set of skills necessary to effectively oversee and successfully accomplish the goal of inventory management. This course will guarantee that students possess the necessary skills and expertise to effectively handle and oversee inventory operations in any business or industry.

What is a stock control specialist?

A stock control specialist offers essential analytical insights and trend analysis to facilitate the stock management process and maintain the smooth flow of goods. A specialist facilitates the trading of a particular stock by performing four functions: conducting auctions for stocks to investors, acting as a representative for investors in stock trades, stimulating trades from interested parties, and acting as a principal who buys, holds, and sells shares of stock using their own cash when required. In addition, they are responsible for maintaining adequate inventory levels and initiating purchases when product quantities become depleted. They also handle the return of unnecessary items on behalf of the company.

What is the difference between inventory control and management?

While inventory control handles the logistics of inventory within the warehouse, inventory management focuses on tracking and recording inventory levels. In simpler form, inventory control refers to knowing the exact location of your stock at any given time. On the other hand, inventory management involves the complete process of predicting demand, placing orders, and overseeing available supplies. This employs a forward-looking approach to anticipate clients’ future purchasing preferences and subsequently place orders appropriately. Inventory management is the systematic procedure of ensuring optimal stock levels are maintained in the appropriate location precisely when they are needed.

Who Should Attend?

This Rcademy Inventory and Stock Control Specialist course is specifically tailored for individuals who possess advanced knowledge and expertise in inventory and manufacturing sectors such as:

• Senior management charged with making strategic decisions regarding any changes or improvements to processes inside the organisation.
• Inventory planning managers and supervisors accountable for supervising all aspects of inventory management and control.
• Executives and workers responsible for carrying out inventory management procedures.
• Investors and potential investors responsible for the organisation’s risk management techniques, storage capabilities, and supply metrics in order to evaluate the organisation’s success and growth prospects.
• Quality checkers and compliance officers tasked with the responsibility of verifying that the quality of items and the process of handling materials.
• Legal officers and financial advisors involved in several aspects of the inventory management process.
• Suppliers and other external parties engaged in the process of overseeing and controlling inventory.

What are the Course Objectives?

The primary objectives of this Rcademy Inventory and Stock Control Specialist course are to equip professionals with the essential skills to:

• Improve the oversight of inventory management, encompassing the processes of receiving, storing, and shipping products.
• Identify and comprehend crucial performance metrics.
• Strengthen forecast accuracy and optimise service levels by implementing a time-sensitive and integrated inventory management system to minimise inventory levels.
• Oversee inventory and supply chain operations to minimise expenses, enhance customer happiness, and boost safety and productivity.
• Recognise and implement inventory cost reduction measures such as Just-in-Time (JIT) inventory management, Economic Order Quantity (EOQ) analysis, and audits.
• Apply technological tools such as barcode scanners, IoT sensors, and inventory management software to achieve immediate access to information and improve decision-making.
• Modify inventory management strategies to suit e-commerce models, with a specific emphasis on efficient order fulfilment and returns processing.
• Create a highly efficient, environmentally sustainable inventory management system by carefully charting out the procedures involved and enhancing performance to its maximum potential.

How will this Course be Presented?

Participants in this Rcademy Inventory and Stock Control Specialist course are made to fit the specific needs of all participants. It also helps them learn new things and improve their skills. Different strategies and techniques will be used during the training session to promote participants’ active learning. Industry experts with years of experience will deliver the training. The training modules were designed based on thorough research of the subject and industry standards.

This Rcademy Inventory and Stock Control Specialist course integrates academic and practical learning with lecture notes, subject-specific presentations, and real-world scenarios. Participants will participate in presentations, quizzes, and seminar workshops. To assess their satisfaction, partakers will be encouraged to provide continual feedback on the courses they take.

What are the Topics Covered in this Course?

Module 1: Inventory and the Supply Chain

• What is inventory management
• Types of stock
• Demand amplifications
• Demand replenishment in networks
• Type I and II supply chain
• Rules in supply chain
• Inventory and statistics
• Concept of service level

Module 2: Components of Effective Inventory Control

• Reorder point
• Forecasting
• Economic order quantity
• Audit
• Improves inventory accuracy
• System integration
• Lead time
• Management
• Ordering and purchasing
• Warehouse
• Scalability and flexibility
• Track your activity
• Safety stock
• Balancing stock
• Customer satisfaction

Module 3: Inventory Systems

• The Economic Order Quantity (EOQ) model
• Dealing with quantity discounts
• Objectives of safety stocks
• Setting safety stocks
• Determining the Reorder Point
• Methods: reorder point and reorder level (ROP/ROL)
• Requirements for planning systems, bills of material, and inventory management
• Inventory control methods

Module 4: Inventory Management Strategies

• JIT inventory
• ABC analysis
• EOQ model
• Safety stock
• Forecasting
• FIFO – First In, First Out
• LIFO – Last In, First Out
• Perpetual inventory management
• Consignment
• Bulk shipments
• Material requirements planning
• Reorder points
• Automated inventory management
• Lean manufacturing

Module 5: Objectives of Inventory Planning

• Sales
• Service
• Keep goods moving efficiently
• Minimising costs
• Goals of inventory management
• Better inventory visibility
• Fulfilling the orders
• Inventory management techniques
• Optimising cost
• Sufficient stock

Module 6: Inventory Replenishment Methods and Systems

• Fundamental inventory systems
• Stock time curve
• Stock components
• Stock investment
• Stock calculation
• Simple replenishment strategies
• Reorder point and Reorder level (ROP/ROL)

Module 7:  Causes for Increase in Inventory

• Product life cycle
• Complex supply chains
• Time
• Increased demand
• Obsolete inventory
• Poor inventory management
• Customer dissatisfaction
• Decreased efficiency

Module 8: Stock Control-Coding

• Different coding methods
• Importance of inventory receipts
• Surplus and obsolescent stock
• Checklists for the best coding option

Module 9: Stock Control-Checking

• Authority levels
• Tolerances and approvals
• Options for stock-checking methods
• Reconciliations/discrepancies
• The stock check program

Module 10:  Inventory Improvements

• Set the minimum stock levels
• Understand your supplier chain
• Be flexible with your SKUs
• Clear away any slow-moving or outmoded merchandise
• Minimise shrinkage
• Audit your inventory
• Analyse supplier performance
• Implement the 80/20 inventory rule

Module 11: Trends and Technologies in Inventory and Stock Control

• Warehouse management systems (WMS)
• Radiofrequency identification (RFID) Tags
• Robots and automated guided vehicles (AGVs)
• Use distributed inventory management
• IoT-enabled tracking and sensors
• On-demand 3D printing
• Reverse logistics
• Third-party logistics
• Omnichannel inventory control
• Use of cloud-enabled inventory system
• Transparency through blockchain
• VMI – Vendor Managed Inventory
• AI, predictive analysis and machine learning