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Mastering Inventory Management; Reducing Shrinkage and Boosting Profitability

Mastering Inventory Management; Reducing Shrinkage and Boosting Profitability

USD211.00
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Mastering Inventory Management: Reducing Shrinkage and Boosting Profitability



Course Overview

This comprehensive course is designed to equip participants with the knowledge and skills necessary to effectively manage inventory, reduce shrinkage, and boost profitability. Through interactive and engaging lessons, participants will gain a deep understanding of inventory management principles, strategies, and best practices.



Course Objectives

  • Understand the fundamentals of inventory management and its impact on business profitability
  • Learn how to analyze and optimize inventory levels, reducing stockouts and overstocking
  • Develop effective inventory management strategies to minimize shrinkage and maximize returns
  • Implement efficient inventory tracking and monitoring systems
  • Improve supply chain management and relationships with suppliers
  • Apply data analysis and forecasting techniques to inform inventory decisions
  • Achieve a significant reduction in inventory costs and improvement in profitability


Course Outline

Module 1: Introduction to Inventory Management

  • Defining inventory management and its importance
  • Understanding the role of inventory in the supply chain
  • Inventory management goals and objectives
  • Key inventory management concepts and terminology

Module 2: Inventory Analysis and Optimization

  • Conducting an inventory analysis
  • Calculating inventory turnover and days inventory outstanding (DIO)
  • Understanding the 80/20 rule and its application to inventory management
  • Optimizing inventory levels using the Economic Order Quantity (EOQ) model

Module 3: Inventory Management Strategies

  • Just-in-Time (JIT) inventory management
  • Vendor-Managed Inventory (VMI)
  • Drop shipping and third-party logistics (3PL)
  • Inventory pooling and sharing

Module 4: Inventory Tracking and Monitoring

  • Inventory tracking methods: periodic and perpetual
  • Using barcodes and RFID technology for inventory tracking
  • Implementing an inventory management system (IMS)
  • Monitoring inventory levels and reporting

Module 5: Supply Chain Management

  • Understanding the supply chain and its components
  • Building relationships with suppliers
  • Negotiating with suppliers
  • Managing lead times and shipping

Module 6: Data Analysis and Forecasting

  • Using data analysis for inventory decision-making
  • Forecasting techniques: time series analysis and regression analysis
  • Understanding seasonality and trends
  • Using data visualization tools for inventory analysis

Module 7: Shrinkage and Loss Prevention

  • Understanding shrinkage and its causes
  • Implementing loss prevention strategies
  • Conducting inventory audits and cycle counts
  • Using data analysis to identify shrinkage patterns

Module 8: Inventory Management Best Practices

  • Implementing a first-in, first-out (FIFO) inventory system
  • Using inventory classification systems: ABC and XYZ analysis
  • Conducting regular inventory reviews and updates
  • Developing an inventory management policy


Certificate of Completion

Upon completing this course, participants will receive a Certificate of Completion issued by The Art of Service.



Course Features

  • Interactive and engaging lessons
  • Comprehensive and up-to-date content
  • Expert instructors with real-world experience
  • Personalized learning experience
  • Flexible learning schedule
  • User-friendly and mobile-accessible platform
  • Community-driven discussion forum
  • Actionable insights and hands-on projects
  • Bite-sized lessons and lifetime access
  • Gamification and progress tracking
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