On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Michael W. Gozzo
- Topic: Purchasing, Taxation and Accounting
- Credit: CPE 2.0
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Today’s economics in business has brought many companies to address major investment like inventory, with limited results.
To achieve a level of significant reduction (more than 20% improvement, per a research agency) throughout the supply chain, a deeper awareness of what creates inventory needs to be understood. WHY? Certain actions taken will only provide a short-term impact/result. The basic problems haven’t been addressed.
This presentation will provide the basic foundations to the principles driving inventory decisions. It will include interfacing functions that have an influence on investment.
Your Benefits of Attending:
- Determine what the Cost of Carrying Inventory is and its' importance.
- Determine which is the appropriate replenishment technique to deploy.
- Understand the various order quantity approaches and when they should be used.
- Learn about different measurements and what they mean.
- Understand the level of investment required to ensure 99% customer service.
- Gain control of inventory accuracy errors.
- Introduction
- Some Key Questions 00:01:36
- Outline 00:02:46
- Course Objective 00:03:29
- 1. Planning For Inventory Today & The Supply Chain 00:05:00
- Business Strategy - Affecting Inventory Decisions 00:05:43
- Business Strategy Continued 00:06:54
- 2. Inventory Management Considerations 00:08:07
- Inventory Objectectives/Policies 00:09:28
- Ten Critical Inventory Issues 00:11:27
- The Future 00:15:04
- Preparing For The Future 00:16:29
- Skill Sets 00:16:41
- Technology 00:18:21
- Supplier Relationships 00:19:15
- How Are Those Definitions Employed? 00:20:40
- Manufacturing Strategy Effects On Lead Time 00:21:45
- Definitions Employed Continued 00:26:28
- The Functional Roles Of Inventory 00:30:01
- Function Of Continued 00:31:45
- Investment Considerations 00:35:03
- Investment Continued 00:38:20
- Stock Out Cost 00:41:20
- Inventory - Special Situation 00:43:39
- Special Situation - Policies 00:45:12
- The Role Of Inventory Control 00:46:29
- Exercise 1 00:47:33
- Exercise 2 00:51:12
- 3. Planning For Inventory 00:52:59
- Definition Of Safety Stock 00:53:38
- Purpose Of Safety Stock 00:55:56
- 4. Overview - Statistical Inventory Management 01:00:20
- Overview Continued 01:01:13
- Inventory Investment And Service Levels 01:02:08
- Service Level 01:05:05
- Approaches To Safety Stock 01:07:05
- Replenishment Of Inventory 01:11:15
- Statistical Safety Stock 01:14:23
- Replenishment Questions 01:17:28
- Replenishment Reorder Point Vs Minimum 01:23:57
- Replenishment - Determining Safety Stock 01:26:57
- Other Replenishment Systems 01:29:36
- Two-Bin System 01:29:58
- Kanban 01:31:50
- Perpetual Inventory Record 01:33:04
- Cost Of Carrying Inventory 01:35:40
- 5. Accountability For Inventory 01:37:18
- Accountability For Inventory 01:38:00
- Prerequisites For Accuracy 01:38:53
- How To Achieve Accurate Records 01:39:42
- Comparing Cycle Count & Periodic 01:40:25
- 6. Inventory Reduction Program 01:42:01
- Reducting Inventory 01:42:44
- Inventory Distribution/Classification 01:43:58
- ABC Classification 01:44:13
- Uses Of ABC Classification 01:45:20
- ABC Report 01:45:43
- Lead Time Reduction 01:46:31
- Elements Of Lead Time 01:48:54
- What Is Supplier-Managed Inventory? 01:49:40
- Objectives 01:50:46
- 7. Establishing Measurements 01:51:12
- Understanding Measurement Criteria 01:51:47
- Establishing Inventory Measurements 01:52:20
- Inventory Turnover 01:52:38
- Days Of Supply 01:53:03
- Measures Of Inventory 01:53:47
- Accuracy Measurements 01:54:14
- What Is Gross And Net Variance? 01:54:36
- How Calculated? 01:55:20
- Who Uses Which Variance & Why? 01:56:06
- In Summary 01:56:33
- In Conclusion 01:58:06
- Q & A 01:58:39
- Presentation Closing 01:58:55
- Accountability 00:03:15
- Acquisition 00:36:28, 00:36:47
- Asset 00:35:59
- Cost 00:33:41, 00:34:25, 00:34:30, 00:34:59, 00:35:14, 00:36:03, 00:37:36
- Inventory 00:02:27,00:03:11, 00:03:50, 00:05:42, 00:06:47, 00:07:13, 00:09:37, 00:11:39, 00:18:25, 00:52:38, 00:53:19, 01:01:29, 01:11:20
- Inventory Control 00:46:46, 00:46:53
- Kanban 01:12:30, 01:29:56, 01:31:59
- Lead Time 00:02:32, 00:06:44, 00:07:03, 00:22:00, 01:01:24, 01:46:35
- Procurement 00:05:23, 00:36:49
- Safety Stock 00:51:30, 00:53:36, 00:53:44, 00:56:27, 01:00:19, 01:01:43, 01:07:09, 01:14:29,
- Service Level 00:51:02, 00:51:09, 00:51:27, 01:02:22, 01:05:19
- Supplier 00:19:30, 00:20:03, 00:22:06, 00:22:11, 00:36:24,
- Supply Chain 00:05:01
- Unit Cost 00:35:03, 00:37:49, 00:38:17
Accountability : The responsibility for the actions and decisions made in relation to procurement, and for the outcomes that result
Acquisition: An acquisition is referred to as a business transaction in which one firm buys all or part of another company's stock or assets. The acquisition commonly happens to gain control of and expand on the target company's strengths while also capturing energies. This can also be accountable for an acquisition definition.
Asset: Property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.
Cost: The sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location
Inventory: A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale. Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilization.
Inventory Control : The process of managing a company's inventory levels, whether that be in their own warehouse or spread over other locations
Kanban: Kanban is a scheduling system for lean manufacturing. Kanban is an Agile management method built on a philosophy of continuous improvement, where work items are “pulled” from a product backlog into a steady flow of work.
Lead Time: The number of days from when a company places an order for supplies, to when those items arrive.
Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.
Safety Stock : Safety stock, also known as buffer stock or backup inventory, is extra inventory that a business keeps in storage to reduce the risk of running out of stock. It can help businesses prepare for unexpected fluctuations in demand, supply chain issues, or inaccurate forecasts.
Service Levels: Defines the standard of performance required from a service provider and allows measurement and reporting against the agreed standard.
Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.
Supply Chain: A supply chain is a network between a company and its suppliers to produce and distribute a specific product to the final buyer. The supply chain also represents the steps it takes to get the product or service from its original state to the customer.
Unit Cost : Unit cost encompasses all costs associated with producing or acquiring that item.
