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INVENTORY MANAGEMENT SEMINAR OUTLINE
Day One - Thursday
9:00 a.m. - 5:00 p.m.
- Implementing proven inventory practices throughout the organization
- Understanding everyone's role in inventory management
- Understanding the "hidden costs" of purchasing and inventory
- Calculation of turnover, turn and earn, gmroi, fill rates and service levels
- Understanding the impact of Gross Margin Dollars through effective purchasing
- Methodologies for effective and accurate record keeping
- Developing cost effective cycle counting procedures
- Efficient receiving, put way and picking procedures
- Eliminating errors in the warehouse
- Impact of the warehouse layout on product movement and cash invested
- Effective physical inventory counting
- Management of slow moving items
- Identification, management and disposition strategies for DEAD STOCK
- How to handle new items
- How to handle specials and non-stocks
- How to handle Return Merchandise
- How to handle "buy outs"
Day Two - Friday
9:00 a.m. - 1:00 p.m.
- Effective use of ordering controls (order points, safety stock and surplus stock)
- How to use Line Buying to your advantage
- Meeting vendor minimums and the impact on cash
- How much to order (Economic Order Quantities, Class Replenishment, Mins and Max)
- Central Purchasing considerations
- Effective use of Central Distribution and "Hub and Spoke" network
- How to use replenishment timing strategies to increase turnover and R.O.I.
- Developing the "Recommended Buy Report" and how to use it effectively
- How to interact with the computer system to develop proactive reporting tools
- Branch Management strategies
- Branch Replenishment
- Branch Manager Compensation Plans
- Emergency Buys and Expediting
- Buying ahead of a price increase
- Understanding the impact of Price Breaks, Quantity Discounts and Vendor Specials
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