Inventory and Stock Control

Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that the business has the right goods on hand to avoid stock-outs, to prevent shrinkage (spoilage/theft), and to provide proper accounting Many businesses have too much of their limited resource, capital, tied up in their major asset, inventory Worse, they may have their capital tied up in the wrong kind of inventory Inventory may be old, worn out, shop-worn, obsolete, or the wrong sizes or colors, or there may be an imbalance among different product lines that reduces the customer appeal of the total operation

 The ideal inventory and proper merchandise turnover will vary from one market to another Average industry figures serve as a guide for comparison Too large an inventory may not be justified because the turnover does not warrant investment On the other hand, because products are not available to meet demand, too small an inventory may minimize sales and profits as customers go somewhere else to buy what they want where it is immediately available Minimum inventories based on reordering time need to become important aspects of buying activity Carrying costs, material purchases, and storage costs are all expensive However, stock-outs are expensive also All of those costs can be minimized by efficient inventory policies.

This course is aimed at assisting delegates to develop skills and competence on how to establish and maintain a comprehensive materials and product catalogue to support business and operations covering all operational, maintenance and supporting activities Skill set on how to ensure timely supply and services of the right products from the right sources will also be covered Delegates would be able to equip themselves on how to categorize and integrate master product catalogue into User’s Parts list of equipment/plant and machineries including production, maintenance and construction materials list This course will also provide delegates on how to effectively maintain records related to products, standards, specifications and certifications to ensure prompt provision of information including statistics and exercises related to master catalogue.