Award in Inventory Management

Managing inventories can be very challenging, and when one is growing a business it can be really stressful. If one is facing issues in tracking your inventory and if it is getting difficult for you to optimise your warehouses and storage facilities then this would be the right course for you.

In simple terms, Inventory Management is a set of all those processes which you utilise to oversee and organise your goods or materials in your facility. A component of Supply Chain Management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to Point of Sale. It involves a retailer seeking to acquire and maintain a proper merchandise assortment while managing orders, logistics, returns and related costs are kept in check.

It is crucial for an organisation today to understand its inventory to achieve both efficient and fast operations, that too, at an affordable cost. From customer’s point of view, it helps to provide better customer service through fast delivery and low shipping charges, hence meeting customer expectations.

An inventory management system is the combination of technology (hardware and software) and processes and procedures that oversee the monitoring and maintenance of stocked products, whether those products are company assets, raw material and supplies, or finished products ready to be sent to vendors or end consumers.

Without an inventory management system, the goods and products that flow through an organisation will inevitably be in disarray. An inventory management system enables a company to maintain a centralised record of every asset and item in the control of the organisation, providing a single source of truth for the location of every item, vendor and supplier information, specifications, and the total number of a particular item currently in stock.

Learning Outcomes / Objectives

• LO 1. Discuss different inventory management systems
• LO 2. Describe the functions and costs of an inventory system.
• LO 3. Determine the minimum order quantities.
• LO 4. Determine the reorder point and safety stock for inventory systems
• LO 5. Design a continuous or periodic review inventory-control system
• LO 6. Discuss the role of information technology in managing inventories

Pre-Requisites to Follow this Course

• Over 21 years of Age
• Basic English – Verbal as well as Written.
• Basic Mathematical Skills.
• Prior industrial experience in inventory management / storekeeping will greatly assist the participant.