ABOUT THIS WORKSHOP
Profitability is calculated as revenues – costs. Inventory management and supply chain transactions can contribute up to 60% of the costs of business. Hence, reducing inventory-related costs by 10% can increase profitability significantly.
The management of inventory and supply chains have always posed significant challenges for managers. Procuring the right items, in the right quantities, at the right cost, at the right time, is by no means trivial. The mismanagement of inventory has the potential to destroy the profitability of a firm through lost sales, wastage, and poor customer satisfaction.
This workshop will explore the fundamentals and essentials of inventory and supply chain management as well as explore their role in supporting the competitive strategy of the firm. Participants will be exposed to tools, and strategies used by best practice firms in management inventory and supply chains. Participants will be given an opportunity to identify and share challenges in their own organizations and have the group work in teams to develop solutions.
LEARNING OUTCOMES
At the end of the workshop, participants will be able to:
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Improve the storage and control of inventory
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Lower inventory and supply chain-related costs
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Explore the use inventory and supply chain management as a strategic weapon
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Lower obsolescence and loss of inventory
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Conduct a review of current inventory and supply chain practices
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Improve bottom line performance through a better understanding of how inventory and supply chains drive costs and how they can be reduced.
WHO SHOULD ATTEND?
All personnel involved in planning and making decisions inventory and supply chain decisions both in manufacturing and service environments
TOPICS
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Inventory as a tangible and intangible object
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Inventory as money
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Classification of inventory and supply chains
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Physical location and control of inventory
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Planning and replenishment concepts
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Protecting inventory
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Inventory policies and procedures
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How to use inventory strategically
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Configuring supply chains
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Supply chain strategy
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Supply chain risks
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Inventory measurements
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Why inventory systems fail and how to fix them
WORKSHOP FORMAT
This workshop is active, informal, and participatory in nature. Participants will work in teams and will work on practical exercises in order to develop a level of comfort with inventory and supply chain concepts.
YOUR PRESENTER
Dr. Harvi Millar P. Eng. is the President of Management Technologies. With over 30 years of experience, he is a leading consultant and trainer in strategic planning, performance management, leadership skills development, productivity improvement, total quality management and customer service. He has delivered numerous training workshops throughout the Caribbean, namely: St. Lucia, Guyana, Trinidad, Antigua, St. Kitts, the BVI, Bermuda, and in Canada. He holds a B.Sc. (Hons.) from U.W.I. and a Ph.D. from the Technical University of Nova Scotia. He is a full Professor in the Sobey School of Business at Saint Mary's University in Halifax, Canada. Dr. Millar is also a jazz musician and composer, a freelance columnist on business and cultural issues.