In-Company Short Training Courses in Inventory Management.

Course Title: Physical Stock Control.

The course is designed to:

Provide a sound understanding of the key concepts relating to stock control in terms of both the information and physical aspects of control as it applies to different types of stock.

Course aims:

The course aims to develop an understanding of how stock is controlled for different types of business operations that the stock is supporting. It also aims to provide an in-depth understanding of the role and management of stock-holding operations for differing types of demand.

Learning outcomes – At the end of the course students will be expected to be able to:

  • Demonstrate what stock is and how stock control differs from inventory management.
  • Show poor stock control adversely impacts on the financial holdings and return on capital of the organisation.
  • Understand the role of physical stock holdings within the supply chain.
  • Show how warehouses designs need to reflect the differing stock-holding types and fulfilment roles.
  • Be familiar with the main types of warehouse management systems (WMS) used to manage physical stocks.
  • Demonstrate appropriate approaches to managing personnel, systems and processes to ensure high levels of stock integrity.
  • Design and show how to use appropriate warehouse performance measurement methods to improve stock records.

Indicative Content:

Understanding stock control:

    • The financial impact of stock on the balance sheet.
    • Categories of stock and the difference between stock and inventory.
    • Understanding how stock adds value to the business model.
    • The supply vs. demand conflict.

Stock Control techniques:

    • Using ABC analysis to understand stock holdings.
  • The role of stock-holdings in the supply chain – Network Design.
  • Warehouse design and layout for different stock items and fulfilment roles.
    • Centralised stockholding.
    • Field & Regional stockholding.
    • Warehousing for manufacturing – kitting and line feed operations.
    • Vendour Managed Inventories.
    • Retail replenishment.
    • Fulfilment and e-commerce fulfilment.
  • Fundamentals of stock control within warehouse environments.
  • Managing stock beyond the warehouse:
    • Consignment stocks
    • Kit management
    • Retail stocks
    • Engineer stocks
    • Materials Handing Equipment (MHE) and automated vs. traditional warehouse models.
    • The role of RFID (Radio Frequency Identification) in stock control
  • Stocktaking:
    • Annual or periodic physical counts
    • Cycle Counts
    • Perpetual Inventory Systems
  • Stock Safety & Security, including storing hazardous materials.

Further reading:

The course will identify and cover in full detailed learning outcomes required for assessment purposes. However, if you wish to read further in order to supplement your learning and cement your understanding of the course, content, aims, and purposes, we recommend the following book(s):

Principles of Inventory and Materials Management – Richard J. Tersine.