i enjoyed the introduction it was clear and i could relate to the information
Essentials of Inventory Management
Essentials of Inventory Management
Updated on Sep, 2023
Language - English
If you are a small business owner or a large retailer, you need to know how inventory management works. Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the movement and flow of goods from the supplier to the storeroom to the consumer. In today’s competitive environment, inventory management is one of the core skills that will help your business thrive.
What Exactly is Inventory Management?
Inventory management is the process of tracking and controlling your company’s inventory as it is purchased, manufactured, stored, and consumed. It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.
It controls the entire flow of items, from purchase to sale, ensuring that you will always have the right quantities of the right item in the right location at the right time.
What is inventory?
The goods that your company handles with the goal of selling are referred to as inventory. It could be raw materials that you purchase and transform into something completely new, or it could be a bulk product that you disassemble and sell separately. It could even be something wholly intangible, such as software.
Different Type of Inventory
There are several types of inventories, and the ones you will deal with will be determined by the products you sell. Here’s a quick rundown of some of the most common:
- Finished goods or for-sale goods are the items you sell to customers.
- Raw materials are the inventory used to create final products.
- WIP: Essentially, unfinished items are inventory that is halfway through the production process.
- MRO merchandise: MRO stands for maintenance, repair, and operation. This is the inventory that you use to help with the production process.
- Safety stock: extra inventory kept on hand to deal with supplier shortages or increases in demand.
Every business that deals with inventory will require some sort of proper inventory management system. Let’s look at how that works in practice.
What is the workflow for inventory management?
Inventory management works on a basic level by tracking items, components, and ingredients across suppliers, stock on hand, manufacturing, and sales to ensure that stock is used as efficiently and effectively as appropriate. It may go as far as you need it to, such as studying the distinction between dependent and independent demand or predicting sales to plan ahead. But, in the end, it all comes down to your stock.
What will you learn in this course:
Understand fundamentals of Inventory management
Types of inventory
Inventory cost valuation
What are the prerequisites for this course?
No experience is needed ,anyone interested in SCM can learn
Check out the detailed breakdown of what’s inside the course
Introduction to Inventory
- Introduction to Inventory 15:26 15:26
Purpose & Types of Inventory
Inventory impact on finance angle
Obsolete Inventory Management
MRP & ERP
Pattabhi RamanExp. Supply Chain Professional, APICS- CPIM, CSCP, CLTD
Founder & Chief Consultant at Exxpert SCM, Bangalore
* Organizational experience of 25 years
* APICS Certified: CPIM, CSCP, CLTD, DDI Certified - DDPP, ISM Certified - CPM, PMI Certified - PMP
* Analytics qualified, Expert in Supply Chain Analytics
* Trained for Training(Train the Trainer)
# All above 4 qualities make a perfect Supply Chain Trainer, which is possible with only trainers globally
He has wide experience of three decades in the manufacturing sector comprising automotive, and machinery.
He has worked in India and Abroad in MNCs such as BOSCH, WABCO, VISTEON, and BIESSE. He has held various senior positions in the supply chains such as GM – Supply chain, GM – Material Planning, and Logistics.
He has led and managed large teams of supply chain professionals specializing in areas such as warehouse and distribution management, logistics management, and material planning. He has successfully implemented various supply chain processes, optimization projects, ERP implementation projects, cost-saving projects, etc.
Last 5 years, he is heading the current organization, providing both consulting & training. One of the popular program is "Supply Chain Analytics" which has the global audiences and appreciated by peers.
Our organization provides both live and self paced programs
User your certification to make a career change or to advance in your current career. Salaries are among the highest in the world.
Our students work
with the Best
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