What you'll learn
Measure inventory performance using key metrics and use data-driven insights to make informed inventory decisions.
Develop effective inventory optimization strategies to improve inventory turnover, reduce excess stock, and enhance customer satisfaction.
Apply various inventory forecasting and demand planning techniques used in inventory management.
Get familiar with the fundamental parameters of inventory management and optimization.
Assess the significance of effective inventory management and its impact on organizational performance.
Requirements
A basic understanding of supply chain, logistics, or business operations is recommended. Familiarity with inventory concepts is advantageous.
Description
Welcome to the "Certified Inventory Management & Optimization Expert (CIMOE)" course, a transformative journey into the world of inventory control and optimization. In today's fiercely competitive business landscape, mastering the art of inventory management is paramount for organizational success. This course has been meticulously crafted to equip you with the knowledge and practical skills necessary to navigate the challenges of inventory control and optimization.Throughout this course, you will explore the significance of efficient inventory management, delve into fundamental parameters, master forecasting techniques, develop optimization strategies, and measure performance using key metrics. Designed for professionals in inventory management, logistics, supply chain, procurement functions, and business owners, this course promises to enhance your understanding of this critical aspect of business.Lesson 1: Introduction to Inventory Management In this foundational lesson, you will gain an understanding of why inventory management matters in today's business environment. Explore the key objectives and benefits of efficient inventory control, common challenges, and the role of technology in managing inventories effectively.Lesson 2: Fundamental Parameters of Inventory Management This lesson delves into the core elements of inventory management, including supply and demand dynamics, replenishment orders, lead times, safety stocks, and cycle stocks. You'll grasp the essential concepts that form the basis of effective inventory control.Lesson 3: Inventory Forecasting, Demand, and Requirement Planning Learn various methods for forecasting demand and sales, analyze historical sales patterns, and understand the importance of material requirements planning (MRP) in predicting inventory requirements.Lesson 4: Inventory Optimization, Control Strategies, and Techniques Discover the costs associated with inventory, classification methods like ABC and XYZ analysis, the principles of Just-in-Time (JIT) inventory management, and delve into inventory optimization strategies, including the Economic Order Quantity (EOQ) model.Lesson 5: Inventory Tracking and Performance Metrics Explore key performance indicators (KPIs) for inventory management, methods for replenishment tracking and expediting, and the role of technology and lean manufacturing principles in efficient inventory tracking.Each lesson builds upon the previous one, providing you with a comprehensive understanding of inventory management and optimization techniques. As you progress through the course, you will gain the knowledge and skills necessary to excel in this critical aspect of business operations.By the end of this course, you will emerge with a deep understanding of inventory management, proficiency in optimization techniques, and the ability to forecast and plan with precision. Your journey towards becoming an inventory management expert begins now. Let's embark on this enriching learning experience together.
Overview
Section 1: Introduction to inventory management
Lecture 1 Introduction
Lecture 2 Understanding the importance of inventory management
Lecture 3 Key objectives and benefits of efficient inventory control
Lecture 4 Common inventory management challenges and pitfalls
Lecture 5 Overview of inventory systems and technology
Section 2: Fundamental parameters of inventory management
Lecture 6 Supply and demand
Lecture 7 Replenishment order and lot size
Lecture 8 Lead time, demand during lead time, and replenishment period
Lecture 9 Inventory position, reorder point, and order-up-to level
Section 3: Inventory forecasting, demand and requirement planning
Lecture 10 Methods for forecasting demand and sales - Part 1
Lecture 11 Methods for forecasting demand and sales - Part 2
Lecture 12 Data analysis and historical sales patterns
Lecture 13 Forecasting requirements through material requirements planning (MRP)
Section 4: Inventory optimization, control strategies and techniques
Lecture 14 Inventory related costs
Lecture 15 Classification of inventory items: ABC analysis, XYZ analysis and other methods
Lecture 16 Just-in-Time (JIT) inventory management
Lecture 17 Inventory optimization Part 1: Cost minimization, economic order quantity (EOQ)
Lecture 18 Inventory optimization Part 2: Determining safety stocks and reorder points
Section 5: Inventory tracking and performance metrics
Lecture 19 Key performance indicators (KPIs) for inventory management
Lecture 20 Replenishment tracking and expediting
Lecture 21 Using technology for inventory modeling and optimization
Lecture 22 Lessons for inventory management professionals from lean manufacturing principle
This course is designed for professionals involved in inventory management, logistics, supply chain, or procurement functions,Business owners and managers seeking to improve their organization's inventory management practices.,Consultants, Operational Excellence and Finance professionals working for cost optimization



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