IMB Inventory Management Best Practices- (15th –17th JuneOR 9th – 11thSeptember,2026)
About the Program
Inventory management is a critical function in every organisation and if managed well can provide substantial benefits to the business.
This three-day program examines in depth the principles of good inventory management, how to maintain the correct stock levels without affecting efficiency within the organization while contributing significantly towards the minimization of a company’s cash flow problems and improved profitability.
The program also looks at the various types of hazards likely to be encountered in the management of inventory. Hazards like trips, falls, falling objects, use of warehouse equipment and handling of materials in a warehouse could pose dangers to workers in the warehouse.
The course has been structured to develop existing skills of participants and to provide best practices in inventory management.
Course Objectives
- To enable participants appreciate the impact of good inventory management on the profitability of an organization.
- To enable participants understand and implement “world class” tools for managing inventory in the supply chain
- To enable participants run inventory operations more productively using best practices
Course Benefits
At the end of the program, participants would gain a greater awareness of the issues and key drivers of inventory management.
Course Content
- Introduction and Overview of Procurement and General Effective
Inventory Management
– Overview on Procurement and its Functions
– The Overall Goals of Procurement
– The Profit Impact of Procurement
– General Effective Inventory Management
– Why Do Companies Need Inventory
- Inventory Flow in the Supply Chain
- Supply Chain and Inventory Dynamics
- Financial Effects of Inventory
- Profit , loss effects and balance sheet effects
- Physical costs
- Effective Inventory Technique and Safety Stocks
– Inventory techniques and its types
– Binning system, visual technique
– Ordering quantities and periodic inventory system - Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
- Requirements Planning Systems, Bills of Material and Inventory Planning
– Safety stocks and safety stock calculations
- Managing Effective Stock Turns
-Inventory Turnover and How to Calculate the Turnover
-Action Plan for Stock Reduction
-What Should the Company Turnover be
– Use of Stockturns to Assess Shelf-Life Calculation - Inventory Vs Stock Outs Vs Obsolescence
- Forecasting Methods, Usage and Smoothing
- Inventory Control, Concepts and Techniques
- ABC, HML, XYZ FSN Etc Analysis
- Movement Analysis
- Criticality Analysis
- Zero Inventory and Just-In-Time Inventory Systems
- Push/pull inventory
- Vendor managed inventory
- Material Identification Systems
- Codification
- Standardization
- Variety reduction
- Protection Against Hazards
- Material Handling Protection
- Precautions for Cranes, Hoists and Derricks
- Safe Forklift Operation
- Safe Lifting
- Ladder Safety
- Loading Dock Safety
- Good Housekeeping Procedures
- Safe Storage Practices
- Packing and Unpacking
- Preventing Falling Objects
- Records Keeping in Inventory Management
- Automation in Inventory Management
- Criteria for Automation
- Capital Versus Expense Rationale
- Personal Action Plans
Duration: Three (3) Days
Fees : Four Thousand One Hundred Ghana Cedis (GH¢4,100.00) per participant
Venue : Miklin Hotel
Who Should Attend?
Inventory Managers, Warehouse Supervisors,Materials Planners,Buyers, Procurement Officers, Supply Chain Professionals,Finance Professionals managing inventory investments,Professionals responsible for reducing costs, increasing productivity, and improving customer service levels and anyone involved in the value chain of inventory management.