The COVID-19 pandemic and related supply chain issues demonstrate the importance of effective inventory management, control, and analysis of this business lifeline.
Inventory management is all about having the right items on hand at the right time to meet customer demand while controlling costs and minimizing waste and loss. Companies with best-in-class inventory management practices don’t guess how much stock to buy, and they keep a steady flow of raw materials, work-in-progress items, and finished goods moving from manufacturing to consumer, over a variety of distribution channels.
Inventory control is a part of the inventory management process. It is the daily activity of managing stock within the warehouse. Inventory control activities include receiving, storing, and transferring stock, as well as tracking and fulfilling orders and returns.
Inventory analysis helps you determine the right amount of stock to keep on-hand to fill demand while avoiding spending too much on inventory storage.
This course will focus on “The Big 3” tools that best-in-class financial leaders use to sustain enhanced growth and profitability: inventory management, control, and analysis. These will allow companies to stay on top of trends in inventory management, understand the drivers behind them, establish and follow a state-of-the-art inventory control system, and master inventory analysis skills.