Management Playlist - Inventory Control C: Order Methods & Planning Course

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So let's get started. With supply chain issues constantly on the ride is no better time to tighten up your inventory control planning and ordering methods. For medium to large e-commerce brands and wholesalers, inventory planning come with additional complexity. You may be operating across the multiple online channels as well as physical stores in various locations.

You may have the larger database of customers who be looking to scale up operations in the near future, plus sudden market shifts can add an extra layer complexity to your inventory planning. In the certification course, you will learn how to start pinning down a successful inventory plan and management strategy is essential for your future security and success. You have to understand efficient inventory planning offers a fast route to reduce costs tied up in dead inventory, optimized product mix, happier customers, increased revenue and profit. In this online certification course, you will learn methods of inventory planning and controls.

Inventory planning is an internal part of a company supply chain management strategy, alongside order management, accounting, warehouse operation and customer management. Up to 80% of cash is tied up in inventory, which you don't want in them is inventory sitting on a shelf and getting out dating. Holding inventory is unavoidable as it allows organizations to operate continuously, however, having too much inventory is damaging to the health cash flow. So that's when inventory planning comes into play.

In other words, by having just the right amount of inventory at the right time, in the right location, businesses reduced overall cause of storing merchandise. In order to establish a reliable inventory planning business, an organization must do these three things. They are demand forward cash, using historical sales data, KPIs and variables, like seasonality, promotion and marketing predicts to make data driven forecasts, control costs, considering things like choosing the right supplier, automating purchase order process, reducing cash tied up and slow-moving products, store efficiency, storing the right amount of products in the right place to optimize your order fulfillment, routes if you have multiple inventory locations. By establishing these inventory planning strategies, inventory flows continuously, seamlessly and efficiently.

But these three workflows must exist in tandem, but maintaining such a complex operation comes with some challenges in this tutorial online course is here to help. Companies could have all the top inventory software in the world. If your team are fully trained to use it, your business won't see the best results possible. Poor training impacts management and breathes miscalculations.

Likewise, poor communication between procurement, production, and quality control departments will ultimately impede efficiency. So keep in mind, technology is not the whole solution. FIFO or first in and first out assumes the older inventory is sold first. FIFO is a great way to keep inventory fresh.

LIFO or last in, first out assumes the newer inventory is typically sold first. LIFO helps prevent inventory from going bad. The Reorder Point Formula calculates the lease amount of stock a business should have before reordering. A reorder point is usually higher than a safety stock number to factor in lead time.

Demand forecasting is based on historical sales data to forecast customers demand. Essentially, it's an estimate of the goods and service a company expect customers to purchase in the future. These techniques and processes will be included in the certification course and much more. I will also leave some other courses you may find interesting as well down below.

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