Description
This Inventory Management course provides an in-depth exploration of the key concepts, techniques, and challenges associated with managing inventory within a supply chain. It begins by highlighting the critical role inventory management plays in balancing supply and demand, optimizing operational efficiency, and ensuring business continuity. The course covers various types of inventories, including raw materials, work-in-progress, finished goods, and safety stock, explaining their importance and management challenges.
It delves into essential inventory control techniques such as Just-In-Time (JIT), Economic Order Quantity (EOQ), and ABC Analysis, offering insights into how these methods help companies maintain optimal inventory levels and minimize costs. The course also addresses the challenges faced in inventory management, such as demand variability, lead time uncertainty, and the risks of stockouts and obsolescence, particularly in the context of recent global disruptions like the COVID-19 pandemic.
Additionally, the course emphasizes the importance of integrating inventory management with other supply chain processes, such as demand forecasting, procurement, and distribution, to enhance overall efficiency. Advanced inventory management tools and technologies, including inventory management software, RFID, and automated replenishment systems, are also discussed as solutions for optimizing inventory performance in a dynamic market environment.
