Inventory and Material Management
About Inventory and Material Management
Inventory
management refers to the process of ordering, storing and using a
company's inventory. This includes the management of raw materials,
components and finished products, as well as warehousing and processing
such items.
Materials and inventory management is the cornerstone
of effective supply chain management. When the proper inventory
management methods and material management system are in place,
enterprises can enjoy the benefits of strategic cost management.
Why is Inventory and Material Management important?
The importance of inventory and material management is due to benefits it provides, as
• The equipment is properly utilized because there are no break downs due to late supply of materials.
• The loss of direct labour is avoided.
• The wastages of materials at the stage of storage as well as their movement are kept under control.
• The supply of materials is prompt and late delivery instances are only few.
• The investments on materials are kept under control as under and over stocking are avoided.
• Congestion in the stores and at different stages of manufacturing is avoided.
• Accurate Order Fulfilment
• Better Inventory Planning and Ordering
• Increased Consumer Satisfaction
Who should take the Inventory and Material Management Exam?
• Supply Chain Managers.
• Professionals working in Operations, Manufacturing or Service sectors, Production and Industry
• Logistics, Purchasing, Customer Relationship Managers
• Financial Controllers, Accountants, Business Analysts & Consultants
• Small Business Owners and Operations Managers
• People working in Production, Manufacturing, Industrial Operations, Business Operations
• Students
Inventory and Material Management Certification Course Outline
1. Purchasing Procedures
2. Stores Management
3. Inventory Control
4. Material Planning
5. Materials Budgeting
6. Vendor Management
7. Material Classification, Standardisation and Codification
8. Forecasting