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Live Webinar

90-minute live streaming program
  • June 25
  • 1:00 - 2:30 pm EST

Right-Sizing Inventory: Common Pitfalls to Avoid

June 25

Gain a better understanding of the proper regulations needed to follow when managing inventory to best avoid consequences.

In a perfect world, a lean supply chain would have no idle inventory, material would flow continuously at the rate of customer demand. Unfortunately, even in the leanest supply chains, inbound lead times often exceed today’s aggressive consumer delivery expectations. How can companies maintain the appropriate inventory levels to remain competitive? In this material, you will learn why idle inventory is considered waste and see the negative effects of having too much on hand. You will learn the importance of SKU classification (traditional ABC vs. lean thinking). We will compare the differences between cycle, buffer, & safety stock, and explain when you need each. You will not only learn new calculations for right-sizing your inventory, you will gain a deeper understanding of the inputs or levers that can be used to raise or lower inventory levels at lineside or in the warehouse.

Learning Objectives

  • You will be able to review inventory control systems.
  • You will be able to discuss the different types of inventory.
  • You will be able to describe how to perform basic inventory calculations.
  • You will be able to recognize service level and risk factors.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Inventory Reduction: The Path to Lean Supply Chain Management

Why You Need SKU Classification

What Are the Different Types of Inventory and When Do You Replenish Them?

Basic Inventory Calculations – a Template

Risk Mitigation: Common Pitfalls to Avoid

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     
  • CPE 1.8 including Management Services 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for purchasing managers, supply managers, material managers, senior buyers, project managers, contract administrators, controllers, and accountants.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Brent Cable

Brent Cable

LeanCor Supply Chain Group

  • Senior supply chain engineer at LeanCor Supply Chain Group
  • Experience includes over 15 years in lean, Six Sigma, inventory planning and material flow, ABC SKU classification, inventory right-sizing, plan-for-every-part (PFEP) methodology, kaizen event facilitation, supply chain management, warehouse/DC center assessment, design and relocation, storage and conveyance strategies, and pull replenishment implementation
  • Managed various project moves or expansions throughout his career as an operations leader
  • Worked with clients across a wide array of industries, including: e-commerce, health care, consumer goods, heavy equipment manufacturing, brewing, and automotive
  • In his current role, he manages end-to-end supply chain consulting projects for LeanCor’s portfolio of global clients
Tom Kinder

Tom Kinder

LeanCor Supply Chain Group

  • Lean deployment executive at LeanCor Supply Chain Group
  • Over 10 years of operational and project experience in lean, Six Sigma, inventory planning and material flow, ABC SKU classification, inventory right-sizing, plan-for-every-part (PFEP) methodology, supply chain management, distribution and fulfillment center assessment & design, storage & conveyance strategies, and pull replenishment implementation
  • Began career as an industrial engineer writing standard work in a sequencing center and progressed to managing a multimillion dollar fulfillment center for a Tier 1 automotive supplier
  • In his current role at LeanCor, he leverages his breadth of operational experience in consulting various clients on advancing their end-to-end supply chains
  • Worked with clients across a wide array of industries, including: biotech & pharmaceuticals, health care, consumer goods, metal & mineral manufacturing, chemical manufacturing, and automotive
  • B.A. degree in business management, Indiana University’s School of Public and Environmental Affairs as well as a Business Certificate from Indiana University’s Kelley School of Business; earned a Lean Supply Chain Professional Certificate from the Georgia Tech Supply Chain & Logistics Institute
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404945
Published 2019
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