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Right-Sizing Inventory: Common Pitfalls to Avoid

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.

Runtime: 90 minutes
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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

OnDemand Webinar

This course was last revised on June 25, 2019.

Call 1-866-352-9540 for further credit information.

  • 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.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

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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Product ID: 404945
Published 2019
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