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How to Reduce Inventory Levels to Increase Your Bottom Line

Learn how to define, assess, prioritize, and implement inventory targets and policies.

Inventory and supply chain managers are often tasked with reducing inventory levels while maintaining high (or higher) levels of customer service. With these seemingly opposed and competing dynamics, inventory managers struggle to find ways to place the right inventory at the right place, at the right time at the lowest cost, while also balancing their planner's time, effort, and focus. This topic will focus on how to define, assess, prioritize, and implement inventory targets and policies using an inventory segmentation model. It will also discuss how to both track performance to inventory targets and how to identify and implement additional improvements via an Inventory Health metric.

83 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 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 Management Overview

  • Introduction
  • Benefits of Improving Inventory Performance
  • Key Definitions and Inventory Drivers

Common Inventory Target Calculations

  • Safety Stock
  • Cycle Stock
  • Pipeline Stock

Inventory Segmentation Approach to Improve Inventory Planning and Performance

  • Segmentation Definition
  • Segmentation Approaches
  • Segmentation Policies and Strategies to Drive Improvements

Inventory Health Metric Design and Implementation to Drive Both Tactical and Longer-Term Improvements

  • Metric Definition and Calculation
  • Opportunity Identification
  • Review Process and Frequency
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Why Lorman?

Over 34 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 Course

This course was last revised on May 27, 2021.

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

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 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.

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 34 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

Daniel Gravelle

Daniel Gravelle

EY Parthenon

  • Senior Director, Working Capital Advisory Services, EY Parthenon
  • B.A. degree, in economics (distinction in economics), management, magna cum laude, St. Olaf College
  • Can be contacted at 507-219 8084 or [email protected]
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Why Lorman?

Over 34 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: 408339
Published 2021
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