Live Webinar

60-minute live streaming program
  • November 30
  • 1:00 - 2:00 pm EST

Managing and Preventing Obsolete Inventory

November 30

Learn to identify the old inventory and create an action plan to get rid of it.

Obsolete inventories are a dangerous thing for most businesses, especially retail businesses, because they tie up capital unnecessarily, and create a bad impression for customers when they see the same old thing, day after day. And while every business that maintains inventory will always have some degree of obsolete inventory, learning how to identify, remove, and mitigate future obsolete inventories is of paramount importance. By establishing the parameters by which you can measure what the obsolete inventory is, you can easily identify it, take action to get rid of it, and then analyze the causes of the obsolete inventory, so that it does not continue to consume capital, space, and time.

Learning Objectives

  • You will be able to define the parameters of obsolete inventory and determine what is actually obsolete.
  • You will be able to describe the process of determining what is old.
  • You will be able to identify the old inventory itself, and an action plan to get rid of it.
  • You will be able to review the causes of the obsolete inventory, so that you don’t create the same issue again.

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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

Why Is Obsolete Inventory a Problem?
  • Ties up Cash
  • Affects Your Marketing
  • Affects Your Staff
How Do You Determine Old Inventory?
  • Validate the Counts
  • Review Based Upon Number of Days in Inventory
  • Review Based Upon Number of Markdowns/Price Reductions
Steps to Take to Get Rid of Obsolete Inventory
  • Vendor Negotiation/Return
  • SPIF to the Staff
  • First Markdown – 25%
  • Subsequent Markdowns
  • Donation
Lessons to Learn
  • Types of Markdowns (Buying/Selling)
  • What Was the Cause of the Markdown?
  • Do We Have a Proper Buying Plan to Prevent Future Markdowns?
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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

Live Webinar Registration

  • ISM 1.0
     
  • Participants who successfully complete this program will receive 1.0 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 1.2 including Production 1.2
     
  • 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Production for 1.2 hours. Prerequisite: basic knowledge of purchasing contracts. 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.
     

Who should attend?

This live webinar is designed for purchasing managers, buyers, contracting and materials managers, procurement managers, presidents, vice presidents, accountants, and financial professionals.

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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

Dan Jablons

Dan Jablons

Retail Smart Guys

  • Award winning merchandise planner and retail consultant for 15 years in a row
  • Piloted some of the industry’s earliest vendor managed inventory programs
  • Keynote speaker at many trade shows, including MAGIC, Surf Expo, and Global Pet Expedition
  • Has worked with retailers, large and small, nationally, and internationally
  • Was amongst the first to work with independent retailers to add technology to their stores to improve their bottom line
  • In addition to his retail knowledge, he has also been an actor on TV, you know him as Larry David’s lawyer on Curb Your Enthusiasm
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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.

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Product ID: 409193
Published 2021
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