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Effective Purchase, Inventory and Warehouse Management by Princeton Academy


Address: Barakhamba Avenue, Near Modern School, Connaught Place Fire Brigade Lane, Barakhamba New Delhi, Delhi 110001

Introduction Effective purchasing is important for any enterprise – manufacturing or service, public or private.  Over the last few decades, the nature of this function has radically changed from just “negotiating with vendors and buying cheap” to one of “strategic importance” in the supply chain.  In the manufacturing sector, the cost of materials is often 55-70% of the product cost, and the quality of the finished product is heavily dependent upon the quality of material purchased. Hence the impact of the Purchase function on cash flow and profitability is very high. All this has placed new demands on position and role of the procurement function. In the current economic climate inventory is more important than ever.  With slowing activity, inventory decisions that result in excess inventory will take much longer to correct and the working capital that is tied up hurts even more when capital is hard to come by. Improve inventory turns, lower operating costs and enhance customer satisfaction. The program will help you strengthen the performance of your Vendor base by enabling them to acquire the skills and capacities to raise the product quality, on-time delivery, reduce the working capital besides cost competiveness. Course Content : Purchase Management Purchase Function – traditional role and changing relevance Reconstruction of Purchase function for a strategic role Purchase’s role in strong supply chain and impact on yield Just In Time (JIT) Procurement EOQ (Economic Order Quantity) concept and modern interpretation Effective strategic sourcing Vendor Selection and Evaluation Vendor Development – Value drivers Vendor Rationalization Delivery Performance monitoring Volume flexibility Vendor meet Vendor reward scheme Vendor satisfaction survey Ethics in Purchasing Case examples and illustrations from practice Actionable points for immediate and long term application KPIs for effective Sourcing Inventory Management: The role and cost of inventory Principles of common control techniques Practical pitfalls and how to avoid them Relationships between stock levels, frequency of ordering and customer service How to focus effort where it will be most effective Choosing cost-effective methods of control Calculating control parameters Forecasting stock levels, values and holding costs Implementing effective monitoring and exception reporting Different methods & models of replenishment– re-order point– routine review– impact of demand inequities– demand management– materials requirements planning– kanban systems– consignment stocks Incentory control and management The review cycle Warehouse/Store Management Design of Stores / Warehouse types Basic store design, site selection, construction configuration and layout, facilities, management systems & procedures. Key stores operational functions Core activities, inbound material, receipt logistics and storage, stock control and inventory management, stores issue control and outbound logistics, stores documentation and housekeeping Performance metrics, MIS and documentation Level of Inventory, inventory metrics, stores operational metrics, 5S practice and advantage, management of non-moving and obsolete items, safety and security issues

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