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Inventory management

The PGDM Material Management course focuses on controlling and regulating the flow of<br>materials in relation to changes in variables like demand, prices, availability, quality, delivery<br>schedules etc.

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Inventory management

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  1. MIT School of Distance Education Inventory Management

  2. Inventory Management Inventory management involves the supervision, regulation, and enhancement of a company's stock of resources, materials, and final goods. This encompasses the effective control and organization of raw materials, components, and finished products within a business. Effective inventory management is crucial for businesses to ensure they have the right products available at the right time while minimizing holding costs and preventing stockouts.

  3. Here are some key aspects of inventory management: Inventory Tracking: Use of technology (such as barcoding, RFID, or inventory management software) to track the movement of inventory. Regularly update inventory records to reflect changes in stock levels. Demand Forecasting: Adjust inventory levels based on demand forecasts to prevent overstock or stockouts. ABC Analysis: Categorize products into different classes based on their importance and value. Class A items are high-value and should be closely monitored, while Class C items are lower in value and may require less frequent attention.

  4. Here are some key aspects of inventory management (Cont’d…) Safety Stock: Maintain a safety stock to account for unexpected fluctuations in demand or delays in the supply chain. Helps prevent stockouts during high-demand periods. Ordering and Reorder Points: Establish reorder points to trigger the replenishment of inventory. Determine optimal order quantities to balance holding costs and ordering costs. Supplier Management: Negotiate favourable terms, discounts, and payment schedules to optimize costs. Just-in-Time (JIT) Inventory: Implement JIT principles to minimize holding costs by receiving goods only when needed. Requires close coordination with suppliers to ensure on-time deliveries.

  5. Benefits of inventory management Inventory management plays a pivotal role in various aspects of business operations, including: Timely Supply Chain Operations Loss Prevention and Security Seasonal Inventory Management Adaptation to Market Changes Resource Efficiency through Cycle Counting Data-Driven Sales Strategies 1. 2. 3. 4. 5. 6. By aligning inventory levels with demand, adapting to market dynamics, and leveraging accurate data, organizations can maximize the utilization of resources and ultimately improve their bottom line.

  6. Inventory management system examples Inventory management practices can vary across industries, but some overarching themes and principles are applicable to various sectors. Fashion Retail: The company employs a just-in-time inventory approach, producing limited quantities of each design and quickly restocking based on real-time sales data. This minimizes excess inventory and enables Zara to respond rapidly to changing fashion trends. Electronics Retail: Best Buy utilizes a Vendor Managed Inventory system, where suppliers manage the inventory levels at Best Buy stores. This system allows for efficient replenishment based on sales data and helps prevent stock outs or overstock situations. It streamlines the supply chain and enhances collaboration between Best Buy and its suppliers. Grocery Retail: Walmart has implemented Radio-Frequency Identification (RFID) technology to enhance inventory visibility and accuracy. RFID tags on products enable real-time tracking throughout the supply chain and in-store. This technology helps Walmart maintain optimal inventory levels, reduce out-of-stock instances, and improve the overall efficiency of the grocery retail supply chain.

  7. Why pursue PGDM in Material Management ? Material Management professionals plays a crucial role in the success of an organization by ensuring that materials are available when needed and in the right quantities. The PGDM Material Management course focuses on controlling and regulating the flow of materials in relation to changes in variables like demand, prices, availability, quality, delivery schedules etc. With the PGDM Material Management course, learn skills like In-depth knowledge of supply chain, Hands-on experience with forecasting and budgeting, organization and time-management, communication and leadership skills.

  8. Why MITSDE ? • Learn the objectives and importance of material planning, handling and forecasting • Understand the International Standards Organization (ISO) guidelines • Learn the tools and techniques of quality management and the principle of TQM • Understand the value analysis framework and its importance • Learn the vendor evaluation process, negotiation skills, implementation of material management in ERP and SAP

  9. Potential Careers Opportunities Strategic Manager 1. Supply Chain Manager 2. Material Manager 3. Procurement Manager 4. Inventory Manager 5. Commodity Manager 6. Strategic Sourcing Manager 7. Warehousing Manager 8.

  10. About US MIT School of Distance Education is one of the largest distance learning centers in India. We offer various Post Graduate Diploma and Certificate programs & Online MBA Courses across various industry sectors that include Operations Management, Project, Information Technology, Banking and Finance, Digital Marketing, Business Analytics and many more. MITSDE has an online assessment system, flexi-learning approach, and provides a state-of the-art Learning Management System (LMS) which is in line with its mission 'flexible learning opportunities anywhere, anytime, and to provide ultimate convenience, ease, and flexibility to our students’.

  11. Advantage of learning with MITSDE o Self-paced learning o Regularly updated syllabus o Live webinars and doubt solving sessions o Industry-relevant course offerings o Quick and highly-responsive student o Courses taught by Industry Experts support o Affordable courses o Dedicated student support team o No cost EMI options

  12. Placement Record at MITSDE MITSDE has a dedicated Placement Cell providing 100% placement, CV building workshops and Career Counseling. Our Student Placement :

  13. Placement Record at MITSDE

  14. Contact Us Address: Email ID: admissions@mitsde.com MIT Alandi Campus, Pune Moshi-Alandi Road, Alandi-412105,Pune Maharashtra (India) Website: www.mitsde.com Phone: 9112-207-207 / 9028-258-800

  15. Thank you

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