Course Details

 Predict & Prosper: Inventory Optimization & Demand Forecasting Training Course

INTRODUCTION

"Maximize profitability and minimize stockouts with our Inventory Optimization & Demand Forecasting Training Course. This Inventory Optimization & Demand Forecasting Training Course equips professionals with the essential skills to accurately predict demand, optimize inventory levels, and streamline supply chain operations. Learn to leverage advanced forecasting techniques, utilize data analytics, and implement effective inventory management strategies. Master the techniques for building a responsive and efficient inventory system."

"This practical, hands-on training provides a deep dive into the methodologies for successful inventory optimization and demand forecasting. Participants will learn to utilize statistical forecasting models, implement safety stock calculations, and manage inventory replenishment strategies. From understanding the importance of seasonality to navigating complex demand patterns, this course empowers you to build a resilient and data-driven inventory operation. Enhance your ability to optimize inventory and drive supply chain efficiency by mastering the essential principles and practices of this critical field."

DURATION

10 days

TARGET AUDIENCE

This course is meticulously designed for:

• Inventory Managers and Planners
• Supply Chain Managers
• Demand Planners
• Logistics Managers
• Procurement Managers
• Operations Managers
• Business Analysts
• Data Analysts
• Anyone seeking to enhance their skills in inventory optimization and demand forecasting.

COURSE OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the principles of inventory optimization and demand forecasting.
• Utilize statistical forecasting models and techniques.
• Implement safety stock calculations and inventory replenishment strategies.
• Analyze demand patterns and identify seasonality.
• Utilize data analytics for demand forecasting and inventory planning.
• Implement inventory control and management systems.
• Optimize inventory levels and reduce stockouts.
• Utilize forecasting software and tools.
• Implement strategies for managing demand variability.
• Align inventory and forecasting strategies with overall business objectives.

COURSE MODULES

Module 1: Introduction to Inventory Optimization and Demand Forecasting:

• Overview of inventory optimization and demand forecasting concepts.
• Understanding the importance of accurate demand forecasting.
• Exploring the benefits of optimized inventory levels.
• Understanding the link between forecasting and supply chain efficiency.

Module 2: Utilizing Statistical Forecasting Models and Techniques:

• Understanding time series forecasting models (moving average, exponential smoothing).
• Implementing regression analysis and causal forecasting.
• Utilizing forecasting accuracy metrics (MAPE, RMSE).
• Understanding the importance of proper model selection.

Module 3: Implementing Safety Stock Calculations and Inventory Replenishment Strategies:

• Calculating safety stock levels based on demand variability.
• Implementing inventory replenishment strategies (reorder point, periodic review).
• Utilizing inventory control techniques (EOQ, JIT).
• Understanding the importance of proper inventory replenishment.

Module 4: Analyzing Demand Patterns and Identifying Seasonality:

• Identifying seasonality and trend patterns in demand data.
• Utilizing decomposition techniques for demand analysis.
• Implementing seasonal forecasting adjustments.
• Understanding the importance of proper demand pattern analysis.

Module 5: Utilizing Data Analytics for Demand Forecasting and Inventory Planning:

• Utilizing data analytics tools for demand forecasting.
• Implementing data visualization techniques for demand analysis.
• Utilizing predictive analytics for demand forecasting and inventory planning.
• Understanding the importance of proper data analysis.

Module 6: Implementing Inventory Control and Management Systems:

• Implementing inventory management systems (WMS, ERP).
• Utilizing inventory control techniques (ABC analysis, cycle counting).
• Managing inventory accuracy and stock integrity.
• Understanding the importance of proper inventory management systems.

Module 7: Optimizing Inventory Levels and Reducing Stockouts:

• Implementing inventory optimization algorithms and software.
• Managing inventory levels and stock availability.
• Utilizing inventory performance metrics and KPIs.
• Understanding the importance of proper inventory optimization.

Module 8: Utilizing Forecasting Software and Tools:

• Implementing forecasting software and tools.
• Utilizing demand planning and forecasting modules.
• Utilizing collaborative forecasting platforms.
• Understanding the importance of proper software implementation.

Module 9: Implementing Strategies for Managing Demand Variability:

• Understanding demand variability and uncertainty.
• Implementing strategies for managing demand fluctuations.
• Utilizing demand sensing and real-time data.
• Understanding the importance of proper demand variability management.

Module 10: Aligning Inventory and Forecasting Strategies with Business Objectives:

• Aligning inventory and forecasting strategies with overall business goals.
• Utilizing strategic planning and forecasting techniques.
• Implementing stakeholder engagement and communication strategies.
• Understanding the importance of proper stakeholder communication.

CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com