Retail Inventory Management Workshop – February 27, 2020
The workshop was mind blowing. I gained a whole lot of knowledge that would help me improve myself and my company…. Amrophe Peter Okiemute, Store Keeper @ Grandex Stores.
The Retail Inventory Management Workshop is designed to help retail management personnel understand retail inventory – its true and full cost; and why dead inventory is ‘cancer’ to profitability.
The efficiency of a retail business is based on the retailer’s ability to provide the right goods to the consumer, in the right quality, in the right quantity, at the right place and in right time. The entire process of retailing depends on the efficient inventory management. Inventory Management is one area that differentiates successful and unsuccessful retail businesses.
Retail inventory management is the core process to a successful retail business operation. The right management of inventory investment equals outstanding revenues, while poor retail inventory management is a recipe for disaster.
At the end of the workshop, participants will:
- know how to achieve smooth fulfilment of orders by matching supply volumes to customer demand;
- know how to define, measure and track KPIs that are critical to inventory management and performance success;
- discover the hidden opportunities through focused analysis of key retail metrics;
- know how to keep investment in inventory at minimum possible while minimizing the risk of under or over stocking, stock-outs and lost sales;
- analyze product sales patterns and use the result to plan inventory forecast;
- gain critical skills in the management of fast moving products, slow-moving products and product expiry;
- understanding the different inventory forecasting methods, how and when to use them, and why;
- understand the different methods of inventory classification for efficient management, how and when to use them, and why;
- understand the different methods of inventory valuation, how and when to use them, and why;
- understand the different methods of inventory counting system, how and when to use them, and why;
- know how to minimise shrinkage;
- understand how to maximize overall profit margin through efficient inventory management; and
- articulate solutions for effective and efficient inventory management strategies and tactics that drives turnover, increase cash flow and other validated benefits to retailers.
Retail Owners, Operations Managers, Regional/ District/ Area Managers, Store Managers, Stock Managers, Audit Managers, Retail Account Managers, Product Managers, Product Development Managers, Trade and Customer Marketing Managers, and anyone involved in retail account management
Duration: 1 Day
VENUE: Bervidson Training Center, Lekki Phase 1, Lagos
Inventory Management Overview
- What Inventory Management Is
- Key Inventory Challenge & Dilemma
- Inventory Costs
- Purpose Of Holding Inventory
- Establishing Effective Inventory Management system
- The Consequence of Poor Inventory Management System
Key Inventory Performance KPIs & Metrics For Effective Inventory Management
- Gross Margin
- Reorder Level
- Open to Buy (OTB)
- Inventory Turnover Rate
- Cash Conversion Cycle
- Sell-Through Rate
- Weeks of Supply (Weeks of Stock)
- Vendor Selection
- Inventory Classification Methods For Effective Management
- Demand Forecasting Methods
- Inventory Counting Methods
- Inventory Valuation Methods
- Warehouse Challenges & Management
Product Integrity – Preventing loss of inventory
- Product Storage Conditions
- Product Presentation
Managing Product Expiry
N69,950 Per Participant
(Group Rate is Available)
You can pay online @ MAKE PAYMENT OR credit our account below directly.
- Bank: FCMB
- Account Name: Bervidson Consulting Limited
- Account No: 3432812015
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