Stock Management, Forecasting and Demand Planning: Tools and Techniques
Introduction
Demand planning is a critical process within Supply Chain Management (SCM) which ensures continuity of supply of the inventory at the lowest cost. Effective demand planning will help the SCM team improve the accuracy of forecasts, ensure enough inventory levels at all times, and enhance profitability by optimizing the expenses. The control side of this process is to ensure that plans are being met and to take the necessary actions when needed.
Demand planners are the ‘behind the scenes’ professionals who are entrusted with this critical responsibility. When they do their job right, no one recognizes them. However, they will be noticed quickly when they fail to deliver, given the negative impact this will have on customer service and the bottom line.
In this course, many demand planning theories, models and best practices will be discussed which will assist the participants in dealing with various future scenarios to ensure continuous flow of the inventory at the least possible total cost.
Course Objectives:
- State the objectives of stock management and list their impact on cost and customer service
- Prepare proper classification of stock and use best practices for item specification and cataloging
- Use scientific forecasting techniques to predict demand and better manage lead times
- Differentiate and categorize stock cost elements