SCSS NO.1 INFORMATION
Date: Sunday, April 24th, 2021
Time: 8:30 AM – 12:30 PM
Venue: VILAS Office
No.1: INVENTORY MANAGEMENT
Balancing Between Service Level & Stock Level
As a critical function in Supply Chain Management, Inventory control must achieve optimal operations. Keeping a high level of Stock leads to a dramatic increase in handling cost. On the other hand, too low stock levels cause stock-outs which impacts business’ revenue due to customer dissatisfaction.
Therefore, for the next topic in Supply Chain Seminar Series 2021: “Creating a World-Class Supply Chain Base”, VILAS brings you Seminar “Inventory Management – Balancing Between Service Level & Stock Level”. where you can consider whether maintaining the promised service level or reducing inventory cost by making the right decisions for each situation.
SHARING OUTCOMES
To understand the value chain in inventory management
To understand the importance of inventory & the role it plays in the profitability of the company
To develop an understanding of the role of the warehouse in the end-to-end supply chain
To comprehend inventory strategies in the warehouse to finally balance customers service level
SPEAKER
Mr. Trần Thiện Tài
Head of Supply Chain
Henkel Adhesive Technology Vietnam
Former Logistics Operations Manager
Electrolux Vietnam
Former Purchasing & Operations Manager
Philips Electronics Vietnam
AGENDA
I. INVENTORY IN SUPPLY CHAIN MANAGEMENT
- The goal of effective inventory management
- Responsibilities of different departments in achieving effective inventory management
- Different types of inventory:
- Resale
- Production
- Maintenance, repairs, and operations (MRO)
- Determining what products to stock in each warehouse or store
- Ranking products by activity, cost of goods sold, and profitability
- Resale Inventory – Ensuring that all inventory is profitable or leads to other profitable sales
II. INVENTORY STRATEGY – BALANCING BETWEEN SERVICE LEVEL AND STOCK LEVEL
- Determining When to Replenish Stock (Achieving Your Customer Service Goals)
- Determining How Much to Order (Maximizing Profitability or Minimizing Costs)
- Implementing Lean and Six Sigma principles in Inventory Management in the warehouse