This course will introduce you to stock valuation methods, reordering concepts and the latest technological developments enabling you to effectively assess your systems and advance to current best practices.
Historically, inventory management was done in a dark office somewhere in a factory, the simple task of keeping track of bits of stock.
Nowadays however, companies are creating markets and profits through proactive management of their inventory. Zero lead times, keeping costs low and minimal stock-risk, all play a vital role in today’s competitive arena of business.
This course will introduce you to stock valuation methods, reordering concepts and the latest technological developments enabling you to assess your current systems and transform to the latest inventory management best practices.
On completion of this course, you will have a greater understanding of:
- Where stock inventory fits as a component of Working Capital
- Illustrating common categories of inventory and the relevant liquidity implications (raw materials, finished goods, WIP, consignment etc.)
- The accounting terms relating to valuation methods (LIFO, FIFO, average etc.)
- The importance of a robust inventory management process
- Typical stocking systems and their implications on inventory investment
- The impact of an effective inventory strategy on business sales
- Measurement of the performance of inventory management
- Recognising the warning signs of potential write-downs
- Being able to demonstrate awareness of new developments in inventory systems
- Where to find inventory
- What sorts of inventory are there
- What is the benefit of inventory management?
- Are our inventory management systems fit-for-purpose?
- How do we know when to buy inventory and what to buy?
- How will our inventory policy affect business performance?
- Are we managing our inventory well and how can we do better?
- When to call for help to better manage inventory
- What is the future of inventory management and how do we respond?
Authored by: Andy Gifford
Andy Gifford was born in England but spent his formative years in South Africa after his family emigrated in 1970. He initially entered the accounting profession, but quickly moved to commerce to put theory into practice. After spending time in technical accounting roles, he joined the Howden Group where he rose to become managing director of one of the main divisions.
Soon after relocating back to England in 1997, he joined Global Crossing which was ultimately acquired by Level 3. During his time with the company Andy held treasury operations as his primary mandate, but has also undertaken special projects including procurement, shared services and real estate.
Andy is now working in the SME sector assisting start-ups and providing management advice.
He is also a regular speaker on working capital, presenting at corporate events and professional education seminars.
CPD Points: 1
CPD Duration (hours): 1
Access: 12 months from purchase date