About the Session

Inventory is often one of a company’s largest assets—and one of its greatest opportunities for improving cost, cash flow, operational performance, and customer service.

In Part 1 of this two-part Lunch & Learn series, Inventory Best Practices, participants will explore the fundamental principles and practical techniques used to manage inventory effectively across the supply chain. The session will examine why organizations carry inventory, the different classes and functions of inventory, and the financial and operational impact of inventory decisions.

Topics will include inventory costs and carrying costs, inventory turns, ABC inventory control, determining when and how much to order, demand and material planning concepts, safety stock, storage and warehouse management practices, and technologies that improve inventory visibility and control.

The session will conclude by introducing one of the most important foundations of effective inventory management: inventory record accuracy. Participants will see why reliable inventory information is essential for material planning, operational execution, financial reporting, and customer service—and why inventory accuracy deserves focused attention of its own.

• Understand the purpose, functions, and major classes of inventory.
• Recognize the financial and operational costs associated with inventory.
• Apply inventory control concepts such as inventory turns and ABC classification.
• Understand key considerations for replenishment, safety stock, and material planning.
• Identify opportunities to improve storage, handling, and inventory visibility.
• Recognize why accurate inventory records are fundamental to effective supply chain management.

SPEAKER:

Gary Kerslake CSCP

Customer-focused, manufacturing-savvy professional with over 40 years of line, staff, and consulting experience.

With his hands-on manufacturing expertise, he has given clients practical solutions for lean and supply chain process improvement.