Inventory management, especially in sectors like retail, is a daunting task and plays a pivotal role in enhancing supply chain efficiency. A collaborative relationship with strategic supply partners improves supply chain visibility, minimizes risk, reduces wastes along the supply chain. Vendor Managed Inventory methods offer excellent solutions in harnessing collaborative relationships in improving supply chain performance.
This three-day workshop will introduce you to the concepts of Vendor Managed Inventory and enable you to optimize inventory costs while improving service and responsiveness.
What Will Students Learn?
- Comprehend the inherent contradictions in inventory management
- Optimize inventory costs
- Appreciate the importance of supply chain coordination to minimize the impact of uncertainties
- Understand the different collaborative frameworks in vendor managed inventory
- Select the right vendor managed inventory method
- Minimize risks in vendor managed inventory
- Improve visibility of inventory along the supply chain
- Maximize value addition through the right vendor partnerships
What Topics are Covered?
- Fundamental concepts of inventory
- Dichotomy in inventory management – service level versus costs
- Inventory uncertainties
- Origin of vendor managed inventory systems
- Consignment inventory
- Vendor managed inventory frameworks– QR, ECR, CPFR etc.
- Roles and responsibilities of vendors
- Performance management in vendor managed inventory