Inventory is one of the largest wastes. It devours capital, becomes obsolescent and consumes space and manpower while just sitting. Inventory also hides other waste. Almost every imperfection or problem creates a need for inventory. Inventory is, thus an effect as well as a reflection of overall manufacturing effectiveness. Inventory is probably one of the two biggest assets on your company’s balance sheet. It is an important determinant of Return On Assets (ROA) and other measures of financial performance. Carrying stock is expensive, usually 20%-40% of the average value per year. It’s easy to turn cash into inventory, the challenge is to turn inventory back into cash. Effective store and inventory management plays a crucial role in the smooth and efficient running of any organization.
Against this backdrop, Confederation of Indian Industry (CII) is organizing Workshop on Effective Stores and Inventory Management Friday, 16 February 2018 from 0930 hrs (Registration) – 1700 hrs at CII Northern Region Headquarters, Chandigarh.
SMED ( Single Minute Exchange of Dies): To reduce the inventory levels, there is a need to focus on reducing setup time and using the techniques of Single Minute Exchange of Dies (SMED) to meet challenging customer requirements
Red Tagging: A method used in the sorting phase of 5S that involves placing tags on items to designate their status
3 C approach
3M: Muda, Muri & Mura
Visual Control / RYGB
Rack Removal, etc
Principles of Stores & Inventory Management
Role of stores & inventory management in Supply Chain Management
An exhaustive list of Inventory Control Tools will be covered during the training programme
Who should Attend?
Operation / Production Managers
Stores In charge
Quality assurance professionals
Supply chain Managers /Executives
Faculty for this workshop is Mr Gaurav Vats, Counselor at CII Avantha Centre of Excellence. Currently, he is providing consultancy services to CNH Suppliers, JCB Suppliers, Spark Minda supplier’s and many more in subjects such as Inventory Management, Autonomous Maintenance 3M, 5S, SQC, FMEA, 7QC tools, flow manufacturing etc. He has worked with world class automobile manufacturers such as Honda Cars India Ltd in India as well as overseas locations. He has rich hands on experience in operations and new model development area.
In this context, I am writing to you with a very special request to attend the aforesaid programme and also depute your concerned colleagues. Kindly confirm your participation through the attached reply form.
The knowledge of Inventory Management will equip you with the fundamental tools and techniques you need to analyze and control inventory from cost cutting techniques to day-to-day management and the latest developments in inventory handling, including the basics of JIT and lean manufacturing. It will help you efficiently manage the flow of materials, effectively utilize people and equipment, coordinate internal activities, and communicate with customers. The knowledge of above mentioned inventory control tools will play a key role in setting up an effective inventory Management System in an organization.