Professional Course

Strategies to Reduce Inventory Shrinkage

1 day
1 day
This provider usually responds within 48 hours 👍

Course description

Strategies to Reduce Inventory Shrinkage

Learn to fight inventory shrinkage with better warehouse management, earlier detection, security methods, and technology.

Inventory loss and its costs includes not only the material itself but also the time spent in searching for the missing inventory as well as expedited purchasing costs to replace the needed inventory. Missing inventory is a factor in the supply chain bullwhip effect.

Organizations need to take this problem seriously because it has a serious impact on every aspect of the supply chain. Organizations are fighting inventory shrinkage with better warehouse management, earlier detection, material handling education, security methods, and technology. The need for timely information for production and customer orders emphasizes the importance of addressing this situation. The costs for writing off inventory shrinkage as just part of doing business are far higher than most organizations know. This material also offers proven best practices in solving the mystery of inventory shrinkage.

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Who should attend?

This live webinar is designed for

  • purchasing managers
  • buyers
  • contracting and materials managers
  • procurement managers
  • presidents
  • vice presidents
  • accountants
  • bookkeepers and financial professionals.

Training content

Inventory Shrinkage

  • Definition of Shrinkage
  • Impact on Inventory Accuracy
  • Impact on Supply Chain Management
  • Shrinkage and Carrying Costs

Reducing the Shrinkage Factor

  • Identifying Shrinkage in the Warehouse
  • Identifying Shrinkage in the Office Areas
  • Identifying Shrinkage in Transit
  • Control and Cycle Counts – Weapons Against Shrinkage

The People Factor

  • The Importance of Material Handling Employees
  • Training and Understanding the Impact of Inventory in the Supply Chain
  • Warehouse Management
  • Inventory Control and Management

Certification / Credits

Learning Objectives

  • You will be able to recognize inventory shrinkage in your own organization.
  • You will be able to identify best practices to consider in your own organization.
  • You will be able to define the impact and cost factors of inventory shrinkage.
  • You will be able to explain the importance of investing in tools, techniques, methods to reduce inventory shrinkage.

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Lorman Education Services
Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

Lorman Education Services - Live and On-Demand Courses

Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...

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