Inventory management is one of the key pillars of a successful business. While this statement would seem to go without saying, in real life effective inventory management is a very difficult objective because of all of the moving parts. Simply put, a robust and collaborative extended supply chain is required to meet the changing demands of this marketplace.Effective inventory management requires that global complexities, along with both internal and external forces, impacting inventory processes and procedures. It is critical that inventory forecasting and planning be incorporated into the continuous improvement process guiding inventory management practices in a global market. This begins with a focus on implementing and maintaining the fundamentals of inventory management and controls including a robust program from cycle count through inventory performance supporting forecasting and planning.IT participates as an integral partner in these activities to help the extended supply chain partners create knowledge from the vast amounts of data that are available. This is where technology adds value to the continuous improvement process to provide data to evaluate and validate the inventory management process.The industry has reached a point of capabilities now that data volume should not be considered a limiting factor. Big data capabilities provide the opportunity for each of the partners in the extended supply chain to both share and utilize data that would not have been imagined even three years ago and by the same token, the capabilities of three years from now will be light years ahead. The focus of the supply chain partners must be on starting the continuous inventory management process and developing the collaborative processes and procedures that will encourage experimentation and improvements.Areas CoveredThe successful inventory management program will be based on the following building blocks:Collaboration program across the entire extended supply chainLogistics planning forecasting and analysis accuracy through robust sales and operations planningCycle counts to eliminate physical inventorySchedule A, B, C product countsHow often do you analyze the velocity?Inventory turn management that includes continuous review:How do you improve inventory turn?How do kits impactHow do multi plants and multi DC impactCourse Level - IntermediateWho Should AttendInventory Control managementSales and Operations Forecasting and Planning managementFinancial Planning managersOperations ManagementBuyersWhy Should You AttendBad inventory decisions can kill an organization’s profitability and wreak havoc on the supply chain. Learning inventory management, seamless logistics, and successful cycle counts doesn't just happen overnight, but this one-hour webinar will provide solutions and next steps for taking control of counts and costs. From what to do with obsolete inventory to tips for negotiating with suppliers, there are numerous strategies for gaining more space in the warehouse, ordering the quantities actually needed, and increasing the bottom line.Learn proven solutions and time-saving tips that will help cut costs and ensure accurate counts and inventories more effectively and efficiently than ever before!Topic BackgroundAchieving Best Practices for producing efficient cycle counts, tightening logistics, and cutting costs