Point Of Sale Stock Control And Inventory Management Training

Objectives:
• Understand the importance of stock control in retail and warehousing.
• Define key inventory management terms.
• Identify the role of stock control in business profitability.
• Explain the basics of the stock cycle.
• Recognise the impact of poor inventory management.

Topics:
• Overview of stock control and inventory management.
• Key terminology: stock, inventory, SKU, reorder point.
• The stock cycle: ordering, receiving, storing, issuing.
• Consequences of overstocking and stockouts.
• Introduction to unit standard 114480.

Objectives:
• Apply ABC analysis to categorise inventory.
• Differentiate between types of inventory (raw materials, WIP, finished goods).
• Understand the importance of stock categorisation for control.
• Use classification to prioritise management efforts.

Topics:
• ABC analysis methodology.
• Inventory types and their characteristics.
• Fast-moving vs slow-moving stock.
• Seasonal and perishable stock considerations.
• Practical exercise: Classify a sample inventory list.

Objectives:
• Identify different stock recording systems (manual vs electronic).
• Complete stock-related documentation accurately.
• Understand the role of bin cards, stock sheets, and requisition forms.
• Maintain accurate stock records.

Topics:
• Manual recording systems: bin cards, stock ledgers.
• Electronic systems: barcoding, RFID, inventory software.
• Key documents: goods received note, delivery note, invoice.
• Stocktaking forms and reconciliation.
• Practical exercise: Complete sample documentation.

Objectives:
• Describe procedures for receiving stock.
• Conduct quality checks on incoming goods.
• Handle discrepancies in deliveries.
• Record received stock accurately.

Topics:
• Receiving process: inspection, counting, documentation.
• Quality control checks: expiry dates, damage, specifications.
• Handling discrepancies: short deliveries, overages, damage.
• Updating inventory records after receipt.
• Practical exercise: Simulate a receiving process.

Objectives:
• Apply principles of efficient stock storage.
• Implement FIFO and FEFO methods.
• Organise warehouse layout for accessibility.
• Understand safety and security in storage.

Topics:
• Storage principles: FIFO, FEFO, LIFO.
• Warehouse layout: zoning, racking, shelving.
• Stock rotation to minimise waste.
• Safety and security: access control, CCTV, fire safety.
• Practical exercise: Design a storage layout.

Objectives:
• Describe procedures for issuing stock.
• Process internal and external stock requests.
• Prepare stock for dispatch.
• Maintain accurate dispatch records.

Topics:
• Issuing process: requisition, picking, packing.
• Internal transfers vs external sales.
• Dispatch documentation: picking slip, packing slip, waybill.
• Loading and transport considerations.
• Practical exercise: Process a stock issue request.

Objectives:
• Differentiate between physical stocktake and cycle counting.
• Plan and conduct a physical stock count.
• Implement cycle counting for ongoing accuracy.
• Reconcile counted stock with records.

Topics:
• Purpose of stocktaking.
• Physical stocktake: preparation, counting, reconciliation.
• Cycle counting: frequency, methods, benefits.
• Variance analysis and adjustment entries.
• Practical exercise: Conduct a mini-cycle count.

Objectives:
• Calculate reorder levels and safety stock.
• Understand Economic Order Quantity (EOQ).
• Apply reorder point formulas.
• Optimise order quantities to balance costs.

Topics:
• Reorder point: lead time demand + safety stock.
• Safety stock calculation based on demand variability.
• Economic Order Quantity (EOQ) model.
• Trade-offs: ordering costs vs holding costs.
• Practical exercise: Calculate EOQ for a product.

Objectives:
• Calculate key inventory KPIs.
• Analyse inventory turnover and days on hand.
• Identify slow-moving and obsolete stock.
• Use metrics to improve inventory decisions.

Topics:
• Inventory turnover ratio.
• Days inventory outstanding (DIO).
• Stock-to-sales ratio.
• Identifying obsolete and dead stock.
• Practical exercise: Analyse a sample inventory report.

Objectives:
• Understand the role of inventory management software.
• Use barcoding and RFID for tracking.
• Integrate POS systems with inventory.
• Leverage data for forecasting.

Topics:
• Overview of inventory management systems (e.g., ERP, WMS).
• Barcoding and RFID technology.
• POS integration and real-time updates.
• Demand forecasting techniques.
• Practical exercise: Explore a demo inventory system.

Objectives:
• Develop stock control policies.
• Establish procedures for different scenarios.
• Implement internal controls to prevent theft.
• Ensure compliance with company and legal requirements.

Topics:
• Writing stock control policies.
• Procedures for returns, damages, and write-offs.
• Internal controls: segregation of duties, audits.
• Theft prevention: security measures, staff training.
• Practical exercise: Draft a stock control policy.

Objectives:
• Integrate all concepts into a comprehensive stock control plan.
• Solve real-world inventory problems.
• Prepare for unit standard assessment.
• Demonstrate competency in stock control tasks.

Topics:
• Case study: Design a stock control system for a business.
• Problem-solving scenarios.
• Review of key concepts.
• Mock assessment and feedback.
• Final Q&A and course wrap-up.