Inventory Management: Procurement Calculation Using Excel

Simple and Practical Tool in Excel. Calculate Reorder Point to Replenish your Stock. Minimise Costs and Stockouts.

What you'll learn

A very simple and very practical way of calculating Purchase Orders in Excel

What is Reorder Point and how to calculate it in Excel for each product

When is the IDEAL time to order more stock

How to optimise the amount of money tied up in stock

Get on top of your inventory management

Improve your product availability and service levels

Requirements

Basic Microsoft Excel

High School Maths

Access to Microsoft Excel would be a bonus

A desire to improve your product availability whilst reducing warehousing costs

Description

Whether you are a business owner,  supply chain analyst, operations manager or procurement professional, anyone can benefit from optimising their stock holding. This course will teach you how to calculate the IDEAL time and quantity of your Purchase Orders and how to do it all in Microsoft Excel.There is no need to pay for an expensive software. You can build a simple but effective tool in Microsoft Excel and this course will teach you how to do it!Why placing your Purchase Orders at the right time is important?The more your business grows the more difficult it is to maintain ideal stock levels across your products. Setting a reorder point for your most important SKUs helps you determine when to replenish your stock, so that you have neither too much nor too little of any given item. A carefully calculated reorder point is therefore critical to good stock control, and keeps your key metrics looking healthy for your next inventory report.Minimise costsStoring more inventory than what can be sold in a timely fashion is not a productive use of capital. This course will equip you will a tool, which will provide your businesses greater financial flexibility by allowing them to keep the ideal amount of inventory on hand.Minimise out of stocksToo much inventory is expensive, but too little inventory can result in stockouts, which are damaging to your business: orders are delayed or cancelled, the service levels drop, which can result in the loss of customers. The Procurement Calculation in Excel tool will help prevent stockouts before it’s too late with inventory replenishment.Maintaining proper inventory levels is an elegant dance that must balance consumer demand and supplier reliability. Storing too much inventory diminishes your budget in terms of warehousing costs and available capital, however you need the right amount of inventory to account for unexpected demand or supply problems.COURSE CONTENTS:1. Introduction to Procurement Calculation in ExcelWelcome!Shoppers behaviour when faced with a stock-out2. Theoretical PartReorder Point (ROP)The True Costs of Inventory“Excuses” for InventorySummary3. Practical Part in Microsoft ExcelFull Document OverviewFormulas and Calculations

Overview

Section 1: Introduction to Procurement Calculation in Excel

Lecture 1 Welcome!

Lecture 2 Shoppers behaviour when faced with a stock-out

Section 2: Theoretical Part

Lecture 3 Reorder Point (ROP)

Lecture 4 The True Costs of Inventory

Lecture 5 “Excuses” for Inventory

Lecture 6 Summary

Section 3: Practical Part in Microsoft Excel

Lecture 7 Full Document Overview

Lecture 8 Formulas and Calculations

Anyone who makes purchasing decisions and deals with inventory management,Relevant to all industries,Supply Chain and Purchasing / Procurement Professionals,Startup and/or SME Owners,Finance Professionals