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IE Department facilitates Strategic Inventory Management webinar

December 3, 2021

Holy Angel University’s Industrial Engineering Program held a webinar entitled “Strategic Inventory Management” which was held last October 22, 2021. Engr. Almira Jenna Jocson, Distribution Center Inventory Manager of Watsons Personal Care Stores served as the resource speaker. The program was hosted by Engr. Peter John Gamboa.

The one hour and thirty minute-talk was surely not enough with the amount of information Engr. Jocson shared and demonstrated. To start, the talk revolved around the brief introduction of the definition of inventory, from the raw materials, MRO (maintenance, repair, operating supplies), work in progress, and finished products. These types of inventories are few of the foundations of understanding inventory management in a microscopic level. The importance of inventory management is to balance out the supply and demand of an organization to avoid overstock, and stock-out as well. In doing so, it minimizes costs and responsibility of tedious tasks of addressing such problems.

Engr. Jocson also demonstrated tools used in inventory management such as the ABC Analysis to show the fast and slow-moving items in the warehouse. Also discussed was the proper shelf placement of each type of item for easier access, and the reduced hazards in accessing top shelf items. Materials Requirements Planning (MRP) was also tackled briefly, but due to its complexity, will be slated for future webinar topics. The MRP is used to set schedules of reordering to avoid reaching the safety stock. It can plan order’s schedule, releaser order, and modify orders in real time.

The final part of the discussion talked about the techniques and actual practices in inventory management such as the First-in, First-out) FIFO Principle, proper stacking of cargo, JIT (Just in Time), Push and Pull Strategy, VMI (Vendor Management Inventory), cycle counts, and wall to wall. Each were discussed with examples which helped in visualizing the scenarios. With the limitations of online seminars caused by the pandemic, it is nice to hear from industry practitioner’s perspective on how they do things in their job; it highlights the importance of having industrial engineers in the industry, and to appreciate and give the amount of recognition to the efforts of IEs in organizations. The webinar concluded with words of inspiration for the IE students to their career path in their chosen industry and the awarding of certificate of appreciation.

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