Certified Inventory Management Professional (CIMP)
Inventory, in most fulfillment systems, is the second largest expense next to transportation. Not only does inventory account for significant operating expenses (such as insurance, labor, storage space, etc.), it also involves a considerable “investment,” which could be spent in almost any other endeavor undertaken by a company. This training course investigates what inventory is, how it should be most effectively used to maintain a satisfied customer base and at the same time reduce costs/free up money for other initiatives, what the specific processes and analyses involved in inventory management are, and what the future holds for inventory management (new technology, supply chain relationships, etc.).
- Describe inventory management’s place within the overall supply chain, and within fulfillment
- Discuss the profit impact of inventory
- Explain the critical drivers of inventory costs (size of the product line, number of inventory stocking locations, transportation costs, customer service philosophy, where in the supply chain inventory is held, supplier consistency, and forward buying/discounts)
- Highlight the activities involved in forecasting, ABC analysis, and cycle counting
- Discuss the types of inventory performance metrics and how to apply them
- Summarize the importance of information to effective inventory management
- Explain how technology is currently used in inventory management, and how it will likely be used in the future
- To be certified as CIMP, student should take up a 1.5 hours exam at the designated examination centers.
- The qualifying exam would consist of 50 multiple choice questions, testing core certification modules.
- Professionals with relevant experience and other qualifying criteria may be exempted from the examination.
Module 1: Role of inventory in fulfillment
Module 2: Cost of inventory/drivers of inventory costs
Module 3: Role of forecasting in managing inventories
Module 4: Inventory performance metrics