Training Provider
Ngee Ann Polytechnic
Understanding Data: Labour & Inventory Management
Course Information
Available Subsidies
- For company sponsored-participants: SkillsFuture Enterprise Credit; Absentee Payroll
- For self-sponsored individuals: SkillsFuture Credit; NTUC UTAP
Supported by PGSS?
Yes
Course Description
The course aims to equip participants with a comprehensive understanding of labour and inventory management through the lens of data analysis, with use cases from the Food Services sector.
Acquire the skills and knowledge to leverage data effectively, ensuring organisations make data-driven decisions to optimise labour productivity, improve operational efficiency, reduce costs, and adapt to changing workforce dynamics.
Learn to analyse information from diverse sources, including balance sheets, profit and loss statements, and point-of-sale data.
Delve into the intricacies of low turnover, various inventory accounting methods, accounting ratios, historical data visualization, and decision-making processes to navigate inventory levers strategically, ensuring optimal stock levels and minimizing costs.
Course Date(s)
Day 1: Mon, 21 April 2025
Day 2: Tue, 22 April 2025
Application & Payment Deadline
6 April 2025
Course Duration
2 days, 9am – 6pm (8 hours/day)
Venue
Ngee Ann Polytechnic
Training Mode
Classroom facilitated training (face-to-face)
What jobs will it pave the way to?
This course is relevant for those involved in business operations and/or decision makers, or any aspiring entrepreneurs in Food Services, eCommerce or Retail sectors.
Learning Outcomes
What You'll Learn
DAY 1: LABOUR MANAGEMENT WITH MS EXCEL
- Understanding Labour Costs
- Track Costs & Efficiency: Learn how to use Excel to analyse labor costs and productivity.
- Key Metrics: Measure labor cost efficiency by calculating revenue and profit per labor dollar.
- Data Visualisation
- Historical Data: Visualise past data to identify trends and patterns.
- Cyclicality & Seasonality: Recognise cyclic patterns and seasonal trends for better forecasting.
- Decision-Making
- Informed Choices: Utilise Excel to make data-driven decisions about labor management.
- Data Collection: Identify what data to collect for understanding productivity drivers and potential redundancies.
- Optimisation Strategies
- Addressing Redundancy: Evaluate if labor redundancy exists and explore solutions such as seasonal hiring or temp staff.
- Forecasting Needs: Determine additional labor requirements based on data insights.
- Practical Applications
- Scenario Analysis: Apply Excel tools to simulate different business scenarios and their impact on labor management.
DAY 2: INVENTORY MANAGEMENT WITH MS EXCEL
- Inventory Turnover Analysis
- Low Turnover Issues: Analyse and address low inventory turnover using Excel.
- Accounting Methods: Understand and apply different inventory accounting methods—Periodic and Perpetual.
- Key Inventory Ratios
- Inventory Ratios: Calculate important ratios like Days Inventory Outstanding and Cash Conversion Cycle to evaluate inventory efficiency.
- Data Visualisation
- Historical Trends: Use Excel to visualise historical inventory data.
- Forecasting: Identify cyclicality and seasonality in inventory levels for more accurate forecasting.
- Informed Decision-Making
- Purchase Timing: Learn how to make data-driven decisions about the timing and amount of inventory purchases.
- POS Integration: Get hands-on experience with POS systems to collect and analyse inventory usage data.
- Practical Applications
- Scenario Analysis: Apply Excel tools to model different inventory scenarios and their potential impacts on your business.
Entry Requirements
Who Should Apply
- Professionals involved in business operations and/or decision makers
- Aspiring entrepreneurs in Food services, eCommerce or Retail sector
- Anyone who wish to upskill in applying data analytics for business growth
Course Fees
Full Course Fees (incl. 9% GST)
S$ 1,035.50
Enterprises (Company-Sponsored Participants) (incl. 9% GST)
- For SME employee (Singapore Citizen, SPR, LTVP+): S$ 120.65
- For non-SME employee:
- Singapore Citizen aged 40 & above: S$ 120.65
- Singapore Citizen aged below 40: S$ 310.65
- SPR/ LTVP+: S$ 310.65
Other funding support available for enterprises:
- Eligible employers may use the SkillsFuture Enterprise Credit (SFEC) to offset the fees.
- Absentee Payroll (AP): Eligible employers will receive a fixed AP rate of $4.50 per hour, capped at $100,000 per enterprise per calendar year.
Click here to learn more.
Self-Sponsored Individuals (incl. 9% GST)
- Singapore Citizen aged 40 and above: S$ 120.65
- Singapore Citizen aged below 40: S$ 310.65
- SPR/ LTVP+: S$ 310.65
Other funding support available:
- Singaporeans aged 25 years old and above may use the SkillsFuture Credit (SFC) to offset the fees. Click here to learn more.
- Union Training Assistance Programme (UTAP): NTUC members enjoy 50% unfunded course fee support for up to $250 each year (or up to $500 for NTUC members aged 40 years old and above). Click here to learn more.