Effective Inventory Management Analysis - 1230 Words

Inventory is important to the supply chain, yet it is not universally well understood. It is considered as an economic asset to a non-income-producing use of capital funds. It is characterized, both positively and negatively in the aforesaid sentence. Only when considered in light of all quality, client service and economic factors—from the viewpoints of purchasing, manufacturing, sales and finance—does the whole picture of inventory become clear. Effective inventory management is essential to supply chain competitiveness. Inventory refers to a list of goods and materials, or those goods and materials themselves, held available in stock by any business. Inventory are held in order to manage and hide from the customer the fact that†¦show more content†¦Thus the role played by inventory management in small-scale business is of great importance. Internationally, most small-scale businesses have adopted various techniques of enabling sustained supply of their products even to the remote most parts of the globe. This has led to a wide sourcing of products internationally (Gordon et al., 1982). Manufacturers of products have played a great role of providing their goods to all parts of every continent. Through this international break, complex networks of international alliances have been developed. These have spread the advantage of expertise and offering of particular products for participants in the small-scale business. Internationalization has therefore provided a number of services such as lowering of psychological barriers, increased awareness of opportunities other markets and an increased international small-scale business expertise. Regionally, the impact of a single global market has taken face with the ever-changing business environment. Many businesses have been established across the different nations. In east Afri ca for instance, every country depends on each other for supply and demand of the different products needed. Most businesses have branches established in the different countries. This enables the provision of goods and services to each part of the countries. In a country like Kenya, where major businesses are located in theShow MoreRelatedThe Principles Of Supply Chain And Inventory Control1125 Words   |  5 Pagescompany’s affairs. Milwaukee appointed a new company president and he has identified several problems, one of which pertaining to the inventory control system. The new president requested recommendations among his employees on revising the inventory control system and detailed analysis as to why these changes are to be implemented. To improve the inventory management system the best way would be to identify the systems weakness and the impacts of which they are to the company financially. 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Material management plays an important role in supporting the companys performance, which relates to customer satisfaction, cost of production and financial performance. Ruauw (2011) stated that the raw materials required should be sufficient available so as to ensure smooth production. However, should the quantity of inventory it should not be too large so that capital tied up in inventory and costs