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Improving inventory management systems


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Inventory management is an important part of operations management of any organisation. Maintaining a balanced condition in the inventory operations, maintaining the efficiency of all systems as well as minimizing all losses, is a difficult process. The organisation involved in this research deals in retail convenience of dairy products and it is unable to produce detailed reports regarding economic conditions of the market due to its outdated accounting systems. The aim of the research is to study the issues of improper and outdated inventory record systems, accounting systems and inventory tracking systems in order to develop solutions to upgrade them. The research will also help to upgrade the weak cost saving system of the company along with solving the problem of time delays due to the location of its warehouses. Theory of just-in-time inventory theory, economic order theory, and economic production theory have been applied in this study. The major objective for application of these theories is to stabilise inventory management system along with the systems regarding cost analysis. Participants were specifically chosen for data collection method and the process was carried out ethically. The results exclusively pointed out the requirement of new technologies to digitalize the system and upgrade the current cost analysis system. Therefore, the research concluded that with incorporation of skilled staff and high-tech systems to manage organisational resources, the organisation can achieve a better inventory management system and minimise excessive expense.

Item Type: Paper presented at a conference, workshop or other event, and published in the proceedings
Uncontrolled Keywords: Inventory management, business
Subjects: H Social Sciences > HF Commerce
Divisions: Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
Depositing User: Adrian France
Date Deposited: 17 Dec 2018 20:15
Last Modified: 21 Jul 2023 07:51

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