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Sample Research Paper on Inventory Management

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Sample Research Paper on Inventory Management

The turnaround at ABC in its inventory management techniques is meant to ensure there is effective control over materials. The primary reason is to ensure that optimal level of inventory is maintained at any given time. Revamping ABC.com inventory management techniques will ensure that products are readily available for sale and at the same time minimizing holding costs involved(Muller, 2003). Changing inventory management technique will help ABC improve cash flow so that the company does not purchase all materials at the same time.

Implementing effective inventory control at ABC will improve business practices at ABC in numerous ways. The company will stop experiencing challenges related to stock outs, inaccuracies,and losses. The improved inventory techniques will protect the company against losses arising from theft by ensuring that only the authorized people get into the warehouse. The new system will ensure that only special orders where customers have committed themselves to buy are ordered(Wild & Institute of Operations Management, 2002). In addition the new system will maintain a record for all inventory leaving the warehouse. Proper documentation will minimize loss and ensure easy retrieval of information at any given time.

Furthermore, the new system will process papers and print them on a timely basis while all stock receipts will be entered into the system within a day after arrival. The new system will ensure accuracy by maintain accurate inventory balances at any given time(Mercado, 2008). This will replace the old method of physically counting the inventories at the end of the year. Since the new system will assign bin locations for all stocked inventories so that picking orders becomes the easiest task. The new system ensures that workers assigned for inventory management as well as receiving stock have the relevant experience and education.

ABC.com is keen to improve its inventory management because it would like to exercise full authority over its inventories. Full control over inventory management will give the company competitive advantage over the competitors. Proper inventory management translates into effective distribution process hence customers get inventory at the most appropriate time. Proper inventory management guarantees ABC profitability as losses occasioned by poor inventory management such as theft, fire, or damage will be minimized. Management of ABC.com cash flows will become easier as the new system indicates the optimal level of inventories to be maintained at any given time(Muller, 2003). Further, customer satisfaction will be enhanced and the market share for the company will increase in the future. Customers are sensitive about the quality of service offered to them at any given period. The new system of inventory management guarantees customer satisfaction as it eliminates all complexities that arises with the old method of inventory control.

In my view, the decision to improve inventory management at ABC is the most informed one. The company is on the right track of positioning itself well in the market. As discussed in this paper, effective inventory management is the backbone of retail industry. Without it, operations will eventually come into a complete halt(Muller, 2003). The decision to improve inventory management comes at the most appropriate time, holiday when retail industry is at its peak. In summary, ABC.com brings change at the right time and at the right place. The improved inventory management techniques will give the company an upper hand over its competitors in the industry. ABC will emerge the business leader for taking such a bold decision.

 

 

 

 

References

Mercado, E. C. (2008). Hands-on inventory management. New York: Auerbach Publications.

Muller, M. (2003). Essentials of inventory management. New York: AMACOM.

Wild, A., & Institute of Operations Management. (2002). Best practice in inventory management. Coventry, England: Institute of Operations Management.

 

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