Inventory Management is a necessary Evil General Area: Supply Chain Management (SCM) Problem Area: Inventory Management a necessary Evil Ravi Kumar PGP/17/108 Email: ravik17@iimk.ac.in Indian Institute of Management, Kozhikode Abstract This article tries to explore how inventory management is one of the integral part of various business units in today’s business world. There are many modeling techniques available in Inventory management evolving very rapidly over a period of time, which
Words: 2800 - Pages: 12
Assignment 1: Inventory Management Systems Systems Analysis and Development April 18, 2014 My sister owns a small clothing store. During a conversation at a family dinner, she mentioned her frustration with having to manually track and reorder high demand items. She would like an automated system but has a very small budget. Manually tracking orders is not an effective way to do business. A good example would be if you were tracking inventory using EXCEL you could accidentally delete the file
Words: 1013 - Pages: 5
from a low-skill, clerical function to a highly skilled, strategic function involved in strategic planning and managing the firm’s sourcing decisions. Recognition of purchasing’ strategic role has been established in many leading firms, where cost control and supply management has become increasingly important in the firms’ ability to remain competitive; raising concerns about developing and maintaining a
Words: 10630 - Pages: 43
Inventory Management Systems Inventory Management Systems Background: The client, my sister, owns a small clothing store. The store is not web-based; its customers are locals. There are three employees, a computer with Windows 7 Professional operating system, internet access, cash drawer and an inventory of over two hundreds clothing in stock. Client has been manually performing inventory and was frustrated at having to manually track and reorder high demand items. Objectives: To develop
Words: 773 - Pages: 4
and needs to be improved. An inventory control system (which uses barcodes/RFID) would be a great step towards improving the old, manual system. New computers, software and training are a must for the company going forward; an IS environment must be developed. The new inventory control system will be important for the company because it will help to increase the amount of on-time orders (and decrease late orders), helping them to have appropriate levels of inventory at all times. The new system
Words: 749 - Pages: 3
businesses have come to rely on computerized inventory management systems. Automated systems can replace the cost and time consuming processes that were once completed by hand while providing companies with more accurate data. Inventory control is important to ensure control in businesses that handle transactions revolving around consumer goods. Without proper inventory control, a store may run out of stock on an important item. A good inventory control system will alert the retailer when it is time
Words: 973 - Pages: 4
Riordan Operations Christopher E Jenkins BSA 310 March 13, 2012 Ivon Young Riordan Operations Since the creation of Riordan Manufacturing, Inc. in 1992 the company has enjoyed success in the plastics manufacturing sector. The company has grown from a single manufacturing plant in Pontiac, Michigan to adding a Research and Development (R&D) facility in San Jose, California, a second manufacturing plant in Albany, Georgia and an overseas plant in Hangzhou, China. As the company has grown, it
Words: 1160 - Pages: 5
Inventory Systems Michael Asibu, Woodrow Lemon, Laura Moll, Jenessa Nagozruk, Brian Norton QRB/501 May 21, 2012 Ohidul Siddiqui Inventory Systems With the increasing demand to cut costs and increase revenues, developing the right inventory systems have become essential to compete in business. According to the Counselors to America’s Small Business, “Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that business has the right
Words: 1805 - Pages: 8
REAL TIME INVENTORY MANAGEMENT SYSTEM AS A CROSS-SECTIONAL STUDY AND HOW TO SOLVE THE TRACKING OF INVENTORY LEVELS, ORDERS, SALES AND DELIVERY ISSUES OF SMALL-SCALE BUSINESSES FROM A TECHNOLOGICAL PERSPECTIVE. EVERLYNE MORAA OYAGI JKC-B09-0196/2011 BACHELORS OF BUSINESS IN INFORMATION TECHNOLOGY AUGUST, 2014 Keywords Inventory management
Words: 519 - Pages: 3
Perishable Inventory Theory: A Review Author(s): Steven Nahmias Source: Operations Research, Vol. 30, No. 4 (Jul. - Aug., 1982), pp. 680-708 Published by: INFORMS Stable URL: http://www.jstor.org/stable/170438 . Accessed: 04/05/2011 21:21 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission
Words: 11309 - Pages: 46
