Inventory Management Practices in Manufacturing Industries during the COVID 19: A review

Abstract

This paper focuses on effective inventory management procedures and techniques that can be incorporated in manufacturing sectors. Inventory acts as a backbone of every business operation. It serves as a link between distributors and production line, but because of the COVID -19 pandemic and lockdown imposed, it has disrupted industry operations and also seen disruptions in the availability of raw materials due to lack of supplies from outside vendors. There is a huge impact on production of goods due to delay in supply of raw materials. These disruptions have made companies to have a clear and efficient management of their inventories. This study focuses on several research that suggest various methods and techniques which industries adopt such as ABC, JIT, FSN etc. to manage their inventory in an effective manner and to suggest the best methods that can be used in the tough times of pandemic. Also, this study focuses on different case studies that were carried out in various industries and tries to conclude a best strategy that can be followed during these tough times of the pandemic to maintain a better and optimum inventory without disturbing the company’s production and supply of finished goods.