Technology transfer in inventory and order management in automotive parts stores

The integration of ultra-high frequency radio frequency identification (UHF RFID) technology presents a transformative solution to inventory management challenges in the textile industry. This study examines the implementation of a web-based inventory management system incorporating UHF-RFID technology at AK-Tekstil Solo, focusing on its impact on inventory accuracy, operational efficiency, and product traceability. The developed system facilitates real-time tracking of yarn products, streamlines inventory audits, and minimizes manual errors, resulting in substantial improvements in inventory control and warehouse management processes. By enabling automated data capture and tracking, UHF-RFID technology supports the transition to smart warehousing by providing real-time insights into inventory movements. The findings demonstrate that UHF-RFID technology offers significant advantages, including enhanced inventory visibility, cost savings, and improved customer satisfaction through better product availability. Despite potential implementation challenges, the study shows that the long-term benefits of UHF-RFID integration outweigh the initial costs, proving it to be an effective solution for optimizing inventory management in the textile industry. Future research may explore the integration of complementary technologies such as the internet of things (IoT) and artificial intelligence (AI) to further enhance UHF-RFID enabled inventory management systems.

With an effective inventory accounting system, an economic entity can promptly obtain the necessary volume of accounting and analytical information regarding the consumption of material resources, thereby controlling resource allocation, production efficiency, and the overall performance of the enterprise. Accounting and analytical support for inventory management is a highly relevant issue for many economic entities, as inventory is one of the key components of current assets and directly impacts the liquidity of an enterprise’s current asset structure. The management’s needs for accounting and analytical support to monitor and optimize inventory are determined by the chosen approach to managing production resources. Each approach offers specific advantages and is crucial for achieving particular goals. The relevance of this study arises from the need to clarify the tasks of accounting and analytical support within the selected inventory management system, assess the accounting system’s adaptability to changing conditions, and evaluate the impact of accounting and analytical information on controlling and optimizing resource management processes within the enterprise. The article analyzes the informativeness of the accounting system in meeting management needs under various inventory management approaches, examines the advantages and disadvantages of each approach in terms of monitoring inventory availability and movement, and identifies the role of accounting and analytical information in building an effective inventory control and management system. The study concludes that integrating accounting into the inventory management system is an essential management tool, aimed primarily at providing timely and reliable information for decision-making on optimizing the level of current asset supply within the enterprise. Potential applications of a combined inventory management approach that considers the economic, production, and financial needs of the enterprise are also identified.

Within this study, the effectiveness of this modern inventory control and management systems for small and medium enterprises (SMEs) were searched by examining the inventory control methods, and modern inventory management systems. The effective inventory control and management policies have a great importance for the future of SMEs. Quickly changes in consumer preferences, increases in the variety of products, uncertainty of demands, traditional inventory mangement approaches caused difficulty in the situation of firms. In today’s competition world, SMEs have to decide timely and accurately in order to survive in the market. The extent of this study, modern inventory control and management systems were searched to provide facilities for the managers. In SMEs the effectiveness of the application of these models were studied to identify thanks to the search. For that purpose, the degree in the practicability of modern inventory management systems in SMEs of Karaman was searched. There has not been found in the most of the SMEs effective inventory management policy by the questionnaire. As a result of that, the inventory management models can not be apllied at the desired level was determined

In order to ensure the uninterrupted continuity of their activities, businesses have to keep certain levels of inventory in market conditions that cannot be precisely measured and easily predicted, such as uncertainty in demands and lead times, fluctuations in prices. Inventory for health businesses that produce health service output as a result of business activities; means materials that must be kept for examination, treatment and diagnosis and that directly affect human health. For this reason, the management of medical inventory is very important both for human health and for the financial continuity of hospitals. In this study, which explains the inadequacy of the current medical consumable inventory control method used in the operating room unit of the hospital, which is the subject of the study, by using simulation and optimization techniques, and saving inventory costs by designing alternative inventory control models to the current situation; first of all, the current medical consumable inventory of the operating room were examined by ABC-VED analysis. Then, the new inventory control model, which was created using the (s,S) inventory control policy, in order to be an alternative to the existing inventory control management and current inventory control management of the operating room, was modeled using the stochastic modeling approach in the Arena Simulation package program, using real life data from the hospital. The simulation model is run for both inventory control models and the inventory costs of the materials are calculated for both inventory control models. In the last part of the application, the (s,S) inventory control model, which was designed as an alternative to the current situation, was optimized for the selected materials using the OptQuest optimization tool in the Arena Simulation program. As a result of the optimization, the minimum, maximum and reorder point parameters of the materials used in the study were re-determined to optimize the inventory cost of the materials. By using the optimized inventory parameters (s,S), the inventory control model was run again and the inventory costs of the selected materials were calculated for the third and final time. Finally, the outputs of the three inventory control models were analyzed and it was concluded that the lowest inventory cost value with a confidence level of 95% was achieved by using the optimized (s,S) inventory control model and the current inventory control method of the operating room was insufficient in terms of cost.KeywordsHealthcare inventory managementInventory control(s,S) inventory policySimulationOptimization

The paper presents the implementation of an improved inventory management control system in a small company. The project took place at Trojan Mine, a company involved in mining mineral resources. Firstly, a conceptual framework for the design of an inventory control management system is developed. Secondly, a very effective user-friendly inventory control tool for determining the category A items was developed using EXCEL spreadsheet; a tool that is an asset to the company since it can be used in future. Finally, key performance indicators were also established to give benchmark to operations. The improved inventory control management system developed is found to offer improvement to the performance of the company since capital tied up in overstocking items of high annual usage value is released.

This study took into consideration the relationship between effective system of inventory management and organization performance in the seven-up bottling company, Nile Mile Enugu. The researchers were motivated to embark on this study, in order to bring to fore the importance of effective inventory control system on organizational performance as it relates to the bottling company. A total of eighty-three respondent constitute the sample for the study. Four research questions and Four hypotheses were generated and tested at 10% (that is 0.10) significant level using descriptive statistics and non-parametric test (chi-square that is, 􀀀). The result of the analysis showed that flexibility in inventory control management is an important approach to achieving organizational performance. It was found that organizations benefits from inventory control management by way of easy storage and retrieval of material, improved sales effectiveness and reduced operational cost. The study also found that there is a relationship between operational feasibility, utility of inventory control management in the customer related issues of the organization and cost effectiveness technique are implemented to enhance the return on investment in the organization. Effective inventory control management is recognized as one of the areas management of any organization should acquire capability. It is recommended that organizations should adopt the inventory keeping method that best suit their operations. DOI: 10.5901/mjss.2014.v5n10p109

This paper presents the implementation of an improved inventory management and control system of a chemical processing industry. Inventory management system involves the procurement, stocking, and issue of materials to the maintenance department as and when required. Inventory management is the main area in which many process industries are suffering. The work is concentrated with the inventory management problems of a chlor-alkali industry. The aim of this work is to design inventory models for such a system in a process industry. The effort of an effective inventory strategy is to optimise usage of materials while minimizing cost. The existing system of inventory control of spares reveals that past data cannot be taken as the major decision criteria. The important decision making criterion related to spares is criticality, lead time and consumption value which need to be accounted for effective control of inventory management in the organization. Data are collected from various sources like log books, ledgers, annual financial statements and published articles of the company. Interview method is used to collect primary data regarding the existing inventory management system. Selective treatment is done based on ABC and VED analysis which were then combined to give a two dimensional picture and stocking policies are suggested for each category. As an extension of the above analysis, the other parameters called lead time and service level are incorporated in order to obtain 3D models and suggestions were given to improve the inventory management of spares. The key performance indicators were also established to give benchmark operations. Simulation technique is used to obtain the probable lead time and demand, optimum re- order quantity and optimum re- order level, minimum total cost which are also analyzed in this paper.

Inventory management is essential for maintaining optimal stock levels and minimizing costs, which ultimately affects a firm's overall financial performance. This study focuses on the impact of inventory controls on the financial performance of small and medium enterprises (SMEs) in Eldoret town. Inventory controls are measured through various dimensions, such as inventory levels, inspection, auditing, and management systems. Previous research has shown that effective inventory management can increase a firm's profitability by reducing unnecessary stock holding costs and avoiding stockouts. To investigate this further, a descriptive research design was employed, and data was collected from 171 SME owners/managers through self-administered questionnaires. Descriptive statistics and regression analysis were used to analyze the data. The results revealed a significant positive relationship between inventory controls and the financial performance of SMEs. Specifically, the inventory controls explained 11.5% of the variance in financial performance. These findings suggest that SMEs that implement efficient inventory management practices tend to experience better financial outcomes. Therefore, it can be concluded that effective inventory control mechanisms are crucial for enhancing the competitiveness and growth of SMEs. Consequently, this study recommends that SME owners implement robust inventory control systems to maximize their financial performance.

This study uses Askar Paints Nigeria Limited as a case study to investigate how inventory control management practices in Nigeria's manufacturing sector contribute to organizational performance. The specific objectives include assessing the extent of inventory control practices utilized by the company and evaluating their impact on operational performance. A descriptive research design was employed to analyze the relationship between business performance and inventory control management. Sixty (60) employees were purposefully selected as the sample size through a pilot study. These staff members provided data through self-administered structured questionnaires, which were analyzed using percentages and frequency tables. Additionally, the study examined risk indicators related to the company's production operations. The findings indicate that effective inventory control management significantly enhances operational performance. It has reduced costs, increasing profitability as the company's customer base grows. However, the business performance reflects insignificant risk, primarily because the production process follows a "make to stock" model rather than a "make to order" approach. While make-to-stock production offers the advantage of shortened lead times, it also poses challenges, such as the risk of goods being damaged during storage when demand forecasts fail. The study recommends that all inventory staff receive regular training, the implementation of an electronic inventory management system, and improvements in inventory planning and management.

In recent years, the correct management of inventories has become a fundamental pillar for achieving success in enterprises. Unfortunately, studies suggesting the investment and adoption of advanced inventory management and control systems are not easy to find. In this context, this article aims to analyze and present an extensive literature concerning inventory management, containing multiple definitions and fundamental concepts for the retail sector. A systematic literature review was carried out to determine the main trends and indicators of inventory management in Small and Medium-sized Enterprises (SMEs). This research covers five years, between 2015 and 2019, focusing specifically on the retail sector. The primary outcomes of this study are the leading inventory management systems and models, the Key Performance Indicators (KPIs) for their correct management, and the benefits and challenges for choosing or adopting an efficient inventory control and management system. Findings indicate that SMEs do not invest resources in sophisticated systems; instead, a simple Enterprise Resource Planning (ERP) system or even programs such as Excel or manual inventories are mainly used.

Some captains of industries are of the opinion that inventory management is just a routine function in an organization. Arising from this backdrop, this study aims at beaming its searchlight to inventory management as it affects the performance of Coca-Cola Bottling Company, Ibadan plant, Nigeria. A total of eighty-three respondent constitute the sample for the study. Four research questions and four hypotheses were generated and tested at 5% (that is 0.05) significant level using descriptive statistics and non-parametric test (chi-square that is, x2). The result of the analysis showed that flexibility in inventory control management is an important approach to achieving organizational performance. It was found that organizations benefit from inventory control management by way of easy storage and retrieval of material, improved sales effectiveness and reduced operational cost. The study also found that there is a relationship between operational feasibility, utility of inventory control management in the customer related issues of the organization and cost effectiveness technique are implemented to enhance the return on investment in the organization. Effective inventory control management is recognized as one of the areas management of any organization should acquire capability. It is recommended that organizations should adopt the inventory keeping method that best suit their operations.

PurposeThe purposes of this study are to examine the standard operating procedure (SOP) on inventory management practices, identify any weaknesses in inventory management and examine its impact on the performance of the company. Inventory management is important because it ensures smooth production and prevents loss of sales because of stockout and/or customer dissatisfaction.Design/methodology/approachThis study selects one manufacturing company as a case study and uses the mixed data collection method of document analysis and observation. The research analysis was conducted by using COSO Internal Control – Integrated Frame work 2013 as guidance.FindingsIt is revealed that a company practices risky inventory management in keeping stock, as it relies heavily on third-party warehousing services beyond the control of the company. This study also reveals that the SOPs are too general and lack specificity. However, poor inventory management has a modest influence on the financial performance of the company.Research limitations/implicationsIn completing this study, some limitations are experienced such as changes on the management structure of the company as well as the department itself. Frequent changes on several procedures also may influence this study to obtain accurate information. In addition, some highly confidential documents such as detailed information and minutes from management meeting were not permitted to be examined.Practical implicationsThis study provides recommendations to improve weak internal controls particularly on SOPs, so that fraud and mismanagement opportunities can be reduced.Originality/valueThis study makes an original contribution, as it enhances the theoretical and practical understanding on inventory control and management systems, particularly for a manufacturing company in the emerging market environment. In addition, it examines various internal financial reports and directly observes the process in supply change management, which are generally difficult to be accessed by academic researchers.

Aims: This study aimed to investigate the influence of inventory management practices on the financial performance of retail businesses in Cateel, Davao Oriental during the year 2024. Specifically, the study examined the levels of inventory management in terms of business order inventory, inventory storage, inventory control, and warehouse inventory management, as well as the levels of financial performance in terms of sales growth, market growth, and profit growth. Study Design: Descriptive-correlational research design. Place and Duration of Study: Cateel, Davao Oriental during the year 2024. Methodology: Consist of 116 retail businesses operating for at least one year. Results: The respondents demonstrated high levels of inventory management (x̄ = 4.12, s = 0.50), particularly in inventory storage (x̄ = 4.37, s = 0.81) and inventory control (x̄ = 4.26, s = 0.55). Financial performance also reflected favorable outcomes, with profit growth showing the highest mean (x̄ = 4.02 s = 0.65). A moderate positive relationship (r = 0.648, p = 0.000) was observed between overall inventory management and overall financial performance. Furthermore, regression analysis indicated that business order inventory (β = 0.463, p = 0.000), inventory control (β = 0.452, p = 0.002), and warehouse inventory management (β= 0.163, p = 0.018) significantly influenced financial performance (β = -0.031, p = 0.738). In contrast, inventory storage did not show a significant impact. Conclusion: Findings suggest that targeted improvements in specific inventory domains may enhance business performance. Recommendations include prioritizing training and support for inventory control systems and reinforcing structured order and management practices for sustainable financial outcomes.

Efficient inventory management is essential for biology laboratories to ensure the availability of materials for research and experiments. This case study explores the implementation of an Enterprise Resource Planning (ERP) system for inventory management in a biology laboratory. The objective is to enhance inventory control, streamline processes, and improve overall efficiency. The ERP system was implemented to address inventory management challenges and improve the accuracy and transparency of material tracking. The study assessed the impact of the ERP system on inventory control, procurement processes, and decision-making related to material planning. The findings of the case study demonstrate the benefits of implementing an ERP system for inventory management in a biology laboratory. The system provided real-time visibility of stock levels, enabling efficient tracking and monitoring of laboratory materials. It also automated procurement processes, reducing manual errors and streamlining the procurement cycle. The ERP system facilitated informed decision-making through data analytics, aiding in material planning and resource allocation. The successful implementation of the ERP system in the biology laboratory serves as a model for other similar laboratories seeking to enhance their inventory management practices. The case study emphasizes the significance of leveraging technology, such as ERP systems, to optimize inventory control and improve operational efficiency. The benefits include improved accuracy, reduced wastage, and increased productivity. This case study contributes to the existing knowledge on inventory management for biology laboratory materials and provides practical insights for organizations considering the implementation of an ERP system.

In the competitive market, applying effective and efficient inventory control and order management methods to reduce costs and improve service efficiency and quality, leading to profit maximization, becomes an absolute necessity at the organizational and supply chain level. Therefore, this study used the optimal control theory to propose an order system and inventory management model. The model is presented from the company’s resourcing stage with a desirable accountability level from the supplier side in a continuous review period with dynamic multi-item demand and budget constraints. In the present model, the order was regarded as a time-dependent function and a control variable. In addition, the need for each item is time-dependent and specified. The present model indicates the order and inventory system as an optimal control problem. In addition, Pontryagin’s maximum principle for optimal control problems, Generalized Reduced Gradient Method (GRG), and Kuhn–Tucker conditions were used to seek the optimal order. The model aimed to maximize the total order profit and inventory management systems. Finally, the results were presented numerically and graphically, and some management decisions were derived.