A Study On Effectiveness Of Inventory Management
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Date
2024-05
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Publisher
Indian Society for Health and Advanced Research
Abstract
The main aim of an inventory management system is to keep the stock in such a way that it is neither overstock nor understock. The overstock condition will reduce the other production processes and understock will lead to stoppage of work. The main purpose of inventory management is to help businesses easily and ef?ciently manage the ordering, stocking, storing, and using of inventory. Inventory management, a critical element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to a point of sale. The goal of inventory management is to have the right products in the right place at the right time. The study utilizes a combination of quantitative and qualitative research methods. Data collection involves a thorough analysis of interviews with key personnel involved in inventory management, and a comparative study of industry best practices. The assessment of the effectiveness of inventory management reveals a commendable strategic approach to handling inventory challenges. This accuracy in forecasting signi?cantly reduces stockouts, prevents overstock situations, and enhances overall operational ef?ciency. To further enhance the effectiveness of inventory management several strategic initiatives are proposed. Firstly, the company should invest in advanced data analytics and predictive modeling tools to improve demand forecasting accuracy and dynamically optimize inventory levels.
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Keywords
Ingredients, Processing, Quality Assurance, Sustainability, Market Presence
Citation
G Surendra., R Sankar Ganesh. . A Study On Effectiveness Of Inventory Management . Indian Journal Of Applied Research. 2024 May; 14(5): 57-59