Contents
This report is based on the following requirement - - Inventory Management Enquiry
- Analyse the current way in which your organisation approaches inventory management. Recommend improvements. Your analysis should cover the applicable areas of inventory management from the course. Include and discuss such items as:
- Use of various inventory models and/or flowcharting of current inventory management practice
- Changes to inventory management and inventory policies
- Suggested actions to improve inventory management and estimation of benefits stemming from your solution
- For each option, you should also address other relevant issues as appropriate, such as:
- Operations strategy of your organisation and its evaluation in relation to the specific problem that you attempt to solve;
- The impact of customer demand and process capacity relationships;
- Collaboration and coordination issues;
- The interfaces of the process with both the external and internal customers;
- Other applicable process or supply chain management issues or concerns
Description
Inventory management is very important and crucial for many organizations having high levels of inventories that include different types of raw materials, work in process and finished products (Jacobs & Chase, 2016). Effective inventory management enhances the operations by sustaining production, ensuring free flow of materials and enabling the organization to make easy delivery of the finished products to the end users (Heizer, Render & Munson, 2016). Any wastage, theft and excessive use of materials can lead to immediate financial loss and significantly affects the performance of the company (Bragg 2018). Arcadian Sourcing (Private) Limited offers end-to-end supply chain services through excellent quality of product and service, increased visibility and transparency using latest technologies (Arcadian Sourcing, 2019). This report analyzes the issue in inventory management process of the company using the inventory management models and provides recommendations to overcome the issues.
