THE INVENTORY MANAGEMENT AND CORPORATE PROFITABILITY OF A MANUFACTURING COMPANY
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- NGN 3000
ABSTRACT
This study was carried out to examine the inventory management and corporate profitability of a manufacturing company using Siba group of companies Ikot Ekpene , Akwa Ibom State. Specifically, the study determine the extent ineffective management of inventory in Siba group of companies affect its operations. The study also examine the extent insufficient inventory of finished goods can cause loss of sales to the company. Furthermore the study ascertain whether the company has suffered from poor management of inventory and control. More so the study find out the extent inventory management correlate with Organizational profitability. Lastly, the study examine the inventory management system used in Siba Group of Companies . The study employed the survey descriptive research design. A total of 30 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. Also, manual inventory is used by Siba group of companies. Furthermore, Periodic inventory is also used by Siba group of companies. Lastly, Perpetual inventory is another form of inventory in Siba group of companies . The study hereby recommend that the manufacturing firms should diversify their inventory system to suit specific needs of production and at the same time ensure that maximum attention is paid to inventory management so as to avoid or reduce the amount of loss that would be gotten from damaged goods in inventory. Also, inventory management should maximize space and timely delivery to avoid staying off production and closely monitor and manipulate their inventory system to maintain production consistency for enhanced organizational performance, profitability and effectiveness.
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