DESIGN AND IMPLEMENTATION OF AN INVENTORY MANAGEMENT SYSTEM
- Project Research
- 1-5 Chapters
- Qualitative
- Library / Doctrinal
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the Study
For the production process, the market, and the distribution network to function, inventories are crucial. They act as lubricants and spring for an organization's production and distribution processes. By separating different parts of the overall operation, inventories allow manufacturing firms to operate smoothly and efficiently. portion purchases Inventory enables staff in the purchasing and supply departments to plan, manage, and wrap up activities in certain ways independently of shop-product operations. Inventory is crucial to an organization for production activities, maintenance of equipment and machinery as well as other operational requirements. These inventories enable suppliers more flexibility in planning, producing, and fulfilling an order for a certain product's portion. This causes money or capital that could have been used more productively to be held in reserve. When inventory stockpiles are high, the management of a company becomes quite anxious. Inventory is part of the company's assets and is always reflected in the company's balance sheet. This, therefore, calls for its scrutiny by management, any inventory item shortages that affect the production process are highly scrutinized by management. Any increase in machinery or operational redundancy brought on by inventory shortages may result in production loss and the costs that go along with it. For these two factors, ongoing inventory control is necessary. In addition to considering the physical balance of the items, inventory control and management also considers ways to reduce the cost of the inventory. The seamless running of other processes, including manufacturing, purchasing, sales, marketing, and financial management, is greatly aided by effective inventory management. The fundamental problem, however, is figuring out the inventory level that works best with the operating system or systems already in the business.
1.2. Statement of Problem
Many small businesses rely on manually counting stock to track what’s in store. But stock counts are disruptive and time-consuming it also takes time away from making and selling products.
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