Analyzing Inventory Management System in Textile Spinning Mill for Improving Productivity
Keywords:ABC, FSN, Inventory cost, Inventory management, Productivity, Product manufacturing companies
Inventory management is a system concerned with integration of information, transportation, acquisition, inspection, material handling, warehousing, packaging and control of supplies and ensuring security of inventory. Inventory management aims at discovering and maintaining optimal levels of investment in all types of inventories and maximizing the flow of goods, information and other related resources like people and energy from the point of origin to the point of final consumption. The broad objective of this re-search was to establish the role of inventory management approaches on the performance of product manufacturing company. The study established that manufacturing companies use information technology, FSN, ABC method as inventory management approaches. The study also concludes that there was a strong positive correlation between the inventory management practices and operational performance of the product manufacturing company. The researcher recommends that the manufacturing companies should develop a policy framework to facilitate faster implementation of the best inventory management practices such as ABC and FSN. It is also recommended that such firms should consider investing in modern technology. This will reduce inventory costs and improve returns and productivity. Finally, the firms should also strengthen the supplier relation to the level of partnerships.
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Copyright (c) 2020 M. Shanmugaraja, P. Manojkumar, K. P. Nivethan Govarthan, R. Nandhakumar
This work is licensed under a Creative Commons Attribution 4.0 International License.