| Pub. Date | : Feb, 2022 |
|---|---|
| Product Name | : The IUP Journal of Operations Management |
| Product Type | : Article |
| Product Code | : IJOM40222 |
| Author Name | : Animesh Kumar Sharma |
| Availability | : YES |
| Subject/Domain | : Management |
| Download Format | : PDF Format |
| No. of Pages | : 5 |
Inventories are work-in-progress
products, finished products and raw
materials, which an organization uses in production or sells (Ziuko, 2015). If the stock is controlled and tracked properly, it could add value to the organization. The overall profit of a company is further improved by just how well and economically its stock is controlled (Godana and Ngugi, 2014).
Inventory management includes the procedure for transferring products from one area to another in a safer manner. Inventory control is the direction- based actions focusing on discovering prerequisites, forecasting, setting objectives, and giving orders and essential directions (Ballard, 1996). It is a consistent way of conducting business operations efficiently, while ensuring that clients are satisfied with the delivered products (Ogbo and Ukpere, 2014). Appropriate stock management system in any business is of critical necessity (Lwiki et al., 2013; and Ogbo and Ukpere, 2014). Godana and Ngugi (2014) assert that finding the ideal stock level which operates effectively in the manufacturing system is a challenge. This contributes to the bulk of organizations in developing nations not using inventory management methods (Goonatilake, 1984).
Inventory control also involves cost savings. A suitable way of managing inventory means less costs incurred due to proper stock control system. This therefore implies better stock control methods (Goonatilake, 1984).
This research note aims to study the concept of stock management and its challenges.