STUDY ON INVENTORY MANAGEMENT PRACTICES

Abstract

Efficient inventory management is essential to a company's success since it affects productivity, happiness of customers, and bottom-line results. Materials planners, inventory control experts, supply chain managers, and manufacturing managers' approaches to inventory management are the focus of this study. This research delves at the state of inventory management in businesses today, as well as the obstacles they face and the ways in which they might be improved. In order to fulfill consumer demand, keep prices down, and maintain ideal stock levels, good inventory management is crucial. Many businesses still have trouble with demand forecasting, inventory optimization, and cross-departmental inventory strategy integration, even though supply chain management and technology have come a long way. The study approach was mixed-methods, which includes the marriage of qualitative and quantitative researches. A sample of 100 volunteers was selected randomly using simple probabilistic sampling methods for the completion of standardized questionnaires viewed as the essential data source. The major objective of a questionnaire, designed in a bid to unveil the respondents’ opinions on inventory management tools, was to utilize the Likert scale style questions. The survey was conducted among the respondents in a 50-50 by sex ratio and most of them had their master’s degrees and were the Manufacturing Managers. The respondents were highly impressed by the system of inventory monitoring, allocate of expected demand, and by the use of technological solutions. We appreciated the fact that failure to predict future demand and ineffective communication, both of which are the major shortcomings, were noted. The findings agree to a whole range of techniques of inventory management, for instance, a greater use of advanced technology, a stronger collaboration in the various functions of the company, removing communicational impediments, and making improvements in the methodologies of demand forecasting Organizations can achieve a number of advantages, such as managing inventory better, allocating resources efficiently, and saving money through these recommendations The outcome of this exploration gives an insight into the reality and reasons of day-to-day performance failures. The study points out the significance of creativity and high management vi Classified level of inventory in the current business where dynamism is becoming a norm that can be used in order to become the finest in the area of operation excellence.