scholarly journals Achieving cost efficiency through increased inventory leanness: Evidence from manufacturing industry

2021 ◽  
Vol 27 (1) ◽  
pp. 42-49
Author(s):  
Rahul S Mor ◽  
Dinesh Kumar ◽  
Sarika Yadav ◽  
Swatantra Kumar Jaiswal
Keyword(s):  
Inventory Management ◽  
Manufacturing Industry ◽  
Management Practices ◽  
Fundamental Problem ◽  
Raw Material ◽  
Operating Efficiency ◽  
Management Tools ◽  
Sigma Level ◽  
Efficiency Cost ◽  
Inventory Holding

Abstract Inventory management’s fundamental problem starts with maintaining equilibrium among the operating efficiency, cost of investment, and other allied costs with extensive inventories to keep the actual conflicts at the minimum while optimizing the inventory holding levels. But, inventory management practices have not been well exploited in various manufacturing industries yet. In this study, inventory management tools, i.e., ABC and VED analysis, have been applied in the manufacturing industry, considering 146 items as raw material for an assembly. A total of 15 items under ‘AV’ class have been identified that consume 82.05 % of the total cost, and these items need strict control and frequent ordering. Sigma level of suppliers is also calculated, which comes out to be 2.36, and it must be improved to reduce the overall inventory cost.

scholarly journals Commodity Futures: An Important Role In Inventory Management

2011 ◽  
Vol 6 (1) ◽  
pp. 82
Author(s):  
John H. Reed
Keyword(s):  
Inventory Management ◽  
Commodity Futures ◽  
Raw Material ◽  
Production Environment ◽  
Holding Costs ◽  
Inventory Costs ◽  
Eoq Model ◽  
Commodity Futures Markets ◽  
Control Decision ◽  
Inventory Holding

In a production environment costs of raw material inventories can vary dramatically thereby affecting inventory holding costs. Thus savings achieved through the implementation of the results of an EOQ model, which assumes stable inventory costs, may not be applicable where these costs vary. This paper addresses this problem by demonstrating how to integrate the commodity futures markets into an inventory control decision in order to help stabilize the price of inputs.

scholarly journals IMPACT OF MANAGEMENT PRACTICES ON ORGANISATIONAL INNOVATION IN THE DIGITAL AGE: A STUDY OF THE MANUFACTURING INDUSTRY IN MALAYSIA

2021 ◽  
Vol 28 (Number 2) ◽  
pp. 73-101
Author(s):  
Hafiz Mudassir Rehman ◽  
Hui Nee Au Yong ◽  
Yuen Onn Choong
Keyword(s):  
Industry 4.0 ◽  
Manufacturing Industry ◽  
Management Practices ◽  
Organizational Innovation ◽  
Manufacturing Sector ◽  
Manufacturing Firms ◽  
The Body ◽  
Raw Material ◽  
Use Of Technology ◽  
Respective Field

The manufacturing industry is an indispensable part of the economy, especially for Malaysia. The manufacturing sector in Malaysia is not only transforming raw material into products, but also contributing significantly to the country’s economy. Malaysia has attained a significant position in the world by exporting its manufactured goods. However, the production services always require innovation to meet the ever-changing customer demands. With the advent of Industry 4.0, the manufacturing industry faces constant challenges such as the innovation capability of organizations, and swift and frequent shifts in the use of technology. These issues may hamper the efforts of manufacturing firms to fully participate in Industry 4.0 Malaysia. Therefore, the objective of this study is to identify the influence of knowledge-oriented leadership, electronic human resource management (E-HRM), and decentralised organisational structure on organizational innovation. The current research has adopted a quantitative method to establish the relationship between these three variables and innovation in organizations. A total of 218 samples were collected from manufacturing firms located in Malaysia. Data collected through a self-administered questionnaire was examined by using SmartPLS software. The results of this research has added to the body of knowledge in the respective field by highlighting the significance of knowledge-oriented leadership and E-HRM in predicting organizational innovation. It can further help stakeholders to plan a way forward in facing Industry 4.0 through the development of innovation competencies.

Strategic buying at National Foods, Pakistan – a recipe for success

2011 ◽  
Vol 1 (1) ◽  
pp. 1-7
Author(s):  
Mohammad Kamran Mumtaz ◽  
Shahid Raza Mir
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Operations Management ◽  
Subject Area ◽  
Raw Material ◽  
Fiscal Year ◽  
Demand Forecast ◽  
Procurement Management ◽  
Content Type ◽  
Inventory Holding

Subject area Operations management, purchasing and procurement management, inventory management and supply chain. Student level/applicability Introductory courses in Operations Management; MBA level and final year undergraduates in management. Masters level in purchasing/procurement management, inventory management and supply chain management. Case overview The case deals with strategic purchase decision of a basic raw material used in ketchups. Ketchups represent 15 per cent of annual sales at National Foods. Mohammad Iqbal, Head of Supply Chain at National Foods, is confronted with the decision of buying tomato paste for fiscal year 2007-2008. He needs to decide how much paste to order from National Foods' supplier in China and when. He has the demand forecast for the paste for 2008 available to help him make the decision. Expected learning outcomes The case will introduce the students to issues in strategic buying of a basic raw material that is crucial to production. The case is not designed to teach just the basic concept of trade-off between inventory holding and stock out cost. The students should bring these basic concepts of operations with them to understand how these concepts are combined with knowledge of other disciplines to tackle a complex raw material planning issue. Students learn how to plan for the purchase of a perishable yet important raw material for an organization. Supplementary materials Teaching note.

Inventory Management and Financial Performance of Small Scale Apicultural Enterprises in Cameroon: The Case of Oku Honey Cooperative Society Limited

2019 ◽  
Vol 5 (02) ◽  
Author(s):  
Peter Ngek Shillie ◽  
Dorine Neitebef Sengla
Keyword(s):  
Financial Performance ◽  
Inventory Management ◽  
Management Practices ◽  
Raw Materials ◽  
Secondary Data ◽  
Raw Material ◽  
Annual Reports ◽  
Primary Data ◽  
Small Scale ◽  
Cooperative Society

This study examines inventory management and financial performance of Small Scale Apicultural Enterprises in Cameroon, the case of Oku Honey Cooperative Society Limited (OHCSL). The independent variable (Inventory management) proxy by raw materials inventory, work-in-progress inventory, finished products inventory, and packaging material inventory was regressed against dependent variable (financial performance) proxy by gross profit margin. Data used in this study cover the period 1988-2017. The primary data was collected using interviews, structured and semi- structured questionnaires administered to the management staff of the organization. Using magazines, internship reports and annual reports of the enterprise, secondary data was collected. Using multiple regression analysis, the study established that a positive relationship exist between the independent (inventory management) and dependent variables (financial performance) at OHCSL. However, it was uncovered that holding raw material inventory contributed minimal on the financial performance of OHCSL. This was attributed to the fact that honey is processed within 24hours postharvest and hence the cooperative avoids holding raw material inventory. Consequently, the study recommended improvement in inventory management practices including improving staff capacity at the cooperative.

scholarly journals APLIKASI MANAJEMEN INVENTORY PADA ROTIKU BAKERY BERBASIS WEBSITE

2018 ◽  
Vol 4 (2) ◽  
Author(s):  
Ni Wayan Sumartini Saraswati ◽  
I Nyoman Yudha Chandra Dinata
Keyword(s):  
Inventory Management ◽  
User Interfaces ◽  
Manufacturing Industry ◽  
Data Flow ◽  
Raw Materials ◽  
Raw Material ◽  
Flow Diagram ◽  
Data Management System ◽  
Bread Making ◽  
Entity Relationship

ABSTRACT<br />Rotiku Bakery currently uses a data management system in a conventional way, using paper so that the data is not stored properly. This resulted in a report taking a relatively long time to obtain information. Another problem that arises is the loss of important data because the paper media does not last long and wastage of space as paper media storage. The purpose of this study is to design and build an information system that facilitates employees in managing data, especially the management of inventory data. Inventory management in this system is unique because it is implemented in a small manufacturing industry in the form of bread making. There are two kinds of stock, they are raw material stock and finished goods stock. System design is carried out to analyze the system requirements which are created by data flow diagrams (DFD), entity relationship diagrams and user interfaces to find out what is related to the system. The results of the research can facilitate employees in the bakery for managing data such as raw material data, product data, transaction data and reports. The owner can see the report without having to go to the company because the application is connected to the internet.<br />Keywords : Inventory, Manufacturing, Information Systems, Raw Materials, Finished Goods<br />ABSTRAK<br />Rotiku Bakery saat ini menggunakan sistem pengelolaan data dengan cara yang masih konvensional yaitu dengan menggunakan media kertas sehingga data menjadi tidak tersimpan dengan baik. Hal ini mengakibatkan pada saat pembuatan laporan, membutuhkan waktu yang relatif lama untuk mendapatkan informasi. Masalah lain yang timbul adalah hilangnya data penting karena media kertas tersebut tidak tahan lama dan pemborosan tempat sebagai penyimpanan media kertas. Tujuan penelitian ini adalah merancang dan membangun sistem informasi yang memudahkan pegawai dalam melakukan pengelolaan data, terutama pengelolaan data inventory. Manajemen inventory dalam sistem ini menjadi unik karena dilaksanakan dalam industry manufaktur kecil berupa pembuatan roti. Stok sendiri ada dua macam yakni stok bahan mentah dan stok barang jadi. Perancangan sistem dilakukan untuk menganalisa kebutuhan sistem yaitu dibuat dengan data flow diagram (DFD), entity relationship diagram dan user interface untuk mengetahui apa saja yang berkaitan dengan sistem. Hasil dari penelitian dapat memudahkan pegawai di rotiku bakery dalam melakukan pengelolaan data seperti data bahan baku, data produk, data transaksi dan juga laporan. Owner dapat melihat laporan tanpa harus mendatangi perusahaan karena aplikasi terhubung dengan internet.<br />Kata kunci : Inventory, Manufaktur, Sistem Informasi, Bahan Mentah, Barang Jadi

Inventory Reduction by Applying Inventory Management Tools of a Selected Tannery Factory

2015 ◽  
Vol 6 (1) ◽  
pp. 204-210
Author(s):  
Azim Mohammad Mohammad ◽  
Shibbir Ahmad ◽  
Mohammad Iqbal ◽  
Md. Alauddin
Keyword(s):  
Inventory Management ◽  
Management Tools

An Analytical Study on Inventory Management Practices For an Auto Component Major in Chennai City

2011 ◽  
Vol 3 (8) ◽  
pp. 386-389
Author(s):  
Dr. K. Sadasivan Dr. K. Sadasivan ◽  
◽  
S. Kavitha S. Kavitha ◽  
Britto A Britto A
Keyword(s):  
Inventory Management ◽  
Analytical Study ◽  
Management Practices ◽  
Chennai City ◽  
Auto Component

Effect of empowering leadership on the turnover intention of industrial workers

2020 ◽  
Vol 48 (8) ◽  
pp. 1-11
Author(s):  
Chenhui Ouyang ◽  
Yongyue Zhu ◽  
Minyu Guo
Keyword(s):  
Turnover Intention ◽  
Design Theory ◽  
Manufacturing Industry ◽  
Management Practices ◽  
Mediating Effect ◽  
Job Crafting ◽  
Empowerment Theory ◽  
Industrial Workers ◽  
Empowering Leadership ◽  
Moderation Model

We used empowerment theory and job design theory to build a mediated moderation model to examine the relationship between empowering leadership and the turnover intention of industrial workers. Participants were 272 industrial workers in Chinese manufacturing enterprises. Results show that empowering leadership significantly reduced participants' turnover intention and that job crafting exerted a partial mediating effect on the negative correlation between empowering leadership and turnover intention. Participants' proactive personality positively moderated the effect of empowering leadership on their turnover intention, and part of the moderating effect was transmitted via job crafting. Our results have theoretical implications for related research and practical implications for human resource management practices in the manufacturing industry.

MECHANICAL PROPERTIES OF ROTATIONALLY MOLDED PET MICROFIBRIL REINFORCED COMPOSITES

2006 ◽  
Vol 20 (25n27) ◽  
pp. 4613-4618 ◽  
Author(s):  
R. J. T. LIN ◽  
D. BHATTACHARYYA ◽  
S. FAKIROV
Keyword(s):  
Mechanical Properties ◽  
Manufacturing Industry ◽  
Polymer Processing ◽  
Raw Material ◽  
Medium Density ◽  
Reinforced Composites ◽  
Rotational Molding ◽  
Commercial Scale ◽  
Strength And Stiffness ◽  
Set Up

Being a fast growing plastic manufacturing industry, rotational molding has been using the linear polyethylenes extensively as the raw material. As these materials have shown insufficient mechanical properties for certain applications where strength and stiffness of the products are the main concerns, worldwide rotational molders have expressed a need for stronger and stiffer materials to be available for rotomolding. A possible attractive solution may be the recently developed microfibril reinforced composites (MFCs). Blends of linear medium density polyethylene/polyethylene terephthalate (LMDPE/PET) with an MFC structure are manufactured on a commercial-scale set-up and thereafter used in rotational molding. The samples are characterized morphologically and tested mechanically. The results obtained show that the MFC-concept has good application opportunities in the polymer processing including rotational molding.

Pharmaceutical Data Integrity: issues, challenges and proposed solutions for manufacturers and inspectors

2020 ◽  
Vol 9 (4) ◽  
pp. 171-182
Author(s):  
Sia Chong Hock ◽  
Vernon Tay ◽  
Vimal Sachdeva ◽  
Chan Lai Wah
Keyword(s):  
Manufacturing Industry ◽  
Management Practices ◽  
Data Integrity ◽  
Database Management System ◽  
World Health ◽  
Record Management ◽  
Guidance Documents ◽  
Health Organization ◽  
Biopharmaceutical Manufacturing ◽  
The Uk

Data Integrity, which is data deemed Attributable, Legible, Contemporaneous, Original, Accurate, Complete, Consistent, Enduring, and Available (ALCOA-plus), has been the focus of the pharmaceutical industry in recent years. With the growing use of computerized systems and rising prevalence of outsourcing manufacturing processes, ensuring data integrity is becoming more challenging in an increasingly complex pharmaceutical manufacturing industry. To address this issue, multiple legislation and guidance documents such as ‘Data Integrity and Compliance with CGMP Guidance for Industry’ from the US Food and Drug Administration (FDA), ‘GxP’ Data Integrity Guidance and Definitions from the UK Medicines & Healthcare products Regulatory Agency (MHRA), and ‘Guidance on Good Data and Record Management Practices’ from the World Health Organization (WHO), have been published in recent years. However, with rising data integrity issues observed by FDA, WHO, MHRA and other pharmaceutical inspectors even after these guidance documents have been published, their overall effectiveness is yet to be determined. This paper compares and evaluates the legislation and guidance currently in existence; and discusses some of the potential challenges pharmaceutical manufacturers face in maintaining data integrity with such legislation and guidance in place. It appears that these legislation and guidance are insufficient in maintaining data integrity in the industry when used alone. Last, but not least, this paper also reviews other solutions, such as the need for a company culture of integrity, a good database management system, education and training, robust quality agreements between contract givers and acceptors, and performance of effective audits and inspections, to aid in maintaining data integrity in the manufacturing industry. These proposed solutions, if successfully implemented, can address the issues associated with data integrity, and raise the standard of pharmaceutical and biopharmaceutical manufacturing worldwide.

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