Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs
Abstract Observation shows that there is a serious problem regarding inventory management in manufacturing organizations, particularly in Small and Medium Enterprises (SMEs). This has prompted the desire to embark on a study that will examine the problem and strive to proffer useful suggestions. Thi...
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| Format: | Article |
| Language: | English |
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Cognitione Foundation for the Dissemination of Knowledge and Science
2014-01-01
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| Series: | Journal of Entrepreneurship, Management and Innovation |
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http://jemi.edu.pl/uploadedFiles/file/all-issues/vol10/issue4/JEMI_Vol10_Issue4_2014_Article4.pdf
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| _version_ | 1841564822431334400 |
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| author | Olusakin S Akindipe |
| author_facet | Olusakin S Akindipe |
| author_sort | Olusakin S Akindipe |
| collection | DOAJ |
| description | Abstract Observation shows that there is a serious problem regarding inventory management in manufacturing organizations, particularly in Small and Medium Enterprises (SMEs). This has prompted the desire to embark on a study that will examine the problem and strive to proffer useful suggestions. This paper intends to bring to the fore the salient issue of inefficiency in the practice of inventory management and its effects on production operations of manufacturing concerns. Survey design was used with the application of random sampling technique in selection of units within the case study areas. Primary data were collected through the use of structured questionnaires and the analysis was done using Pearson correlation coefficient and frequency counts and percentages to give adequate descriptions. The study concluded that efficient management of stock would be achieved through determination of stock levels, engagement of skilled store personnel, and the use of automated stock control. It went further to assert that the achievement of optimal use of resources through efficiency in the management of stock will eliminate the problems of sudden lack of stock; the resultant low capacity utilization, loss of production time, and thereby improving overall efficiency of the manufacturing SMEs and breed high performing entrepreneurs. |
| format | Article |
| id | doaj-art-ba138e49ad3a4888b2e0828092812c51 |
| institution | Kabale University |
| issn | 2299-7326 |
| language | English |
| publishDate | 2014-01-01 |
| publisher | Cognitione Foundation for the Dissemination of Knowledge and Science |
| record_format | Article |
| series | Journal of Entrepreneurship, Management and Innovation |
| spelling | doaj-art-ba138e49ad3a4888b2e0828092812c512025-01-02T22:25:49ZengCognitione Foundation for the Dissemination of Knowledge and ScienceJournal of Entrepreneurship, Management and Innovation2299-73262014-01-011049311310.7341/20141044Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEsOlusakin S Akindipe0 Igbajo Polytechnic, Department of Business Administration Abstract Observation shows that there is a serious problem regarding inventory management in manufacturing organizations, particularly in Small and Medium Enterprises (SMEs). This has prompted the desire to embark on a study that will examine the problem and strive to proffer useful suggestions. This paper intends to bring to the fore the salient issue of inefficiency in the practice of inventory management and its effects on production operations of manufacturing concerns. Survey design was used with the application of random sampling technique in selection of units within the case study areas. Primary data were collected through the use of structured questionnaires and the analysis was done using Pearson correlation coefficient and frequency counts and percentages to give adequate descriptions. The study concluded that efficient management of stock would be achieved through determination of stock levels, engagement of skilled store personnel, and the use of automated stock control. It went further to assert that the achievement of optimal use of resources through efficiency in the management of stock will eliminate the problems of sudden lack of stock; the resultant low capacity utilization, loss of production time, and thereby improving overall efficiency of the manufacturing SMEs and breed high performing entrepreneurs. http://jemi.edu.pl/uploadedFiles/file/all-issues/vol10/issue4/JEMI_Vol10_Issue4_2014_Article4.pdf inventory managementproduction operationmanufacturing organizationsSMEsresourcesoptimizationentrepreneur |
| spellingShingle | Olusakin S Akindipe Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs Journal of Entrepreneurship, Management and Innovation inventory management production operation manufacturing organizations SMEs resources optimization entrepreneur |
| title | Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs |
| title_full | Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs |
| title_fullStr | Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs |
| title_full_unstemmed | Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs |
| title_short | Inventory Management - A Tool for Optimal Use of Resources and Overall Efficiency in Manufacturing SMEs |
| title_sort | inventory management a tool for optimal use of resources and overall efficiency in manufacturing smes |
| topic | inventory management production operation manufacturing organizations SMEs resources optimization entrepreneur |
| url |
http://jemi.edu.pl/uploadedFiles/file/all-issues/vol10/issue4/JEMI_Vol10_Issue4_2014_Article4.pdf
|
| work_keys_str_mv | AT olusakinsakindipe inventorymanagementatoolforoptimaluseofresourcesandoverallefficiencyinmanufacturingsmes |