Inventory Management:An inventory is an itemized catalog of goods and materials that are in stock, finished and ready for sale and work in progress goods. Inventory management is the process whereby the flow of items in and out of an inventory is efficiently controlled and overseen. Efficient inventory management entail creation of a purchasing plan that ensures that items are available when needed and keeps follow existing inventory’s use. It involves controlling units transfer to prevent a high inventory, which can collapse company operations. It entails monitoring and reconciling stock moved into and out of the store.
In this paper, the types and layouts of inventories are going to be discussed. The role and importance of inventories to company’s operation, management performance and satisfaction of the consumer will also be discussed. Two service companies that keep inventories shall be analyzed. That is a Hospital and a shipping company. The inventories they use shall be compared and contrasted. Thereafter an improvement suggestion to the inventory management of these two companies shall be explained.
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Hospital inventory can be improved by; keep and using better inventory management systems, streamlining business practice to trim down labor expenses, and to mainly impel rigid dollar savings by managing inventory in the effectively. Healthier inventory management is a grand opportunity to condense high costs in hospitals while rising clinical squad satisfaction. Amalgamating and mechanizing inventory and order management make possible ensuring that there are no dislodge amid orders and available inventory.
High worth assets tracking and expired assets management should be employed. This will assist in locating equipments and items in case they are moved to unknown places hence avoiding duplication.
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