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Bc 01

In: Business and Management

Submitted By abcd124
Words 2800
Pages 12
Inventory Management is a necessary Evil

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General Area: Supply Chain Management (SCM) Problem Area: Inventory Management a necessary Evil

Ravi Kumar PGP/17/108 Email: Indian Institute of Management, Kozhikode Abstract This article tries to explore how inventory management is one of the integral part of various business units in today’s business world. There are many modeling techniques available in Inventory management evolving very rapidly over a period of time, which can be used for performing different functions of meeting the customer satisfaction and helping the firms to achieve highly efficient SCM and in turn increase their profit margin. Not just that Inventory management systems have capability of meeting the uncertainty of demand by providing planned and effective way countering these uncertainties. This articles also discuss the critical point of inventory being a necessary evil i.e. with inventory firms have to bear certain cost but without it they can’t beat the demand uncertainties. The current models available however have discussed various issues related with the inventory management in real world but models are evolving to get rid of obsolescence and be competitive. There is lot of potential locked up in these models which can change the way managements make decisions in today’s world. Thus there is scope

for applying systems thinking methodology this area and bring out synergies in different applications of Inventory management. Keywords: Inventory Management; Uncertainty of demand; SCM(Supply chain management) . Introduction Problem Definition: The research tries to review the status of Inventory management research available in different endeavors of management of businesses. Further, it tries to identify applications that have further scope for research. After that this article suggests methodologies and methods…...

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