Inventory Record Accuracy Provides Better Control

Inventory Record Accuracy Provides Better Control


Abstract

It is well recognised that inaccuracies in inventory data may result in supply chain profit losses. Transaction mistakes, misplacement, shrinkage, and other factors may cause inventory records to be incorrect. Companies may invest in new information technology such as radio frequency identification to reduce inventory inaccuracies (RFID). We examine a supply chain that includes a store (distributor) and a supplier in this article. We'll utilise a single-period newsvendor scenario, in which the retailer buys the goods from the supplier and distributes them to regional warehouses. The issue of determining the optimum investment levels that maximise profit while reducing inventory inaccuracy is the subject of this article.


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Introduction

Inventory data collected from automated or human control systems is used to inform supply chain inventory management choices. Companies began to automate their inventory management operations and utilise inventory management software as a consequence of advancements in information technology (Lee and Ozer, 2005). Despite the fact that information technology (IT) has made collecting and storing data on the movement of goods through the supply chain simpler and less costly, inventory tracking remains error-prone for the whole company.

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 Or call us +91 9481545735


Conclusion

Our model takes into account both fixed and variable investment costs, as a result of the aforementioned structure. The fixed investment costs in our model are the expenses of establishing the whole system's infrastructure, while the variable investment costs are the costs of investment needed for each warehouse to remove its inaccuracy. Because our approach covers a single period, we interpret both fixed and variable expenses as equal amortised costs per single selling season, despite the fact that these costs may be extremely high as a one-time expenditure.

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