The Effect of Inventory on Supply Chain Management

The Effect of Inventory on Supply Chain Management


Abstract

The management of materials and information is addressed by supply chain management across the whole supply chain, from suppliers to manufacturers, distributors, and retailers customers. In recent decades, academics have focused a lot of emphasis on the effect of inventory on supply chain management (SCM). Generally speaking, supply chain management research has centred on three key problems. The first concerns information flow; the second concerns inventory management; and the third concerns planning and operations management. The second problem, inventory management, will be addressed in this article. The author will go through the stages of categorising inventory, identifying cost drivers, assessing cost components, calculating EOQ, making recommendations, and discussing the impact of inventory on the supply chain. Under the examination of two options utilising the MCDM (Multiple Criteria Decision Making) technique, the conclusion will become apparent. The bottom line is that when inventory management is optimised, both upstream and downstream operations will function smoothly.

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Introduction

The management of materials and information is addressed by supply chain management across the whole supply chain, from suppliers to manufacturers, distributors, and retailers customers. Traditionally, each business handles its own buying, manufacturing, and marketing, making it impossible to create an optimum strategy for the whole chain. In recent years, it has become clear that the activities of one chain member may affect the behaviour of all others in the chain (see, for example, T.J. Peters 1982 and Riddalls 2002). In terms of competitiveness, more and more businesses have realised that they compete as part of a supply chain against other supply chains, rather than as a single company versus other individual enterprises. As information technology has progressed since 1990, it has become possible to coordinate all organisations and functions engaged in the whole chain. As a result, both academic academics and practitioners are increasingly interested in supply chain management.

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Conclusion

Procurement goals may be met swiftly thanks to efficient inventory management. Inventory, as we all know, is the glue that holds the supply chain together. When inventory management is optimised, upstream operations will flow smoothly and downstream activities will continue uninterrupted. The business will save 200,000 SEK through procurement in this case study. More importantly, the connections are strengthened as a result of this win­ approach.

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