Inventory management and cost efficiency
Andan Anjani ORCID ↗ · Adirizal Nizar
International Journal of Research in Business and Social Science · 2021 · Vol. 10 / Issue 2 · 217-227
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Abstract
This research aims to observe current inventory management applied by one of the medical equipment distributors specializing in eye health devices, and provide recommendations for an optimal inventory management system to achieve cost efficiency afterward. The method used in this research is quantitative, focusing on processing and analyzing numerical data obtained from the company to calculate safety stock and the number of orders. In addition, ABC classification is also used in data processing to group items based on their value. Items belonging to class A (having a value of 80% for the company) will be used in the data processing. The next step is to conduct forecasting simulations for demand forecasts. The results of the forecast will be used for calculating the safety stock and order quantity. The output from the results of data processing and analysis in this study shows 67 items included in class A, which will then be processed using Minitab software for forecasting. Based on comparing the four forecasting methods, the one with the lowest error value is Trend Analysis. If the company can apply the storage method according to the fixed-time period model calculation, there is a potential savings of US $ 717,133 or 63% of the total overstock
Keywords: {'name': 'ABC Classification, Forecasting, Inventory Management, Fixed-time Period Model'}
Authors & affiliations
Andan Anjani
Affiliation not supplied
Adirizal Nizar
Affiliation not supplied
Deposited references
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