Essay on Inventory Management

Keeping a good inventory of our life is productive and helps in determining the direction of our life. I am a good inventory manager since I manage my daily activities. I record my daily activities and ensure that I have enough but not excess. This means I rarely run out things that I need. From a young age, I have learned to be very organized. I do not like procrastinating and replenish my effects at the right time. I buy grocery, clothes, and furniture among others as soon as I feel they need. Despite the capability I have of managing my inventory, there is a problem disposing of old electronics and furniture. Sometimes I am very attached to my old stuff, and they fill up most of the space in my house and garage. I periodically review my inventory and revise what is needed.

Application of good inventory management practices in a hospital is essential. Revitalization of the inventory management of a hospital ensures there is no miscalculation of the device uses (Jump Technologies 2014). This deals with issues of running products to expiry and hence saves on cost. Inventory management also ensures high-quality care since products are available when required. Inventory management in retail store ensures there is the appropriate management of costs, measure shrinkage and enhance customer experience. Inventory management ensures good coordination between manufacturer and suppliers leading to improvement or products and operations (Adeyemi & Salami 2010). This ultimately results in a reduction of material costs and enhances delivery timing ensuring customer are satisfied.

Hospitals, retail stores, and manufacturing plants need visibility in their inventory since it ensures businesses can make informed and financially efficient decisions. The application of Material Requirement Planning (MRP) software in these settings ensures complete inventory visibility and eliminates manual inventory management operations (Moustakis 2000). The outcome is the improvement of customer services levels and avails information regarding purchasing history.

References

Adeyemi, S. & Salami, A. (2010). Inventory Management A Tool of Optimizing Resources in a Manufacturing Industry. A Case Study of Coca-Cola Bottling Company, Ilorin Plant. Retrieved 19 July 2017, from http://www.krepublishers.com/02-Journals/JSS/JSS-23-0-000-10-Web/JSS-23-2-000-10-Abst-PDF/JSS-23-2-135-10-704-Adeyemi-S-L/JSS-23-2-135-10-704-Adeyemi-S-L-Tt.pdf

Moustakis, V. (2000). Material requirements planning (MRP). Retrieved 19 July 2017, from http://www.adi.pt/docs/innoregio_MRP-en.pdf

Jump Technologies. (2014). Reducing Costs by Improving Process and Technology for Inventory Management in Hospitals. Retrieved 19 July 2017, from http://www.jumptech.com/sites/default/files/Inventory%20Management%20for%20Hospitals_Legend%20Myth%20Reality_FINAL_0.pdf