Description
The use of inventory management system in raw material management practice is imperative today; given the dynamic nature of operations in the frequently changing world of business.
Study on Classifcation of
Inventory Management System
The use of inventory management system in raw material
management practice is imperative today; given the dynamic
nature of operations in the frequently changing world of business.
Mantho !""#$ classifed Inventory Management computer based
activities into three broad areas%
! Inventory record &eeping% due to the availability of computers at
a reasonable price' SM(s have found it appropriate to automate
their inventory records through computeri)ation.
* Inventory decision+ma&ing% many models can be integrated into
computer based inventory systems.
, Material requirement planning M-.$ system% M-. is an
Inventory Management IM$ information system concerned with
getting the right materials to the right place at the right time.
International /ournal of Managing 0alue and Supply Chains
I/M0SC$ 0ol.1' 2o. ,' September *3!#
4owever' modern Inventory Management systems are more
challenging because of several variables. 5ccording to Sharif
*3!!$' in a 6uid IM environment; these factors include high
in6ation rates at certain periods' low availability of traditional
materials' high costs of labour leading to less ma&ing and more
buying' increasing numbers of suppliers entering the procurement
mar&et and rapid development of micro+processors and software
in decisionma&ing support systems. In addition' new technological
innovations lead to the development of substitutes for e7ample'
smart materials replacing steel and aluminum$' which add to the
challenges for IM Mohanty' !"81$.
doc_174884185.docx
The use of inventory management system in raw material management practice is imperative today; given the dynamic nature of operations in the frequently changing world of business.
Study on Classifcation of
Inventory Management System
The use of inventory management system in raw material
management practice is imperative today; given the dynamic
nature of operations in the frequently changing world of business.
Mantho !""#$ classifed Inventory Management computer based
activities into three broad areas%
! Inventory record &eeping% due to the availability of computers at
a reasonable price' SM(s have found it appropriate to automate
their inventory records through computeri)ation.
* Inventory decision+ma&ing% many models can be integrated into
computer based inventory systems.
, Material requirement planning M-.$ system% M-. is an
Inventory Management IM$ information system concerned with
getting the right materials to the right place at the right time.
International /ournal of Managing 0alue and Supply Chains
I/M0SC$ 0ol.1' 2o. ,' September *3!#
4owever' modern Inventory Management systems are more
challenging because of several variables. 5ccording to Sharif
*3!!$' in a 6uid IM environment; these factors include high
in6ation rates at certain periods' low availability of traditional
materials' high costs of labour leading to less ma&ing and more
buying' increasing numbers of suppliers entering the procurement
mar&et and rapid development of micro+processors and software
in decisionma&ing support systems. In addition' new technological
innovations lead to the development of substitutes for e7ample'
smart materials replacing steel and aluminum$' which add to the
challenges for IM Mohanty' !"81$.
doc_174884185.docx