Scientific Glass, Inc: Inventory Management

The topic has been chosen for research is to critically evaluate the inventory management systems of retail industry in UK. This industry is continuously growing up with pleasure of customers even the fluctuation in customer choices. Moreover, this sector has been hugely impacted from 2008 to 2010 by the economic crisis, when customer did not have enough money to spend. As a result some retail businesses have incurred a loss and shut down their operation. Though some of the retailer took the challenge and continued their business to see the future success. But inaccuracy of stock count leads to poor availability in store level stock. Moreover employees’ inadequate level of skills and improper management clue to poor control of inventory management. As a result decrease the customer satisfactions therefore fall in revenues and ultimately collapse in profitability level. (Lussier, 2012)

Abstract —There are some complex and compelling challenges that global manufacturing industries should face, which includes price fluctuation, supply-chain inefficiencies and increasing customer expectations. In order to meet the demand of this economic environment, manufacturers need to find innovative, smarter ways to face those challenges. Thus, the efficient inventory management becomes urgent to manufacturers and it could help improve profitability and increase customer satisfaction. This paper aims to talk about what inventory management is and its importance, what problems inventory management might have and how to improve inventory management efficiency.

In this final paper for Managerial Finance I will attempt to show how the supply chain inventory management method can be affected depending on the situation of the retailer. Studying the control method for problems in inventory, which would include both, excesses in inventory as well as shortages, and hoping to minimize loss.

The present organizational chart of the SC Department in the company includes two buyers, one material control clerk, one expeditor and two shipper/receivers. This structure was functional to the previous strategy because there was a strong focus on the purchasing function. We believe that in order to maximize the SC Department resources in accordance with the new structure the positions and functions of the people with the SC Department will have to be adapted to strengthen the inventory management function of the company. There company could benefit from having one person responsible for forecasting demand. Processes should be reviewed to ensure that the SC Department has sufficient access to information in order to achieve this task. Re-buying will also be of utmost importance now in order to ensure that there is always sufficient inventory to maintain production going.

By exposing some of the weaknesses in Wegmans current systems we will be able to determine what changes they could make in order to improve their efficiency. Inventory management is currently the biggest struggle facing the company. Implementing strategies to help improve their techniques in inventory management, such as a stronger point of sales system, greater capacity planning, and application of the ABC approach could prove very beneficial to the overall operational success of the company. Throughout this paper we will highlight some of the issues within Wegman’s current operational systems, and provide strategies that could help improve their techniques and strengthen the organization as a

Manufacturing organization needs inventories management information because it requires inventories keeping, however does not emphasize on inventories keeping because it mainly produce service which is the main product. Another point of view, service organization mainly consist of labor work while manufacturing may only need machinery supervising or labor for other purpose. As a conclusion, it is quite clear that the manufacturing cost which is also call production cost in broader terms, are losing relevance when comparing to service company to a traditional manufacturing company.

In this case study, production and operations management (POM) issues of a mid-size company, named as Scientific Glass Inc., in a highly growing market are studied. Using the background information on past actions of the company to correct inventory management and their results, and considering the market leadership opportunity, how inventory management approach can be made better is explained by evaluating different alternatives from different aspects. In the first part, critical POM issues are mentioned, following that these problems are analyzed. In the third part, alternative options are listed and then they are evaluated. Finally, considering

Inventory control is the biggest challenge because of inappropriate inventory management system. There is a requirement of proper food service for better inventory control and also for identifying the important requirements. There is a need to develop the inventory methods for the products and with a standard inventory management company should try to minimize the wastes in terms of future. (Gartenstein, 2012)

The operations management problem that our group chosen to discuss about occurs at a small, family owned restaurant business called Good Greek Grill. Known best for their tasty greek food, the company’s primary problem is inventory management; trying to determine the order quantities and the method of lot sizing and when to order so the company doesn’t waste items with short life such as the dairy products that uses like yogurt and milk. In the past the store has had been throwing away large quantities of dairy products due to lack of forecasting the demand for dairy products as well as weak inventory planning methods from unqualified employees. As a result, Good Greek Grill (G3) asked our group to help them solve the problem since after getting a SOM class we are able to determine methods towards solutions of Operational Management problems. The solution can be found by getting to know what is the current reorder point and order quantity by using the EOQ (Economic Order Quantity) inventory model . Cost cutting is essential as the store doesn 't get enough customers that are interested in the dessert and coffee products that are offered in store. Yogurt is used in our dessert items which are the strawberry greek yogurt and the black

As higher demands continued to be placed on GMM’s production and distribution operations, its transportation network lacked collaboration. In effect, each operation was making individual logistics decisions, creating costly redundancies and inefficiencies throughout the supply chain. However, On-time delivery is critical in their business, and they consistently meet their customers' requirements. With cost, service and punctuality always at the forefront, consolidates shipments, manages carriers, and optimizes air, sea and ground routes. (Penske, 2010)

Outsource warehousing to Global Logistics (GL) which will provide a centralized warehousing in Atlanta: Goods will be transported in bulk from Waltham to Atlanta and GL would take responsibility of inventory-control and delivery to the customers. This way SG would not have to bear the warehouse rental charges and could focus on increasing sales and develop newer products to meet customer needs.

The Scientific Glass, Inc (SG) is a midsized company in the specialized glassware industry producing for and supplying to research facilities and specialized laboratories in its market regions; North America, Europe, Asia Pacific and rest of the world. The company is facing an increase in inventory level balances with too much capital tied up in inventory preventing it from using its capital towards international expansion. Evaluating other options on the basis of effects of SG's previous attempts at

Barilla SpA (Barilla), is an Italian largest pasta manufacturer in the world manufacturer that sells pasta to retailers largely through third-party distributors. Barilla has been facing huge variability in demand which is straining the manufacturing and distribution network of the company. This fluctuation in demand, are forcing the

Inventory management has two very different, but effective methods: Vendor managed inventory, and consignment inventory. A company may choose to utilize either of these two methods to manage inventory. If a company is able to manage inventory, they will be better able to work the company's capital to the fullest extent. The following paper will identify the differences between the two as well as identify what type of company is best suited for each method.

In this report we have focused on supply chain inventory management and technology selection practices and how it is beneficial for the firm. In the firm operations are linked with different strategies. For example the change in supply chain has an effect on inventory management as well as technology selections. At the end we have given some