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History Is Today Essay

887 words - 4 pages

Harvey Industries’ is experiencing issues with their current inventory control system. The first step in the process to improve the efficiency of the inventory management system is to identify the weaknesses of the inventory management system and their corresponding financial impacts. After the areas of concern are identified, solutions can then be developed.
The first area of concern identified is that there is no one single person who is responsible for managing the inventory levels. Therefore, there is no one who has the responsibility for ensuring that inventory costs are minimized. A second area of concern is that there is currently no policy in place which sets the optimal stock ...view middle of the document...

Furthermore, a specific person should be designated for different tasks such as: inventory record maintenance, physical inventorying of both the stock room and assembly areas and regular inventorying of each dispenser to limit the occurrences of stock outs. By separating the physical inventorying from the record keeping for the inventory, the opportunity for fraud is reduced.
Second, EOQ, economic order quantity, for independent-demand items should be implemented. EOQ is utilized to establish an optimal order quantity and will result in lower inventory costs for most items. Additionally, a safety inventory level should be established to minimize the occurrences of stock outs which will help to minimize lost revenue.
Third, ABC analysis, as an inventory analysis instrument, should be implemented. ABC analysis organizes inventory into three separate groups based on their value. ABC analysis will provide Harvey Industries’ a more convenient and effective classification method for monitoring the inventory levels. Furthermore, the few items that comprise the majority of the inventory value should be closely monitored and better controls should be instituted such as a more secure area of storage of the inventory and more accurate inventory records.
Fourth, an appropriate bar code should be placed on each item in the inventory so that the inventory can be tracked in the inventory system in a more accurate manner. Harvey Industries’ will need to purchase an inventory software system to track the inventory using these bar codes. Once the inventory software system is purchased and set up and the bar codes are entered into the computer system, Harvey Industries’ inventory software system will be capable of automatically ordering new...

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