A Study on the Impact of Inventory Control on Enhancing Organisational Efficiency of Travancore Titanium Products Limited
D. Bhagath Soorya
CET School of Management Trivandrum, India.
Linda Susan Mathew *
CET School of Management Trivandrum, India.
*Author to whom correspondence should be addressed.
Abstract
Today, the effective inventory management plays a crucial role within the success of the organizations within the new business environment. It is not clearly possible for the organizations that store hundreds of inventory items to economically design an inventory management will surely be helpful in solving the problems the company is facing with reference to inventory and can pave way for reducing the large investment. Maintaining optimum level of inventory is that the main aim of inventory management. Excessive investments in inventory results into more cost of funds being engaged in order that it reduces the profitability, inventories could also be misused, lost, damaged and hold costs in terms of huge space and others.
This study concentrates on analysing the impact of inventory control system that is being practiced in Travancore Titanium products Ltd by ABC (Activity Based Costing) analysis, VED (Vital Essential desirable) analysis, FSN (Fast moving, Slow moving, Non moving) analysis etc. Tables and charts are prepared based on the analysis and various results are obtained based on the findings, suggestions are made for the improvement of the inventory control system of TTPL.
Keywords: Morphology of Stolon, Inventory planning, Clover stolon, ABC classification/prioritization, age reserve planning, safety stock planning, supply/demand planning