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benefits of efficient inventory management system
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Riordan Manufacturing Inventory Process Service Request
May/Baxter Incorporated is an Information Technologies company and a leading business analyst and software design company. We provide professional system solutions to companies with post modern automation integrated systems, and consumer and cost analysis. We specialize in multi-user environments and the System Development Life Cycle.
We intend to decrease the quantity of human interface, thereby decreasing error and long term labor costs. To fully understand the necessity of the system solutions we supply, we first ask that you determine if you prefer to cut labor cost, increase delivery speed, decrease inventory errors and overall increase customer satisfaction. If you answered yes to most or all of these questions, then it is safe to say you are interested in beating your competition in the most aggressive markets of our time. At May/Baxter Incorporated we pride ourselves in our high client satisfaction. Our post implement client assistance is 2nd to none, with 24 hour support. At May/Baxter we feel that if your customers are not satisfied, then we have not done everything we can to help you, our client succeed.
In the remainder of our analysis we will lay out our plan for your success. Please note, the items addressed are not merely suggestions, but necessities to improving your current system of inventory. With that being said, we recognize that every competitive business entity must look for the most optimum ways to save of saving money, at May/Baxter we have already done this for you. Our proposal will enable Riordan Manufacturing to continue to be the industry standard.
The requirement from Riordan manufacturing is a recommendation of specific systems changes that improve their inventory processes and incorporating computer systems to become more efficient. To successfully take on the process that is detailed within is a willingness to change your current inventory processes to a more technology friendly one. Doing so will accomplish many things. For one; it will improve productivity, which equates to more revenue. Secondly, it will alleviate human error associated with data input, as all processes will be automated, which means a more accurate inventory and accounting process. Thirdly, you will out perform and out last your closest competitor. Incorporating these changes will get you in more close competition with your nearest rival in yearly sales. These
Employee motivation and rewards are effective means to retain employees. When an employee is motivated, his or her needs are being met. When an employee is unmotivated, his or her needs are not being met which results in a high employee attrition rate. Riordan Manufacturing is experiencing a high attrition rate. Riordan Manufacturing has 3 plants and employs 550 people. Recently, Riordan hired Human Capital Consulting to perform an analysis on the underlying issues that are causing the decreasing employee satisfaction and to recommend courses of action that will address the underlying issues. Research has been done to identify the issues and opportunities, the stakeholders and ethical dilemmas, and the end state vision. A gap analysis has also been performed to determine the gap between the current situation and the end state goals. Riordan Manufacturing will use this information to determine the best way to proceed towards improving its working environment for the employees.
In the past, college graduates would embark on careers in the business world with book learned business theory. Now the college curriculum can include practical use of real world situations in a web-paged virtual organization. This virtual organization allows students experience to review, analyze, troubleshoot and resolve real business problems. This paper will review the virtual company, Riordan Manufacturing, allowing students to review existing business systems, identify improvements or introduce new business systems to allow the company to thrive in the growing technology of the business world.
Although Riordan Manufacturing has a generic strategic direction, a comprehensive strategic plan reevaluation and development must occur after the move to China. Environmental scanning, strategy formulation, strategy implementation, evaluation, and control are fundamental to the creation of a strategic plan (Wheelen & Hunger, 2010). Because, strategic planning is integral to the corporate strategy and success of Riordan the board of directors' requesting Team B formulate a comprehensive strategic plan for their organization.
...r. Customer service is the heart of L.L.Bean mail order, retail stores and web site. During the peak holidays season L.L.Bean has over 3 thousands customer service representatives working for them, to handle over 100 thousands calls on busiest days and more then 15 million calls a year. About 2 thousands of L.L.Bean customer service representatives come back to work the holiday season year after year. “L.L.Bean also does not evaluate customer service representatives based on the average length of their calls, unlike many other companies, or on the revenue they generate” (Tedeschi, 2000, p4). Customer service representatives can spend as much time as needed with a customer, which has translated to a loyal customer base for L.L.Bean. Customer service is why L.L.Bean has L.L.’s Golden Rule “Sell good merchandise at a reasonable profit, treat your customers like human beings, and they will always come back for more” (L.L.Bean.com).
The customer support and customer service functions are more than departments; they are part of an essential strategy for growing your business. In the modern business climate, customers expect answers to their questions immediately. When the right information is available anytime, from anywhere in the world, customers are more likely to have a positive experience, thus customer loyalty will be increased. It is a known fact that the cost to obtain a customer is ten times higher than to maintain and keep existing customers. (Gouran, Dennis, W.E. Wiethoff, & J.A. Doelger. (1994). Mastering communication. 2nd ed. Boston: Allyn and Bacon.) Not in Reference Pg.
A help desk reveals its total net worth based upon diverse, hidden intangible benefits that are difficult to measure, but can be realized. Intangibles are tied to business continuity associated with customer loyalty, employee / customer retention, and operational flexibility. Value is primarily measured in customer satisfaction and can be quantified in productivity gains and efficiencies such as:
Since the customers in this industry are not price sensitive, having a competitive advantage is vital for firms. Hill-Rom considers customer service is its reputation, thus gives significant value to its customer relationships. In addition, its variety of products gives high competitive advantage to the
Rondo's Inventory Ratio declined to 9.5 in 2005, down from a ratio of 10 in 2003 and 2004. Rondo's sales improved year-over-year and the decline in inventory turns may be the result of carrying more inventory in response to increased sales. However, Rondo is still carrying too much inventory or the company may have excess obsolete inventory. Rondo needs to utilize just-in-time methods to improve inventory turn over. (Nice catch.) Carrying fewer inventories is required to improve efficiency and reduce cost. Rondo's performance is poor in this area.
The just-in-time (JIT) inventory system was developed in Japan after World War II, in an effort to control costs during fiscally challenging economic times (Waguespack and Cantor, 1996). The challenge that faced many Japanese companies in the post-War era was to find a way to meet the needs of customers and businesses while utilizing as few resources and as little capital as possible. The Japanese developed these set of techniques in order to control production, limit unnecessary products and reinvest the valuable capital left from the savings back into the business structure (Waguespack and Cantor, 1996). Much of the success of many Japanese corporations over the past four or five decades has been was linked to the principles of JIT (Chhikara and Weiss, 1995).
Over the past few years, the increasing dynamism and competition in the business operating environment has led to a lot of changes in how the companies conduct themselves with respect to its customers. Customers being the focal point of revenue; manufacturers are increasingly taking interest in being focused on customer satisfaction by delivering the products and services on time.
According to Srinidhi and Tayi (2004), companies that are flexible enough and are able to change from a JIT system to a traditional inventory system will have a competitive advantage over other firms who do not switch. In such uncontrollable environments, the major benefit of JIT becomes a handicap with the increase in delivery times and the added data handling and coordination required in such times. This leads to a decrease in quick response time, which ultimately leads to increase in costs to the firm.
It is undeniable that Inventory Management is an important key to success at Walmart. This paper will discuss the two main methods of Inventory Management used by Wal-Mart: Material Requirements Planning and Just-in Time. Next we write about the technical means of keeping track of inventories, like RFID tags. We conclude by discussing how Wal-Mart, one of the world’s largest retailers, manages its inventories. Material Requirements Planning (MRP) Walmart needs to make sure that consumers are satisfied all the time, not only with the quality of service being provided to them, but with the quality of the product they are planning.
Operations – To work out the right layout and work flow process in the company. The manpower resource allocation is also critical in the situation on the right balance of resource to handle the production. If possible, adopt a hybrid model to handle the flexibility in the product nature, make both the production line being able to configure standard and customized so to reduce setup and changeover time and cope with the demands.
By adopting the value chain into a manufacturing company, it will gain efficiency, effectiveness, reduce the product cost and improve continuously. For example, Toyota has implemented Toyota Product System (TPS) integrated information system with the business process which allowed the company to be more efficiency, effectiveness and reduce inventory cost. (Toyota
Databases and tracking tools give companies the ability to know the finer details in order to foster that relationship and allow customer service agents to provide that intimate service to a customer even when they have never spoken before. Customers have come to expect this level of focused customer service and depend upon the investment they have made in the company by establishing an interactive relationship with