A Project Report

On

“Inventory Management of ”

Submitted in the partial fulfilment of the degree

Of
Bachelor of Commerce (H)

Faculty Guide: Submitted by:

Ms. Priya Raman Jasleen Kaur
Abbott
Assistant Professor AJU/180173/48
ARKA JAIN University 2018-2021

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 Acknowledgement

A sense of contentment and elation that accompanies the successful

working of this project would be incomplete without mentioning the
names who helped me to accomplish this project, people whose
constant guidance, support and encouragement resulted in its
realisation. I am highly indebted to Arka Jain University, Jharkhand
for providing me with the opportunity to work on this report.

I owe much to my mentor Ms. Priya Raman for the inspiration and
guidance which enabled me to take up work which made me learn
new things and concepts.

I also wish to express my gratitude to all those seen or unseen hands

and mines, which have been in direct or indirect help in completion of
my SIP Report.

Jasleen Kaur Abbott

3rd Year B.COM(H)
Arka Jain University,
Jharkhand.

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 School of Commerce and Management

Certificate by the Faculty Mentor

This is to certify that Mr./Ms. JASLEEN KAUR ABBOTT Roll. No. 48, a
student of B.COM (H) (2018-21), has undertaken the Project titled
“INVENTORY MANAGEMENT OF BIG BAZAAR”. The Project report is
hereby submitted by the student for the partial fulfilment of requirement for
the award of Bachelor of Commerce (H), under my supervision. To the best of
my knowledge, this project is the record of authentic work carried out during
the academic year (2020-21) and has not been submitted anywhere else for
the award of any Certificate/Degree/Diploma, etc.

Guided By: Verified By:

Ms. Priya Raman Ms. Priya Raman
Assistant Professor. Programme Coordinator.

Verified By: Verified By:

Dr. Arunava Narayan Mukherjee External Examiner.
Dean-School of Commerce & Management.

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 Declaration by the Student

I, JASLEEN KAUR ABBOTT, hereby declare that the Project titled,

“INVENTORY MANAGEMENT OF BIG BAZAAR”, has been carried out by me
and is hereby submitted for the partial fulfilment of the requirement for the
award of degree of Bachelor of Commerce (H). To the best of my knowledge,
the project undertaken, has been carried out by me, and is my own work. The
contents of this report are original and this report has been submitted to the
“ARKA JAIN University”, Jamshedpur and it has not been submitted elsewhere,
for the award of any Certificate/Diploma/Degree etc.

Signature of the Student with Date

JASLEEN KAUR ABBOTT
Roll No.48
AJU/180173/18
B.COM (H). Batch 2018-21

EXECUTIVE SUMMARY:

The topic of my dissertation is Inventory Management of Big Bazaar.

Inventory is the biggest asset to every company, so in order to save money
and make money, one needs to protect that asset and nurture it in the right

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direction. Without implementing inventory management techniques, one
will never get ahead.

This project shows how The Big Bazaar, an Indian Retail company
manages its inventories and what techniques it follows to manage its
inventories.

In the very beginning of the report, introduction about inventory

management , how it works and its importance for a big company like Big
Bazaar has been discussed. The objective and scope of the study has been
clearly stated. The source of collection of data has been clearly shown
through research methodology.

Post this, an analysis of inventory management techniques adopted by Big

Bazaar has been elaborated. The study also includes some
recommendations and source of the information to wrap up the project.

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 CONTENTS

Chapter No. Chapter Name Page No.(s)

1. Introduction 7-11
1.1 Objectives of the 12

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 study
1.2 Scope of the study 13
1.3 Industry profile 14-16
1.4 Company profile 17-18
1.5 Review of literature 19-20
1.6 Research 21-22
Methodology
2. Data Analysis 22-27
3. Conclusion 28

CHAPTER - 1
INTRODUCTION
INVENTORY MANAGEMENT

What Is Inventory Management?

Inventory management  refers to the process of ordering, storing and using a
company's inventory. This includes the management of raw materials,
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components and finished products, as well as warehousing and processing such
items.

For companies with complex supply chains and manufacturing processes,

balancing the risks of inventory gluts and shortages is especially difficult. To
achieve these balances, firms have developed two major methods for inventory
management: just-in-time (JIT) and materials requirement planning (MRP).

How Inventory Management Works?

A company's inventory is one of its most valuable assets. In retail,
manufacturing, food service and other inventory-intensive sectors, a company's
inputs and finished products are the core of its business. A shortage of inventory
when and where it's needed can be extremely detrimental.

At the same time, inventory can be thought of as a liability (if not in an

accounting sense). A large inventory carries the risk of spoilage, theft, damage
or shifts in demand. Inventory must be insured, and if it is not sold in time it
may have to be disposed of at clearance prices—or simply destroyed.

For these reasons, inventory management is important for businesses of any

size. Knowing when to restock inventory, what amounts to purchase or produce,
what price to pay—as well as when to sell and at what price—can easily
become complex decisions. Small businesses will often keep track of stock
manually and determine the reorder points and quantities using Excel formulas.
Larger businesses will use specialized enterprise resource planning
(ERP) software. The largest corporations use highly customized software as a
service (SaaS) applications.

Appropriate inventory management strategies vary depending on the industry.

An oil depot is able to store large amounts of inventory for extended periods of
time, allowing it to wait for demand to pick up. While storing oil is expensive
and risky—a fire in the UK in 2005 led to millions of pounds in damage and
fines—there is no risk that the inventory will spoil or go out of style. For
businesses dealing in perishable goods or products for which demand is
extremely time-sensitive—2019 calendars or fast-fashion items, for example—
sitting on inventory is not an option, and misjudging the timing or quantities of
orders can be costly.

Importance of inventory management

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For any goods-based businesses, the value of inventory cannot be overstated,
which is why inventory management benefits your operational efficiency and
longevity.

From SMBs to companies already using enterprise resource planning (ERP),

without a smart approach, you’ll face an army of challenges, including blown-
out costs, loss of profits, poor customer service, and even outright failure.

From a product perspective, the importance of inventory management lies

in understanding what stock you have on hand, where it is in your
warehouse(s), and how it’s coming in and out.

Clear visibility helps you:

 Reduce costs
 Optimize fulfillment
 Provide better customer service
 Prevent loss from theft, spoilage, and returns

In a broader context, inventory management also provides insights into your

financial standing, customer behaviors and preferences, product and business
opportunities, future trends, and more.

Inventory Accounting
Inventory represents a current asset since a company typically intends to sell its
finished goods within a short amount of time, typically a year. Inventory has to
be physically counted or measured before it can be put on a balance sheet.
Companies typically maintain sophisticated inventory management systems

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capable of tracking real-time inventory levels. Inventory is accounted for using
one of three methods: first-in-first-out (FIFO) costing; last-in-first-out
(LIFO) costing; or weighted-average costing.

An inventory account typically consists of four separate categories: 

1. Raw materials
2. Work in process
3. Finished goods
4. Merchandise

Raw materials represent various materials a company purchases for its

production process. These materials must undergo significant work before a
company can transform them into a finished good ready for sale.

Works-in-process represent raw materials in the process of being transformed

into a finished product. Finished goods are completed products readily available
for sale to a company's customers. Merchandise represents finished goods a
company buys from a supplier for future resale.

Inventory management terms

 Barcode scanner
Physical devices used to check-in and check-out stock items at in-house fulfillment
centers and third-party warehouses.

 Bundles
Groups of products that are sold as a single product: selling a camera, lens, and bag
as one SKU.

 Cost of goods sold (COGS)

Direct costs associated with production along with the costs of storing those goods.

 Deadstock
Items that have never been sold to or used by a customer (typically because it’s
outdated in some way).

 Decoupling inventory

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Also known as safety stock or decoupling stock; refers to inventory that’s set aside
as a safety net to mitigate the risk of a complete halt in production if one or more
components are unavailable.

 Economic order quantity (EOQ)

EOQ refers to how much you should reorder, taking into account demand and your
inventory holding costs.

 Holding costs
Also known as carrying costs; the costs your business incurs to store and hold stock
in a warehouse until it’s sold to the customer.

 Landed costs
These are the costs of shipping, storing, import fees, duties, taxes and other
expenses associated with transporting and buying inventory.

 Lead time
The time it takes a supplier to deliver goods after an order is placed along with the
timeframe for a business’ reordering needs.

 Order fulfillment
The complete lifecycle of an order from the point of sale to pick-and-pack to shipping
to customer delivery.

 Order management
Backend or “back office” mechanisms that govern receiving orders, processing
payments, as well as fulfillment, tracking and communicating with customers.

 Purchase order (PO)

Commercial document (B2B) between a supplier and a buyer that outlines types,
quantities, and agreed prices for products or services.

 Pipeline inventory
Any inventory that is in the “pipeline” of a business’ supply chain — e.g., in
production or shipping — but hasn’t yet reached its final destination.

 Reorder point
Set inventory quotas that determine when reordering should occur, taking into
account current and future demand as well as lead time(s).

 Safety stock
Also known as buffer stock; inventory held in a reserve to guard against shortages.

 Sales order
The transactional document sent to customers after a purchase is made but before
an order is fulfilled.

 Stock keeping unit (SKU)

Unique tracking code (alphanumeric) assigned to each of your products, indicating
style, size, color, and other attributes.

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  Third-party logistics (3PL)

Third-party logistics refers to the use of an external provider to handle part or all of
your warehousing, fulfillment, shipping, or any other inventory-related
operation. Fourth-party logistics (4PL) takes this a step further by managing
resources, technology, infrastructure, and full-scale supply chain solutions for
businesses.

 Variant

Unique version of a product, such as a specific color or size .

1.1 OBJECTIVES OF THE STUDY

A project will go haywire if it does not have its objectives clear. If one knows the
goals, only then the right paths can be decided and with disciplined work and
positive attitude achieving these objectives will be catwalk.

Therefore, the objective of this project is:

 To understand the need for inventory management.

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 To understand the methods adopted by the
company to improvise their inventory management
processes
 To analyse the effectiveness of the methods used to
manage inventory.
 To find out the impact of inventory on working
capital.
 To suggest possible improvement to the general
problems faced by the companies regarding
managing their inventories.

1.2 SCOPE OF THE STUDY

This project has been prepared with an intention to make one

realize and understand the significance of inventory
management , whether it’s a departmental store, kirana store
(also called Mom and Pop store), speciality stores or a big retail
company.

Using a good kind of inventory management process is essential

for any retail company. The daily transaction of goods in a retail
company like “BIG BAZAAR” is huge and it is important for
the company to keep track on every single item that comes to it

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 and given to the customers. A big company with a proper
market hold should definitely use all the necessary procedures to
check the inventory on a daily basis.

Being a renowned company, Big Bazaar should apply the best

kind of inventory management to ensure that there is not a
single thing that has gone out of counts. There is a big scope of
inventory management in the retail section and Big Bazaar
needs to implement the best possible process that can enhance
the chances of getting more adequate data that will help in
maintaining a proper account. It is really hard to control the
transportation system because a single mistake can lead to a
major miscalculation.

1.3 INDUSTRY PROFILE

INTRODUCTION

Indian retail industry has emerged as one of the most dynamic and fast-paced industries due
to the entry of several new players. Total consumption expenditure is expected to reach
nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. It accounts for over 10%
of the country’s gross domestic product (GDP) and around eight% of the employment. India
is the world’s fifth-largest global destination in the retail space.
India ranked 73 in the United Nations Conference on Trade and Development's Business-to-
Consumer (B2C) E-commerce Index 2019. India is the world’s fifth largest global destination
in the retail space and ranked 63 in World Bank’s Doing Business 2019.

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India is the world’s fifth largest global destination in the retail space. In FDI Confidence
Index, India ranked 16 (after US, Canada, Germany, United Kingdom, China, Japan, France,
Australia, Switzerland, and Italy).

MARKET SIZE

Retail industry reached US$ 950 billion in 2018 at CAGR of 13% and is expected to reach
US$ 1.1 trillion by 2020. Online retail sales were forecast to grow 31% y-o-y to reach US$
32.70 billion in 2018. Revenue generated from online retail is projected to reach US$ 60
billion by 2020.
Revenue of India’s offline retailers, also known as brick and mortar (B&M) retailers, is
expected to increase by Rs 10,000–12,000 crore (US$ 1.39–2.77 billion) in FY20.
India is expected to become the world’s fastest growing E-commerce market, driven by
robust investment in the sector and rapid increase in the number of internet users. Various
agencies have high expectations about growth of India’s E-commerce market.

INVESTMENT SCENARIO

The Indian retail trading has received Foreign Direct Investment (FDI) equity inflow totalling
US$ 2.12 billion during April 2000–March 2020 according to Department for Promotion of
Industry and Internal Trade (DPIIT).
With the rising need for consumer goods in different sectors including consumer electronics
and home appliances, many companies have invested in the Indian retail space in the past few
months.
India’s retail sector attracted US$ 970 million from various private equity funds in 2019.
Walmart Investments Cooperative U.A invested Rs 2.75 billion (US$ 37.68 million) in Wal-
Mart India Pvt Ltd.

GOVERNMENT INITIATIVES

The Government of India has taken various initiatives to improve the retail industry in India.
Some of them are listed below:

 Government may change Foreign Direct Investment (FDI) rules in food processing in a bid to permit E-commerce
companies and foreign retailers to sell Made in India consumer products.
 Government of India has allowed 100% FDI in online retail of goods and services through the automatic route,
thereby providing clarity on the existing businesses of E-commerce companies operating in India.

ROAD AHEAD

E-commerce is expanding steadily in the country. Customers have the ever-increasing choice
of products at the lowest rates. E-commerce is probably creating the biggest revolution in
retail industry, and this trend is likely to continue in the years to come. Retailers should

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leverage digital retail channels (E-commerce), which would enable them to spend less money
on real estate while reaching out to more customers in tier II and tier III cities.
It is projected that by 2021, traditional retail will hold a major share of 75%, organised retail
share will reach 18% and E-commerce retail share will reach 7% of the total retail market.
Nevertheless, long-term outlook for the industry looks positive, supported by rising income,
favourable demographics, entry of foreign players, and increasing urbanisation.

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 1.4 COMPANY PROFILE

Big Bazaar is an Indian retail chain of hypermarkets, discount department stores,

and grocery stores. The retail chain was founded by Kishore Biyani under his parent
organisation Future Group,[3] which is known for having a significant prominence in Indian
retail and fashion sectors. Big Bazaar is also the parent chain of Food Bazaar, Fashion at Big
Bazaar[4] (abbreviated as fbb) and eZone where at locations it houses all under one roof, while
it is sister chain of retail outlets like Brand Factory, Home Town, Central, eZone, etc.

Founded in 2001,[5] Big Bazaar is one of the oldest[6] and largest hypermarket chains[7][8] of

India, housing about 250+ stores in over 120 cities and towns across the country.
Big Bazaar was founded in 2001 by Kishore Biyani, the founder and chief executive officer
(CEO) of the parent company, the Future Group.
Indian actress Asin and the former captain of Indian cricket team, Mahendra Singh
Dhoni have previously endorsed for the fashion vertical of myebaymart.[10]
In 2020, burden with debt, Big Bazaar was sold to Reliance Industries in a sale transaction of
₹27,513 crores.
Still not able to return customer refunds they are struggling with open hands.[11]

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 Big Bazaar Pvt., Ltd

Type Private

Industry Retail

2001; 19 years ago

Founded

Founder Kishore Biyani

Headquarters Maharashtra, India

Number of locations 295 stores nationwide (August 25, 2019)

[1]

Area served India

Key people Sarvesh Shivnath Shukla

(Founder)
Sadashiv Nayak (President
& CEO) [2]

Umashankar Shukla (Director)

Products Electronics
Movies and music
Home and furniture
Home improvement
Clothing
Footwear
Jewellery
Toys
Health and beauty
Pet supplies
Sporting goods and fitness
Auto
Photo finishing
Craft supplies
Party supplies
Grocery

Services Future Pay

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Reliance Retail
Owner

Website bigbazaar.com
 1.5 REVIEW OF LITERATURE

A Review of Literature discusses and analyses published

information in a particular area. Sometimes the information
covers a certain time period. A literature review is more than a
summary of the sources, it has an organizational pattern that
combines both summary and synthesis.

Inventory Investment Control

Inventory Investment Control is accomplished in two ways:

-Prompt elimination of overstocked items.
-Inventory replenishment in anticipation of customer demand.
Whenever a particular itemis overstocked,the overstock should
be reduced as promptly as possible. Naturally, the most effective
and profitable way is to sell it to customers, even at a discount.
However, there are other possibilities. There may be a wholesale
market available for certain kinds of inventory. Excessive
consumer goods inventories are often sold to “bargain
basements” or warehouse outlets. Perhaps you can even arrange
wholesale sales to a competitor. Frequently, it is wiser to scrap
inventory that shows no sales activity for an extended period of
time. In this way, you reduce a misleading overstatement of
inventory on your company’s books. At the same time, you
make space available for inventory that can be sold at a profit.

Inventory Replenishment

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 The key to successful inventory management is adherence to
procedures for inventory replenishment. Your ability to
anticipate customer demand for certain items will help you plan
your inventory purchases so that sufficient stocks are on hand to
accommodate sales volume without excesses that cause other
problems. Planning your purchases will also help you avoid
shortages that can only be filled through forfeiture of discounts
or absorption of premium shipping charges. Determining
purchasing requirements involves answering two questions:
-What to buy?
-How much to buy?
Both questions can be answered by establishing an inventory
target for any item you carry expressed as so many days’,weeks’
or months’ sales.

1.6 RESEARCH METHODOLOGY

Research methodology is a methodology for collecting all sorts of
information and data pertaining to the subject in question. The
objective is to examine all the issues involved and conduct situational

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analysis. The methodology used in this study consists of Secondary
data. Secondary data has been collected from the official websites of
some Private sectors, reviews from previous reports, and other related
projects.

DATA COLLECTION:
The data collected are from Secondary source:
 Secondary Source of Data:
 Study of files and other related projects and documents.
 Official websites of some Private Sectors.
 Review of previous reports related to the topic.
 Various websites providing data on the topic.

 Research Design:
 Data Collection: Secondary Data
 Research Technique: Descriptive
 Data Type: Exploratory

EXPLORATORY RESEARCH:

It is defined as a research used to investigate a problem which is not

clearly defined. It is conducted to have a better understanding of the
existing problem, but will not provide conclusive results. Such a
research is usually carried out when the problem is at a preliminary
stage. This exploratory study utilized the qualitative research
technique of interviewing.

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 CHAPTER-2
DATA ANALYSIS
Inventory management is a systematic approach to sourcing, storing, and
selling inventory—both raw materials (components) and finished goods
(products).
In business terms, inventory management means the right stock, at the right
levels, in the right place, at the right time, and at the right cost as well as price.

Retail inventory management

Retail is the broadest catch-all term to describe business-to-consumer (B2C)
selling. There are essentially two types of retail separated by how and where a
sale takes place.
 First, online retail (eCommerce) where the purchase takes place digitally.

 Second, offline retail where the purchase is physical through a brick-and-mortar storefront or

a salesperson.

Wholesale, on the other hand, refers to business-to-business (B2B) selling.

Knowing the differences and best practices of retail and wholesale is critical to
success.

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Most businesses maintain stock across multiple channels as well as in multiple
locations. The diversity of retail inventory management adds to its complexity
and drives home its importance to your brand.

Inventory Management Techniques

That being said, inventory management is only as powerful as the way you use
it.

It’s well worth the extra time and money to have inventory management set up
by the experts who made the software. Work with them to make sure you’re
utilizing the proper techniques and features to get the most bang for your buck.

Let’s take a look at some inventory-control techniques you may choose to

utilize in your own warehouse.

1. Economic order quantity.

Economic order quantity, or EOQ, is a formula for the ideal order quantity a
company needs to purchase for its inventory with a set of variables like total
costs of production, demand rate, and other factors.

The overall goal of EOQ is to minimize related costs. The formula is used to
identify the greatest number of product units to order to minimize buying. The
formula also takes the number of units in the delivery of and storing of
inventory unit costs. This helps free up tied cash in inventory for most
companies.

2. Minimum order quantity.

On the supplier side, minimum order quantity (MOQ) is the smallest amount of
set stock a supplier is willing to sell. If retailers are unable to purchase the
MOQ of a product, the supplier won’t sell it to you.

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For example, inventory items that cost more to produce typically have a smaller
MOQ as opposed to cheaper items that are easier and more cost effective to
make.

3. ABC analysis.

This inventory categorization technique splits subjects into three categories to

identify items that have a heavy impact on overall inventory cost.

 Category A serves as your most valuable products that contribute the

most to overall profit.
 Category B is the products that fall somewhere in between the most and
least valuable.
 Category C is for the small transactions that are vital for overall profit but
don’t matter much individually to the company altogether.

4. Just-in-time inventory management.

Just-in-time (JIT) inventory management is a technique that arranges raw

material orders from suppliers in direct connection with production schedules.

JIT is a great way to reduce inventory costs. Companies receive inventory on an

as-needed basis instead of ordering too much and risking dead stock. Dead
stock is inventory that was never sold or used by customers before being
removed from sale status.

5. Safety stock inventory.

Safety stock inventory management is extra inventory being ordered beyond

expected demand. This technique is used to prevent stockouts typically caused
by incorrect forecasting or unforeseen changes in customer demand.

7. FIFO and LIFO.

LIFO and FIFO are methods to determine the cost of inventory. FIFO, or First
in, First out, assumes the older inventory is sold first. FIFO is a great way to
keep inventory fresh.

LIFO, or Last-in, First-out, assumes the newer inventory is typically sold first.
LIFO helps prevent inventory from going bad.

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8. Reorder point formula.

The reorder point formula is an inventory management technique that’s based

on a business’s own purchase and sales cycles that varies on a per-product
basis. A reorder point is usually higher than a safety stock number to factor in
lead time.

9. Batch tracking.

Batch tracking is a quality control inventory management technique wherein

users can group and monitor a set of stock with similar traits. This method helps
to track the expiration of inventory or trace defective items back to their original
batch.

10. Consignment inventory.

If you’re thinking about your local consignment store here, you’re exactly right.
Consignment inventory is a business deal when a consigner (vendor or
wholesaler) agrees to give a consignee (retailer like your favorite consignment
store) their goods without the consignee paying for the inventory upfront. The
consigner offering the inventory still owns the goods and the consignee pays for
them only when they sell.

11. Perpetual inventory management.

Perpetual inventory management is simply counting inventory as soon as it

arrives. It’s the most basic inventory management technique and can be
recorded manually on pen and paper or a spreadsheet.

12. Dropshipping.

Dropshipping is an inventory management fulfillment method in which a store

doesn’t actually keep the products it sells in stock. When a store makes a sale,
instead of picking it from their own inventory, they purchase the item from a
third party and have it shipped to the consumer. The seller never sees our
touches the product itself.

13. Lean Manufacturing.

Lean is a broad set of management practices that can be applied to any business
practice. It’s goal is to improve efficiency by eliminating waste and any non
value-adding activities from daily business.

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14. Six Sigma.

Six Sigma is a brand of teaching that gives companies tools to improve the
performance of their business (increase profits) and decrease the growth of
excess inventory.

15. Lean Six Sigma.

Lean Six Sigma enhances the tools of Six Sigma, but instead focuses more on
increasing word standardization and the flow of business.

16. Demand forecasting.

Demand forecasting should become a familiar inventory management technique

to retailers. Demand forecasting is based on historical sales data to formulate an
estimate of the expected forecast of customer demand. Essentially, it’s an
estimate of the goods and services a company expects customers to purchase in
the future.

17. Cross-docking.

Cross-docking is an inventory management technique whereby an incoming

truck unloads materials directly into outbound trucks to create a JIT shipping
process. There is little or no storage in between deliveries.

18. Bulk shipments.

Bulk shipments is a cost efficient method of shipping when you palletize

inventory to ship more at once.

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 CHAPTER – 3
CONCLUSION
After the study, we can come to a conclusion that effectiveness of
inventory management should improve in all the aspects, hence the industry can
still strengthen its position by looking into the following:
1.The inventory should be fast moving so that warehouse cost can be
reduced.
2. The finished goods have to be dispatched in feasible time as soon as
manufacturing is completed.
3. Optimum order quantity should be maintained, hence cost can be
minimised.
4. Proper inventory control techniques are employed by the inventory
control organisation within the framework of one of the basic models like ABC,
HML and VED etc.

CHAPTER-4
BIBLIOGRAPHY

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 The sources through which I have been able to make this project has
helped me provide data of the company.Interpretation was not to write but
irrespective of my mentor these websites helped me in building a favourable
project.
The websites which I referred to are:-
1. www.quora.com
2. http://www.findarticles.com/
3. http://www.slideshare.net
4. www.google.com
5. http://www.wikipedia.com
6. http://www.scribd.com
7. http://www.academia.com

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