International Journal of Mechanical Engineering and Technology (IJMET)

Volume 9, Issue 5, May 2018, pp. 675–686, Article ID: IJMET_09_05_075

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ISSN Print: 0976-6340 and ISSN Online: 0976-6359

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PROPOSED INVENTORY MANAGEMENT

MODEL TO IMPROVE THE SUPPLY CHAIN
EFFICIENCY AND SURPLUS IN TEXTILE
INDUSTRY
D. Sri Lakshmana Kumar
Department of Mechanical Engineering, Arba Minch University, PO Box 21, Ethiopia

S. Nallusamy
Professor, Department of Mechanical Engineering,
Dr. M G R Educational and Research Institute, Chennai, Tamilnadu, India

V. Ramakrishnan
Research Scholar, Department of Mechanical Engineering,
Dr. M G R Educational and Research Institute, Chennai, Tamilnadu, India

ABSTRACT
In the present manufacturing scenario, inventory management plays an important
role to enhance the efficiency and competitiveness among manufacturing industries. The
main aim of this research is to create the role of inventory management approaches on
the performance of a textile industry. An appropriate inventory model is expected to
topple the costs incurred and thus increasing the supply chain surplus which makes it
more efficient. In this research seasonal pattern of the thread sold and the future predict
based on the seasonal trends are focused. Inventory turnover ratio is developed to
determine the inventory conversion period for the different stocks of thread. Economic
order quantity models are developed to determine the number of units of an item to be
ordered for different raw materials. From the observed results it was found that the
inventory turnover ratio for the thread type of 40s (1) is very low when compared to other
types of thread and hence its conversion period is also very high which results in high
inventory level for that particular item which intern affects the total inventory level of the
company.
Keywords: Inventory, Thread, Textile Industry, Prediction, SCM, Inventory Turnover
Ratio

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 Proposed Inventory Management Model to Improve the Supply Chain Efficiency and Surplus in
Textile Industry

Cite this Article: D. Sri Lakshmana Kumar, S. Nallusamy and V. Ramakrishnan,

Proposed Inventory Management Model to Improve the Supply Chain Efficiency and
Surplus in Textile Industry, International Journal of Mechanical Engineering and
Technology, 9(5), 2018, pp. 675–686
http://iaeme.com/Home/issue/IJMET?Volume=9&Issue=5

1. INTRODUCTION
Inventory management focuses on planning and controlling the inventory in manufacturing
industry. Inventory management aims at discovering and maintaining optimal levels of
investment in all types of inventories and maximizing the flow of goods, information and
other related resources like people and energy from the point of source to point of final
utilization. Inventory analysis is concerned with the process of analyzing the levels of
inventory in industries either manufacturing or purchasing that are facing greater challenges.
It helps greatly in understanding a firms inventory levels for its variety of product
specifications [1-5]. A proper balance must be made to maintain proper inventory with the
minimum financial impact on the customer. Inventory control helps to maintain stocks at
desired levels. In manufacturing, inventory management involves in the control of inventory
levels in various stages of a product, such as in raw materials, work-in-progress, and finished
goods. Since the focus is on physical product, inventory control focus on material control.
Inventory management supervises the flow of goods from the manufacturers to the
warehouses and from there to the point of sale and it is the integrated functioning of an
organization dealing with supply of materials and allied activities in order to achieve the
maximum co-ordination and optimum expenditure on materials. Logistics metrics are used to
measure the performance of various logistics functions both internal and external. The metrics
in logistics has major focus on time, quality, availability, cost, profit and reliability [6-10].
Though the metric may be either financial associated like cost and revenue or non- financial
associated like service and productivity levels of the business. The major need of measuring
logistic measure is to reduce operating costs, drive revenue growth and enhance shareholder
value. Thus by measuring operating costs it helps identify whether and where to make
operational changes to control expenses and identifies areas for improved asset management.
Also, to attract and retain valuable customers, the value of products offered can be enhanced
through cost reductions and service improvements in logistics activities.

2. LITERATURE REVIEW
Inventory management forms the nerve centre in any organization. Without implementing an
effective inventory management system, no firms/industries can be successful in business and
will not become a success. A model to manage the inventory is developed and the inventory is
managed on the basis of minimizing the variable cost. Value at risk analysis is done to find
the optimum safety stock to be maintained. There is a strong relationship between inventory
and organizational performance and it can be measured in terms of few constants [11-14]. An
effective inventory management of automobile parts manufacturing parts was explained. The
concept used for managing the inventory is multi criteria inventory classification. In addition
to that analytical hierarchy process is used to find the value of inventory [15-18]. In earlier
studies it was concluded that the inventory management is one of the important aspect for
staying in this competitive market. It concludes this after evaluation of several drivers
associated with the inventory management [19-22]. Strength, Weakness, Opportunities and
Threats (SWOT) analysis involves preparation of long questionnaires and field work. Cotton
thread is a product of cotton which is an agricultural product. The variations of cotton prices
are very random and very subtle and it is an important to learn about the nature of variation of

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 D. Sri Lakshmana Kumar, S. Nallusamy and V. Ramakrishnan

prices. Inventory to sales ratio affects the organization performance in the initial growth stage
and maturity stage [23-27]. It exerts a positive and significant coefficient on performance in
either rapid growth stage or the revival stage. The introduction of automatic planning on
inventory management changes the controls perspective of the storage agent motion depends
on the human act on their control [28-31]. It is possible to determine the optimal policy by an
automated optimization process. Inventory management framework is proposed to minimize
the impact of mismatch in demand and supply [32-36]. Uncertainties and lot sizing inventory
results in excessive inventory and not having a collaborated and integrated supply chain
management (SCM) also results in a mismatch of supply and demand. A modular planning
approach that is capable of integrating diverse planning functionalities of inventory
management was developed. The approach is validated with a use case in the field of
inventory management from the wholesale business [37-39]. Based on the above study, an
inventory management model to improve the supply chain efficiency and supply chain surplus
in textile industry was proposed.

3. PROBLEM DEFINITION AND METHODOLOGY

For this study, a textile industry was taken for analysis cited at Salem, where the industry has
a production capacity of about 250 tons of thread per month. Industries working on very large
product quantities will have great probabilities of high wastage. The industry is facing
inventorial wastages about the past five years. These wastages account for very large amount
of economical loss and this is the place where more concentration is needed. Cotton and
polyester prices are very prone to serious variation and it cannot be minimized, but the
variations can be predicted. This mismatch in demand and supply results in increased finished
goods inventory for certain type of threads and stock-out for threads with higher demand. As
a result of this, organization is facing increased inventory holding cost which directly
influences the revenue of the organization. Methodology was adopted to carry out this
research based on the combination method and the various process involved in this
methodology are shown in the Figure 1.

Figure 1 Methodology Flow Chart

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 Proposed Inventory Management Model to Improve the Supply Chain Efficiency and Surplus in
Textile Industry

4. DATA COLLECTION AND ANALYSIS

4.1. SWOT Analysis
SWOT analysis is a strategic planning method to evaluate the strengths, weaknesses,
opportunities and threats involved in an organization. This analysis can be carried out for a
company, product, place, industry or person. It involves specifying the objective of the
business venture or project and identifying the internal and external factors that are favourable
and unfavourable to achieve that objective. The degree to which the internal environment of
the firm matches with the external environment is expressed by the concept of strategic fit.
Identification of SWOTs is important because they can inform later steps in planning to
achieve the objective. Identification of SWOT is essential because subsequent steps in the
process of planning for achievement of the selected objective may be derived from the
SWOTs. The SWOT analysis carried out in this research is as follows.
Strength: The selected textile industry has strong efficient quality control process, easy
rail and road access helps in effective transportation and the industry has a well disciplined
and skilled workforce.
Weakness: Underutilization of plant capacity, low innovation effectiveness, high overall
unit cost and high inventory levels which incurring loss.
Opportunities: Exploiting newly emerging production technologies, automation process
may be implemented in vital areas and good export market for the products.
Threats: Frequent fluctuations in market demand, economic catastrophes like price hike
of raw materials and high level of inventories.

4.2. Prediction
Prediction process is carried out in this research to predict the future demands for the product
varieties. It is the process of making predictions of the future based on the past and the present
values and most commonly based on the analysis of trends. Risks and uncertainty is also
involved in the future predicts and predictions. The data used for prediction must be up to date
for predicts to be accurate as possible. In this work prediction is done by using exponential
smoothing as well as seasonal prediction method. Last two years of 2016 and 2017 data were
collected from the selected industry and given in Table 1 and Table 2 respectively. Based on
the data the prediction was carried out.

Table 1 Input Data Model for 40s Thread in 2016

Duration No. of Bags Required
January 1950
February 590
March 2410
April 1020
May 1010
June 1900
July 1700
August 520
September 2210
October 1620
November 530
Dec ember 1125

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 D. Sri Lakshmana Kumar, S. Nallusamy and V. Ramakrishnan

Table 2 Input Data Model for 40s Thread in 2017

Duration No. of Bags Required
January 3060
February 1750
March 1575
April 1680
May 1970
June 1080
July 690
August 910
September 1220
October 875
November 1420
December 980

4.3. Exponential Smoothing Prediction

Demand prediction is the process of achieving the anticipated demand for the future based on
the past historical demand data collected from the industry. It is the art and science of
prediction the customer demand to drive holistic execution of such demand by corporate
supply chain and business management. Demand prediction involves techniques including
both informal methods, such as educated guesses, and quantitative methods, such as the use of
historical sales data and statistical techniques or current data from test markets. The number
of bags predicted results for 40s and 40s (1) thread are given in the Table 3. Similarly, a good
predict should yield residuals that are uncorrelated and have zero mean. If there are
correlations between residual values, then there is information left in the residuals which
should be used in computing predicts. The percentage of the error helps in determining the
accuracy of predicts. The corresponding predicted errors are calculated and are given in Table
4.
 Microsoft Excel software used for accurate exponential prediction and the past
fiscal data are entered in excel.
 Data analysis option is selected and exponential smoothing is selected.
 Click OK to predict the results.
The calculation was carried out using the formula,
Ft+1 = α*D + (1-α)* Ft
Where,
Ft+1 = Future predict
Ft = Previous month predict
α = Smoothing constant

Table 3 Results of Demand Predicted for 2018

No. of Bags Predicted for 40s and 40s (1)

Month
Thread
May 1292
June 1290
July 1256
May 501
June 503
July 495

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 Proposed Inventory Management Model to Improve the Supply Chain Efficiency and Surplus in
Textile Industry

Table 4 Predicted Error

Authentic Predicted Data Error
312 0 1352 0.53
1770 1544 0.10
1630 1555 0.02
1740 1560 0.07
2010 1575 0.18
1110 1610 0.47
670 1585 1.30
950 1511 0.53
1340 1452 0.11
935 1434 0.53
151 5 1392 0.07
980 1403 0.3

4.4. Seasonal Prediction

Seasonal prediction is the process of predicting the future demands for the products which
shows seasonal trends over the year. Normally seasonality can be mentioned in terms of four
quarters, similar to that of four seasons in a year. In this research work seasonal prediction is
carried out since, the product thread is related to clothing and accessories. Basically textile
related business shows a seasonal trend over the year. So it is more suitable to carry out
seasonal prediction for this research work. The formula for seasonal prediction is,
D
S =
∈D
Where,
Si = Seasonal index
ϵ D = Summation of all demand data
Di = Demand per quarter.
Seasonal Prediction is carried out for each of the final products manufactured using the
past demand data of 40s thread are given in Table 5 and its corresponding anticipated future
demands for the four quarters of the year 2018 has been predicted.
 Excel software has been used to find the seasonal variations following year.
 Analyzing the finished goods inventories for the past years, it is evident that the
sales ratio shows a seasonal trend.

Table 5 Input Data Model for 40s Thread

Duration Quarter No. of Bags Required

2015 Q1 6640
2015 Q2 3840
2015 Q3 2430
2015 Q4 4810
2016 Q1 6160
2016 Q2 5000
2016 Q3 4040
2016 Q4 4560
2017 Q1 6710
2017 Q2 4670
2017 Q3 2720
2017 Q4 3810

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 D. Sri Lakshmana Kumar, S. Nallusamy and V. Ramakrishnan

Figure 2 Finished Goods Inventory

Table 6 Demand Predicted Results

No. of Bags Predicted for 40s
Duration Quarter
and 80s Thread
2018 Q1 6553
2018 Q2 4562
2018 Q3 3093
2018 Q4 4457
2018 Q1 4672
2018 Q2 2732
2018 Q3 2384
2018 Q4 3009
A graphical representation of the finished goods inventory of 40s thread in 2017 is shown
in Figure 2. Demand prediction for the four quarters of the year 2018 has been determined
using seasonal prediction technique. This result can be used in production planning, inventory
management and also to access the future capacity requirements or to make decisions whether
to enter into a new market. Similarly, the demand predicted results for the four quarters of the
future year is given in Table 6. Thus the project work is more relied on the seasonal prediction
approach than that of exponential smoothing method. Seasonality is more predominant among
the clothing products such as thread.

5. INVENTORY MODELING
Inventory model is a mathematical model that helps to determine optimum levels of
inventories which is to be maintained in a production process of an organization. It also
involves in managing the frequency of ordering, deciding on quantities of goods and raw
materials to be stored and to track the flow of supply of raw materials and goods to provide
uninterrupted service to customers without any delay in delivery.

5.1. Economic Order Quantity

Economic order quantity (EOQ) model is the one in which the number of units a company
should add to inventory with each order to minimize the total inventory cost such as holding
cost, shortage cost and order costs. The economic order quantity is the number of units that a
company should add to inventory with each order to minimize the total costs. The determined
EOQ values for the different raw materials are 335615 Kgs for cotton and 651372 Kgs for
polyester.

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 Proposed Inventory Management Model to Improve the Supply Chain Efficiency and Surplus in
Textile Industry

Economic Order Quantity, Q∗ = EOQ = 

2DC
H

Where,
D = Annual demand
C = Ordering cost
H = Holding cost or carrying cost

5.2. Total Cost

Total annual cost of inventory is the cost related to the cost of the product in demand and the
annual ordering and holding cost. Summation of all these cost gives the total annual inventory
cost of the firm. Economic order quantity also has the direct relation with this total cost. Total
annual cost of raw materials after applying EOQ model are Rs. 8079938/- for cotton and Rs.
11633993/- for polyester.
Total cost = Total cost of product + Ordering cost + Carrying cost + Shortage cost
D
Total Cost  0.5 x Q∗ x H$ %  ∗ C$
Q
Where,
Q* = Economic order quantity
C = Ordering cost
D = Annual demand
H = Holding cost

5.3. Inventory Turnover Ratio

Inventory turnover (ITO) measures how fast a company is selling inventory and is generally
compared against industry averages. A low turnover implies weak sales and, therefore, excess
inventory. A high ratio implies either strong sales and/or large discounts. Inventory turnover
ratio is given by,
Cost of goods sold
ITO 
Avg. Inventory
Inventory turnover ratio for various types of thread is calculated using the above formula
and its corresponding inventory conversion period is also calculated for various types of
thread. Inventory turnover ratios for different types of thread for the year of 2017 are shown
in Figure 3.

Figure 3 Inventory Turnover Ratio

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 D. Sri Lakshmana Kumar, S. Nallusamy and V. Ramakrishnan

5.4. Inventory Conversion Period

Inventory conversion period (ICP) is the total number of days which is required to convert the
inventory items in stock to the monitory values. It is the average number of days required to
sale the products in inventory. It is the ratio of total number of days in a year to the inventory
turnover ratio. Inventory turnover ratio and inventory conversion period for the different types
of thread are calculated and their corresponding values are given in Table 7.

Table 7 ITO Ratio and ICP

Product ITO Ratio ICP
40s 9.12 38.51
40s (1) 2.56 135.62
80s 7.89 44.71
80s (1) 7.17 49.63

6. RESULT AND DISCUSSIONS

Inventory management plays a crucial role in textile industries since it has greater influence in
supply chain surplus value. In order to manage with rapidly developing technologies in the
textile industries in India, it is necessary for the industry to keep up with the modern
technology apart from its technical capabilities. In this research work the prediction carried
out for predicting the future demand greatly helps in controlling the inventory levels and
hence to reduce wastages of about 4500 Kgs per year. By using the suggested method this can
be theoretically reduced. Economic order quantity model is derived for two types of raw
materials of 40s and 80s used in the industry. Inventory turnover ratio for various types of
thread and their corresponding inventory conversion period is calculated. Based on the
calculated values it is evident that inventory turnover ratio for the thread of 40s (1) is very low
which is of 2.56 when compared to other types of thread and so its conversion period is also
very high which results in high inventory level for that particular item which intern affects the
total inventory level of the company.

7. CONCLUSION
In this research work the objective of proposed inventory management model to improve the
supply chain efficiency and supply chain surplus in textile industry was carried out. The
working of a textile industry is analyzed with the primary focus of on finished goods and raw
material inventory. Based on the observed results the following conclusions were made.
 The activities such as study of industrial operations and processes, evaluation and
analysis of inventory levels, prediction the demand for the next cycle period,
inventory turnover ratio and the inventory conversion period are carried out.
 The above activities were carried out with an objective to improve the supply
chain efficiency and supply chain surplus for the industry.
 It was found that the inventory turnover ratio for the thread of 40s (1) is very low
which is of 2.56 when compared to other types of thread.
 Hence, its conversion period is also very high which results in high inventory level
for that particular item which intern affects the total inventory level of the
company.
The research can be extended further to improve the processes using the techniques such
as JIT by implementing vendor managed inventory system and other various lean techniques.
The inventory model could be developed to analyze the critical stages of inventory in a
manufacturing industry to construct necessary corrective actions at right time.

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