Inventory Management Practices

Inventory management practices vary widely across different industries and geographical
locations, but they all share the common goal of optimizing stock levels while minimizing
inefficiencies. Waida (2022) emphasizes the fundamental aspects of storing, ordering, and selling
goods and services, highlighting the importance of managing raw material flow to finished
products. Mosaic (2023) delves into systematic approaches such as real-time tracking and
categorization methods like ABC analysis and FIFO, underlining the significance of efficient
supply chain operations through cloud-based systems and contingency planning. Ahmad and
Zabri (2016) shed light on the practices within small businesses, particularly micro retailing
enterprises in Malaysia, noting a mix of systematic and unsystematic approaches with
owner/managers' attitudes significantly influencing techniques employed. Noveda and Yu (2023)
advocate for technological advancements in inventory management, especially for SMEs in the
Philippines, proposing the adoption of systems like the two-bin system and just-in-time theory to
enhance efficiency and competitiveness. Collectively, these studies underscore the critical role of
effective inventory management in achieving business success, whether through traditional
techniques, systematic approaches, or advanced technological solutions tailored to specific
contexts and organizational needs.

Inventory Management Improvements

Improving inventory management practices is imperative for businesses aiming to meet customer
demands efficiently and foster growth. Rheude (2023) highlights the significance of setting
minimum stock levels, understanding supply chain intricacies, and flexibly managing SKUs to
optimize inventory processes. Capalad (2018) emphasizes the importance of investing in
warehouse management systems, staff training, and customer-centric warehouse designs to
enhance order fill rates and customer satisfaction, especially in the fast-moving consumer goods
industry. Sharma and Tripathi (2023) delve into the complexities of inventory management,
proposing strategies like reducing stock levels and automation to minimize holding charges and
improve efficiency. Additionally, Bautista Jr. and Young (2021) underscore the critical role of
maintaining adequate inventory levels, introducing re-ordering system templates and truckload
optimization models tailored to the needs of manufacturers, such as those producing food
seasoning products in the Philippines. Collectively, these studies underscore the multifaceted
nature of inventory management improvements, ranging from strategic planning and
technological integration to process optimization and tailored solutions to meet specific industry
demands.