Prepare PPT slides with pictures and speaker notes of 13 – 15 slides from the document attached below and providing key points and information from the document

Graduate Term Paper

Maintaining the Right Inventory Levels in The Industry

Abstract

An inventory management system is a useful tool that business organizations in the production process may use to control their balances between cash and stock. Surplus stock or deficits in stocks are normally hindering efficient production. This calls for the need to create and sustain a perfect balance between what is produced and what is to be sold in the market. Such control is harder to achieve in a market that has a lot of dynamics and uncertainties. In the end, there are always attempts to have surplus inventory or deficits in the inventory. The more accurate a company manages to create a balanced control of inventory and cash, the more it realizes efficiency in the production process. Other traditional manual technologies that have been used over the years have become redundant and less accurate. Therefore, there is an increasing need for manufacturing organizations to create viable and workable solutions that would be ideal for improved financial propriety. Modern technological solutions that can be applied in the use of a quality inventory management system must be devised as well. This is achievable through the use of business intelligence systems.

Table of Contents

1.0 Introduction to Inventory Items in Organizations 4

1.1 The Need for Creating Efficiency in The Production Process 5

1.2 Core Elements of Inventory Products 6

2.0 Inventory Control and Its Effects on Manufacturing Productivity 9

2.1 Relations of Inventory Management and Flow Control to Production Efficiency 9

2.2 Determination of Income Levels For The Producing Businesses 12

3.0 Modern Processes to Addressing Inventory Control Systems 15

3.1 Modern Solutions to The Inventory Management Needs 15

3.2 Improving the Level of Inventory Policy for The Producing Business Organizations 16

3.3 Key Requirements to Managing Inventory 17

3.4 What Companies Are Doing Today 18

3.5 Roles of A Manager in Deploying the Technology-Centric Inventory Control 19

4.0 Summary and Conclusions 23

Maintaining the Right Inventory Levels in The Industry

1.0 Introduction to Inventory Items in Organizations
Just in time production ensures that optimal resources are used to produce just enough units that would address the market needs. However, what remains a major challenge to producers is the ability and the need to perfectly balance the market needs and the production levels for the produce. The market is dynamic, and so is customer demand (Jin, 2018). Changes in the market related to customer demands cannot be accurately modeled and developed with sufficient certainty. Therefore, there are times when organizations find that they underproduce, and so some customers remain underserved. In other cases, some other companies have found that they have overproduced, and so they experience money held in stocks and inventories.

The ability to make accurate balancing of inventories and the market needs is the major business production challenge that will get the utmost exploration and attention in this case study project. This project explores and considers the need to have a balanced and well-coordinated production and the market needs through the use of technological solutions that would improve the accuracy of predicting market changes and variables. It follows and discusses the various kinds of inventories, the need for inventory management on the production systems and analyzing what has always been done to improve the level of inventory management capabilities (Jin, 2018). These are done with the intention and focus into exploring what can be put into proper use in the future to even further improve the level of inventory level management needs and solutions in the production and distribution sphere. The target is always to create efficiency in the production process that leads to increased profitability and the suitability of the organizations.

1.1 The Need for Creating Efficiency in The Production Process
Lean operations are hailed as one of the key attributes of modern sustainable organizations. However, lean production is not always easy to achieve owing to the challenges that are commonly realized in the inventory management concepts. According to Stock and Seliger (2016) inventory challenges are common in the manufacturing industry, thus challenging the success of the manufacturing business organizations. Manufacturers always want to produce as much as possible, but their efforts are always curtailed by the restrictions in the market determine through the laws of demand and supply. Moreover, overproduction would see the business accumulate more stock in inventory that may tie down large positions of operating capital, hence introducing liquidity problems. When companies produce less, they may underserve the market (Bates, Bradford, & Jackson, 2018). Such a situation does not only reduce their profit margins, but they also contribute to poor brand identity and reliability index of the business. Therefore, it is not able to realize the difficulty for manufacturers to stay organized and calm amid chaos