Inventory Management and Control Improvement at HTM Company
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Date
2019-12-15
Authors
Abu Gharbieh, Duha
Maree, Jenan
Salous, Nour
Mohsen, Yasmeen
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Abstract
An inventory management system can help companies manage their inventory and stock items and keeping track of exactly where their assets are and what they worth. The system also analyzes the business’s inventory needs and can even automate ordering. Inventory management systems are important for many industries including retail, food and beverage, manufacturing and health care among others. A well-run system helps companies understand their assets and maximize their potential, thus improving business operations and increasing profits through better customer service level and reduced inventory costs.
This project is applied on the main warehouse of HTM company.HTM was founded in 1927 by Haj Taher Masri in Nablus. Their businesses are divided into two sectors, commercial and industrial and they have two main warehouses in the industrial zone. The company has been encountering many problems through the existing warehouse management system, such as products classification, managing inventory and other order fulfillment and scheduling issues, liquid products storage, material handling tools, inventory planning orders dispatching and others.
In this project, the data was collected to assess the current situation in the main warehouse in HTM company. For that inventory management analysis was applied to enhance the effectiveness and efficiency of the existing inventory management systems at HTM’s main warehouses, and to improve the control procedures in order to decrease all inventory associated costs and to increase the profit as a result. A comprehensive literature review on inventory management and control and warehouse management in auto-related stock keeping units (SKUs) will be conducted to get a deep understanding of the topic.
In this project, some enhancements and changes were suggested to improve the current layout of HTM main warehouse as well as to reduce the total cost. Some results have been concluded, some of these results are that the costs have been reduced by nearly 80,000 NIS.