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Alden, Inc - Case Study Example

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A perpetual inventory not being kept at Alden is a problem due to the requirement for a perpetual inventory system to track receipts and issuance of inventory to be able to…
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Alden, Inc
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Procurement Procurement a. Weaknesses in Alden’s expenditure cycle Removal of raw materials from the store is done upon written and oral authorization is a problem at Alden. A perpetual inventory not being kept at Alden is a problem due to the requirement for a perpetual inventory system to track receipts and issuance of inventory to be able to forecast demand and economic order quantity at Alden. The lack of a mechanism to forecast sales and only depend on the monthly physical count may result to losses when demand increases within a certain period and may be taken advantage of by the employees for lack of a confirmation of the usage of the materials. Presenting a receiving report to the supplies is important I an organization to acknowledge receipt of the materials to avoid challenges with supply.
b. Control procedures for the weaknesses
The control procedures for the above problems include passing a policy for the removal of materials from the store room only under written authorization and recording of the amount and value of the materials retrieved. Keeping a perpetual inventory system is the other procedure to solve the problems at Alden. This will allow tracking o material usage at Alden for the company to be able to forecast sales and making demand forecasts to avoid losses from shortages and reduce theft. Sending receipt reports to the supplies and checking on quantity and quality needs to ensure the supplies meet the specification of the company.
c. Implementation of the procedures in an integrated ERP system
An Integrated Enterprise Resource Planning system can be used to solve the above weaknesses through the development of bill of materials by the ERP system when supplies are made, developing a perpetual inventory system in the ERP system through entering inventory levels, addition, and withdrawals from the store to get the inventory at a given time (Hamilton, 2003). This will allow the ERP system to make forecasts on the usage of the materials and ensure the ERP system requiring the consent of authorized staff to make withdrawals from the store. The ERP system can also be used to make vouchering, matching, and payment of the supplies. An ERP system will also track order processing in terms of order entry, credit checking, inventory, shipping analysis, pricing among different supplies to get the best bargain, supplier scheduling and warehousing (Hamilton, 2003).
References
Hamilton, S. (2003). Maximizing your ERP system: A practical guide for managers. New York: McGraw-Hill. Read More
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