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Inventory Control Methods - Research Paper Example

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This research paper describes the role of statistics and IT in inventory control. Besides, it also describes how better management of inventory can lead to organizational success. Inventory control is vital for organizations as it helps to maintain the perfect level of stock…
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Inventory Control Methods
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"Inventory Control Methods"

Download file to see previous pages In this context, the statistical techniques and the Information Technology (IT) are useful for exposing hidden information of the business. Statistics is the assortment of approaches, methods, and activities employed by any company to control the production, product quality, and service. Statistical Process Control (SPC) starts with product development where the elements of the product are determined to maintain the quality. Through SPC a company can observe the production in each phase. Several control charts let organizations to understand the status of any process and thus minimizes the rate of the defective product. Companies such as Ford, Ferrari, and BMW among others, focus strictly on product quality and control the processes of assembly line effectively (Lind, D. & Et. Al., “Statistical Techniques in Business and Economics”). ... & Et. Al., “Statistical Techniques in Business and Economics”). The practical example of Six Sigma in business is Wipro. It was the first Indian organization which had implemented Six Sigma in their business. With the help of Six Sigma, Wipro had successfully improved the business performance by understanding customers’ demand. The waste in production has been minimized significantly in Wipro and it has experienced 35% increase in productivity. The rate of failure has reduced to 1%. The rate of defective software products has also reduced to 5%. Six Sigma has brought undeniable accomplishment for Wipro with respect to customer satisfaction and development of internal performance (Sharma & Et. Al., “Six Sigma at Wipro Technologies: Thrust on Quality”). Several big organizations such as General Electric use Six Sigma technique to improve the quality and reduce unnecessary expenses. In business, statistics help organizations to make appropriate decisions. Organizations need to be very quick and precise and must understand the preference of customers. Statistics can help to plan according to consumers’ preferences. Through statistical technique, the quality of any product or service can be evaluated more effectively. Based on the statistical data, an organization can decide which item it is going to sell and in what amount. Majority of activities in an organization depend on information generated by statistics. Thus, based on the statistical data, an organization can take decisions regarding product, investment, and marketing (Amazone, “Importance of Statistics in Different Fields”). Statistics is also vital for economics.    ...Download file to see next pagesRead More
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