Inventory management strategy of IKEA Industry Hungary for increasing efficiency

Radics Anna (2023) Inventory management strategy of IKEA Industry Hungary for increasing efficiency. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

To summarize my thesis, I would like to emphasise that my aim of these researches was to investigate in the possibilities regarding inventory management techniques and find the most effective practices to optimize stock levels and minimize costs. During the course of preparing the thesis, there was both qualitative and quantitative researches conducted. Qualitative researches included interviewing eight employees of IKEA Industry Hungary, who are somehow taking active participation in the inventory management related processes of the company. This step was essential in order to have a clear overview about the situation and about the obstacles the company is facing regarding optimizing the stock levels. It was also helpful in getting a broader understanding on those practices that are already continuously used by a company. Quantitative research included many calculations and classifications. Firstly, ABC analysis has been prepared as I believe that it would be helpful if the company would implement this inventory management practice to have some information on which articles to prioritize. ABC analysis was prepared based on the yearly budget given by the company. After determining the attributes of the classification groups, it was received which are those articles that requires further investigation. For articles belonging to group A and B, there was a need for calculating the optimal safety stock, as these are those articles that are entirely used in the production within the lead-time of the suppliers. Safety stock determination was required for eight articles. This step is crucial as with the help of the safety stock, the company can ensure that the chance of running into shortages in case of any unforeseen situation is reduced to the lowest. Safety stock determination was followed by researches made on the requirements of implementing Vendor Managed Inventory (VMI) model. Researches has shown, that the application of VMI in the real-life of the company requires a strong cooperation with the supplier as well as the availability of strong IT infrastructure from both parties, which seems an expensive investment. For the successful implementation of VMI, there is a need for determining the optimal inventory range within the articles should be replenished by the supplier. Minimum inventory level, reorder point and maximum inventory level was calculated in case of 13 articles. This computation gives a comprehensive overview on the optimal inventory range, as the calculation of these values includes the received deliveries, the lead-time of these deliveries and the consumption of those articles as well. Witth the help of these investigations, the company could have a deeper look on those inventory management techniques that could enhance their optimization endeavour. Important to mention, the inventory management practices are not effective enough on their own, so if the goal is to optimize the inventory level, than the company should take into consideration the following suggestions. The active usage of ABC analysis can be a good basis of the optimization process, as IKEA Industry Hungary would have a clear overview on the suggested prioritization order. Safety stock is not the most cost efficient form of holding cost on hand, but it is important not to forget about the security of the continuous flow of the production. The primary and most essential suggestion is the implementation of VMI as with the help of this system, the previously determined safety stock and the lead-time of the supplier could be reduced. This would be reached by the fact that suppliers receive real life data with the help of Electronic Data Interchange. Lastly, IKEA Industry Hungary should find a way for decreasing the minimum order quantities (MOQ) as in many cases there would not be a need for purchasing that high quantity at the same time, therefore will be some amounts considered as surplus for a given period. In conclusion, the listed inventory management techniques should be applied together as they could reach the biggest impact on the stock levels when they are implemented together.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Menedzsment és Vállalkozás Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Gazdálkodási és menedzsment

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	ABC analysis, Inventory management, minimum order quantity, stock optimization, storage capacity, Vendor Managed Inventory
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2024. Jún. 28. 10:36
Utolsó módosítás:	2024. Jún. 28. 10:36

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