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Inventory management as a cost reduction tool in manufacturing firms at techiman municipality - ghana

Author: 
Asiedu Ampomah Benjamin, Addai Kyeremeh Emmanuel and Batola David
Subject Area: 
Social Sciences and Humanities
Abstract: 

The main challenge for companies today is the need to ensure that there is efficiency at the work place. Most problems in manufacturing companies can be attributed to lack of ensuring quality services to customers which arises as a result of poor inventory management. Meanwhile, industries in Ghana have been blamed by not ensuring proper inventory management practices and which has resulted in customer service dissatisfaction. Hence this research was conducted to examine Inventory Management as a Cost Reduction Tool in Manufacturing Firms in Ghana using selected manufacturing firms in the Techiman Municipality as a case study. A total sample size of one hundred and nine (109) respondents was used for the study. The study uses qualitative and quantitative approach in analysing the data. Primary data was collected with the aid of a questionnaire and analyse using descriptive statistics as well as regression analysis. The regression results show that there exist an inverse relationship between inventory management and cost incurred from a firm. Furthermore, the outcome of the study reveals that among the inventory management practices practiced include accurate record of information, proper accounting records and positive surprise visits. It was also realized that having a good stock plan contributes immensely to organizational performance. It also came out from the study that positive surprised checks on employees are part of the important strategies to be adopted in inventory management. The study recommends that the company should try by all means to adhere to inventory polices made. In order to ensure that the company adheres to inventory policies, under no circumstance should items of inventory be allowed to leave stores without proper requisition.

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