This is an in-depth analysis of inventory management systems and practices of the MIAMI EXPORT (PVT) LIMITED. The report has been prepared based on the interview conducted with the Stores manager of the Miami Export (Pvt) Ltd. Just-In-Time inventory control system is the inventory system that practice within the organization. Then talk about the people who involved in the inventory management process and their roles and responsibilities towards the inventory. All the audit details regarding to this report has been attached to the annexure. Identified what are the direct and indirect costs associated with the inventory. Analyze about the mechanisms that the company follow to monitor the inventory levels. Look forward to standard operating procedures
Inventory Management
This is an in-depth analysis of inventory management systems and practices of the MIAMI EXPORT (PVT) LIMITED. The report has been prepared based on the interview conducted with the Stores manager of the Miami Export (Pvt) Ltd. All the audit details regarding this report have been attached to annexure.
3.1.1. Inventory management policy and inventory control
Just-In-Time inventory system is the inventory control system practice within the Miami Export (Pvt) Ltd. Just-In-Time (JIT) or Zero Inventory is the most important topics in materials planning primarily due to its tremendous success in the context of common garment and textile companies. JIT or zero inventory system is an idealized concept of inventory management wherein we are able to supply whatever material is required, wherever required and whenever required just in time with 100% supply assurances without keeping any inventory on hand. At the time of the interview with the Stores manager following process was relieved to support the inventory control system. As per the stock managers’ idea the excess inventory or shortage inventory can be ignored due to the merchandizing plan. Merchandizing plan is the plan that prepared by the merchandize team before the operation starts. They plan about the quantities, quality and types of materials and about the amount to spend on it. Stock decisions are taking in two ways; as per client request and merchandiser decision. Sometimes client decide the material and the quality. By considering clients requests and according to the merchandisers’ ideas come to a decision. Then the requirements are sending to purchasing department. Then quotations are calling to select the suppliers. When selecting suppliers their materials quality, quantity, price,