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European Journal of Business Management.1, Issue 11, 2014DETERMINANTS OF EFFECTIVE INVENTORY MANAGEMENT AT KENO MOBIL LIMITEDElema Boru Granada. Karina NgugiJomo Kenyatta University of Agriculture
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01
Start by assessing the current inventory management system in place.
02
Identify key performance indicators (KPIs) that are relevant to inventory management.
03
Analyze customer demand patterns and historical sales data.
04
Consider factors such as lead time, order frequency, and safety stock levels.
05
Determine the optimal order quantity and reorder point.
06
Implement a robust inventory tracking system and use technology tools if necessary.
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Establish a regular inventory review and analysis process.
08
Continuously monitor and adjust inventory levels based on demand and market conditions.
09
Collaborate with suppliers and vendors to ensure effective inventory management.
10
Regularly review and update inventory policies and procedures.
11
Train and educate staff members on efficient inventory management practices.

Who needs determinants of effective inventory?

01
Retailers and e-commerce businesses.
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Manufacturers and wholesalers.
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Supply chain managers.
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Inventory managers and analysts.
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Any business that deals with physical products or materials.
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Companies with fluctuating demand and seasonality.
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Businesses looking to improve profitability and reduce carrying costs.
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Organizations aiming to streamline their supply chain operations.
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Startups and small businesses seeking inventory control guidance.
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Determinants of effective inventory refer to the factors or variables that influence how well a company manages and controls its inventory levels to meet customer demand.
Typically, companies or organizations that deal with inventory management are required to file determinants of effective inventory.
To fill out determinants of effective inventory, companies need to analyze their inventory data, identify key factors affecting their inventory management, and provide detailed explanations or insights into how these factors impact their inventory levels.
The purpose of determinants of effective inventory is to help companies understand and improve their inventory management practices, optimize their inventory levels, and ultimately enhance their overall operational efficiency and profitability.
The information reported on determinants of effective inventory typically includes key performance indicators (KPIs) related to inventory turnover, stock levels, demand forecasting accuracy, lead times, supplier performance, and other factors affecting inventory management.
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