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Research a service organisation (e.g: food service, retail, wholesale, library, distributor...) and a manufacturing organisation - Essay Example

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Research a service organisation (e.g: food service, retail, wholesale, library, distributor...) and a manufacturing organisation

Research scholars such as Handfield (2002), Zinn and Bowersox (1988) and Pagh and Cooper (1998) state that organizations keep additional stocks or inventories in order to continue the process flow. Maintaining an optimal inventory level can help companies to meet demand for products in optimal manner, decrease down time and decrease lead time of operation. Bucklin (1965) has segregated inventory into four types such as, 1- Raw Material- purchased materials that will be needed during production process but has not been used yet in the manufacturing system, 2-Work-In-Process (WIP) - materials that have been already used in the manufacturing process but has not been converted into final product, 3- Semi Finished Goods (SFG) - materials that have been intentionally half completed and exported from origin country to the country where the material would get completed and sold and 4- Finished Goods- completed good which are awaiting for shipment. Part 1- McDonald’s McDonald’s is a renowned fast food company which has strong presence as a service marketer since 1955. The company maintains a strong product portfolio of Hamburger, sandwiches, beverages etc in order to cater to the demand of customers (Mcdonald’s, 2013). ...
Two major problems associated with the inventory management of McDonald’s can be summarized in the following manner. Forecasting the demand accurately in order to decrease the waste in the logistic process. Predicting the optimal demand for raw materials in order to meet the customer requirement in efficient and time bound manner. Competition in fast food industry has been increased due to entry of players with almost equal resource capabilities in the same market place and shifting of customer demand from fast food products to healthy food items. In such context, McDonald’s has deployed its resources in order to offer new fast food items to customers and simultaneously chance for wastage in the production process has increased. In the past years, restaurant managers undertake the stock ordering responsibilities while they ordered stock in accordance with their knowledge of local demand. The company maintains its stock by analyzing the historical data, such as, amount of inventory sold in previous day, week or month. For example, if the company has sold 100 units of Berger in the last month with net sells is growing at a rate of 10% annually, then managers of McDonald’s forecast that the sales will reach the volume of 110 units in the next week. However, the company has understood that such simplistic method of calculation might not help them to forecast the actual amount of inventory in precise manner. The company has recognized the fact that, macro-economic condition, demand inequalities and lifestyle change of customers can have significant amount of impact on inventory management. To modernize the inventory management system, McDonald’s has introduced central inventory management function which communicates with restaurant managers in ...Show more

Summary

Inventory Management Name of the Student: Name of the University: Table of Contents Table of Contents 2 Introduction 3 Part 1- McDonald’s 3 Part 2- Nestle 7 Conclusion 9 References 11 Introduction In this paper, the researcher will shed light on inventory management which is one of the most important aspects of logistics and supply chain management…
Author : mohammad09
Research a service organisation (e.g: food service, retail, wholesale, library, distributor...) and a manufacturing organisation essay example
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