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Inventory Control and its Impact on Profitability

(A case study of Turners Building Product (Arewa) Ltd Kaduna)

 

ABSTRACT

This research work is titled “Inventory control and its impact on profitability” a case study of Turners Building Product (Arewa) ltd Kaduna. A great deal of attention has been devoted to the planning of other economic resources such as financial resources and material resources but the need for inventory control which is the most important resources that harnesses other resources has been undermined. Hence the objectives of this research is to bring to light the importance of inventory control and how it can be used to minimize wastages in organization. The importances of inventory control were pointed out in the introduction and also views of various authors concerning the topic were discussed. The survey method is adopted and questionnaire was the major instrument for data gathering. The researcher’s summary and conclusion revealed that inventory control is a tool for achieving organizational profitability.

 

CHAPTER I: Introduction

1.1     Background of the Study

Inventory control is an extension of stores keeping and it has been in practice for a long time. It has a wide scope of activities today. Inventory control is an act of safe keeping some valuable items for future use and to produce them when the need arises. Inventory control goes beyond the scope of keeping  and producing the items only but also involves controlling of operations, receiving, quality control activities, training of store staff, control of all store houses, stock handling as  well as clerical documentation.

Inventory control can be defined as an art and science of achieving the objectives of inventory in an organization. It involves planning, organizing, staffing controlling and co-coordinating all the inventory operational activities for the provision of efficient services. Inventory control is a serving centre and the services to be provided must be meticulously handled, more organized to meet the demand of all units or department that constitute the organization for optimum performance. The primary function of inventory control is to provide for efficient inventory and handling of goods to be redistributed to the ultimate user, this activity when carried out with the use of Information Technology (I.T) will make re-ordering of materials easy as the information are already in the computer. The use of information technology in controlling of inventory eliminates time wastages. This provision of services to the operating function must be fully appreciated. All other activities although they have their own relative importance are subordinate to this primary