An Evaluation of the Inventory Management Strategy - Management Assignment Help

Assignment Task

INTRODUCTION
An evaluation of the inventory management strategy used in Martin and Robson. Inventory Management is critical to any success in any economy and organization. An evaluation strategic inventory management are the highest level of measure in a business process and are strongly linked to strategic goals of an organization. This research will help to understand more about the main inventory management strategy used at Martin and Robson, an organization I work at.

1.1 INTRODUCTION AND BACKGROUND TO THE RESEARCH PROBLEM
Martin and Robson were founded by frank martin in 1934, joining the Sturrock and Robson group in 1948. We operated from a milling and storage facility at Grava Lotte, northern Transvaal and a loading facility at the Sellati river in south Africa. In 1993 martin and Robson brought it closer to customers in the main South African coal mining areas, they decided to look for more strategically placed base. A site was identified at Broodsnyersplaas (BSP), Mpumalanga, at the head of what was known as “the coal line” near Middelburg in south Africa. BSP still serves as the main south African operational site today.

In collaboration with the coal industry, an investment was made in a milling plant at our South African base of Broodsnyersplaas, to ensured security of magnetite supply. The mill had enabled to consistently produced whichever specification was required by customers and mitigate against disruptions to supply – even through crises.

The company keeps a closed eyed on stock levels, ensuring that the milling facilities always had the material that was needed to guaranteed customers’ supply and remain competitive. By finding the most commercially sustainable balance between various sources and suppliers. Having access to several sources gives the flexibility to find the right mixed, amidst quickly changing raw material and shipping prices.
The company had honed processing expertise over several decades, allowing to produced magnetite of the highest quality. As working with customers as partners, we were always happy to apply our expertise to your site to helped you got the most of our product and your processing facility the company would organize the road or rail haulage for its customers and delivered at their cargo in bulk bags or loose bulk, depending on their site requirements. Martin and Robson
carefully select road haulers to ensured best-in-class delivery and support, so they could've provided the flexibility in service to suit their needed – something which was core to the way we did business at Martin and Robson. Therefore, customers could've been able to choose from an array of truck/trailer combinations that include triaxles, cargo floors, rigid body backed tippers, and flat deck combinations with truck-mounted forklifts. Martin and Robson always weighed up all transport options to find the best solution at the best price. Should rail haulage been a part of the optimal solution, we also had excellent relationships with rail providers in several countries. The logistics desk would procure and oversee loading operations at the outbound port and destination port. They’ll also took expert care of warehousing facilities and oversee any export related paperwork and documentation. Martin and Robson secure its own container freight and charters its own bulk vessels, servicing all the major continents. International ocean freight was a special area of expertise within the team, so your cargo had been in good handed.

We aim to get there with our values which states:
Accountability-Acting with transparency and taking ownership of our role in delivering excellent products and service levels
Creating Value-Creating products and services that add value to our customers businesses
Always giving our best fostering a culture of continuous improvement and responsible business, while going the extra mile to make our customers lives easier.
Unlocking potential-working as a trusted partner with our customers, while being their first port of call as solution providers

1.2 RESEARCH PROBLEM
While browsing the website on inventory management, the researcher discovered the following facts that justified conducting this study. Inventory management in the manufacturing industry, especially in the Martin and Robson industries. Product orders are an important factor in inventory control. Maintaining enough quantities of products and organising them in the warehouse. Inventory management also enabled the management of the warehouse. And with effective inventory management, the company was able to keep track of what shipments were coming in and being shipped to customers. This allowed them to keep just enough inventory in stock to meet demand.
Based on the available evidence, this study focused on how Martin and Robson managed their operations to achieve a positive outcome while meeting their key objectives.

AIM OF THE STUDY
The main purpose of this study was to evaluate the inventory management strategy used by Martin and Robson to manage the supply chain. By examining the inventory management process and supply chain, it is hoped to provide a possible recommendation for its improvement. In order to accomplish this goal, it is necessary to acquire other important objectives as well.

RESEARCH OBJECTIVE
To examine how Martin and Robson manages its inventory especially magnetite.
To examine the method used in evaluating inventory
To compare Martin and Robson's actual practice of inventory management in industry with the theoretical aspects of inventory management.
The methods used in ordering, follow-up, receiving and delivery of material and to compare this method with the theory.
 

RESEARCH QUESTIONS
How are inventory management practices done at Martin and Robson?
Is Martin and Robson inventory management policies, procedures, and techniques being to maintain optimal levels?
What kind of inventory handling tools does Martin and Robson warehouse use during the operation process?
How effective is the inventory management system?
 Do Martin and Robson make sure to buy the right material, at the right price, and in the right quantity?

1.6 SIGNIFICANCE OF THE STUDY
The study will focus an evaluation of the inventory management strategy used in Martin and Robson.

LITERATURE REVIEW
2.0 INTRODUCTION
The objectives of this chapter are to cover inventory management and control for organizational goals. It discusses the cost associated with inventory management, a framework that demonstrates the relationship between Martin and Robson inventory management techniques and business goals.

2.1 DEFINITION OF INVENTORY
Inventory includes materials, components, work-in process, and finished goods that are stocked in the company’s logistical system. Inventory means the large stockpiles of any item or resource used in organization. Inventory may be of different types such as company’s raw materials, work in process (WIP), finished goods, supplies used in operations according to Johnson, Newell, & Vergin.
An inventory is a collection of assets that are of economic value, which can be either in the form of materials, money or labour. Inventory is also referred to as an idle resource when not in use. The inventory may be defined as the goods obtained, stored, and used throughout the day by an organization. Raw materials, semi-finished goods used in the production process, finished products ready to be delivered to consumers are physical resources; unutilized labour is a human resource; and working capital is a financial resource.

2.2 DEFINITION OF INVENTORY CONTROL
According to Ogbo et al., inventory control refers to the amount and quality of goods and services provided to a location. Moving goods in a safe manner is involved with this process. Managing inventory involves determining what is needed, forecasting, setting goals, issuing orders, and monitoring the process.
Controlling inventory should not be viewed solely as a physical matter of balance, but as a means for reducing inventory costs. Proper inventory control causes fewer errors to arise than when inventory is not controlled properly. As a result, the system is highly efficient, allowing it to implement better inventory control techniques.

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