Inventory Management Best Practices in Malaysia Manufacturing

Santhirasegaran Nadarajan, Sitraselvi Chandren, Ezanee Bin Mohamed Elias and Kamarul Irwan bin Abdul Rahim
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Santhirasegaran Nadarajan: School of Technology Management & Logistics, Universiti Utara Malaysia, Sintok Kedah, Malaysia
Sitraselvi Chandren: Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia, Sintok Kedah, Malaysia
Ezanee Bin Mohamed Elias: School of Technology Management & Logistics, Universiti Utara Malaysia, Sintok Kedah, Malaysia
Kamarul Irwan bin Abdul Rahim: School of Technology Management & Logistics, Universiti Utara Malaysia, Sintok Kedah, Malaysia

International Journal of Research and Innovation in Applied Science, 2022, vol. 7, issue 2, 31-33

Abstract: Inventory management best practices succumb to how well a company efficiently control the stocks which have repercussion on overall financial position as it is well known as capital assets which may lead to liabilities when poorly manage. This paper shall address some key success factors in managing inventory efficiently and effectively base on the main author working experience more than fifteen years in electronic and electrical manufacturing. The approach of having efficient stock control point reflects how well the manufacturing paying lot of attention to ensure the current capital asset properly been used and replenished at the same time by not keeping too much inventories and having too low as well. This review paper shall be an eye opener for industry players and academic in building knowledge and concept benchmarking the best practices commonly uphold by many manufacturing and add on contribution to research community.

Date: 2022
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