The influence of inventory management practice on firms’ competitiveness and organizational performance

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The goal of the study is to determine how inventory management practices affect organizations' ability to compete and their ability to perform as an organization. Smes in Tamale Metropolis, which has roughly 386 registered smes, are included in the study population. Due to the size of the population, some smes are being sampled using the Slovin formula. A sample random sample method was used to analyse the population by obtaining data and examining it. The main instrument for gathering data for the study is a formal questionnaire. It makes use of a closed-ended questionnaire. In SPSS, the Cronbach's alpha is used to assess the reliability of the research instrument. The study employed factor analysis. The survey found that the smes used vendor-managed inventory, economic order quantity, just-in-Time, A-B-C Models, and demand forecasting as their inventory management techniques. It was also shown that inventory management procedures had a favorable and considerable impact on the organizations' competitiveness. The study concludes that smes use inventory management techniques in their business operations, which has improved their competitive advantage and improved organizational performance. The findings of this study generally show that enhanced levels of inventory management practice may have been a result of stronger organizational performance and competitive advantage. It is recommended that manufacturing firms in developing nations like Ghana keep inventory management in mind while creating comprehensive and strategic business plans.
A thesis submitted to the department of supply chain and information systems in partial fulfillment of the requirements for the degree of master of science (logistics and supply chain management)