Ymontiara Jones-Week 9 Assignment Fleshing Out Your Proposal
docx
keyboard_arrow_up
School
Strayer University *
*We aren’t endorsed by this school
Course
302
Subject
English
Date
Dec 6, 2023
Type
docx
Pages
6
Uploaded by SuperFishMaster830
1
Week 9 Assignment
Ymontiara Jones
ENG 201
Professor Dr. K
June 4, 2023
2
Introduction
Production and inventory control will determine how the customer views a company; better
product quality, cost, and delivery will improve availability by managing inventory. Cycle
counting is an innovative technique that allows all aspects of the distribution center to manage
accuracy. The role of management is to identify and improve procedures. Managers of Nike Inc.
should conduct an annual cycle count before the end of the fiscal year to understand stock trends,
First In, First Out (FIFO), and product demand forecasting.
Problem
Challenges that arise within inventory management are having too much inventory and not
allocating orders for sales, not having enough merchandise to fulfill orders with customers
canceling orders, and not understanding what you have on hand could be due to theft or loss of
product.
Inventory credibility is essential to the main reason of this is because customers are
critical to the growth of your business. Keeping track of supplies and products can determine
prices. Without sacrificing customer experience or product quality, it will also help manage
sudden changes in demand. "Poor customer service will result in delayed product shipments to
customers. With inadequate inventory, it can be very costly to the organization. Lastly,
businesses track lists to fulfill customers' orders; knowing your capability to have a satisfied
customer is essential" (Stevens, 1). Business leaders practicing inventory management help
understand the stock on hand and how to identify if there is a shortage.
Without efficient inventory management, it is easy to lose track of stock availability levels.
The
accuracy of product orders and tracking is critical to good inventory management. Effective
fulfillment distribution centers will offer software that shows real-time and systems in place to
ensure every product is accounted for throughout the fulfillment process. "From 2016 to 2017,
25% more retailers and manufacturers invested in better warehouse management technology.
Half of the organizations surveyed reinvest in technology to drive better distribution center
technology" (Stevens, 1). Effective inventory management allows companies to fulfill orders on
time and accurately.
Solution
A fiscal year is essential to any business; imagine finding extra money within the company,
which can positively contribute to profit margins. Cycle counting is a method companies use to
confirm physical inventory counts to match inventory methods.
Warehouse management
prepares a plan for staff to audit inventory using whichever software of their choice that they use
on a daily operations basis to make needed adjustments. "For example, even though many major
companies use inventory management software and other systems to track inventory throughout
3
the year, the actual count can reveal what you have on hand to ensure that physical and systemic
counts are aligned" (Michel, 2). The year-end count is crucial because it ensures that the stock on
hand matches records. By getting insight into the active inventory, the company can comply with
tax requirements, manage audits, and offer accurate data to the finance team.
Resources that would help this solution would be implementing a warehouse management
system. First, a warehouse management system can benefit from efficiency, lower error rates,
and reduced training costs; this can help optimize stock flow. Effective operations management
systems can increase operational efficiency and reduce costs while boosting customer
satisfaction. "Purchasing a warehouse management system is one of the essential purchases;
everything else can be tracked, from productivity to shipping cost needs. An effective inventory
management system must track purchasing, warehousing, sales order fulfillment, distribution,
and customer service management. Track various costs of materials based on the purchasing
cost, inventory carrying cost, transportation cost, material handling cost, office cost, packing
cost, marketing cost, obsolescence, and wastage efficiently manages all aspects of the business
needs" (Stevens, 1). Funding warehouse software will remove errors when employees perform
cycle counts to ensure that physical and systematic add up.
Risk
There are potential conflicts of housing overstock inventory within the business, such as trouble
selling products later if there is reduced demand. "Overstocking is when the business has
excessive inventory than it can sell. Inventory overstock can tie up cash and prevent a business
from being able to invest in other areas of the company. This risk can also lead to spoilage if you
have perishable items on your inventory list" (Reiff, 3). The cost to store surplus stock is one
significant downside of overstocking. Warehousing costs are costly, and renting a warehouse or
storage space can get expensive. Still, the cost of labor to manage a business's warehousing
operations will also be expensive. Inventory is purchased to be sold for profit, but excess
inventory on hand can result in capital being tied up. Stock loses value over time as degradation
occurs, leading to an eventual loss of revenue. "Overstocking is a nightmare for many
companies, and it can cost them hundreds of thousands annually. Excess inventory can lead to
reduced profit margins in many examples. Companies typically put extra items on clearance to
induce buyers to purchase them at a lower cost to get rid of merchandise" (Reiff, 3). Focusing on
efforts to maximize storage within the warehouse is essential, to inventory audits should be
conducted regularly to correct inaccurate stock records that can lead to overstock and
understocking scenarios.
Benefits
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
4
Trends in inventory management focus on incorporating mitigating supply chain disruption risk.
"Trend analysis is a technique used by inventory management to examine and predict the
movement of an item based on historical data. Companies who understand stock trends technique
to improve business to inform your decision-making" (Rossi, 4). Inventory management is a
method that businesses ensure a steady stock of goods, finished products, or other assets
necessary for operations. Inventory models are systems that establish and develop a more
efficient way to maintain essential inventory levels.
Next, "First In, First Out," and this technique is an inventory accounting method to track the cost
of goods sold. "First In, First Out reduces spoilage and maximizes warehouse space. FIFO in a
warehouse is the most popular method for organizing warehouse space. When looking at an
accounting level, FIFO is the most effective way to calculate the amount of inventory available"
(Stevens, 1). FIFO ensures that inventory values on a balance sheet show current market prices
for items that are being stored. This method gives the most accurate snapshot of a company's
finances. Aligning expected cost flow with the actual flow of goods offers businesses an accurate
picture of inventory cost; this information helps a company plan for planning projective
operations in the future.
Finally, Inventory demand forecasting is a process businesses use to predict customer demand.
Accurate inventory demand forecasting enables a company to hold a certain amount of stock;
this will determine what product is being over or under-stocked for optimum inventory control
management. "Inventory forecasting uses factors such as sale history and trends, demand, reorder
point, and safety stock to predict inventory levels" (Rossi, 4). Inventory forecasting reveals
everything a business needs to know, which items sell slower and what is selling rapidly. Based
on this method planning to repurpose these items may need to be evaluated; this will free up
warehouse space and increase revenue.
Conclusion
Conducting annual cycle counts before the end of the fiscal year can improve profit margins by
understanding stock trends, First In, First Out (FIFO), and product demand forecasting for the
Managers of Nike Inc. Proper inventory control management work collaboratively with the
business and its suppliers. Excellent customer service builds from the ability to balance the
supply and demand of products, which means having the most current information about
products on request is essential to our customers. Effective inventory management is significant
for a business because it helps to meet customer demand without holding onto inventory and
creating overstock. Ensuring that all of the customers' satisfaction is completed is the overall
goal for our company to be in business for them.
5
Sources
1.
Stevens, Courtenay. Nov. 30, 2022. Why Is Inventory Management Important?.
https://www.business.org/finance/inventory-management/why-is-inventory-management-
important/
2.
Michel, Roberto. Oct. 1, 2022. Inventory Management In An Automated World.
https://eds-p-ebscohost-com.libdatab.strayer.edu/eds/pdfviewer/pdfviewer?
vid=74&sid=10d14407-ab20-43b2-86e7-cc12437f16dd%40redis
3.
Reiff, Nathan. April 18, 2023. How artificial intelligence can revolutionize supply chain
optimization. https://decrypt.co/resources/how-artificial-intelligence-can-revolutionize-
supply-chain-optimization
4.
Rossi, Roberto. May 24, 2021. Inventory Analytics. https://eds-p-ebscohost-
com.libdatab.strayer.edu/eds/detail/detail?vid=8&sid=10d14407-ab20-43b2-86e7-
cc12437f16dd%40redis&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d
%3d#AN=2941004&db=nlebk
6
Feedback Reflection
1) Describe the feedback you received from your instructor on the Week 6 Assignment.
The feedback from my instructor on the Week 6 Assignment was positive overall; however, I did
need to correct a few things. Starting with developing an outline clearly, I needed more evidence;
I have added more information to my outlines to ensure that I explained the topics in my outline
more in-depth. The section on the rubric spoke about creating an introduction; I did not have to
correct anything on my thesis statement; my professor stated that this section was written out
clearly. I needed to update how I explained one or more audience appeals were used to guide the
creation of one specific supporting point and one specific piece of evidence. I had to review how
I produce clear and well-organized writing that appropriates SWS style by using Grammarly to
check my grammar, mechanics, and spelling.
2) Discuss at least 5 things you learned from the feedback you received over the term and
learned in your webtext, using specific examples to illustrate how you have applied the
information to your proposal.
The feedback I received over this term has improved my writing skills because I never had to
write a persuasive piece for school. My instructor's feedback has made me analyze how to write
with a purpose. I was challenged to think out of my comfort zone about my plan and give the
audience a better understanding of this topic, given my expertise on top of the research I have
found. Week 6 Feedback My instructor pointed out where I had errors in my entries, so I checked
the examples provided in Webtext to understand better what was asked of me. I mistakingly
wrote in first person/second person and third person, so I checked throughout my passage to
ensure I used those terms appropriately. I improved my work throughout the weeks and learned
how to create a more substantial piece, given the instructions and feedback to alter my position.
Using web text to write this piece made it easier to break down my work to understand further
where I needed to improve over the weeks of completing this paper.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help