Computerized Investory Management for a Manufacturing Industry: A Case Study in Nigeria

Abstract

Various authors have suggested that the cost of purchasing and holding inventory can account for as much as 60-80% of the total cost of a product or service. Usually, only a few (about 10% by number) contribute to 70-80% of locked up inventory or 70-80% of consumption value or their availability is vital for maintenance or the process. Hence, the need for an effective and efficient inventory management is germane to any manufacturing industry. This paper presents a software, ‘manInvent’, an interactive system developed using visual basic 6.0, with a view to reduce manual interaction with the inventory management of a Nigerian manufacturing industry. Working with 5 years production data of the industry, the objective of the software ‘manInvent’ was validated with respect to the manual inventory system of the industry, and the result is shown.