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" Inventory Management Practices and Performanceof Pharmaceutical Industryin Ilorin Metropolis "
Oni, Bolatito Oluwadamilola
Adeyemi, Keneth Sola
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Latin Dissertation
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| Language of Document
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English
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| Record Number
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1053226
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| Doc. No
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TL52343
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| Main Entry
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Oni, Bolatito Oluwadamilola
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| Title & Author
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Inventory Management Practices and Performanceof Pharmaceutical Industryin Ilorin Metropolis\ Oni, Bolatito OluwadamilolaAdeyemi, Keneth Sola
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| College
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Kwara State University (Nigeria)
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| Date
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2019
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| Degree
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M.S.
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2019
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| Note
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107 p.
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| Abstract
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Effective inventory management is one of the unique important functions of manufacturing firms. The pharmaceutical industry in Ilorin are facing problem in determining appropriate inventory turnover or cycle through the firm in a year that will ensure that production process is not interrupted for proper efficiency. Poor investment in inventories have undermined organizational performance of the pharmaceutical companies thereby resulting in poor competitiveness. However, lack of proper control of inventory also result in decrease competitive advantage.This study examined the impact of inventory management practices on organizational performance using the pharmaceutical industries in Ilorin metropolis as the case study. The study was designed to: (i) determine the impact of inventory turnover on the organizational efficiency of the selected pharmaceutical industry in Ilorin metropolis; (ii) evaluate the impact of inventory record accuracy on the organizational efficiency of the selected pharmaceutical industry in Ilorin metropolis; (iii) examine the impact of inventory investment on the competitive advantage of the selected pharmaceutical industry in Ilorin metropolis; (iv) assess the impact ofinventory control on the competitive advantage of the selected pharmaceutical industry in Ilorin metropolis. Descriptive research design was adopted, while quantitative and survey research methods were used. The total population consists of 366 staff of Tuyil Pharmaceutical Industry and 218 staff of Bioraj Pharmaceutical industry, Ilorin Kwara State, making a population of 584, from which a sample of 232 was selected. The sampling technique adopted was multistage sampling technique. Data were gathered using a structured questionnaire and analyzed using descriptive (percentages and cross tabulation) and inferential statistics (multiple regression analysis). Findings from the study shows that 12.2% variance in organizational efficiency is explained byinventory turnover and internal record accuracy. It was also revealed that inventory investment has significant positive impact on organizational efficiency, but inventory turnover has a negative impact onorganizational efficiency. The result also shows that 11.1% variance in competitive advantage is explained by inventory control system and inventory investment. It was also revealed that inventory investment has a significant positive impact on competitive advantage, but inventory control system has no significant positive impact on competitive advantage. The study concluded that inventory management practices have significant impact on the organizational performance of the selected pharmaceutical industry in Ilorin metropolis. Based on the study findings, it was recommended that organizations willing to improve their competitive advantage through inventory management practices should intensify inventory management practices for better result. It was also recommended that management should ensure that inventory management practices that are compatible with the strategies adopted at different levels of management are given priority over others. This research also recommended that, to better improve efficiency with which inventories are managed, cost and time saving technological oriented techniques such as Bar coding and QR coding could be used for recording and saving inventory details as well as monitoring of inventory movements more efficiently.
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| Descriptor
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Business administration
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Management
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Adeyemi, Keneth Sola
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Kwara State University (Nigeria)
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