Operations management is very significant in any type of organization. As per as I feel it refers to a set of activities of management that are involved in the four critical and important functions such as organizing, controlling, leading and planning the operations of an organization. I have realized that operations management has great importance in any organization. Operations management deals with some business functions like engineering, finance, marketing and information technology. I have learnt that inventory management is an important part of operations management. Through this study, I have come to know about the various ways by which inventories are managed in the different organizations. As far as my realization goes, inventory management is an effective system that is used to oversee the flow of services and products in and out of a firm. There are certain techniques which the companies want to apply to meet their needs. They effectively use the inventory management to create purchase orders and invoices, generation of receipts and control of the inventory-related accounting.
I always wanted to become an inventory manager and this course has helped me in gaining adequate knowledge about inventory management and the skills that are required for it. One of the most effective ways to manage the inventories is get the assistance of the suppliers. Inventories when managed by the suppliers, give proper access of the vendors to the inventory data of the distributors. The suppliers generate the purchase orders on the basis of the needs of the distributors. As per the research conducted, I came to realize that another efficient method of controlling inventories in operation management is the proper management of the lead time. It is the amount of time taken to reorder the inventories by an organization. Suppliers have the tendencies to supply products at different points of time after the placement of an order. I, as an effective inventory manager, must establish the lead time reports timely to have a clear understanding of the time required to replenish the inventories. I shall also be having the onus of managing the merchandise items that are in transit and even on hand.
Another way of managing the inventories is the proper understanding of the demand of inventories of the business. I can also limit the seasonal inventories and cut back on them that are not being sold. For the sake of the customers, I must look into the fact that the inventories are delivered properly and on time to the customers. For these, I need to measure the inventory turnover as well as the delivery turnaround time. This will give me a measurement of the frequency of selling of the inventories and the time taken by them to reach the hands of the customers. I will also be responsible for the maintenance of accuracy, shipping and receiving, managing the operations of order-picking and cycle counting. Product turnaround is another factor that I need to take into consideration in the logistics and distribution management in operations. I have learnt that an organization must have a tracking system for the inventory managers to keep a track of all the activities. This tracking system requires an inventory manager to be flexible with the spreadsheets and computer programs. An inventory manager needs to look into the work-in-progress materials and track them appropriately for smoother logistics system.
As far as I am aware, the job of an inventory manager requires some skills and requirements. I want to keep this in mind. First of all I need to have are good communication skills as the inventory managers always have a need to interact and communicate effectively with the customers and the coworkers on a regular basis. Leadership skill is another one that the managers should have. The proper hiring of employees and resolving issues and conflicts in an organization is another skill that an inventory manger must have. He will be able to motivate the employees and make them do the tasks properly. I realized that an inventory manager must have the skill of critical thinking. He is responsible to devise plans so that inventories are properly maintained, the invoices are created accordingly and the data related to inventories, suppliers and the vendors. The inventory manager is also there for the assessment of the plans on a continuous basis. The organizational skill that I must have if I want to become an inventory manager is the organizational skill. This takes into consideration the handling of multiple orders, movement of inventories and people associated with the functional activities. Problem-solving skill is another but not the least one that are expected from the inventory managers. I must be having the anticipating skill so that I can anticipate the problems before their occurrence. I must have a degree in logistics management so that I can become a successful inventory manager in future. I need to take the charge of the warehouse of an organization if I have to become an inventory manager. I must also lead a team of workers associated with the warehouses and the inventories. I must have the knowledge of various technologies in management of data regarding the movements of goods from and within the organization. I need to have a sound knowledge of logistics and supply chain management so that I can keep a good track of the materials and stocks to avoid any shortages. I need to be aware about the recent inventory management software. I will be responsible for recording as well as ordering the supplies, materials and the products for all types of business organizations, whether it is small or big. I have come to know after a detailed study that I should have a good record keeping skill. All the facts that have been mentioned in the essay will be helpful for me in the future in becoming a successful inventory manager and generate profit and revenue for the organization through effective inventory management.