V2I8P28

Inventory Purchase & Production Management: A Study on Optimization and Strategic Implementation

Mr. Gangadhar D. Dukare^1*, Dr.Sachin R.Misal¹ , Mr. Abhijeet Dadasaheb Borude²

Abstract

This research explores inventory purchase and production management practices at Shirodkar Preci Comp Pvt. Ltd. (SPC), a leading manufacturer of precision components. The study highlights key challenges and optimization opportunities in inventory control, procurement processes, and production planning. Employing a mixed-methods approach, primary data was gathered through interviews and observations, complemented by secondary data from company records. Analysis of inventory control methods, procurement KPIs, and production scheduling uncovered inefficiencies and areas for improvement. Recommendations are made for enhanced ERP integration, lean inventory practices, and automation to increase operational efficiency. Keywords include: Inventory Control, Procurement, Production Management, ERP, Optimization. Effective inventory purchase and production management are critical to ensuring the profitability, operational efficiency, and sustainability of any organization. This study explores the strategies and optimization techniques for inventory purchase and production management to minimize costs, enhance productivity, and maintain a balance between supply and demand. By leveraging advanced forecasting methods, just-in-time (JIT) inventory practices, and integrated production planning tools, businesses can reduce wastage, avoid stockouts, and streamline their supply chain processes.

Keywords:

Supply, Inventory,  Cost, Effective, SPC, ABC