A vendor managed inventory system for effective inventory control in a plastics molding company

Pao Yue-kong Library Electronic Theses Database

A vendor managed inventory system for effective inventory control in a plastics molding company

 

Author: Kwong, Chun-man
Title: A vendor managed inventory system for effective inventory control in a plastics molding company
Degree: M.Sc.
Year: 2004
Subject: Hong Kong Polytechnic University -- Dissertations
Inventory control
Manufacturing resource planning
Plastics industry and trade -- Management -- Case studies
Department: Dept. of Industrial and Systems Engineering
Pages: iii, 108, [11] leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1781153
URI: http://theses.lib.polyu.edu.hk/handle/200/2808
Abstract: Since the past ten years, Supply Chain is part of a core business improvement effort for most companies. Top management has been directives in that area are becoming common place. Supply Chain Optimization has emerged as the central objective for these initiatives, and also is the recognized discipline to shorten cycle times. Transform purchasing from a tactical operation to strategic sourcing, reduce inventories, decrease logistics costs, and streamline communication processes across a total network, from initial supplier to final consumption and post-sale service. With its growing importance, those companies pursuing supply chain improvement are discovering a new set of goals for its purpose to improve business value added, customers satisfaction, profit per shares, and return of resource investment. Owing to quick evolvement and change in technology, the Internet; Intranet; Web-base; heightened professional standards, and increased collaboration between customers, suppliers and organizations. E-procurement has become a major means for Value Adding for all companies how to optimize inventory level to make it more flexible is always a focus for value enhancement to gain competitive advantages. Nearly 70-80% of a product cost can be related to material. Entrepreneurs realize that the proper management of the Fill Rate and Stock-out Rate of inventory is helpful for improving working capital cycle, increased profitability, increased customer satisfaction, and improved asset return. Especially on the competitive environment every dollars of saving can create multiple earning opportunities. Continuous replenishment and Vendor-managed inventory system are two different disciplines but they are similar in nature, the former is re-filling inventory by buyer itself but latter is replenishing inventory by supplier via visibility information from buyer. Vendor-managed inventory (VMI) system is a way to cut costs and keep inventory levels low. VMI lets companies reduce overhead by shifting responsibility for managing and replenishing inventory to vendors. In this dissertation, I shall try to develop a business model of Vendor-managed Inventory System to monitor and govern inventory level in plastics molding industry. This dissertation presents a generic framework by collaborative planning in an esupply network that integrates the activities in the value chain of the plastics molding manufacturing and administration system. With the development of business model, alternative situation and result analysis can be adhered to most of plastics molding industries and that allow top management to lead change and control business environment. There are many other areas that be applied to improve inventory performance, for example, through the deployment of enterprise resources to re-defining the buyer-supplier interface on enterprise planning, supply chain management and real-time information.

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