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inventory control project report in bmtc
Post: #1

I'm studying BBA final year and I want to know can I do inventory management in service sector
Post: #2

Manufacturing Inventory

In manufacturing, inventory is typically understood as (1) the components used to construct the finished product and (2) the finished product themselves. Inventory has the unique property of "cash sitting on the product" - in other words, inventory does nothing for the business until it is sold in exchange for a more liquid asset such as cash. Until then, inventory is a cost.

Inventory in service

The concept of inventory in a service context is a little difficult to explain and can take different forms, depending on the context. But in general, inventory in a service context, should not be equated with inventory in a manufacturing context - in-service inventory is very intangible and sometimes not a "real asset". Here are some examples:
 Inventory in an emergency room may be the people waiting; In this context, increasing patient flow means that we reduce the inventory (people) and, in other words, we serve more patients in a more timely manner. But, who wants to call people "inventory" - is not appropriate, but one could misapply the term and reduce people to inventory.
 Inventory in a service context often has the property of intangibility, that is, it is not usually a "real asset" that can be signaled at a point in time. For example, seats in a movie theater could be considered "inventory", but there are other more creative labels for "unused capacity" such as "occupancy rate" and others. But, it's basically inventory. Back to the example of the movie theater, unused seats in a movie theater could be considered inventory for which there is no demand - this means that it is "cash on the table".

Notice how we understand the concept of "inventory" determines how we approach it. In the previous examples, on the one hand, the "inventory" should be reduced, but, on the other hand, the inventory should be satisfied or "filled".

No inventory or buffers

Here are some examples to illustrate the concept of "intangible" in service vs. manufacturing.

Manufacture of parts

If we make widgets, those parts can go to a point of sale to be placed in inventory. If demand suddenly declines, that inventory is the buffer between production and demand. The goods will remain in inventory and can be sold later.

Airlines management

Or, if you have too many seats on an airline, or if the plane is too large for the demand to travel from point A to point B, you will not be able to save those seats for later. When that flight takes off without passengers, those seats are gone.
 


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