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EVALUATING INVENTORY MANAGEMENT PERFORMANCE: A PRELIMINARY DESK-SIMULATION STUDY BASED ON IOC MODEL
Abstract—The focus of this study is on preliminary use and implementation of an innovative stock performance evaluation procedure, based on the Inventory Operating Curves model. The evaluation of Inventory System performances is becoming a primary concern for senior managers in many sectors, due to the global financial crisis and the budget-cutting policies. However, traditional models require to simultaneously assess and monitor many interrelated parameters, in order to describe the logistic behavior of a huge quantity of items. In that sense, traditional tools are not very useful or effective for decision-making and managerial practice.
The Inventory Operating Curves (IOC) model, based on an aggregate Inventory Level approach, can be successfully employed to perform an evaluation of the current Inventory System. In addition, it can support the re-design of the logistic parameters consistently with the manifold requirements of the downstream channel. The case study provided in this paper refers to a selected Italian pharmaceutical manufacturer. The evaluation of the real inventory data available, is developed around the seasonality issues which are expected to affect the demand pattern of a particular product family.
Index Terms—Inventory Management, Desk Simulation, Inventory Control.