Reflactive Writing of Inventory Management & e-GP System

 

Name:  Mohan Regmi

Module Name: Inventory Management 

Introduction

Inventory management assists organizations with distinguishing which and how much stock to arrange at what time. It tracks stock from buy to the sale of products. The training distinguishes and responds to patterns to guarantee there's generally sufficient stock to satisfy customer orders and appropriate warning of a deficiency. There are various mythologies and techniques of inventory management. As inventory plays a very important role in business’s performance.

Unit 1

Important of inventory Management

While I am confident about my knowledge and understanding in basic of inventory management. Improving practical knowledge on inventory management is a skill I hope to develop further. In the process of learning this, I was able to use my rolling stock knowledge of Material Management to apply for better performance characteristics. As this was not my first time this topic being introduced to me, I found it worth learning which flowed from start to finish with always additional to know then before. Wholesomely, this reminded and triggered me the important of inventory on success of business. And additionally, performance measures for inventory management. I am very interested in developing skills in material and inventory management.

 

Unit 2

Inventory Control System

I am supremely fascinated to know about how the business entity control and monitor its inventory in practical manner. In fact, I use to think it will be nearly impossible to monitor stock practically. Some of them I felt worth influencing the business performance are two-bin system, Q-system and P-system of inventory control model. I was confident about Material Requirement Planning (MRP) and outsitting method. Moreover, I got to know more ideas on other methods of Material Requirement Planning such as lot for lot method, ordering with safety stock and Reality ordering method. I am looking forward to learn more about these methods with lot sizing and ordering with economic order quantity, part period balancing and periodic order quantity.

 

Unit 3

Selective inventory Control Tool

Inventory analysis techniques are totally new to me and had no idea about it which actually has very important role to determine the right amount of stock to keep on-hand to till demand while avoiding cost on inventory storage. Stock analysis inform basic business choices that can influence everything from how much stock you keep close by for productivity. That is the reason having a tool that can the process and deliver results in real time is essential. Most popularly used technique is ABC analysis which is based on 80/20 principal. There are also more techniques that I got to know in inventory control tool. Furthermore, I am interested in knowing how some of the automated inventory control software work in corporate world.

 

Unit 4

Inventory Documentation

After going through the topic inventory documentation and record keeping are vital to guarantee responsibility, work with coordination of care among suppliers and for administration improvement. In any case, the significance of documentation and record keeping might be disregarded/eclipsed by the attention on direct administrations to clients. Some of the document that I got familiar are stock ledger, Stock Identification card, goods received notes, goods return goods, Goods transfer notes, Goods delivery notes.

 

Reflective Writing on e-GP Conference

Procurement officer Mrs. Dechen Wangmo, an expert in electronic government procurement, detailed the specifics of the Procurement Rules and Regulations 2019 Royal Government of Bhutan. However I was familiar the PRR 2019 as I went thought it last winter. But the idea about the e-GP was completely new to me as well as how to use and manage the e-GP framework fully backed up by DNP (Department of National Property) though I had some idea about E-Procurement. As indicated by Madam, the main part of the errand that has not continued with the remainder of the work is acquirement. They began using the innovation in 2015 to improve creation, save expenses, and dispense with human blunder.  In fact, conference was very much effective to me as it imparted very significant virtual skill to me. 

Madam Dechen discussed the system's operation, including how it maintains efficiency, openness, accountability, and fair and equal treatment for all bidders which was unbelievable at first but it got reasonable as I got familiar with it. Furthermore, she has detailed the e-GP system's method, from bidder and user registration through contract signing between the selected bidder and tender committee member. She described the method not just from the procurement viewpoint, but also from the viewpoint of the bidder. This was good opportunity for me to develop my skill in the field of virtual procurement system. 

Conclusion

Inventory management is an important aspect of any organization because it is the process of overseeing and controlling the flow of inventory units an organization uses in the production or manufacture of goods for sale or distribution. It is often known as life blood to and operation of the business.