A Analysis on the Traditional and Modern Techniques of Inventory Management with Special Reference to Aruna Enterprises, Banglore
Author 1 : ARUN C.B
IV Sem MBA, RR Institute Of Advanced Studies
RR Institutions
Bangalore University, Bangalore
Email id : arunprasanna49@gmail.com
Author 2 : GEETHA R
Assistant Professor, RR Institute Of Advanced Studies
RR Institutions
Bangalore University, Bangalore
Email id : rgeetha691@gmail.com
ABSTRACT
This study examines the traditional and modern techniques of inventory management with a specific focus on Aruna Enterprises, Bangalore. Inventory management is critical for ensuring operational efficiency, minimizing costs, and meeting customer demand in manufacturing sectors. The research delves into Economic Order Quantity (EOQ) and ABC analysis as traditional techniques while highlighting modern tools like HML analysis. It examines the challenges faced by manufacturers, including inventory optimization, material handling, and procurement, and evaluates the company’s practices over three years. Key insights emphasize the role of advanced inventory practices in enhancing productivity, reducing waste, and maintaining cost-effectiveness. Recommendations are proposed to bridge gaps in inventory handling and integrate sustainable practices. This study aims to serve as a guide for improving inventory management strategies in manufacturing industries, thereby ensuring competitiveness and profitability in the global market. In this study the Statistical tests, such as the Chi-Square test, t-test, and ANOVA, were employed to assess the significance of observed data compared to expected distributions, ensuring robust and accurate conclusions. The findings underscore the importance of prioritizing high-priority and high-value items while optimizing costs and refining inventory strategies in response to evolving demand.
Keywords: Inventory Management, Components Industry, Traditional Techniques, Modern Techniques, Economic Order Quantity (EOQ), ABC Analysis, Just-In-Time (JIT).
