Management and Production Engineering Review

Volume 3 • Number 3 • September 2012 • pp. 34–44

DOI: 10.2478/v10270-012-0022-0

COMPREHENSIVE APPROACH TO THE INVENTORY CONTROL

SYSTEM IMPROVEMENT
Martin Krajčovič1 , Dariusz Plinta2
1
University of Žilina, Industrial Engineering Department, Slovakia
2
University of Bielsko-Biała, Production Engineering Department, Poland

Corresponding author:
Dariusz Plinta
University of Bielsko-Biała
Faculty of Mechanical Engineering and Computer Science
Production Engineering Department
Willowa 2, 43-309 Bielsko-Biała, Poland
phone: +48 33 827-92-34
e-mail: [email protected]

Received: 17 August 2012 Abstract

Accepted: 2 September 2012 This paper describes a methodology for inventory analysis and reduction, which was de-
veloped at the Department of Industrial Engineering, Faculty of Mechanical Engineering,
University of Zilina. The methodology describes the optimal procedure for the application
of basic analytical methods and tools in practice. The results of the analysis are in the
algorithm linked to the subsequent actions realized to improve inventory management sys-
tem and to minimize inventory level in the company. Described procedure is the result of
methodology examination and verification in practical conditions of production enterprises.
In the following sections of this paper, there are presented a comprehensive approach to
the inventory analysis and the own algorithm, which contains 3 phases: inventory analysis
on enterprise level, summary analysis of individual item groups and individual analysis of
material items. In the last section, there are described examples of results from such analysis
and conclusions. The presented approach is an attempt to create a universal procedure of
analysis which integrates methods and tools described in various publications.
Keywords
inventory control system, inventory analysis, ABC/XYZ analysis.

Introduction intangible operations in the production and logistics

processes [1, 2].
The continuous development of market and cus- Inventory control system, as a part of logistics
tomer requirements, shortening of innovation cycles, system, provides several important functions:
globalization and rising competition makes high re- • inventory control system as integration element in
quirements for the companies in terms of dynamics logistics chain – inventories occur along whole lo-
and flexibility. The excess of supply over demand and gistics chain and only their coordination ensures
the excess manufacturing capacity in every industri- the fluent movement of the material,
al segment gives customers a choice among several • inventory as a tool of customer service increas-
products from different manufacturers. The customer ing – right inventory assortment provides quick
always selects a product that provides the optimal response to customer requirements and delivery
mix of parameters as quality, price, flexibility and of right material items in shorter time,
innovation. • inventory as an indicator of company „health“ –
At present, the dominating parameter is time. company which controls your material flows opti-
Higher company flexibility can be achieved by ac- mally, has low inventory level and high inventory
celerating of material flow. That requires a compre- turnover; creation and existence of inventory indi-
hensive solutions and harmonization of tangible and cates places in logistics chain, where material flow

34
 Management and Production Engineering Review

is interrupted, have to apply individual analytical tools wisely and

• inventory as balance tool: in the right order [9, 10]. This is the only way how to
– balancing of different sized material flows, achieve the best effects in the shortest time and at
the lowest cost. The commonly used analysis (ABC
– time balancing – different terms of item de- analysis, XYZ analysis, evaluation through indica-
livery, production and consumption, tors) are often applied not systematically, without
• inventory as a buffer against uncertainty – inven- any definite conclusions for the inventory control sys-
tory makes a safety to unexpected situations, as tem. The result is an incorrect setting of the cus-
such delivery delays, quality problems, failures of tomer order decoupling point concept for individu-
the machines, organizational weaknesses, etc. al customers and products, wrong inventory struc-
The current competitive environment makes a ture, the high inventory value and low customer ser-
strong pressure on companies in terms of costs and vice.
expenses reduction [3]. Modern business philoso- The algorithm shown in Fig. 1 describes the indi-
phies like Just-in-Time, Lean Manufacturing, Sup- vidual steps of the inventory analysis and reduction,
ply Chain Management and other, assume a maxi- as the author has designed and verified in practical
mum slimming, which means, that the company have conditions in several Czech and Slovak companies.
to eliminate all wastes associated with the transfor- The algorithm describes the best practice for appli-
mation process [4, 5]. Inventories represent one of cation of methods and tools for inventory analysis
the most wastes, which have a significant economic and their connection to the decisions of optimal pa-
impact on business results. The goal of the modern rameters of inventory control system (optimal ratio
’lean’ logistics is therefore a maximum inventory re- between the customer service level and the inventory
duction through increasing the flexibility of logistics value in the logistics system).
and production processes and through the maximum The methodology of inventory analysis is based
synchronization and coordination of all processes as- on top-down systems engineering approach, which
sociated with material flow [6, 7]. talks that it first needs to be solved globally, princi-
From this perspective, inventory control can be pally problems, which gradually disintegrate to par-
understood as an important problem area of logis- tial problems, aimed to solving details. This makes
tics management, but at the same time as a signifi- it achieve the best synergistic effect from subsequent
cant source of savings. At present, when the invento- remedial measures in the system of management in-
ry share in the company’s assets is from 15 to 25% of ventory.
total assets and costs associated with inventory hold- Top-down approach contains 3 phases (Fig. 2):
ing are from 10 to 20% of the total cost, inventories 1. Inventory analysis on enterprise level.
represent a significant source of financial savings [8]. 2. Summary analysis of individual item groups.
It should be noted, that with the reduction of in- 3. Individual analysis of material items.
ventory are linked not only the direct financial sav-
ings resulting from a lower tying of capital in inven-
tories. Inventory reduction means also:
Inventory analysis on enterprise level
• space savings (storage space may be from 15 to Data source for the first phase of inventory analy-
30% of overall company space), sis is financial statement data (balance sheet, income
• personnel savings (every stock and every storage statement). Target of this analysis is to evaluate to-
needs office and handling workers), tal inventories level, inventory structure and inven-
• technical equipment savings (requirements for tory progress. In this phase we work with inventories
handling units, storage equipments, handling allocated as follows: raw material, work in process,
equipments depends on inventory level) , finished products and goods.
• evidence simplification and transparency increas-
The principle of analysis is to determine the val-
ing, ues of basic indicators and their subsequent evalua-
• simplification of logistics flow control,
tion [11, 12]. Following indicators are used for inven-
• improve the company image.
tory evaluation:
1. Absolute indicators:
A comprehensive approach
(a) inventory value [AC] in structure: raw mater-
to the inventory analysis and reduction ial (IRM ), work in process (IW IP ), finished
goods (IF G ), total inventory (I)
For effective evaluation of inventory, their con-
trol systems and proposal of corrective actions, we (b) sales [A
C] (Sa )

Volume 3 • Number 3 • September 2012 35

Management and Production Engineering Review

Fig. 1. Succession of activities in the analysis and reduction of company inventories.

36 Volume 3 • Number 3 • September 2012

 Management and Production Engineering Review

Fig. 2. Top-down approach to inventory analysis.

2. Ratio indicators: 3. Comparison of indicator values with the competi-

(a) inventory turnover: tors (Fig. 4) – the goal is to compare indicator
value with the indicator values in the main com-
Sa
IT = (1) petition.
I
(b) inventory turnover time:
I ∗ 365
IT T = (2)
Sa
(c) inventory share on sales:
I
ISS = (3)
Sa
(d) inventory share on assets
I
ISA = (4)
A
(e) inventory group (raw material, WIP, finished
goods) share on total inventory:
Fig. 3. Progress of inventory turnover time.
IRM
ISRM = (5)
I
IW IP
ISW IP = (6)
I
IF G
ISF G = (7)
I
where Sa – annual sales (A C), I – total inventory
(A
C), A – total assets (A C), IRM – raw material
inventory (A
C), IWIP – work in process inventory
(A
C), IFG – finished goods inventory (A C).
Indicators evaluation is performed by 3 ways:
1. Evaluation of progress in time (Fig. 3) – the goal Fig. 4. Comparison of inventory turnover time indicator
with selected competitors (tires manufacturing).
is to determine if the indicator improves or dete-
riorates.
Based on the indicators progress and benchmark-
2. Comparison of indicator values with industry av-
ing comparison with the guide values, respectively
erages – the goal is to compare indicator value
the values of competitors, should the company de-
with the average value of the indicator in the in-
cide about the need of other analyzes for improving
dustry.
the system of inventory management.
Volume 3 • Number 3 • September 2012 37
Management and Production Engineering Review

Summary analyses of individual groups where CSi – share of the i-th item in total consump-
of inventories tion, Ci – consumption of the i-th item (A C), CT –
total consumption (A
C).
Summary analyses are used to analyze some
group of the material items. They are usually focused
on the evaluation of item groups in material flow such
as raw material, work in process and finished prod-
ucts, or item groups stored at the same place (the
same storage). Their goal is to divide the items into
several subgroups in terms of their significance, the
pattern of consumption, turnover, etc. and to apply
for individual subgroups different approaches of in-
ventory control and optimization [13].

ABC analysis
It is uneconomic to deal with all material items
Fig. 5. Example of item distribution into groups accord-
with the same attention. It results from the Pareto ing to the principle of ABC analysis.
rule, which says “80% of all the consequences caused
only about 20% of causes”. This means, when we
evaluate a large set of items, individual items have
not the same effect on the observed parameter. In For dividing items to groups we can use graphi-
this case it is advisable to sort items according to cal presentation of cumulative Lorenz curve (Fig. 6).
their impact on the observed parameter and divide Main target of ABC analysis is determining of ba-
them into certain categories (groups). sic inventory control rules differentially for different
ABC analysis (Pareto analysis) is used just in this groups ABC (Table 1).
area. Basic principle of ABC analysis is items separa- Analysis of inventory value structure
tion into three categories/subgroups (A, B and C),
according to their percentage of the total value of This analysis represents the variation of ABC
the selected parameter (Fig. 5). Percentage of total analysis using another evaluation parameter. While
consumption value (total assortment, total sale, total ABC analysis by turnover talks about how which
inventory, etc.) is a primary classification criterion in item influences economic result of the company, the
inventory analysis: result of the analysis of inventory structure is knowl-
Ci edge of the share of inventory items to the total value
CSi = (8) of inventory [14].
CT

Table 1
Consequences of ABC analysis for inventory control.
A B C
Characteristic high turnover middle turnover low turnover / slow moving
Approach to inventory con- minimum stocks optimum stocks sufficient stocks
trol
Order frequency high (days – weeks) middle (weeks – months) low (2 – 4 times per year)
Order quantity small middle big
Safety stock low, precisely determined middle, simple determination high
approach
Material requirements de- precisely – deterministic ap- deterministic and stochastic stochastic approaches / ac-
termining proaches approaches cording to the direct require-
ments
Evidence precisely evidence of inventory evidence of inventory level, in- visual evidence of inventory
level, inventory inputs and out- ventory inputs and outputs, level and movement
puts, orders, deliveries, prices other data according to mater-
and quality ial groups
Position in storage closest to expedition area middle part of storage farthest from expedition area

38 Volume 3 • Number 3 • September 2012

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items, which generate the dominant share of the

total inventory value.
• Group B – Subgroup items with an average height
of inventories and an average total inventory val-
ue.
• Group C - Material items with low share of the
total inventory value. Potential for inventory re-
duction is insignificant in this subgroup.

XYZ analysis
XYZ analysis is the next summary analysis,
which is used in inventory control and optimization.
XYZ analysis is based on items classification in three
subgroups according to pattern of demand (con-
sumption). Together with the ABC analysis makes
a base frame of the process of inventory control.
XYZ analysis divides items to three subgroups:
• Group X – Items with stationary demand pattern.
These items are easily and precisely forecasted.
• Group Y – Items with variable demand pattern.
Demand pattern contains trend and/or seasonal
Fig. 6. Determining of group limits in ABC analysis. components. These items are forecasted with mid-
dle accuracy and middle difficulty.
Similar to ABC analysis, there is a need to use • Group Z – Item with intermittent (sporadic) de-
the criterion in financial units and in terms of estab- mand pattern. Demand forecast of these items is
lishing a common unit for disparate range of material difficult or impossible with using standard fore-
items as well as in terms of the effectiveness of the casting methods.
resulting classification. By applying XYZ analysis for chosen group of
It uses another evaluation parameter – percent- items we obtain division of this group into three sub-
age of total inventory value. groups. These three subgroups define the possibility
of using quantitative forecasting (time series analy-
sis) methods (Fig. 8) [15].
Groups X and Y represent item groups, which
are suitable for forecasting method application whith
sufficient forecast accuracy.
Group Z represents items with intermittent de-
mand – for demand forecasting have to be used
special methods and approaches, such as Croston
method, bootstrapping, etc.

Inventory turnover analysis

Inventory turnover analysis uses inventory
Great potential for inventory value reduction turnover indicator calculated for individual items.
– the need for individual analysis The goal of analysis is a classification of material
Fig. 7. Importance of group A for inventory reduction. items according to inventory turnover and identifica-
tion of slow-move and obsolete inventories (Fig. 9).
Results of this analysis can be used for rapid and
Ci
effective inventory value reduction, because material ITi = (9)
items are divided into following subgroups: Ii
• Group A – Material items with the largest share where ITi – inventory turnover of the i-th item (per
of the total inventory value. This group represents year), Ci – consumption of the i-th item (number of
the greatest potential of inventory value reduction units sold or used/year), Ii – inventory of the i-th
(Fig. 7), because group contains small number of item (average number of units/year).

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Fig. 8. Using XYZ analysis in forecasting method selection.

2. Middle-moving inventory (inventory turnover = 4

to 8 times/year) – target: keep and increase inven-
tory turnover
3. Slow-moving inventory (inventory turnover = 1
to 4 times/year) – target: increase inventory
turnover, review the assortment
4. Obsolete inventory (inventory turnover < once per
year) – target: eliminate inventory – unnecessary
inventory
Main importance of inventory turnover analysis is
the more precise identification of obsolete inventories
(fourth group).

Individual inventory analysis

Fig. 9. Results of inventory turnover analysis.
Individual inventory analysis are applied to
The inventory turnover analysis can sort items items, which have the most potential of inventory
into four groups as follows: value savings and in which each inaccuracy in set-
1. Fast-moving inventory (inventory turnover > 8 ting of inventory control system will cause signifi-
times/year) – target: keep the high inventory cant problems (stock out or significant increase in
turnover stock value). In this final level of analysis we are look-

40 Volume 3 • Number 3 • September 2012

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ing at each item, we are detecting the adequacy of this analysis is a specification of the inventory control
stock level compared with consumption level and re- parameters for individual item. Statistical analysis
plenishment mode of the material items. In regard therefore evaluates the rightness of inventory control
to time-consuming and the expected benefits, these system through the analysis of basic statistical pa-
analyses are fully applied only to A- items from the rameters (average consumption, standard deviation,
ABC classification. seasonal indices, etc.).
The procedure for the statistical analysis
Analysis of consumption and inventory level
(Fig. 12):
progress
The goal of this analysis is to detect, whether 1. Analysis of historical consumption progress.
there is any relationship between item consumption It consists in the processing of complex time se-
level and item inventory level, i.e. whether inventory ries of storage inputs, consumption and inventories
level of analyzed item corresponds to the maximum of material items [16]. Because of the exclusion / con-
item consumption. The principle of this analysis is firmation of seasonality, it is appropriate to choose a
shown in Fig. 10. time horizon within 1-2 years. The goal of this step
is to evaluate the actual item consumption and its
basic statistical parameters: average, standard devi-
ation, trend or seasonality.

2. Determining of the basic parameters.

Based on the results of previous step and knowl-
edge of other parameters of item replenishment (de-
livery time, order quantity), they are determined the
normative values of inventory control system:
Fig. 10. Principle of graphical analysis of consumption a) safety stock,
and inventory level progress.
b) minimum stock level,
Analysis of consumption and inventory level c) maximum stock level,
progress provides quick sorting of the material items d) inventory reorder level (if the inventory control
and identification of items with an inadequate in- system requires it).
ventory and thus items, which have the potential to
reduce inventory levels. The analysis is realized only 3. Simulation of inventory order and replenish-
in a graphical way, which is used for sorting the items ment process.
for further analysis (Fig. 11), based on the evaluation
level of consumption and inventory level. In an appropriate computer system we create a
model, that will work with the real parameters of the
ordering process (realistic delivery times, order quan-
tities, consumption) and with inventory control para-
meters determined in previous step. This model will
serve to simulation of inventory replenishment. For
purposes of simulation we can use specialized soft-
ware for discrete computer simulation (Arena, Wit-
ness) [17, 18], but satisfactory results gives simula-
tion in MS Excel too [19].

4. Comparison of real and simulated progress.

Finally, we evaluate the benefits of new parame-
Fig. 11. Material item with excess inventory. ter setting of inventory control system of the material
items [20, 21], mainly:
Statistical analysis of inventory • change of average inventory level (in pieces and
C),
A
Items sorted by previous analysis, should be de- • new service (coverage) level,
tailed analyzed using statistical analysis. Output of • change of ordering cost and inventory holding cost.

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Management and Production Engineering Review

cific product properties, small number

of customers, irregular and difficult pre-
dictable demand.
– Proposal of logistics concept for individual
combinations “product – market segment”:
Result is determining the optimal position
of decoupling point for specific combination
“customer – market segment” as optimum
between inventory level and customer service
level.
2. Elimination and prevention of obsolete invento-
ries.
Obsolete inventories are the source of „dead“ cap-
ital, which causes large losses for a company. Val-
ue of company losses is depended on time and
value added in manufacturing process. Effective
tools for identifying obsolete inventories are sum-
Fig. 12. Statistical analysis of consumption and inventory mary analysis of date of last output and inventory
level progress. turnover analysis. The tolls must not only identify
existing obsolete inventory, but must also help by
the prevention of new obsolete inventories in the
Actions to improve the inventory levels future.
3. Increase the accuracy of input data for inventory
and inventory control system
control using forecasting methods.
Capabilities of forecasting methods application in
Results of analysis (mainly summary and indi-
inventory control are not limited only to demand
vidual analysis) serve to following implementation of
forecasting for final products in the “make-to-
corrective actions for improving of inventory control
stock” or “make and distribute-to-stock” concept,
system:
but their application is also possible in the other
1. Setting the concept of customer order decoupling
logistics concepts (decoupling point is located clos-
point, which requires:
er to supplier). The only exceptions are the con-
– Customer analysis and segmentation: Cus- cepts “engineer-to-order” or “purchase-to-order”,
tomer segmentation is based on identifica- where are no “free” (unbound) inventories.
tion of customer’s requirements for logistics 4. Setting the control parameters according to the
parameters of delivery service (required lead importance of material items.
times, quantities, products packaging and la- The basis for setting the parameters of inventory
beling, handling units, mode of transport). control is previous item classification into different
– Analysis of purchasing, manufacturing and classes using the ABC analysis. Own parameter
distribution processes: In terms of determin- setting process has to keep the following princi-
ing the position of decoupling point in the lo- ples:
gistics chain it is especially important knowl- – A-items have to be ordered with high fre-
edge of process time characteristics (purchas- quency and in smaller quantities, thereby will
ing lead time, production and assembly lead be ensured an acceptable level of average in-
times, distribution lead time). ventory, amount of capital bounded in in-
– Evaluation of restrictive conditions: Main re- ventories and low inventory holding costs,
strictive conditions influencing the position in conditions of high rate of material item
of decoupling point are: consumption turnover. These items also re-
• impacts of manufacturing process: long quire very accurate evidence and rigorous
lead times, high setup costs, deliveries and frequent monitoring of compliance with
from unreliable or critical suppliers, un- the norms.
reliable and poorly managed processes, – Main decision factor by B-items, in terms of
• impacts of products and market: vari- inventory optimization, is an ordering costs
ation of the products, price and spe- level. While A-items can be frequently or-

42 Volume 3 • Number 3 • September 2012

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dered (high consumption of these items al- (such as ABC analysis, inventory turns, demand fore-
lows effective deliveries by high delivery fre- casting, optimization of control parameters in pull
quency), B-items have to be ordered in longer inventory control systems, etc.), automate of data
cycles because it is necessary to ensure effec- processing and analysis and help to reduce the time
tive spending of ordering costs and on the needed to obtain desired results.
other side the impact of extended order cycle Next research in inventory control area is focused
on inventory value is lower than by A-items. on wider integration of material and information
flows and design of integrated supply chains (Supply
– Both groups are suitable for application
of supplier milk-run concept that ensures Chain Management). Within this concept the aspect
low inventory level by optimal ordering cost of inventory control acquires a new dimension, be-
cause the coordination of supply chain is becoming a
spending. In this case, they are designed the
circular routes, which connect several suppli- common task for all stakeholders (primary and sec-
ondary suppliers, manufacturers, distributors) and
ers to one common route. In this case, trans-
portation is effective, when we are picking main target is to achieve a synergistic effect in the
small quantities from individual suppliers. whole supply chain, not in one subject.

– C-items should represent the smallest share This paper was made about research work sup-
of total order processes, though they are the port: VEGA no. 1/0583/12.
largest group (in terms of items number).
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44 Volume 3 • Number 3 • September 2012