The new role of inventories in business: Real world changes and research consequences

Chikán, Attila

doi:10.1016/j.ijpe.2006.12.002

Cited by 25 publications

(13 citation statements)

References 11 publications

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“…Insert Figure 10 about here All the methods have been extensively tested on historic industrial data and figure 10 shows a summary of the methods and a decision scheme for applying them in various situations. We can but note here, together with (Chikán, 2007), that the traditional inventory planning methods with some appropriate extensions got new significance in the context of managing complete supply networks.…”

Section: Cooperative Inventory Planningmentioning

confidence: 95%

Real-time, cooperative enterprises for customised mass production

Monostori¹,

Kis²,

Váncza³

et al. 2009

International Journal of Computer Integrated Manufacturing

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The paper discusses the main requirements that are posed by customized mass production towards managing production networks. Special emphasis is put on real-time, cooperative behaviour. We present a large-scale national industry-academia R&D project aimed at improving the performance of a production network that produces consumer goods in large quantities and variability. An integrated approach is outlined for planning and scheduling the behaviour of the system at network-, factory-and plant levels, as well as for adapting the various plans and schedules to real execution conditions. Novel, integrated solutions are described for rolling horizon production scheduling of a factory with more than 100 production lines, for real-time control of daily production supported by information fusion and simulation, as well as for cooperative component supply. The industrial deployment of the integrated systems is also presented together with some lessons of their routine application.

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Section: Cooperative Inventory Planningmentioning

confidence: 95%

Real-time, cooperative enterprises for customised mass production

Monostori¹,

Kis²,

Váncza³

et al. 2009

International Journal of Computer Integrated Manufacturing

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“…The new paradigm is that inventories should now be an integral part of the value chain and in close relationship with other functions of the organization, thus becoming a strategic tool that achieves economic benefit and customer satisfaction, and their performance measures should be based on their contribution to finding better solutions for the consumer than those offered by competitors [22,20]. Customers expect immediate gratification from suppliers regarding their requirements, just as they have them with their customers or suppliers, but as Walker [23] states, they do not consider a different sourcing pattern.…”

Section: Global Economymentioning

confidence: 99%

“…Chikan [22] talks about a paradigm shift in business on different topics, as shown in the below table (Table 1).…”

Section: Introductionmentioning

confidence: 99%

Forecasting Demand Improvement for Replenishment in a Retail Painting Company

Briseño-Oliveros¹,

Guzmán-García²,

Cano‐Olivos³

et al. 2019

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This case study was developed in a retail painting company; the main objective is to reach a higher cash flow for assuring the fulfilment of the demand with a 95% service level. Currently, supply chain faces to multiples competitors so familiar business have to improve the logistics processes for remaining in local, national and international markets. Through the ABC-classification, the product portfolio was classified for choosing the products with more significative impact. Forecasts techniques may obtain data with higher accuracy in the order preparation. For this research, a seasonal model is functional, since the demand tends to have a similar behaviour year by year and month by month. Seasonal demand model was used to find specific products that might not fit for ordering minimum quantities which might exceed the forecasted demand. On the other hand, classic EOQ model considers the value of the inventory and demand forecast, which demonstrates that the performance of the supply chain could improve considerably. Therefore, an accurate estimate can reduce inventory costs in each of the periods, satisfying customer demand, by at least 14%. EOQ model should apply to all products for reducing the investment in slow-moving stock and improving the inventory for those highly demanded products which can generate flexibility to embrace market complexity and meet customer expectations. As a future study, the company can develop a strategy to reduce non-rotating inventory with more accurately, what and when they will sell specific products.

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“…This led to varying patterns of inventory investment after the mid-1990s, which, however, still exhibited the tendency of slow decline. Recent studies claim that the role of inventories in today's management processes is changing (to be more active), which may eventually lead to at least partial counterbalancing of the consequences of more effective inventory management techniques (Chikán, 2007;Hofer et al, 2012). The nearly universal drop in inventories during and after the global crisis of 2008 can be attributed to the sharp fall in the real economy right after the beginning of the financial crisis.…”

Section: Explanation Of the Declining Trends And Their Volatilitymentioning

confidence: 99%

Long-term trends in inventory investment in traditional market and post-socialist economies

Chikán

Kovács

Matyusz

et al. 2016

International Journal of Production Economics

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a b s t r a c tInventories form a small but important part of national wealth and constitute the most volatile component of GDP. Their moves are important indicators of the dynamics of the economy, both at the micro and macro level. In this paper, the authors venture to explain long-term macroeconomic inventory investment trends from new perspectives.We compiled a data set of 24 OECD countries for the 1970-2011 time period and addressed three sets of questions: -How can inventory investment be characterised in the sample countries, and what are the general tendencies? Does the analysis on the substantially larger data set (compared to those in our previous studies) verify earlier results regarding the declining global trend in inventory investment and the convergence of inventory features in different countries? -A quarter of a century ago, a substantial change in the economic systems of certain OECD countries took place: the transition of Central-Eastern European countries from planned to market economies. The difference in inventory behaviour in the two sets of countries was obtrusive before the transitionthe changes following the transition reveal very important consequences of systemic changes. -Are there substantial connections between fundamental country characteristics and inventory behaviour? Can regression and correlation analysis reveal some decisive relationship between certain macroeconomic indicators and inventories? Our analysis resulted in mostly positive or at least meaningful answers to the above questions and opened up a broad field for further research.

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The new role of inventories in business: Real world changes and research consequences

Cited by 25 publications

References 11 publications

Real-time, cooperative enterprises for customised mass production

Real-time, cooperative enterprises for customised mass production

Forecasting Demand Improvement for Replenishment in a Retail Painting Company

Long-term trends in inventory investment in traditional market and post-socialist economies

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