PROPOSED INVENTORY MANAGEMENT MODEL TO IMPROVE THE SUPPLY CHAIN EFFICIENCY AND SURPLUS IN TEXTILE INDUSTRY

In the present manufacturing scenario, inventory management plays an important role to enhance the efficiency and competitiveness among manufacturing industries. The main aim of this research is to create the role of inventory management approaches on the performance of a textile industry. An appropriate inventory model is expected to topple the costs incurred and thus increasing the supply chain surplus which makes it more efficient. In this research seasonal pattern of the thread sold and the future predict based on the seasonal trends are focused. Inventory turnover ratio is developed to determine the inventory conversion period for the different stocks of thread. Economic order quantity models are developed to determine the number of units of an item to be ordered for different raw materials. From the observed results it was found that the inventory turnover ratio for the thread type of 40s (1) is very low when compared to other types of thread and hence its conversion period is also very high which results in high inventory level for that particular item which intern affects the total inventory level of the company.