Project Abstract

Abstract
Efficient inventory management is crucial for manufacturing organizations to ensure smooth operations and meet customer demand. This research project focuses on the design and implementation of an automated inventory control system tailored for a manufacturing organization. The system aims to optimize inventory levels, minimize stockouts, reduce carrying costs, and enhance overall operational efficiency. The automated inventory control system will utilize advanced technologies such as RFID tags, barcode scanners, and inventory management software to track inventory in real-time accurately. By integrating these technologies, the system will provide timely and accurate information on inventory levels, location, and movement within the organization. One of the key features of the system is the implementation of demand forecasting algorithms to predict future inventory needs based on historical data, sales trends, and seasonality. This will enable the organization to proactively manage inventory levels and avoid both overstocking and stockouts, leading to improved customer satisfaction and reduced holding costs. Furthermore, the automated inventory control system will include functionalities for automated reordering of stock when inventory levels reach a specified threshold. This will streamline the procurement process, reduce manual intervention, and ensure that the organization maintains optimal inventory levels at all times. In addition, the system will incorporate data analytics capabilities to provide insights into inventory performance, identify slow-moving or obsolete stock, and support data-driven decision-making processes. By leveraging analytics, the organization can optimize its inventory management strategies, reduce wastage, and improve overall operational efficiency. The implementation of the automated inventory control system is expected to yield several benefits for the manufacturing organization, including improved inventory accuracy, reduced carrying costs, increased productivity, and enhanced customer service levels. By automating inventory management processes, the organization can focus on core business activities while ensuring that inventory levels are optimized to meet customer demand effectively. Overall, this research project aims to design and implement an automated inventory control system that leverages advanced technologies and data analytics to enhance inventory management practices within a manufacturing organization. The system's capabilities in real-time tracking, demand forecasting, automated reordering, and data analytics are expected to drive operational efficiency, reduce costs, and improve customer satisfaction.

Project Overview

1.0 INTRODUCTION
An inventory control system contains a list of orders to be filled and then prompts workers to pick the necessary items, and provides them with packaging and shaping information, inventory control may be used to automate a sales order fulfillment process and also manage in and outward material of hardware. Automation is the replacement of human workers by technology. For optional sales and inventory management process, robust functionality is needed for managing logistic facilities. Ware house management functions for inventory control cover internal ware house movements and storage and its support helps in the recording and tracking of materials on basis of both quantity and value. This application takes care of all supply orders reducing cost for warehousing, transportation while improving customer service. It significantly improves inventory turns, optimizes flow of goods and shortens routes within warehouse and distribution centres. it also improves cash flow, visibility and decision making providing efficient execution of task using this fast and reliable computerised method.

1.1 HISTORICAL BACKGROUND OF THE STUDY

The Petroleum Equalisation Fund Management Board is a scheduled Parastatal of the Ministry of Petroleum Resources ,established by Decree No.9 of 1975 (as amended by Decree No. 32 of 1989 ), mainly to administer Uniform Prices of Petroleum products through out the country . This is achieved by reimbursing a marketer’s transportation differentials for petroleum products movement from depots to their sales outlets (filling station), in order to ensure that products are sold at uniform pump price throughout the country. The source of the Fund is from principally the net surplus revenue recovered from Oil Marketing Companies. It has an Operational Office in Lagos, five (5) Zonal Offices as well as twenty-two (22) Depot Offices located at the 21 NNPC Depots and Marketers’ storage facilities at Apapa and Ibafon. It is headed by the Executive Secretary who is the Chief Administrative Officer, responsible for the day to day operations of the fund. In 1979, Government, conscious of the fact that petroleum products supply did not reach the remotest parts of the country encouraged Major Marketers to open filling stations in those areas.