Effect of Smart Inventory Record Accuracy on Operational Efficiency of Olam Group in Kwara State
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Date
2023-12
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Management Sciences, Federal University Dutsin-Ma Katsina State
Abstract
Businesses in their large throughout the world have recently encountered a number of difficulties, particularly with inventory management and control, which has had an impact on their operational performance. Accordingly, the study examined the effect of smart inventory and inventory record accuracy on operational efficiency of Olam Group Company in Kwara State. The study adopted crosssectional survey research design. The target population comprised 2,021 staff of the Company. While using 320 as its sample size generated through a Maccor Calculator. The study adopted primary source of data collection through the of a structured self-administered survey questionnaire which adapted, validated and used for collecting data for the study. From the distributed 320questionnaires 257 which represent 79.3 percent of the distributed questionnaires was retrieved and used for analysis. Data were analysed using descriptive and inferential (ANOVA and Regression Analysis with the aid of SPSS version 25.0) statistics. Finding revealed that inventory record accuracy have significant effect on operational efficiency with p-value of 0.001 (which is less than 0.05) and also smart inventory significantly influenced operational efficiency with p-value of 0.016 (whil is less than 0.05). The study concluded that smart inventory and inventory record accuracy significantly influenced operational efficiency of Olam Company Kwara State. The company recommended that the companies should ensure that stocks were sufficient to meet production requirements, accommodate cycle count and adoption sophisticates smart technologies in its operation.