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4 results on '"obsolete inventory"'

1. Reducing Pharmaceutical and Non-Pharmaceutical Inventory Waste in Tertiary Hospital: Impact of ABC-VEN Analysis in a Zero-Waste Strategy Over 7 Years

Author

Alanazi MQ, Alkhadhairi EK, Alrumi WH, and Alajlan SA

Subjects
inventory wastage, expired pharmaceutical inventory, abc-ven matrix, non-moving inventory, obsolete inventory, Public aspects of medicine, RA1-1270
Abstract

Menyfah Q Alanazi,1– 3,&ast; Eyad K Alkhadhairi,3 Waleed H Alrumi,4 Sami A Alajlan3,&ast; 1Drug Policy and Economics Center, King Abdulaziz Medical City, Ministry of National Guard-Health Affairs, Riyadh, Saudi Arabia; 2King Abdullah International Medical Research Center, King Saud bin Abdulaziz University for Health Sciences, Riyadh, Saudi Arabia; 3Logistics and Contracts Management, King Abdulaziz Medical City, Ministry of National Guard - Health Affairs, Riyadh, Saudi Arabia; 4Expenditure Efficiency and Projects Authority, Riyadh, Saudi Arabia&ast;These authors contributed equally to this workCorrespondence: Menyfah Q Alanazi, Drug Policy and Economics Center, King Abdulaziz Medical City, Ministry of National Guard-Health Affairs, Riyadh, 11426, Saudi Arabia, Tel +966118011111, Email menefah@gmail.comAim: To evaluate the prevalence and trend of inventory waste in a tertiary hospital over the last 7 years. This included the type and average monetary value (MV) of inventory waste, as well as the outcome of using the Always-Better-Control (ABC)-Vital-Essential-Non-essential (VEN) matrix as part of a Zero-Waste Strategy.Methods: This was a retrospective observational study conducted at King Abdulaziz Medical City (KAMC) over 7 years.Results: The prevalence of waste was 0.21%, which equates to (SAR) 15 million out of SAR 7 billion. The pharmaceutical inventory had significantly higher waste in terms of MV and the number of items (89.8%, and 80.3%, respectively) (P< 0.001). The expired pharmaceutical inventory had a significantly higher waste of MV than non-moving and obsolete inventory (79.8%, 14.3%, and 5.9%, respectively) (P< 0.001). The ABC-VEN matrix categorized the inventory into Category I, which has the highest MV waste at 82.3%, followed by Category II with 16.8%, and then Category III with 0.9%. However, category II had a significantly higher number of wasted items at (58.2%), followed by Category I (24%) and Category III (17.8%) (P< 0.01). The majority of MV waste consisted of a small number of pharmaceutical items that had a high clinical impact, representing 66% and 18%, respectively. After implementing a zero-waste strategy for landfills using the ABC-VEN matrix, the prevalence of waste declined from 0.9% to 0.21%. The waste sent to the landfill was zero from 2018 through 2020, saving 73.64% of the total money.Conclusion: The use of the ABC-VEN matrix positively impacted the reduction of MV waste. The prevalence and trend rate of inventory waste were lower than the benchmarks of global companies, saving more than two-thirds of the inventory value that would have been wasted. The majority of the wasted MV consisted of a small number of pharmaceutical items that had a significant clinical impact.Keywords: expired pharmaceutical inventory, non-moving inventory, obsolete inventory, Saudi Arabia, prevalance of inventory waste, employee engagement, rate of inventory waste

Published
2024

2. Strategies for Reducing Excess and Obsolete Inventory

Author

Halilović, Emir, Bajrić, Hadis, Melin, Kristian, Neimarlija, Ermin, Kacprzyk, Janusz, Series Editor, Gomide, Fernando, Advisory Editor, Kaynak, Okyay, Advisory Editor, Liu, Derong, Advisory Editor, Pedrycz, Witold, Advisory Editor, Polycarpou, Marios M., Advisory Editor, Rudas, Imre J., Advisory Editor, Wang, Jun, Advisory Editor, Karabegovic, Isak, editor, Kovačević, Ahmed, editor, and Mandzuka, Sadko, editor

Published
2023
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3. Overstock of aftermarket parts in Africa at Sandvik Stationary Crushing and Screening

Author

Johannesson, Mattias and Johannesson, Mattias

Abstract

Title: Overstock of aftermarket parts in Africa at Sandvik Stationary Crushing and Screening Author: Mattias Johannesson Supervisor: Fredrik Olsson, Division of Production Management Background: An increase of customer expectations such as demand for more customizable options, shorter lead times and availability puts more and more pressure on a company's logistical processes. With fluctuating demand, inconsistent lead times and uncertainty around the world, variability is present and adds complexity to the logistical processes and needs to be handled appropriately to lower costs and match supply and demand. Purpose: Find major root causes of the overstock situation in the region of Africa and suggest solutions to these identified causes. Furthermore, investigate the possibilities of redistribution and scrapping of current obsolete inventory. Research questions: 1. What are the major root causes to the overstock situation in Africa? 2. How can these issues/root causes be mitigated and thereby reduce future overstock? 3. How can the current obsolete inventory be handled in terms of redistribution and scrapping? Methodology: The methodology presented and used is based on Höst et. al. (2006) and the project procedure presented by Hillier & Liebermann (2010). The initial step was to define and investigate the severity of the overstock situation, to then analyze and find the root causes of this phenomenon, based on the literature study and input from company representatives. From these root causes, different solutions are presented to ideally avoid or mitigate the severity of these causes in the future. To reduce the current inventory obsolescence, a framework based on quantitative historic data is presented, which explores the possibilities of redistribution and scrapping. Conclusion: Based on the analyzed data it was found that the two major root causes of overstock were the lag of the demand forecast for items that have lost demand and a manual forecast increase with n

Published
2023

4. ANALISIS PERLAKUAN AKUNTANSI TERHADAP PERSEDIAAN BARANG USANG PADA PT. SINAR NIAGA SEJAHTERA (DISTRIBUTOR GARUDA FOOD) MANADO

Author

Yelfindi Purba, Herman Karamoy, and Jessy D.L Warongan

Subjects
Consumption (economics), Agricultural science, Obsolescence, Business, accounting treatment, obsolete inventory, reserve method, expiration of consumption, Research method
Abstract

Inventories of obsolete goods will incur inventory costs, costs that exceed income will not generate profits. PT. Sinar Niaga Sejahtera (Garuda Food Distributor) Manado quite often finds inventory obsolescence of goods sold on credit to customer outlets. The research objective was to analyze the causes of obsolete inventory and accounting treatment of obsolete inventory at PT. Sinar Niaga Sejahtera (Garuda Food Distributor) Manado in accordance with accounting theory. The research method used is descriptive qualitative, where data and information obtained from PT. Sinar Niaga Sejahtera (Garuda Food Distributor) Manado is described qualitatively. The results of research at PT. Sinar Niaga Sejahtera (Distributor of Garuda Food) Manado, which is the cause of obsolete inventory due to expiration of consumption or expiration periods and accounting treatment of inventory of obsolete goods using the reserve method is in accordance with the applicable accounting theory and has run well with and obsolete inventory still in the normal category because it never exceeds the limit of what is reserved for one period.

Published
2019
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