FACTORS AFFECTING THE PERFORMANCE OF INVENTORY MANAGEMENT IN RETAIL BUSINESS
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Abstract
The objectives of this research article are as follows 1) To study the factors affecting the efficiency of inventory management in retail businesses. 2) To analyze the relationships between factors affecting the efficiency of inventory management. 3) To propose guidelines for improving inventory management systems in retail businesses. This research is a quantitative study that collected data from a sample of 150 people working in retail businesses. The data was analyzed using regression analysis and testing the relationships between different variables.
The results of the study are as follows 1) Factors affecting the efficiency of inventory management include the use of technology for inventory tracking, employee training, and managing inaccurate demand forecasts, all of which directly impact the ability to manage inventory efficiently. 2) The analysis of the relationships between factors affecting inventory management found that the use of RFID technology and employee training are significantly related to improving inventory management efficiency. Meanwhile, failed demand forecasting results in increased costs and stockouts. 3) Guidelines for improving the inventory management system in retail businesses include implementing RFID technology for more accurate inventory tracking, developing demand forecasting systems using statistical analysis, and providing training to employees to enhance their inventory management skills.
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