Issue |
E3S Web Conf.
Volume 519, 2024
5th Talenta Conference on Engineering, Science and Technology (TALENTA CEST-5 2024)
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Article Number | 02003 | |
Number of page(s) | 7 | |
Section | Sustainable Energy | |
DOI | https://doi.org/10.1051/e3sconf/202451902003 | |
Published online | 01 May 2024 |
Sustainable Energy and Inventory Efficiency Optimization: Implementing EOQ Strategy
1,3 Departement of Industrial Engineering, Faculty of Engineering, Universitas Sumatera Utara, Jl. Almamater Fakultas Teknik, Medan
2 School of Mechanical Engineering, Engineering Campus, Universiti Sains Malaysia, 14300 Nibong Tebal, Seberang Perai Selatan, Pulau Pinang Malaysia
4 Faculty of Medicine, Universitas Sumatera Utara, Jl. Dr. Mansyur No.5, Medan
Production represents a fundamental activity within an organization, culminating in the generation of goods or services over a given period. This outcome is then recognized as the organization’s value addition. A critical element of production is the management of raw material inventories. Accurate forecasting of these inventories is essential to preemptively manage potential shortages or excesses, which could lead to production inefficiencies. It is vital for all businesses, particularly those in the manufacturing sector, to work closely with their suppliers to secure a consistent supply of raw materials. Keeping raw material inventory at an optimal level is paramount; insufficient stock can halt production, resulting in lower sales and customer dissatisfaction. This situation adversely affects a company’s profitability and diminishes consumer confidence. Inventory’s primary function within a system is to ensure a smooth process in meeting product demand according to consumer needs, thereby allowing the system to achieve peak efficiency. Moreover, adept inventory management aids in curtailing production costs for a company.
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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