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THE IMPACT OF INFORMATION TECHNOLOGY ON INVENTORY CONTROL IN THE OIL AND GAS SECTOR OF NIGERIA

Inventory control is a pivotal in powerful and efficient an enterprise. It may be likewise key in
the managing of substances and items that should be held (or stored) for later use inside
the case of manufacturing or later exchange activities within the case of services.
The first goal
for inventory control includes Hosting on equalization those clashing economics for no more
needing to preserve an unreasonable sum from claiming stock (Abdulraheem, Yahaya, &
Isiaka, 2011).
Stock manipulate is the supervision and garage of substances and will verify
approachability
of the objects so as to make sure an sufficient supply without difficult supply
or stock outs (Onchoke & Wanyoike, 2016).
In today’s benefits of the business environment, considerably little and mid-sized companies
bring come to depend with respect to electronic/computerized stock management frameworks.
Actually, there are a lot from claiming little retail outlets, Makers also exclusive corporations
that continue to rely in advance manual approach for inventory tracking (Mongare & Nasidai,
2014). Once it goes should Dealing with inventory, associations’ necessity to uphold enough
stock on meet request without Contributing clinched alongside more than they oblige. Stock
administration frameworks tune those amount of every component an business enterprise
.

Considering the fact that huge capital of a company is tied to its inventory and
that optimal, effective and efficient operation of businesses, both manufacturing and
service oriented ones can considerably be influenced by the nature of inventory
management put in place, it becomes important that managements of such businesses
give priority attention to inventory management system and policies put in place.
Elomora (2014) is of the view that inventory management is tremendously important
within most businesses and that a firm’s returns can get to its climax as well as
improve its liquidity and reduce company’s risk by managing inventory effectively.
The concept of inventory management in the prior years has attracted the attention
of researchers and industry operators [Prempeh, 2016; Fosu, 2016; Mensah, 2015;
Mwangi 2016]. For example, Prempeh (2016) stated that there is a weighty positive
association between inventory management and profitability. Confirmation from

former researches [Appiah, 2014; Mwangi, 2016] also buttressed the direct link
between inventory management and profitability. A divergent result from the
studies of Mensah (2015), Sitienei and Memba (2015) entirely revealed a negative
relationship.

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