Inventory Systems Summary
“Correct management of inventory can be the difference between a business that hums along efficiently and one that sputters out prematurely” (Hoyt, 2002). Management of inventory is important to any business that wants to succeed. Companies purchase inventory systems to help manage the inventory of an organization. Team B Consulting has been requested by Dr. Christopher DeClerk of the University of Phoenix to evaluate different inventory systems. For the purpose of this summary, Team B reviewed the following organizations and their inventory management programs: Best Buy, Dell, Fed Ex, the U.S. Energy Information Administration, and Wal-Mart. The summary includes a description of the chosen companies and their inventory systems, and a comparison describing the advantages and disadvantages of each system.
Best Buy Best Buy is the largest consumer electronics store in the world! Each year it increases its presence in the market share and distances itself from others in the industry. Best Buy is headquartered in the Twin cities area of Minnesota, where it handles all main business functions and the leadership that manages its 180,000 employees and 4,000 stores across the globe (Best Buy, 2010). During the previous fiscal year, Best Buy accumulated nearly 50 billion in revenues and 2.2 billion in operating revenue. They also reported that they possess 18.3 billion in total assets and 6.3 billion in total equity. Best Buy has a large array of merchandise including: consumer and commercial furniture, small and major appliances, and a wide assortment of consumer electronics. They also offer an increasingly large list of services. These services include Geek Squad computer services, Best Buy for Business commercial services, and many other services designed specifically for the end user. They operate stores in many countries across the world; however they also operate their company online. From their website, Bestbuy.com, many of their products and
Best Buy Best Buy is the largest consumer electronics store in the world! Each year it increases its presence in the market share and distances itself from others in the industry. Best Buy is headquartered in the Twin cities area of Minnesota, where it handles all main business functions and the leadership that manages its 180,000 employees and 4,000 stores across the globe (Best Buy, 2010). During the previous fiscal year, Best Buy accumulated nearly 50 billion in revenues and 2.2 billion in operating revenue. They also reported that they possess 18.3 billion in total assets and 6.3 billion in total equity. Best Buy has a large array of merchandise including: consumer and commercial furniture, small and major appliances, and a wide assortment of consumer electronics. They also offer an increasingly large list of services. These services include Geek Squad computer services, Best Buy for Business commercial services, and many other services designed specifically for the end user. They operate stores in many countries across the world; however they also operate their company online. From their website, Bestbuy.com, many of their products and
References: 2010 Annual Report – Walmartstores.com (2010). Retrieved on November 27, 2010 from http://cdn.walmartstores.com/sites/AnnualReport/2010/PDF/WMT_2010AR_FINAL.pdf Anonymous (2006) Best Buy (2010). Company Reference – Best Buy. Retrieved November 27, 2010 from http://www.answers.com/topic/best-buy-co-inc Dell FedEx Corporation (2010). Q1 Fiscal 2011 Statistics. Retrieved November 24, 2010 from http://files.shareholder.com/downloads/FDX/1078117101x0x403272/3A36A8A4-0E92-48F2-ADB1-92B13A6FB176/FedEx_Q1FY11_Stat_Book.pdf. FedEx Corporation (2007). Historical Statistics. Retrieved November 24, 2010 from http://files.shareholder.com/downloads/FDX/1078117101x0x116104/FCCE51C6-B7CD-4A4D-805C-C035BEFC2F95/historical_stat_book.pdf Hoyt, W http://www.essortment.com/career/smallbusinesst_tuag.htm Investor Relations (2010) U.S. Energy Information Administration, (2010). Independent Statistics and Analysis, Weekly Natural Gas Storage report, Department of Energy, Retrieved on 11/24/2010 from: http://ir.eia.gov/ngs/ngs.html Walmartstores.com (2010) http://walmartstores.com/270.aspx Wikipedia (2010) Wikipedia (2010). Just-in-time. Retrieved November 27, 2010, from http://en.wikipedia.org/wiki/Just-in-time_(business)