The purpose of this report is to evaluate the min-max inventory planning activities of Oceaneering International Services, with regards to the company’s success factors in materials management as resource management capability for achieving competitive advantage and sustainability. The continued recognition and facilitation of Oceaneering International’s inventory management strategies is candid demonstration of the company’s commitment to reengineering material movements and control processes.
Essentially, the Oceaneering International’s mini-max inventory planning is important strategy for minimising waste and maximising profit generation. To this end, just like any other department in the organisation, Oceaneering International’s purchasing and supplied department enjoys relative autonomy in budgeting, hiring, storage, distribution and inventory systems management processes. This report takes deep insights into inventory management processes of production activities at Oceaneering International Services with particular emphasis to needs assessment for improvement in supply chain management strategies.
1. 1 Authorization This report was authorized by the module supervisor Mr/Ms ABC as part of practical assignment on the recommended material management practices in organisations. The particular aim of the report is to identify and evaluate the key issues of min-max inventory planning effectiveness and sustainability in Jewellery Design and Manufacturing Company relative to the objectives spelt out in the company’s supply chain management strategies. 1. 2 Scope of the report
The report focuses on the critical success factors, effectiveness and sustainability of Oceaneering International’s inventory management strategies. The evaluation of the suitability, feasibility and acceptability of the min-max inventory planning as well as the analysis of the key production performance indicators of Oceaneering International’s form the basis for this report. Materials management and production are the core components of this report which includes analyses of Oceaneering International’s recent market performance and the viability of sustainability production and supply chain strategies.
Data collection for the report involved both quantitative techniques and qualitative techniques. Intensive research was carried out from quantitative data sources that included books, journals, newspaper articles, press releases and websites. Qualitative data collection involved carrying out phone interviews with the staff and other stakeholders of Oceaneering International Services. Questionnaires were also administered to the entire spectrum of the company’s stakeholders that included the staff, suppliers, customers, creditors, competitors and the local community.
1. 3 Report limitations The company’s different international stores, units, service outlets and branches spread throughout the world affected the reliability and validity of the company’s strategic information gathered through qualitative data collection techniques. 2. The current situation Oceaneering International Services is a provider of advanced oilfield engineered products and services with a global presence.
The company has its global headquarters in Houston Texas while its UK branch in situated in Aberdeen. Oceaneering International Services is run through a centralised decision making systems based on hierarchical structures across all the management structures in the company. The UK branch of Oceaneering International Services is led by Managing Director is who is answerable to and works closely with the Executive Directors and Non-Executive Directors at the company’s headquarters.
The executive wing of the organization’s is responsible for developing and implementing the deployment of service provision strategies, marketing planning and annual operating budgets once approved by the Board of Directors. Oceaneering International Services further consists of numerous departmental units that are designed to compliment each other. The departments include the sales and marketing department, supply chain and logistics department, human resources department, customer relationship management department and finance administration department.
The functional departments have clearly defined organisational responsibilities, accountability and semi-autonomous authority. Oceaneering International Services has advanced internal control systems which focus on both financial and non financial controls usually subjected to frequent scrutiny by the risk management committee. The internal controls and risk management processes in the company involve a system of reporting that incorporates both internal and external auditors.
One of the key risk mitigation strategies employed by the Devon Energy Corporation includes constant monitoring and control of the company’s inventory and materials management processes. Through the purchases and supplies department, the company’s management ensures that the integrity of all material acquisitions and supplies are properly approximated at all times. The Oceaneering International Services has placed a considerable amount of its investments in technology and innovation.
The company has advanced engineering, oil exploration services and supply and maintenance of production equipments that are designed to increase facilitate the company’s inventory activities in sustainable standards. Oceaneering International Services has also embraced the latest information technology and runs a website through which it markets its products and tracks information on the material requisition and movement processes.
Oceaneering International Services holds customer relationship management as key component of its core business activities. The company’s future plans and strategies are centred on the provision of quality oilfield engineering services to all its customers. The suitability, feasibility and acceptability of the current production and material management strategies of Oceaneering International Services Company are clearly demonstrated by the company’s success in cost controls as summarised in the annual financial reports.
A look at the key performance indicators such as inventory management, financial performance, growth, cost reduction, employee motivation and success rates indeed confirm that the continued adoption of material management strategies have enabled the company to cut down on its inventories and material supplies costs by facilitating balanced inventories free of overstocking and under stocking.
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