Framework for Purchase and Inventory Management Decisions in two Academic Institutes

Inventory management basically aims at providing both internal and external customers with the required service levels in terms of quality, quantity and order rate fill to ascertain present and future requirements for all types of inventory to avoid overstocking and keeping costs to a minimum. As customer satisfaction is given more importance in academic institutions, quality and timely material supply is the primary consideration today. The inventory management system has therefore, to be designed in such a way that it should provide higher customer satisfaction. This paper discusses the overall purchase and inventory management system followed in two academic institutions and provides set of legitimate suggestions to improve the system.