Global Journal of Management and Business Research, A: Administration and Management, Volume 22 Issue 8

Inventory Management and Control Systems in Covid-19 Pandemic Era: An Exploratory Study of Selected Health Institutions in Anambra State, Nigeria Abstract- The content and scope of this study explored inventory management and inventory control in selected health institutions in Anambra state. The study adopted survey research design. Inventory management, was measured by re- order level system, periodic review system and economic order quantity model while inventory control, was measured by optimal stock level. Out of a population of 74 drawn from 7 health institutions, Taro Yamane (1967) formula and stratified sampling technique were used to determine the sample size of 66 respondents. The tests of hypotheses were conducted using Chi-Square test and Spearman Ranked Order Correlation Coefficient. The result of the analysis revealed that Re-order Level System, Periodic Review System and Economic Order Quantity Model which are the systems currently in use have statistically significant influence on the optimal stock level of health institutions and pose challenges significant challenges on usage in the COVID-19 pandemic period. This implies that inventory management systems of health institution urgently need to be modified to properly fit the unpredictable changes in demand and supply of medical supplies in the pandemic era. In other words, there is need for hospitals to adopt flexible systems of inventory management as it suits the economic and medical situation of the time. Consequent to the above, this study recommends that among others that the management of health institutions should strive to ensure that the right stock is kept in their warehouses to hedge against excessive holding cost of medical supply inventories and stock-outs which could lead to loss of life/ patronage. Keywords: inventory management, inventory control, COVID-19, health institutions, and challenges. I. I ntroduction a) Background to the study nventory management and control which revolve around coordination of materials availability, control, utilization and procurement of materials helps firms to maintain the optimum level of inventory at any given time. Issues concerning inventory management generally involve the overall success of an enterprise (Iliemena, Ijeoma & John-Akamelu, 2019). This is because, the revenue and profit capacities of any business depend on its inventory level which also indirectly makes it an issue of concern when the sustainability of a business institution is in discussion. Inventory management is however, not a new concept in itself as there have been past studies in this regard (Bawa, Asamoah & Kissi, 2018; Prempeh, 2016; Mensah, 2016; Mwanzi 2016). Due to the nature of inventory in health institutions, health implication of poor inventory management system and the need to ensure the sustainability of health institutions being one of the basic needs of an economy, we considered it a very necessity to evaluate how effective the old systems of inventory management and control work given the present COVID-19 pandemic emergencies. Owing to this, a lot of developed countries have adopted the use of advanced technologies in inventory management but the case is reverse for developing countries like Nigeria whose poor technological infrastructure and general economic condition may not support the advanced systems (Dedunu & Weerasinghae, 2018). As effective inventory management system is basic to corporate success, the inventory management objective of health institutions in the corona virus era is expected to constantly strike a balance between demand, inventory level (considering availability, perishability and high/low patient turn-up as the case maybe), supply and adequate return on investment. Onikoyi, Babafemi, Ojo and Aje, (2017) did not find it necessary for continuous study on inventory management especially as excess inventory were indications of wealth accumulation but recent events in terms price level changes, current health trend, general economic and health implications I 43 Global Journal of Management and Business Research Volume XXII Issue VIII Version I Year 2022 ( ) A © 2022 Global Journals Ili emena, Rachael Okwudili α , Aniefor, Sunday Jones σ & Odukoya, Olusoji Olumide ρ Author α : Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Anambra State. e-mail: r.iliemena@unizik.edu.ng https://orcid.org/0000-0001-5627-5562 Author σ : Department of Accounting, Faculty of Administration and Management, Delta State University of Science and Technology, Ozoro, Delta State. https://orcid.org/0000-0002-0476-3668 Author ρ : Department of Accounting, Finance and Taxation, College of Arts, Social and Management Sciences, Caleb University Lagos State. https://orcid.o rg/0000-0003-1262-813X