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 Optimal Stock Level Correlation Coefficient .267 * .368 ** .342 ** 1.000 Sig. (2-tailed) .034 .003 .006 . N 63 63 63 63 Source: Field survey 2022 Table 4.8 above shows the test of hypothesis of the influence of Re-Order Level System, Periodic Review System, and Economic Order Quantity Model on optimal stock level of selected health institutions at 5% level of significance. The result above shows that the influence of Reorder Level, Periodic Review System and Economic Order Quantity Model on optimal stock level is positive and significant. 1 unit change in Reorder Level System, Periodic Review System and Economic Order Quantity Model increases optimal stock level by 0.267, 0.368 and 0.342, respectively. Since the p-value of the test (0.001) is less than 0.05, the null hypothesis was therefore rejected. This led to the conclusion that inventory management systems (proxies by re-order level system, periodic review system and economic order quantity model) significantly influence optimal stock levels in selected health institutions. This result is in agreement with the findings of Iliemena, Ijeoma and John-Akamelu (2019). Also in line with the findings of this study is the works of Edwin and Florence (2015), Ogbo and Ukpere (2014), and Anichebe and Agu (2013). e) Theoretical contribution of Findings and application to wider research Generally, the outcome of this study re- emphasized the Lean Theory and lean practice for health institutions as in proposed by earlier researches. The theoretical application of the lean theory in medical supplies management was earlier highlighted by Iliemena, Goodluck and Amedu (2020) which viewed inventory management practices as a vital part of any supply chain regardless of whether the firm operates a product or service supply chain. In the present study, hospitals majorly although not entirely operate a service supply chain but need to match demand and supply in the supply chain while considering uncertainties in the market environment like the COVID-19 pandemic. V. C onclusion, I mplications and R ecommendations The overall objective of inventory management is to maintain stock level in a way that reduces cost of inventory. The optimum level of stock depends on some factors which arise from the interest of the management to establish an overall policy for stock taking. An effective inventory management strategy enhances optimal stock level and ensures that the right quantity and quality of the relevant stock is available at the right time and at the right place. Thus, the results of the study provided empirical evidence for managers of health institutions and thus the conclusion that inventory management, proxy by Re-order Level system, Periodic review system and Economic Order Quantity Model, positively influence optimal stock level of medical supplies in health institutions using the case of selected hospitals in Anambra state but currently pose significant challenges in cost minimization due to COVID-19 pandemic. 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; 1. 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. 2. Given that the utilization of Re-order Level System, Periodic Review System and Economic Order Quantity Model positively influences optimal stock level, management of hospitals should diversify their inventory management system to suit specific needs of considering movements in demand and supply. 3. Management of hospitals and other health institutions should closely monitor and regulate their inventory system as a way of ensuring corporate sustainability due to its influence on performance. a) Suggestions for Further Studies Given the limitation of our study based on the scope and area, future research may attempt same topic in such a way that other methods of inventory management and control are subjected to similar tests. Flowing from our research outcome, the following topics of research are suggested for further studies: 1. Inventory Management and Corporate Profitability of health institutions in Nigeria. 2. Inventory Management Techniques and Cost Minimization in the COVID-19 pandemic period as a comparative study of different sectors or comparative study of countries. 3. Inventory Control systems and Financial Performance of listed health institutions. R eferences R éférences R eferencias 1. Agu, O., Obi-Anike, H. & Eke, C. (2016). Effect of Inventory Management on the Organizational 53 Global Journal of Management and Business Research Volume XXII Issue VIII Version I Year 2022 ( ) A © 2022 Global Journals