Re-engineering Materials Management System in the Oil and Gas Service Industry
Keywords:Materials, Management, profit, Inventory
Profit is the main motive behind every business and if the material flow in an industry is not well managed, then the company will keep acquiring materials and services at higher costs which can lead to low productivity, huge overheads and low profit. This study therefore examined the effect of Materials Management on the profitability of Nigerian Oil and Gas Service firms using the case of Integrated Corrosion Science Co. Ltd. Data was collected through relevant publications and interview with key individuals in the company. The results showed that there was substantial increase in the companyâ€™s profitability as a result of efficient management of materials, which was achieved by efficient coordination and full accountability for quality, delivery and cost by the materials related department, improved inventory management system, good relationship with vendors, and state-of-the-art facilities/ICT. In this study the Economic Production Quantity Model was used in the re-engineering of the companyâ€™s materials management.
How to Cite
- Papers must be submitted on the understanding that they have not been published elsewhere (except in the form of an abstract or as part of a published lecture, review, or thesis) and are not currently under consideration by another journal published by any other publisher.
- It is also the authors responsibility to ensure that the articles emanating from a particular source are submitted with the necessary approval.
- The authors warrant that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required.
- The authors ensure that all the references carefully and they are accurate in the text as well as in the list of references (and vice versa).
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Attribution-NonCommercial 4.0 International that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
- The journal/publisher is not responsible for subsequent uses of the work. It is the author's responsibility to bring an infringement action if so desired by the author.