Re-engineering Materials Management System in the Oil and Gas Service Industry
Keywords:
Materials, Management, profit, InventoryAbstract
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 company’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 company’s materials management.
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