Inventory Management for Apple Inc.
First In, First Out
Apple Inc. is a company that designs and manufactures personal computers, mobile phones, portable digital music players, and media devices. The firm markets and sells a wide range of software, accessories, applications, third-party digital content, and services. Apple Corporation uses First in, First Out (FIFO) to manage its inventory (Del Favero& McPhee, 2007). According to this inventory technique, the first commodity that gets to the company’s warehouse is the first to be sold. Apple Company manages all its devices using FIFO technique since it enables the firm to manage the accumulation of old gadgets in a given storage facility; hence, making Apple reduce storage expenses. It is because the FIFO technique ensures that old devices stored in a warehouse are disposed of before new products are released. As such, the technique amplifies the process of managing the flow of Apple Inc.’s devices in the market; therefore, enhancing advanced spending and proficiency operations in the administration of stock. As a result, after selling products stocked, other remaining commodities in a warehouse will be accounted for because the inventory asset recorded on the company’s balance sheet encompasses costs that are close to the recent expenses that can be found in the market.
Risks Prevalent in Tech Industry that Should Be Managed
There are many risks that are prevalent in the tech industry that should be managed by Apple Inc. to reduce the probability of making losses. One of the risks is when establishing a distribution center in foreign markets or countries. When establishing distribution in foreign countries, an organization can make losses due to economic and sovereign issues associated with the host country (Nonala& Kenney, 1991). For that reason, the risk will create an unpredictable business environment for the multinational corporation; hence, hindering the ability of the firm to execute its mandate in the market. Besides, another risk that can be faced by the company is political instability when Apple Inc. is marketing its devices to the international markets. Due to political instability that is characterized by changes in a country’s economic policies, companies in the tech industry will be forced to seek alternative markets that they will market their produce.
Apple Inc. is also facing the challenge of staying and having a leading edge over its competitors in the tech industry because of an ever-changing business environment in the sector (Sutherland& Fairbanks, 2001). The pace for transformation being experienced in the tech industry tends to be unique when compared to other sectors. For instance, the changing business environment coupled with the increased competition is some of the tech challenges that Apple Corporation has to face in order to have a competitive edge in the market. According to technological experts, they perceive that the product development cycle will in the future become a challenge when designing and producing a device. In regards to the risks witnessed by Apple Inc., it is essential for the firm to be focused on innovation by putting together a strong advisory team that is comprised of experienced tech experts in the industry. The advisory board will ensure that the company makes the best business decision while ensuring that long term vision is developed for the business.
The company also faces the challenge of growing their revenues and customer base due to the stiff competition that they are facing from its competitors in the market (Håkansson&Persson, 2004). Most CEOs in the tech industry have the pressure of ensuring that their company keeps on growing despite the circumstances that they are facing. As CEOs, they cannot plateau in the tech industry since the sector keeps on changing most often. As such, Apple Inc. CEO should think constantly regarding enhancement, add-ons, and tweaking that will enable him to open new markets, as well as, gain more clients in the market. The CEO should consider strategies like joint ventures, acquisition, exploring international markets, and distribution deals. Having strategic alliances is a proven example that can help an organization enter a new market and build up a customer base. For that reason, Apple should first determine their strengths and weakness before looking at tech partners who can complement the firm.
Importance of FIFO
FIFO has enabled Apple Corporation to reduce unwanted storage expenses through the reduction of warehouse maintenance cost and the number of distribution centers (Chopra&Lariviere, 2005). The company uses varied inventory performance measures since the firm has distinct types of inventories. For products like iPods, iPads, iPhones, and watches, the inventory performance measure used is the average inventory level and inventory turnover. Apple Inc. uses inventory turnover to measure the rate of sale for a particular device in the market. It is because the inventory shows the number of times available products will be sold before they are being replaced in the warehouse. Apple Inc.’s level of inventory measures the size of an inventory to determine time take before it will be replaced. For that reason, the technique has been successful in operations management of the firm through maintenance of the company’s inventory value, which monitors the flow of products and challenges that should be expected when distributing products in foreign markets. The firm’s advanced system has enabled the management to predict changes in the demand for their devices, as well as, the possible stock-outs in their major distribution centers throughout the globe. Availing such valuable information will enable the company’s management to act with the aim of maximizing inventory value in the supply chain.
In brief, FIFO has enabled Apple Inc. to manage expenses involved in running a storage facility. It is because the technique ensures that old devices manufactured by the company are sold first before new products are released to the market. For that reason, FIFO amplifies the proficiency of monitoring and controlling the flow of goods in the supply chain. The firm’s advanced information system is essential because it has enabled Apple Inc. to predict possible changes in the firm’s devices, as well as, stock-outs.
References
Chopra, S., &Lariviere, M. A. (2005). Managing service inventory to improve performance. MIT Sloan Management Review, 47(1), 56.
Del Favero, J., & McPhee, K. (2007). U.S. Patent Application No. 11/267,551.
Håkansson, H., &Persson, G. (2004). Supply chain management: the logic of supply chains and networks. The international journal of logistics management, 15(1), 11-26.
Nonala, I., & Kenney, M. (1991). Towards a new theory of innovation management: A case study comparing Canon, Inc. and Apple Computer, Inc. Journal of Engineering and Technology Management, 8(1), 67-83.
Sutherland, I., & Fairbanks, S. (2001). GasP: A minimal FIFO control. In Proceedings Seventh International Symposium on Asynchronous Circuits and Systems. ASYNC 2001 (pp. 46-53). IEEE.
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