CII holds workshop on ‘Effective Stores & Inventory Management’

Chandigarh

28 February 2017

DIVYA AZAD

CII Northern Region organised a workshop on ‘Effective Stores & Inventory Management’ with focus on ‘Implications of GST and Cashless Transactions’.

The workshop aimed at strengthening the stores and inventory management practices of industry and also supporting their initiatives of making their organizations more competitive by way of releasing capital blocked in inventories, reducing response time to customers thereby improving customer satisfaction.

Participants were also apprised about the impact of GST on various functions of Supply Chain, including procurement, warehouse management, imports, exports, etc. “Most positive impact of GST on the supply chain will be seamless functioning of processes and enhanced efficiency and productivity. The unified tax regime is going to abolish various obstacles thereby making industry more competitive in the globalized economy” said Mr Surinder Kumar Sharma, Past President, Indian Institute of Material Management while addressing the participants. He also stressed on the point that apart from stores and inventory, logistics and warehousing are other two sectors that will experience major changes once GST is rolled out. “Moving towards a cashless economy is yet another factor that is expected to impact the science of stores and inventory management in India,” he said.

The workshop was attended by more than 70 participants of varied industry sectors from various parts of the region, including Chandigarh, Punjab, Haryana and Himachal Pradesh.