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Inventory Management Practices and SMEs’ Performance in Lagos State

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  • OYETADE, Biyi John (Ph.D)

    (Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.)

  • BELLO, Abass Oyeshola

    (Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.)

  • AKINLALU, Olugbenga Samuel

    (Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.)

Abstract

The pursuit of unraveling the intricacies surrounding inventory management practices and SME performance in Lagos Statenecessitates this study as the study used a descriptive survey research design. A sample of 154 SMEs was considered using Yaro Yamane’s formula, the sample size was drawn using a simple random sampling technique. Data for the study were obtained through the administration of a structured questionnaire to owners of SMEs and senior personnel of the sampled firms. The questionnaire was structured to elicit data about the three inventory management practices and SMEs’ performance in the sampled local governments. The tools used to describe the properties of the data sets were range, mean, and standard deviation on a simple table while Chi-square and analysis of variance statistics with the aid of SPSS version 20.0 were used to draw inferences from the three hypotheses. The findings of the study revealed the three dimensions of inventory management practices (inventory control techniques, inventory storage system, and inventory tracking system) all have a significant effect on SMEs’ performance in Lagos state. The study concluded that inventory management practices (inventory control techniques, inventory storage system, and inventory tracking system) all have a significant effect on SMEs performance in Lagos state and therefore recommended that SME owners and managers should improve the applicability level of inventory management tools among the SMEs in Lagos state which automatically leads to improved performance. All the inventory control systems should be made formal at the operational level among SMEs.

Suggested Citation

  • OYETADE, Biyi John (Ph.D) & BELLO, Abass Oyeshola & AKINLALU, Olugbenga Samuel, 2024. "Inventory Management Practices and SMEs’ Performance in Lagos State," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 958-979, May.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:5:p:958-979
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    References listed on IDEAS

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    1. Asamoah, D. & Agyei-Owusu, B. & Andoh-Baidoo, F.K. & Ayaburi, E., 2021. "Inter-organizational systems use and supply chain performance: Mediating role of supply chain management capabilities," International Journal of Information Management, Elsevier, vol. 58(C).
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