Technological Interventions for Efficient Material Management: Empirical Evidences from Indian Steel Industry

Registration Seminar

School of Management

Anup Agarwal ( Rollno : 919sm5095)

Student

Conference Hall, SM

30 Jan 2023 04.00pm

Dr. Vikas Thakur

Steel is one of the most significant, multi-use and most adaptable of all the materials available. Without the presence of steel, mankind development would not have been possible. It can be clearly said that steel is the backbone of developed economies. The overall impact of steel Industry is very significant. The steel contribution to India's economy is roughly around 2% approx. The steel sector growth will significantly improve the economic growth rate of India. However, Indian steel industry faces a lot of challenges which can be a hindrance in its growth and thus in growth of Indian economy. Material management in iron and steel Industry is one such crucial aspects which is directly related to operation and maintenance activities and also impacts quality and cost of the process. Thus, it is one of the prime domains that need to be researched for a better efficiency. Given the limited research and high significance of the domain, material management is one such area where technological advancement can have high impact and improve the overall process. Given the changing technology and slow adoption of such change in iron and steel industry, it becomes quite significant to understand the challenges being faced in material management sector of iron and steel industry and how it could be further augmented and improved with its use.

           The concerned study aims at understanding the challenges in material management and inventory management and how it can be augmented for low-cost procurement, timely procurement, and better inventory system with low-cost inventory system. Research is also be done for refining the current supplier selection to increase the base of efficient and consistent supply who can supply quality materials on time and at a competitive price. Further study is done to establish a relation between efficient material management and use of improvement in technology and technological advancement in the iron and steel industry sector. Some hypotheses have been established related to material management and with technological advancements it is co-related to efficient material management system.