Designing Integrated Financial Governance Systems for Waste Reduction and Inventory Optimization

• Author(s): John Oluwaseun Olajide ; Bisayo Oluwatosin Otokiti ; Sharon Nwani ; Adebanji Samuel Ogunmokun ; Bolaji Iyanu Adekunle; Joyce Efekpogua Fiemotongha
• Paper ID: 1709014
• Page: 382-390
• Published Date: 30-04-2020
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 3 Issue 10 April-2020

Abstract

This paper proposes a comprehensive framework for designing integrated financial governance systems aimed at enhancing waste reduction and inventory optimization in organizational operations. The framework bridges the gap between financial control and operational efficiency by synthesizing established governance models such as COSO and COBIT with lean manufacturing and inventory management theories. The system architecture features a multi-layered design that enables real-time data integration across governance, operations, and analytics layers, facilitating proactive decision-making and strategic resource allocation. An implementation roadmap and technology stack recommendations provide practical guidance for adoption in diverse organizational contexts. The paper concludes with a discussion of limitations, including cost and data standardization challenges, and offers strategic recommendations for practitioners to foster cross-functional collaboration, leverage scalable technologies, and sustain continuous improvement. This integrated approach presents a significant advancement in aligning financial governance with supply chain operations, promoting sustainable business practices and optimized financial performance.

Keywords

Financial Governance, Waste Reduction, Inventory Optimization, Integrated Systems, Lean Manufacturing, Real-Time Analytics

Citations

IRE Journals:
John Oluwaseun Olajide , Bisayo Oluwatosin Otokiti , Sharon Nwani , Adebanji Samuel Ogunmokun , Bolaji Iyanu Adekunle; Joyce Efekpogua Fiemotongha "Designing Integrated Financial Governance Systems for Waste Reduction and Inventory Optimization" Iconic Research And Engineering Journals Volume 3 Issue 10 2020 Page 382-390

IEEE:
John Oluwaseun Olajide , Bisayo Oluwatosin Otokiti , Sharon Nwani , Adebanji Samuel Ogunmokun , Bolaji Iyanu Adekunle; Joyce Efekpogua Fiemotongha "Designing Integrated Financial Governance Systems for Waste Reduction and Inventory Optimization" Iconic Research And Engineering Journals, 3(10)