The Microfinance Industry (MFI) emerging from the banking industry, lead time management is very important since the sector is highly dependent on very recent technology and customer service efficiency ethics which is capable of drastically reducing lead times. Customers are also highly informed and their demands and expectations are high. Customers want instant solutions when it comes to their financial or banking services. It is therefore important for microfinance companies to effectively manage their lead times to achieve higher levels of customer satisfaction. This study adopts the methodology of a hybrid approach consisting of qualitative and quantitative approaches in examining the impact of lead time on customer satisfaction in the microfinance industry, a sub sector of SMEs in Ghana. Sample size of 150 staff and customers mostly petty traders was considered from five selected branches of Talent Microfinance Company limited. In selecting the sample size of the petty traders for the survey, the Slovin’s sampling method was used. The study findings revealed that that minimizing waiting time in a bid to enhance customer satisfaction level can typically improve the competitiveness of microfinance services in Ghana as these are deemed the basic requirements for social development as well as for human civilization. Furthermore, establishing a scientific, workable and efficient banking system improves efficiency and enhances the competitiveness for banks to be an important society role. This is a requirement for banking industries own development, and a new inevitable challenge for modern Ghanaian financial institutions to increase the banking management development. The study recommends among several others that there is the need for improvement in academia or higher learning in Ghanaian microfinance institutions to link with other financial institutions in Ghana and identify gaps in the knowledge, values, skills and attitudes of their graduates most especially in TMCL.
Lead Time Uncertainties, Average Inventory and Scheduling Practice On Manufacturing Firms in Nigeria (Published)
This study examined lead time uncertainties, average inventory and scheduling practice on manufacturing firms in Nigeria. A survey design was adopted, where we identify the population of manufacturing firms and by a purposive sampling procedure, we used twenty (20) manufacturing firms in Port Harcourt, Nigeria. The research instruments used were the questionnaire and oral interview of key personnel in the production, marketing and material management departments. We collected 16 completed questionnaires that give an 80% response rate. The data were analysed in presenting answers to the research questions. We used the statistical tools of the mean, standard deviation, covariance in determining lead time and the weighted mean percentage inventory (WMPI) and weighted mean percentage stock out (WMPS) in determining the inventory profile and the incidence of stock out respectively in both the uniform and fluctuating schedules of product manufacture.From the findings; the calculated WMP1 and the calculated WMPS are higher in fluctuating schedules with 8% and 9% respectively as compared to the low inventory and stock out levels in uniform schedules of calculated WMPI and WMPS of 9% and 6% respectively. Thus production scheduling plays a chief role in improving the overall performance of any company in regards of increased output improved on time delivery and also improved balancing of the production line. Due to the economic view of inventory costs to the overall production activity, we recommend from the results that a uniform production schedule fined tune to holding a small manageable inventory is preferred.