Organizational Resource Trading (ORT)

Votes: 15
Views: 449

Organizational Resource Trading (ORT)

{To save time and material}
The biggest challenge in any organization is inventory management. Either there is too much inventory on hand or they are in need of it. Organization Resource Trading (ORT) is a concept that will help the organizations that are short on inventory/material to trade with the organizations that have excess/inessential material on hand. The trade can be either sell, rent, lease, or replenish.

(Replenish – Fill up again/restock)
For example, if an organization “A” is in need of certain material which organization “B” chooses to offer, but in return, organizations choose to restock the borrowed material or a different material of agreed quality and quantity by a certain time.

Why would any organization choose to replenish their material instead of selling it?

Replenishing a stock will help an organization with excess material or redundant material to be traded to other organizations in need and have the material back in hand whenever needed without being worried about material getting deteriorated and to avoiding the reorder and logistics expenses.

Why would any organization choose to replenish their material instead of buying it?

If an organization is in dire need of “ordered” material which gets delayed significantly by their supplier, then that organization can look up to other organizations who can supply them this material on time in exchange to get restocked by redirecting the fresh material from their supplier.

ORT concept can be implemented as a website (www._____.com) which will link paid members to interact and trade with fellow members to achieve the following:

  • Reduce Lead Time
  • Improve logistics
  • Eliminate or minimize Wastage
  • Eliminate Down Time due to material unavailability
  • Finally connecting different organizations under one roof

An organization can filter the search by Material, Industry, Area, or Organization.

Why search by a particular organization?

You might come across an organization that in the past has offered you a better deal and you would like to see what they currently have to offer.

If an organization could not find what they are looking for, then they can post their requirements with the due date to see if others are willing to offer them what they need.

Anyone on this site could search and find the material they are looking for but only the members of the site can look at trader organization's contact information to trade. If an organization like SAE International chooses to team up with its 138,000 global members as of 3/18/2021 even if we assume only 100,000 choose to take a membership of $10 per month this would generate millions of dollars annual revenue and also save valuable countless production time and material.

I truly believe this will solve global issues of inventory management and improve production efficiency.

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  • ABOUT THE ENTRANT

  • Name:
    Lalith Thugudam
  • Type of entry:
    individual
  • Profession:
    Engineer/Designer
  • Lalith is inspired by:
    After working in various industries the most common issue I have noticed is inventory shortage or wastage. There is either too much material on hand or in need of material. Which led to the concept development of Organization Resource Trading(ORT).
  • Patent status:
    pending