<![CDATA[Inventory control has become a strategic component of manufacturing operations because it influences working capital utilization, supply chain performance, and operating cost efficiency. Despite extensive research on inventory management, comparative evidence across Indonesian manufacturing subsectors remains limited, particularly regarding the operational differences among pharmaceutical, herbal, and cement industries. This study aims to examine how inventory control is associated with operating cost efficiency by comparing manufacturing companies with distinct logistics characteristics and inventory management practices. The study employed a quantitative exploratory comparative case-study design using secondary financial statement data obtained from the audited annual reports of PT Kalbe Farma Tbk, PT Indocement Tunggal Prakarsa Tbk, and PT Industri Jamu dan Farmasi Sido Muncul Tbk. The observation period covered 2020–2024 and produced twelve company-year observations. Data were analyzed using descriptive statistics, trend analysis, financial ratio analysis, percentage-change analysis, and comparative case analysis. Inventory performance was evaluated using Days Inventory and Inventory Turnover, while operating cost efficiency was assessed using the Cost of Goods Sold-to-Sales Ratio, Operating Expense Ratio, and Cost-Efficiency Proxy. The findings indicate that all three companies improved operational performance through different inventory management strategies. Kalbe Farma reduced Days Inventory from 147 days in 2022 to 119 days in 2024 while increasing net sales and expanding the contribution of its distribution and logistics segment from 32.21% to 33.41% of consolidated revenue. Indocement increased Inventory Turnover from 4.17 to 4.54 times while reducing inventory value by approximately 10.7% and maintaining positive revenue growth, indicating more efficient inventory utilization in a capital-intensive manufacturing environment. Sido Muncul improved operating cost performance by reducing its Operating Expense Ratio from 21.17% to 20.12%, resulting in an increase in the Cost-Efficiency Proxy from 37.55% to 37.85% despite moderate growth in production costs. Comparative analysis further demonstrates that inventory optimization strategies differ substantially across manufacturing subsectors because of differences in product characteristics, logistics intensity, regulatory requirements, and distribution systems. Consequently, inventory performance should be interpreted within the operational context of each industry rather than through direct comparison of absolute financial indicators. The study concludes that improved inventory control is associated with better operating cost performance in Indonesian manufacturing companies. However, the operational pathways through which efficiency is achieved vary across pharmaceutical, herbal, and cement manufacturing industries. These findings contribute to the inventory management and working capital management literature by integrating inventory control, logistics capability, and operating cost efficiency within a comparative manufacturing framework. The results also provide practical guidance for managers seeking to improve operational efficiency through inventory optimization, integrated logistics management, and effective working capital practices.]]>
