...Inventory System Dr. Ibrahim Elhag System Analysis and Development Johnny Jackson 4/21/13 Requirements The most important asset to a clothing company is its merchandise, the controlling of the merchandise is a vital part of understanding how to control the cash flow and account for all assets. Effective inventory control is vital to accounting for costs, measuring shrinkage and improving customer relationship and the shopping experience. Management can plan for inventory management practices like, physical counting loss prevention tags and bar codes planted on the clothing to help with loss prevention. The necessary equipment will be computers and inventory management system database, camera’s, cost of training employees to use inventory management database, bar code scanners, and loss prevention tags, scanners at the door to read tags that are not removed due to theft, tag remover hardware to remove tags. The computer is the most important part of the inventory upgraded system, this will allow all the transactions to be loaded into the database and managed with little technical knowledge or expertise. However the wise thing would be to hire a dedicated person or appoint a manager to oversee this task to run daily, monthly or quarterly reports to see how the system has changed for the better or worse. In today's business environment, even many smaller businesses have come to rely on computerized inventory management systems. Certainly, there are plenty of small retail...
Words: 898 - Pages: 4
...Assignment 1: Inventory Management Systems Pedro Pereira Strayer University CIS 210 Systems Analysis And Development Instructor: Rick McMaster November 2, 2015 Assignment 1: Inventory Management Systems There is nothing more frustrating than going to a store to purchase a product to find out that they are out of stock. This not only generates frustration for customers but it is a missed opportunity for the retailer to make a sale and earn a profit. Lack of an effective inventory management system can lead to business owners to buy too much or not enough which in both occasions with lead to losses. Inventory management systems ensure that customers always have enough merchandise and that retailers have the sufficient goods to be sold in a determined timespan. Some companies such as Walmart have really excelled with its inventory management systems as they offer a just in time policy where suppliers are notified when the company is about to be out of stock of certain goods. This allows Walmart to save money on having a more robust inventory and the company is able to negotiate prices better with its suppliers. However, having an efficient inventory management system is crucial for all types of business, whether they are large or small. To better illustrate that, my family and I usually have dinners together on Sundays when we caught up about any recent updates in everyone’s lives. Recently, my sister told the family that she was experiencing a little bit of trouble at...
Words: 1137 - Pages: 5
...Effective Management of Inventory System for Pizza Ingredients Feb 21, 2014 Abstract It used to be a problem for companies to handle their inventory. Thanks to technology, it saved thousands of hours of labor work. Inventory system is very imperative for organization because most of their strategic decisions are rooted here. Marketing gets sales information to generate sales forecast. On the other hand, Manufacturers are able to accurately define their stock and prevent unpleasant events such as stock-out and overstock. In order to expound more on the capability of this system, this study will provide sufficient information regarding its use, weaknesses and maintenance. By the use of local and foreign text, the study was able to relate its objective to the actual prototype.The proponents will demonstrate actual working system that will cater the products of the imaginary pizza shop. It is only limited for employee usage and will not cover the point of sale system. However, it will provide critical stocks that will determine products that need to be delivered. Moreover, it will show how to exactly manage and navigate a warehouse information system by providing a simple management of inventory. It used MySQL database and Microsoft studio’s c-sharp language to fulfill the objective and purpose of the paper. The main purpose of the study is to create a simple inventory system so that future researchers may get resources from this and improve the results. Chapter 1 Introduction ...
Words: 4707 - Pages: 19
...Review of Related Studies -- Inventory System The following statements given are related to our study about the inventory system which is found very useful for the proponents in making the system. "It is nearly impossible to overemphasize the importance of keeping inventory levels under control," Ronald Pachura wrote in an article for IIE Solutions. "Whether the problems incurred are caused by carrying too little or too much inventory, manufacturers need to become aware that inventory control is not just a materials management or warehouse department issue. The purchasing, receiving, engineering, manufacturing, and accounting departments all contribute to the accuracy of the inventory methods and records." It is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today's keenly competitive business world. Writing in Production and Inventory Management Journal, Godwin Udo described telecommunications technology as a critical organizational asset that can help a company realize important competitive gains in the area of inventory management. According to Udo, companies that make good use of this technology are far better equipped to succeed than those who rely on outdated or unwieldy methods of inventory control. Automation can draidatically affect all phases of inventory management, including counting and monitoring of inventory items; recording and retrieval of item storage...
Words: 290 - Pages: 2
...Management Systems 1 Inventory Management Systems An inventory control system is a set of hardware and software based tools that automate the process of tracking goods. The type of inventory tracked with an inventory control system may include almost any type of calculable good to include food, clothing, books, equipment, and any other item that consumers, retailers, or wholesalers may purchase. Modern-day inventory control systems are practically completely based on barcode technology. Regardless of technology, all inventory systems require some element of visual inventory management. The use of bar codes, point of sale or stub control all requires manual verification periodically. As an owner of a small clothing store it is important to use an inventory system for the success and growth of the business. Inventory systems serve multiple purposes and have many functions. The systems’ primary function is to assist in promoting sales by tracking available good and materials by providing sufficient availability of products for customers. In addition, establishing the value of the products on the shelf will enable the owner to monitor the number of goods at a specific period of time which will assist in maximizing profits and minimize losses. The Small Business Administration suggests all inventory systems strive to strike a balance between managing costs and the business advantages of a broad selection of good to offer to customers. Management Systems...
Words: 982 - Pages: 4
...company may maintain. Second, each piece of inventory should have a valid bar code so that the inventory can be deducted from the inventory system. “Good inventory management is important for the successful operation of most businesses and their supply chain. Poor inventory management hampers operations, diminishes customer satisfaction, and increases operating costs” (Stevenson, 2009). Bar codes will allow for automatic identification as soon as it is scanned. Obviously, prior to obtaining these inventory bar codes, you will need to have an inventory software system to track these bar codes. These bar codes will then go into the computer system. Thereafter, it should allow you to automatically order inventory when it is necessary, as opposed to being automatically ordered. Further, you will be able to write off inventory that might be defective or used to repair the car washes or the pressure washers. Although you will expend the cost of the software, bar codes, and the requirement of the company to place these bar codes on each product, it will save money in the end as far as missing parts or parts that cannot be accounted for because no paperwork was kept regarding the same. This type of inventory control will ensure that the company has control of the inventory and will prevent the company from running out of stock that is required to conduct business on a daily basis. The way that the company currently conducts business, the inspections are likely to cause errors...
Words: 813 - Pages: 4
...AN INVENTORY SYSTEM WEEK 2 – ASSIGNMENT 1 INVENTORY MANAGEMENT SYSTEMS Designing an effective inventory system for a small business can have a rewarding effect on a business with proper planning and implementation to provide employees and management a way to manage inventory. Having a proper plan in place it will save the company money, time, and provide a balances way of having stock available for customer. Assigning product code numbers on clothing merchandise upon delivery from vendors allow the item to be accounted for and to re-ordered the item and ensure that it will always be in stock and not create overstock that hurts company profit. Not meeting customer demands for a product by not keeping it in stock lessens the chance of repeat customers. There are a few disadvantages to having an automated inventory system such as human error due to inventory not being logged properly, software issues such as power outages, and software errors. Viruses and hacking can be an issue as well. Providing a backup of the inventory is a great way to ensure no total loss of inventory information. Policy and Procedures will need to be developed for employees and management to ensure everyone is being consistent with documenting inventory and to reduce errors. A case study done on the Herman Goelitz Candy Co. showed the difference having an automated inventory system had on the operations of the company. By utilizing this time of inventory control it gave them greater control over...
Words: 1083 - Pages: 5
...client/server inventory management. They also offer installation services and 24/7 customer support. Intuit is the most popular inventory controls system since it is widely used in both small and larger organization. Intuit provides its customers with as easy startup plan that includes management inventory for tracking sales, returns, and exchanges, free hardware such as cash drawers, handheld scanners, pin number pads, and a “go payment” mobile card reader. Intuit also offers their customers full support on all hardware and software and a free trial period of 30 days. The current price for purchasing Intuits Management Inventory System is $900. James E Dodge Business Communications Author Note [Include any grant/funding information and a complete correspondence address.] automated asset tracking and management, Barcode and RFID technology, and client/server inventory management. They also offer installation services and 24/7 customer support. Intuit is the most popular inventory controls system since it is widely used in both small and larger organization. Intuit provides its customers with as easy startup plan that includes management inventory for tracking sales, returns, and exchanges, free hardware such as cash drawers, handheld scanners, pin number pads, and a “go payment” mobile card reader. Intuit also offers their customers full support on all hardware and software and a free trial period of 30 days. The current price for purchasing Intuits Management Inventory System is...
Words: 948 - Pages: 4
...effectively is important for any business, because without enough stock, production and sales will grind to a halt. Stock control involves careful planning to ensure that the business has sufficient stock of the right quantity available at the right time. Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. The internal control system provides for safeguarding of assets and proper recording of transactions. This research is done about the inventory internal control system in Burger King outlets located in Portmore. Companies should store inventory in secure spacious warehouses so that inventory is not stolen or damaged. Goods and resources of similar type should be kept in the same general area of the warehouse to minimize confusion and to ensure accurate counts. In an aid to control stock most companies use physical inventory counts which are a way of ensuring that a company's inventory management system is accurate and as a check to make sure goods are not being lost or stolen or cycle counts which is conducted periodically throughout an accounting period as a means to ensure that the information in its inventory management system is correct. A company's investment in inventory is usually a large one, and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials, then...
Words: 694 - Pages: 3
...Abstract This plan details the components necessary to develop a low-cost inventory control system to replace a frustrating manual tracking and reordering process. The hardware and software needed to implement the system is detailed as well as the cost associated with creating it. Furthermore, administrative functions associated with operation and maintenance of the system is provided with high-level descriptions. Critical counts can be adjusted to meet business specific requirements for any product detailed in the database. The system works in a circular process, from purchase tracking to inventory monitoring to re-ordering and back around again. This design allows a simple and efficient method to produce and inventory control system with the flexibility to manage many product types and suppliers. We all interact with inventory control systems on a daily basis. Rather it is at your local grocery stores checkout line or products purchased from your favorite online retailer, inventory control systems are at the center of our supply and demand chain. These systems ensure when we place our orders for products that the in stock, on order and committed quantities are accurate and monitored. It’s very common for large companies to use these types of systems is also becoming more common for small businesses. The following plan presents a low-cost alternative to the manual processes currently used by a small clothing store. The systems capabilities allow frustrating task such as...
Words: 832 - Pages: 4
...Inventory Systems Summary With the increasing demand to cut cost and increase revenues, developing the right inventory systems have become essential to compete in business. According to the Counselors to America’s Small Business, “Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that business has the right goods on hand to avoid product shortage and meet the consumer’s needs” (Counselors to America’s Small Business, p. 1). To ensure proper business practice Team A will evaluate four inventory systems and provide advantages and disadvantaged to ensure businesses can be cost-efficient, profitable, and provide for consumer’s needs. At the end of this report, a system will be suggested to meet the above criteria. Adria System Retailers are consistently faced with the challenge of properly managing their inventory to maximize profit for the company. As the second largest retailer in the United States, Target Corporation has implemented successfully an inventory system that works well for their business. Target currently uses the RFID program, also known as the radio frequency identification program. With this program, small tags are attached to each carton or pallet of merchandise delivered to the stores. “Many regard RFID tags as the new barcode to help businesses track and trace goods through the supply chain” (2011). Once the merchandise arrives at the store, the entire carton or pallet is scanned and the inventory...
Words: 1529 - Pages: 7
...Recommendations on Implementing Automated Inventory Management Systems at Al-Baldani Trading Contracting Establishment. (BBA-604) Synopsis submitted by: Arifa Jamil Syed BBA (General) 541110506 Table of Content Executive Summary 3 Part 1: Understanding the industry & company 4 Part 2: Introduction 6 Objective 6 Methodology 7 Conclusion 8 5. Recommendation 8 Part 3: 1. Appendix 9 (Part 1) EXECUTIVE SUMMARY The goal of this project is to...
Words: 1447 - Pages: 6
...Review of Related Literatures and Studies Computerized sales and inventory systems help manage products and ensure that transactions are completed correctly. These tools track products and provide ongoing inventory controls that reduce shrinkage. Use of these resources makes retail activities much easier and efficient. Using computerized sales and inventory systems allows for much greater accuracy in stocking and product management. They encourage ease of interaction between employees and shoppers as transactions are processed and items move from the business to the consumer. Computerized sales help provide better insight into which products are most popular. It also allows for enhanced marketing, stocking and oversight of critical sales objectives. Computerized sales and inventory systems save time for businesses by speeding up transactions while raising accuracy. This allows for confidence in accounting and accountability among employees as it is easy to verify how much money is in a till and what time transactions took place. They also allow for consistent experiences in terms of customer service. People know there is always a uniform interaction at the register that requires tendering payment, taking a receipt and transition of ownership of products and services. This generates confidence in a business and ensures ongoing consumer relationships. Computerized systems are the most common method of inventory control and sales processing in retail markets. Description of the...
Words: 1374 - Pages: 6
...Riordan Manufacturing A review of Riordan Manufacturing functional areas business needs included an in-depth analysis of several areas including Human Resources, Marketing, Accounting, and Operations. The business need that will be furthered researched within this discussion will be in regards to Operations Inventory Control. According to the virtual organization portal, Riordan Manufacturing has five hundred-fifty employees and indicated there is a projection of $46 million annual earnings. “Riordan Manufacturing, Inc. is an industry leader in the field of plastic injection molding. With state-of-the art design capabilities, we create innovative plastic designs that have earned international acclaim. Attention to detail, extreme precision and enthusiastic quality control are the hallmarks of Riordan Manufacturing. With facilities in San Jose, California, Albany, Georgia, Pontiac, Michigan and Hangzhou, China, we have the capacity to fulfill your unique needs. Riordan Manufacturing is wholly owned by Riordan Industries, a Fortune 1000 enterprise. The company produces plastic beverage containers produced at its plant in Albany, Georgia, custom plastic parts produced at its plant in Pontiac, Michigan, and plastic fan parts produced at its facilities in Hangzhou, China. The company's research and development is done at the corporate headquarters in San Jose. Riordan's major customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense...
Words: 1321 - Pages: 6
...Business History Ýn The United States At The End Of The Twentieth Century The History of Business history Business history in the united states at the end of the twentieth century and the beginning of the twenty-first is simultaneously thriving and strungling with itsidentity.There are clear signs of vigor, including a rising membership in the major professional organization in the field, BHC (Business History Conference). The organization recently launched a new quarterly professional journals; • Enterprise & Society • Economic and Business Historical Society. There are also some signs of stress, including a growing debate among business historians over the future direction of the field. Business history has grown tremendously in recent years, not only in terms of the number of scholar interested in the subject but also in academic structure Alfred D. Chandler has dominated the field over the past several decades.But, business history, of course, is more than Chandler. But thought business historians are doing exciting new work, there is no consensus about which way the field should be headed in the twenty-first century. The Economic History Association (EHA) lists 1,242 members, over twice the membership of the BHC. To examine the state of business history in the United States at the end of the twentieth century, we must get down to basics and ask a few questions about business history.These are; • Where have we come from? • What are its practitioners...
Words: 1180 - Pages: 5
