Inventory Systems Summary
Christine Burns, Felicia Cobbs, Carolina Martinez, Paula Williams
QRB 501 Quantitative Reasoning for Business
Professor Jim Easley
April 25, 2012

Inventory Systems Summary The team will introduce several factors to summarize the functions descriptions and the advantages and disadvantages of inventory systems. The descriptions of inventory systems will show how one relates to many organizations. The advantages and disadvantages will show collaboration from the team of how the inventory systems can give a good cause or show the effects as a setback. Warehouse Inventory System
Transferring information inventory can be used by a public school district or a university as a barcode to scan physical records of information from a particular inventory. This process can be done as a third party software to download a particular file which holds information in inventory from one`s personal computer to a high performance data system (Ruiz-Torres, Mahmoodi, 2010). Transferring barcode data from one file to another is called warehouse inventory physical file. This process has to be done by ensuring to upload data, which is scanned from one computer to the high compatible system. Physically entering inventory allows company data history for stored input. The process involves entering information in the district demonstration field of system. The stock item of quantity has to be entered with capability of information to be displayed.
The advantage of the warehouse inventory system allows all history of system for company to be stored that will give the breakdown of the different barcodes of data. Manually all information will be entered in system to track every barcode and to locate barcode if a need for a specific data to locate for any reason. Building the inventory file with give comparisons of transferred data in stock for master`s history file. The program gives the comparison of the information of inventory by accumulating all exceptions into a special file. The system will assign a range of numbers into a file to be recorded and resolved. All reports can be printed out or transferred to other computer files. The disadvantage of the warehouse inventory system is that it will give a limited length in codes because of the revision in the inventory account that gives the markups and surcharge of data. This process is a normal range of codes about 36 length of character by delimiters. The entering physical data is subject to mistakes because of the manual entering of data. Numbers can be wrong by one count or data entered into wrong files that will lead to miscalculations for a barcode to be entered correctly. If this action occurs there will be a recalculation of data files history with different balances. If the amounts require a correction from errors, the program will have to be reset for recalculation of items to give a correct history of data files.
Advanced Tracking System The Advanced Tracking System (ATS) is a “complete system that operates standalone or as a front-end that interfaces with almost any company information system” (Business By Design, 2012). The system is designed to make improvements in customer service, promote boosts in productivity, and information for accuracy within management. ATS also analyzes data to provide a fast and efficient place to view important and critical inventory in real time. Collecting the data is easy and fast. Depending on what ATS device is used, “transactions are quickly and accurately captured in real-time without handwriting out forms and manual keyboard entry” (Business by Design, 2012). ATS inventory functions include label printing, order pick scheduling, picking, order pick verification, and shipping. The ATS system receives information from a number of sources, the most popular simply a portable hand-held device. The information from these devices is exported to the existing information system. There are several advantages for implementing the Advanced Tracking System. When one is using a computerized system to control inventory, organization can achieve an industry average of about a 20% reduction. ATS also requires a number of considerations. “The buyer must consider ease of implementation and use, vendor reputation, system expansion, training, vendor support and budget constraints” (Hamlett, 2009). The cost of implementing this system may seem like much, but the effort and time spent into using the advanced tracking system outweigh the cost of not using the system. ATS is highly useful in keeping an update of any damages and new and old goods. As with anything, disadvantages are sure to occur in business. The biggest disadvantage of acquiring a computer-based inventory system is a product or server malfunction. For any particular reason, connectivity to the system may be lost. Turnovers in the inventory have a tendency to drive up the cost. “This disadvantage of an inventory control system may be partially mitigated with bar-code scanners, radio frequency identifiers, and other means of digitally capturing lot information and quantity as items are pulled from the inventory” (White, 2010). This could cause industry rivals to hack into the company information and use this to an advantage for their company. Training also can be a hassle for a system as complex as the advanced tracking system. With training, extra time, money, and effort are needed.
QuickBooks
QuickBooks is a system that is used to record all transactions on business accounts. Organizations could utilize this system as an inventory that would help the organizations with over ordering, database tracking, and efficient workflow to easy access of records. The most affordable inventory system for an organization could be QuickBooks. QuickBooks is a tool that would help the company maintain organized and running. How QuickBooks works for example, if each week an order has to be placed an order for the distributor for all items that are needed to be replaced from the a week before or weeks before as well. it would be able to be tract. Then when the shipment of supplies is received each item could be scanned into the software system that would add to the current supply inventory. QuickBooks also allows a quick comparison of the things that were ordered and also supplies that were received from the distributor. Also the inventory system in QuickBooks could be utilized as a personal file for each consumer. The consumers file will contain their information such as accounts information like the payment and purchase history. This will help when a consumer places an order the system will allow to track all transaction from the consumers file. QuickBook allows when a product is scan it subtracts the product from the current supplies list. Once that product is subtracted it adds it to the list of products that need to be replaced. QuickBooks is a useful tool to have when things get to hected and business needs to be maintained in order. Advantage of QuickBooks it allows quick and easy access to customers information, updating the pricing, access tasks in seconds, software notifies the owner of the products that are best and less expensive. Another advantage QuickBooks has the ability of notes and reminder pop ups that one may forget. For example, such as placing a last minute order that is a part of the normal order rotation. Therefore the person would not run out of supplies that are needed to run the business. There are also some disadvantages of QuickBooks and mainly is the cost. The average costs around $900 for the Pro and $600 for the basic (Intuit). Another disadvantage is that there is extra equipment and the instructions are not easy one must be familiar how the process of QuickBooks work. However, once the system is up and running it is easily to run and keep updating information.

Conclusion Research has shown inventory systems are needed to function successfully. Due to organizations relying on their inventory and its importance, the numbers of the inventory need to be correct and precise. In our paper, we have discussed different inventory systems that can improve the way a company works. The inventory systems discussed have very similar advantages and disadvantages. Using this information can determine which system would be the best suitable for a business.

References
Business By Design. (2012). Advanced tracking system for inventory. Retrieved from http://www.barcodesystem.com/inventory_tracking.pdf
Hamlett, K. (2009). What are the benefits of a computerized inventory system? Retrieved from http://www.ehow.com/facts_5686138_benefits-computerized-inventory-system.html
Intuit Small Business, Rejoice. Quickbooks. Copyright 2012. Retrieved from http://quickbooks.intuit.com/. Rezaei, J., & Dowlatshahi, S. (2010). A rule-based multi-criteria approach to inventory classification. International Journal of Production Research, 48(23), 7107-7126. Doi: 10.1080/00207540903348361
Ruiz-Torres, A. J., & Mahmoodi, F. (2010). Safety stock determination based on parametric lead time and demand information. International Journal of Production Research, 48(10), 2841-2857. Doi: 10.1080/00207540902795299
Tucker, Shannon. How Well Does the New QuickBooks 2012 Condense Feature Work? February 14, 2012. Retrieve April 23, 2012.
White, T. (2010). The disadvantages of an inventory control system. Retrieved from http://www.ehow.com/list_6661908_disadvantages-inventory-control-system.html.