Preview

Abstract - Inventory System

Satisfactory Essays
Open Document
Open Document
402 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Abstract - Inventory System
ABSTRACT Nowadays, many companies use modern technology in the operation of their business. However, there are some companies that still use the traditional way in processing their data and one of this is Hi-Safety Industrial Supplies, Inc. The study will propose a monitoring and inventory system for Hi-Safety Industrial Supplies, Inc. The business uses manual way of monitoring of daily transactions and conducting an inventory. All the necessary records of completed transaction are being filled in different ways such as data, invoice, tdr, sample replacement and concisement. Monitoring includes the transactions happening in the company and the all stack are in warehouse and sales office and the flow of cash which may include the income of the company. Inventory happens on monitoring of the materials used in every job. The researchers have observed the needs of the company for computerization to lessen their work and can secure files and information within their business. Monitoring the cash flow and items used is the main concern of the study for the company. It wants to efficiently manipulate data, to reduce the errors and to enhance data accessibility to users. The proposed system will also help speed up their transactions because of computerization.
INTRODUCTION
Technology is growing fast, but some people are still using old ways and techniques of doing their work. This old techniques has many problems and human errors on it. Today, we need to minimize the risk of human errors especially in inventory systems because one error can cause a profit loss of a certain company. Computerization of the system is a great way of minimizing the risk of human errors and greatly improves the efficiency of the workers and lessens the workload of the people involved in it.
Inventory is use to list down all available goods held in a stock by businesses. It helps a certain business to keep track of its merchandise. A detailed list

You May Also Find These Documents Helpful

  • Good Essays

    Cis 210

    • 312 Words
    • 2 Pages

    In today’s “tech” and competitive world, businesses are in transformation from manual inventory system to automated inventory system, including small businesses. Automated Inventory systems can reduce costs, retain the existing customers and gain profits. It can replace the time consuming manual process by providing more accurate data. Every business should have a proper inventory system in order to track whether the store is running out of the stock of an important item or there are some items that are obsolete. Nowadays, automated system is used almost by all the retailers, grocery stores and manufacturing companies. A good inventory control system will alert the retailer when it is time to reorder (www.barcodesinc.com). Automated inventory system will keep the competitive advantage of your company and increase the value of your business.…

    • 312 Words
    • 2 Pages
    Good Essays
  • Better Essays

    In today's business environment, even many smaller businesses have come to rely on computerized inventory management systems. Automated systems can replace the cost and time consuming processes that were once completed by hand while providing companies with more accurate data. Inventory control is important to ensure control in businesses that handle transactions revolving around consumer goods. Without proper inventory control, a store may run out of stock on an important item. A good inventory control system will alert the retailer when it is time to reorder (www.barcodesinc.com). It will also aid in the prevention of theft and product loss. Overall, a good inventory system will increase the value of your business, satisfy your customers and create more freedom in your life. In this paper, I will describe all the necessary equipment for a low-cost automated inventory system for a small clothing store. I will also explain the costs involved in the creation of the system, describe the ongoing maintenance that will be required and provide a workflow diagram to illustrate how the system will work.…

    • 973 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    For almost two years in the industry the proprietor are using the manual inventory system. With this kind of system the process of their transactions are very slow and it is a time consuming to their business transactions. This is the main reason why they decided to shift from manual to automated sales and inventory system. The shifting of inventory was made possible by the proponents to make the daily transactions of the company faster, easier and more accurate. The system helps them to eliminate problems on sales, storage and retrieval of inventory data for the…

    • 2636 Words
    • 11 Pages
    Powerful Essays
  • Satisfactory Essays

    Pos and Inventory System

    • 313 Words
    • 2 Pages

    This document will give an insight to the nature of the business, current system in use and the proposed system to replace the old system. This document will also list the benefits of implementing a new system. In general, it will provide a detailed analysis of all the major aspects of the business and will specify the current situation of the business. Many companies now rely on computerized system to process its financial accounts and provide services for the customers. In modern corporations, they use information system to process its transaction and manage its human resources.…

    • 313 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The Primary user of the new computerized system is the biller and the warehouse supervisor. The Biller prefers more convenient design and arrangement of interface. The use of icons or images together with its description to represent a function is much appreciated. There must be a function where a biller can modify saved data for correction of typographical error. There should be sales back tracking function depending on what date is desired. System should allow modification of receipt prior to printing the data. There should be a report generator base on the desired type of report needed. The warehouse supervisor also prefers non complicated design and arrangement of functions. In monitoring inventory there should be a function to easily display items categorized per manufacturer or supplier name. There should be a filtration of data in each category like product expiration date and product quantity. The computerized system should be able to produce inventory report.…

    • 782 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Basically Inventory is the total amount of goods and materials held in stock by a factory, store and other business. That means Inventory system is a process whereby a business keeps track of the goods and material it has available. There are many types of business that can benefit from using an inventory system. Retail outlets which stock and sell goods, warehouses that have goods and materials passing in and out on a daily basis and manufacturers that produce and sell products are just a few of this. It can be essential for companies that have a high turnover of stock and need a simple way of keeping track of this to ensure their business runs smoothly and efficiently.…

    • 1096 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    Inventory System

    • 898 Words
    • 4 Pages

    Many companies are using inventory systems for their success and growth. Inventory systems have a variety of functions purposes in businesses. Promoting the sales and shrinkage control are two main functions of inventory system. Promoting the sales function deals with availability of sufficient products for the customers where as shrink age control function deals with monitoring the occurrence of damage loss, or theft, etc. of the products. Another very important function of inventory control systems is asset valuation; that establishing the value of the products on the shelf for tax purposes at the end of the tax year. According to the Small Business Administration, all inventory systems strive to strike a balance between managing costs and the business advantages of a broad selection of goods to offer to customers. All inventory systems, regardless of technology, require some element of visual inventory management. Point of sale, bar code, or stub control systems will all require manual verification periodically.…

    • 898 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Project on Kmc

    • 7029 Words
    • 29 Pages

    The purpose of the project is to understand and analyze the present inventory management system practiced in the company. Inventory refers to the stockpile of the products that firm would sell in future in the normal course of business and the components that makes up the product.…

    • 7029 Words
    • 29 Pages
    Powerful Essays
  • Powerful Essays

    Most small businesses nowadays, use computers in transacting with their customers. Small businesses are now making their systems computerized because using a computerized system will help minimize the time and efforts consumed by using manual system. Nowadays, the motorcycle parts and accessories business are equipped with the latest Information Technology Systems that allow them to operate effectively in the efficient sales of their products. On the inventory control section, it helps them tracked and monitored incoming and outgoing materials. It gave them, up to date status and detailed information on each item on their inventory. Clearly automated system is very competitive and will have a big advantage on others employing a manual system.…

    • 911 Words
    • 4 Pages
    Powerful Essays
  • Powerful Essays

    Liberty Hardware Store

    • 5177 Words
    • 21 Pages

    An inventory system is basically a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold. However this is only really appropriate for small businesses that do not have a lot of stock. For larger business it is more likely that a computerized system will be required.…

    • 5177 Words
    • 21 Pages
    Powerful Essays
  • Good Essays

    INVENTORY is defined as the blocked Working Capital of an organization in the form of materials . As this is the blocked Working Capital of organization, ideally it should be zero. But we are maintaining Inventory . This Inventory is maintained to take care of fluctuations in demand and lead time. In some cases it is maintained to take care of increasing…

    • 813 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    The researcher conducted this study in Ding-Dong Hardware in Glan, Sarangani Province. It mainly focused on the product inventory and handling of records. It could generate report and provide an organized, secured records, and accurate reports. In its operational functions, only the manager and cashier can update the current files inventory…

    • 664 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Inventory System

    • 4294 Words
    • 18 Pages

    In today’s growing market many businesses are turning toward automated systems to perform their everyday tasks. Automated systems can replace the cost and time consuming processes that were once completed by hand while providing companies with more accurate data. One automated system that is becoming more popular is the automated inventory system. This system is used…

    • 4294 Words
    • 18 Pages
    Powerful Essays
  • Satisfactory Essays

    INVENTORY SYSTEM

    • 544 Words
    • 3 Pages

    Since manual inventory consumes a lot of time and is prone to errors, it would be helpful to build a system that will computerize the transactions from acquisition of the product description to updating the inventory database. The computerized inventory system will improve employees’ work efficiency by computerizing routinely and time consuming tasks such as the time spent in taking down product information. As a result, the time can be used in more productive activities. The accuracy of the current system will also be improved, since the computerized inventory system would…

    • 544 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Inventory is basically the total amount of goods and materials held in stock by a factory, store and other business. An inventory system is a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold.…

    • 1317 Words
    • 6 Pages
    Powerful Essays