The Problem and it’s Settings
Nowadays, the computer prove to us its effectiveness in searching and communicating
the people around the world. And it is also a guide in dealing business. A business is typically
formed to earn a profit that will increase the wealth of its owners and grow the business itself.
The operators and owners of a business have as one of their main objectives, the receipt or
generation of financials return in exchange for work and acceptance of risk.
Inventory systems often face customer demands for many different products. The demand
characteristics may vary from product to product and therefore an inventory manager will
generally apply a customized policy for every product. However, in most cases, all customer
demand for a single product is handled in a uniform way. Although the order sizes may vary
greatly and some orders can be handled in a different way than others, each unit demanded is
considered equally important. The system also allows the inventory to be well in-checked
without much labor. Just by having the name of their product entered in the database. It can be
checked or updated if they have it. The system is good for its easy to use, effective and efficient.
Also it can really make a difference when it comes to keeping inventory. The Proposed
Computerized Inventory System will give a big relief to the employees and employers as well,
when approved and used.
Source: Inventory System
In addition to the complexity of the process, the employee responsible on this task also
needs to check the stocks once in a while so as to monitor which items are already getting below
the allowable minimum quantity. Because of the draining work, there were circumstances when
the inventory record in the computer does not tally with the actual amount of the available items.
Another thing to consider in manual inventory is prone to errors since it is inevitable that the
Employee assigned to do the inventory, security is also being risked. If not properly monitored,
theft and loss of items can actually take place. It is also time consuming to take note of several
details each time an item is brought in and out of the stock.
For instance, Inventory System is a part of business in which it is an effective way for
monitoring and tracking different materials that are transferred in and out of a company’s
warehouse of establishments usually for accounting purposes. It is also important for a company
to monitor all the transactions in order to keep an account of all their stocks.
Just in time production and inventory system was specifically designed to minimize the amount
of inventory that needs managed and also cuts out storage space costs. The premise of Just-in-
time (JIT) inventory, also called lean production, is that supplies are arriving just as they are
needed. Therefore, as one product is leaving the shelf that product’s replacement is arriving and
being stocked. “Just-in-time inventory strategies were embraced by the Japanese when they
rebuilt their industry after World War II. In the U.S., just-in-time was slower to catch on, but it
now is frequently used (Just-in-time, 2003).” JIT processes focus on delivering and producing
exactly the amount of inventory required at the exact time consumers require it.
Source: Inventory System
An inventory system is a system used to keep track of a business’s products and supplies. These
programs are invaluable tools for most businesses because they are able to complete tasks
quickly that would take much longer if done manually. The main types included with any
inventory system are: tracking of remaining inventory, tracking when new orders should be
made, tracking which items are most popular and something to help businesses decide what