Foreign and Local Studies

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  • Topic: Inventory, Point of sale, Inventory control system
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Chapter II

REVIEW OF RELATED STUDIES AND LITERATURE

By conducting a research of some related studies and literature, it enables the researchers to understand the conducted study. The survey and investigation of the past studies is essential to the researchers to for it to give ideas and also as guide. Also some related studies are intended to seek the solution to the problem and make them better by the used of proponent.

Foreign Literature

[1]According to the Right Pharmacy Management System, the key benefits of the pharmacy management system-automating processes, streamlining workflow and thereby enhancing the customer base-are attracting enough to draw retail pharmacy chains competing in a world of growing challenges. However, the choices are tough with a handful of products and the high cost of customized solutions. This Infosys paper outlines some ideas on selecting the right option.

[2] "Inventory", to many small business owners is one of the more visible and tangible aspects of doing business. Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products. Likewise, merchandise stocks in a retail store contribute to profits only when their sale puts money into the cash register. In a literal sense, inventory refers to stocks of anything necessary to do business. These stocks represent a large portion of the business investment and must be well managed in order to maximize profits. In fact, many small businesses cannot absorb the types of losses arising from poor inventory management. Unless inventories are controlled, they are unreliable, inefficient and costly. Successful inventory management involves balancing the costs of inventory with the benefits of inventory. Many small business owners fail to appreciate fully the true costs of carrying inventory, which include not only direct costs of storage, insurance and taxes, but also the cost of money tied up in inventory. This fine line between keeping too much inventory and not enough is not the manager's only concern. Others include:

[3]According to the literature Point of Sale – A beginner guide to POS Software that the most large retail stores have migrated from the old trusty cash register to more modem computerized point of sale (POS) system. This Application Guide explores computerized POS technology and provides a roadmap for anyone contemplating acquiring POS system for own business. There are benefits of a POS system. Most people type on a computer these days for a long time, the typewritten manufactures tried to resist the tide by touting the new features of their products. Some added memory and LCD displays to make their typewriters more "computer like". In the end, they lost the battle. While typewriters can still be found, by and large computer word processing has won the battle. Why? Because word processing provided much more: Spell checking, different fonts, graphics, pagination, etc. typewriters couldn't complete. We’re seeing the same battle now between mechanical cash register and window-based POS systems.

[4]According to the literature “Fundamentals of Purchasing Inventory Control for Certified Pharmacy Technicians”, the objective of an inventory control system is to make inventory decisions that minimize the total cost of inventory. This is not to be confused with minimizing inventory. It is often more expensive in a pharmacy to run out of an item than to simply keep more units in stock. For example, in a retail pharmacy, if a customer is unable to obtain their medication, they may go somewhere else and the pharmacy may lose future purchases. Also the transaction of the pharmacy is somewhat part of the technician responsibilities, he/she must provide valuable data to help and make more knowledgeable in purchasing and inventory control decisions....
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