Background of the Study
Inventory Management is the planning, control, organizing and leading the goods and materials required by the business (Collins, 2002) Living in a modernized time at the present, businesses needs to adapt to massive demands of our society in terms of production. This increase in demands tends to take a toll in handling inventory for products and resources. With these business entities incurring the biggest expense, needing it to be carefully controlled in order for the business to run effectively. Having the wrong inventory, or too much inventory can deplete resources to dangerous levels, so by managing it efficiently, the business will be aware of what stock they need to replenish and what needs to be shifted. Through this aspect, An Inventory System plays a vital backbone to today’s businesses. Making data seamlessly flowing in to organized information necessary for financial success. Review of Related Literature
Inventory System, maintained within a database that ties an asset to its owner and defines the location where the asset resides. (Bronack, 2001) http://www.dcag.com/webdocs/INVENT01.html
Inventory management is to provide means of exercising a closed control over the flow of materials or goods into inventory and the flow of inventory into production or sales, thereby only preventing loss but also ensuring that adequate inventory levels are maintained. (Glautier, 1980 p.156)
What is Inventory Management? Inventory Management, defined by (Isagani C. Belarmino) as a determinant for a business success or failure. It enables the business to meet or exceed expectations of the customer by making the product readily available.
(Donald and Lamarlee p.350-351) says that “No matter how diligently a store keeper performs the custodial job or how carefully an inventory control clerk maintains records manually, some discrepancies between the actual and the balance of inventories is bound to occur”. http://www.stclements.edu/grad/gradmumi.pdf
“Using an inventory system, prepares the organization for any financial uncertainty.” Natividad-Reyes Research Group (2000:2)
Inventory System tends to make a simplest way to collect data and that is a big help to the manager in the company and not time consuming process. Excerpts from the Case Study of Oreiro Group, BS-IT Lorma Colleges.
Mr Erwin Bryan G. Gacayan, an avid car enthusiast since his childhood, formally established G-Tech Enterprise on April 18, 2009. Under a sole proprietorship, G-Tech Enterprise offered Car Accessories, Cycle Parts and Car Audio Systems, later on expanding into Car Tints and Car Wash as their prime offered services.
“G-Tech” was derived from Gacayan (Owner’s Surname) and Tech, a catchy word for auto parts. Driven by the motto “Nothing is impossible.” At the present G-Tech Enterprise is one of La Union’s finest distributors of Car Parts and Accessories.
Statement of the Problem
G-Tech Enterprises, like many in auto accessories establishments in the industry, is not a perfect establishment. Even with computerized inventory, the staff encounters some unavoidable problems in the way. The following problem has been identified:
1. What is needed in providing data security for the inventory? 2. What type of system is needed to address the computerized inventory problems? 3. How will the proposed system improve the overall inventory processing of the establishment?
Objectives of the study
The general objective of the study is to create and implement a suitable system for a business establishment that...