Review of Related Studies -- Inventory System

Topics: Inventory, Balance sheet, Inventory control system Pages: 2 (427 words) Published: July 7, 2011
RELATED STUDIES:

The following statements given are related to our study about the inventory system which is found very useful for the proponents in making the system.

"It is nearly impossible to overemphasize the importance of keeping inventory levels under control," Ronald Pachura wrote in an article for IIE Solutions. "Whether the problems incurred are caused by carrying too little or too much inventory, manufacturers need to become aware that inventory control is not just a materials management or warehouse department issue. The purchasing, receiving, engineering, manufacturing, and accounting departments all contribute to the accuracy of the inventory methods and records."

It is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today's keenly competitive business world. Writing in Production and Inventory Management Journal, Godwin Udo described telecommunications technology as a critical organizational asset that can help a company realize important competitive gains in the area of inventory management. According to Udo, companies that make good use of this technology are far better equipped to succeed than those who rely on outdated or unwieldy methods of inventory control. Automation can draidatically affect all phases of inventory management, including counting and monitoring of inventory items; recording and retrieval of item storage locations; recording changes to inventory; and anticipating inventory needs, including inventory handling requirements. This is true even of stand-alone systems that are not integrated with other areas of the business. But many analysts indicate that productivity—and hence profitability—gains that are garnered through use of automated systems can be increased when a business integrates its inventory control systems with other systems, such as accounting and sales, to better manage...
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