Inventory Management System
Professor Jesse Witherspoon
January 18, 2013
The materials needed to help my sister manage her inventory would first to get a retail software package. With a good retail software package it gives you up to the minute reports on what she will have in stock, on order and what is in transit. With the new system it will eliminate the need to guess if she has enough of a popular item or not enough of a particular item. This system will give her peace of mind and not worrying if she has placed an order so that she will have to replenish her supplies. With retail software and with an inventory management system, it eliminates and takes the guesswork from running her business. According to Loter-Koch managing inventory is essential and allows the company to minimize cost while continuing to meet her customers demands. With this management inventory system, this software can be set up to automatically notify her when it is time to order more inventory, such as when certain stock falls below a set amount level. By keeping the hottest items in stock, she will not miss sales or revenue due to items being out of stock. The retail software package will also generate purchase orders, which will help to streamline her inventory management. In addition to increasing her sales, the retail software with the inventory management system can also reduce her operating cost, which will help reduce the amount of time that she spends counting inventory and creating purchase orders for her clothing store. With the inventory management system it will help her to track which items are selling and which items are not selling. This will be a great way for my sister to identify which items are the most popular and hottest and the items that are not as popular or slow selling items. By identifying which items are the slowest to sell, this will help her to adjust pricing and whether she should have to order those items...
References: www.mcaus.com.au/retail-store-cmms, Retrieved January 18, 2013
www.retailsoftware.com/, Retrieved January 18, 2013
Loter-Koch, D., Effective Inventory Management, March 25,2011, Retrieved January 17, 2013 from www.biznik.com/articles/effective-inventory-management
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