Preview

Inventory Management System

Good Essays
Open Document
Open Document
867 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Inventory Management System
Inventory Management System
By
Joann Jones
Course CIS/210
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
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Nt1310 Unit 1 Assignment 1
    • 755 Words
    • 4 Pages

    Nt1310 Unit 1 Assignment 1

    The software as mentioned earlier can be acquired for free. To find free inventory control software I would recommend extensive research of a few programs and try to read some reviews and ask some questions about them. Quickbooks can be purchased to track inventory and even help with accounting. Quickbooks can be obtained from Amazon.com for as low as $272 (Amazon.com 1996-2014). A service like Tally Soft can be purchased but pricing is quoted after discussing it with a representative.…

    • 755 Words
    • 4 Pages
    Better Essays
    Read More
  • Powerful Essays

    Qrb-501 Week 2 Team Assignment
    • 2054 Words
    • 59 Pages

    Qrb-501 Week 2 Team Assignment

    The purpose of this group assignment is to collaborate as a team to compare different inventory systems and describe the advantage and disadvantages of each system in comparison to the others. Management of inventory is important to any business that wants to succeed. Companies purchase inventory systems to help manage the inventory of an organization. Team A reviewed the following companies and their inventory management programs: Best Buy, , and . This Inventory System Summary includes a description of the chosen companies and their inventory systems, and a comparison describing the advantages and disadvantages of each system. Best Buy…

    • 2054 Words
    • 59 Pages
    Powerful Essays
    Read More
  • Good Essays

    Cis 210
    • 312 Words
    • 2 Pages

    Cis 210

    In today’s “tech” and competitive world, businesses are in transformation from manual inventory system to automated inventory system, including small businesses. Automated Inventory systems can reduce costs, retain the existing customers and gain profits. It can replace the time consuming manual process by providing more accurate data. Every business should have a proper inventory system in order to track whether the store is running out of the stock of an important item or there are some items that are obsolete. Nowadays, automated system is used almost by all the retailers, grocery stores and manufacturing companies. A good inventory control system will alert the retailer when it is time to reorder (www.barcodesinc.com). Automated inventory system will keep the competitive advantage of your company and increase the value of your business.…

    • 312 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    Cis 210- Inventory Management System
    • 1231 Words
    • 5 Pages

    Cis 210- Inventory Management System

    My sister owns a small clothing store. During a conversation at a family dinner, she mentioned her frustration with having to manually track and reorder high demand items. She would like an automated system but has a very small budget. To accomplish I propose an inventory management technology. Inventory management technology is a mix of hardware and software designed to add reliability to inventory accounting, reduce incidents of theft and facilitate inventory audits. Individual inventory items or batches of items could be equipped with RFID tags that identify the item type, cost, price, shipment number, date of shipment and virtually any other useful information. Software inventory management solutions replace pen-and-paper systems, reducing the time required to account for inventory additions and subtractions (2002-2006, Kenneth Hamlett). Due to the low availability of funds, I will buy only one laptop, wireless router, barcode scanner, barcode printer, printer and the internet service. For startup we will begin with the use of the inflow inventory system from Archon Systems. The software will help my sister to take orders and deduct out of the inventory with one click. This software will also generate reports one of which will show the demand for a given product. We will also setup the laptop with wireless internet access which will enable her to conduct sales and do inventory with the same equipment using a wireless barcode scanner. We will add or upgrade the system in future as soon she is financially capable.…

    • 1231 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Inventory Systems Comparison
    • 1893 Words
    • 8 Pages

    Inventory Systems Comparison

    The principal role of inventory management systems is to ensure that stores are adequately stocked. Companies use various methods to track and report inventory. Retail companies are perhaps the best entities to examine when attempting to understand inventory management systems. The type of inventory a company has determines the method they use. Retail companies use the retail inventory method as a base system. Last-in-First-Out (LIFO) and First-in-First-Out (FIFO) are the two systems that appear to be used more frequently. Other systems used are the Just in Time or JIT method and the Average Cost method. The following paragraphs will describe different companies and the type or types of inventory systems they use. Also the advantages and disadvantages of their systems are discussed.…

    • 1893 Words
    • 8 Pages
    Good Essays
    Read More
  • Better Essays

    Ltb Inventory Systems
    • 1749 Words
    • 7 Pages

    Ltb Inventory Systems

    Inventory Systems are the software used to plan and track inventory balances and activities (Investopedia, 2012). There are many inventory systems, which can be used in an organization to track products sold or used. Team B’s team members will describe his or her organization and the current inventory system he or she uses. Each member will discuss the advantages and disadvantages of his or her inventory system. Team B will also do a comparison between each organization to identify the strengths and weaknesses. Below one will find the discussion to the topics mentioned above.…

    • 1749 Words
    • 7 Pages
    Better Essays
    Read More
  • Better Essays

    Inventory Management Systems
    • 973 Words
    • 4 Pages

    Inventory Management Systems

    In today's business environment, even many smaller businesses have come to rely on computerized inventory management systems. Automated systems can replace the cost and time consuming processes that were once completed by hand while providing companies with more accurate data. Inventory control is important to ensure control in businesses that handle transactions revolving around consumer goods. Without proper inventory control, a store may run out of stock on an important item. A good inventory control system will alert the retailer when it is time to reorder (www.barcodesinc.com). It will also aid in the prevention of theft and product loss. Overall, a good inventory system will increase the value of your business, satisfy your customers and create more freedom in your life. In this paper, I will describe all the necessary equipment for a low-cost automated inventory system for a small clothing store. I will also explain the costs involved in the creation of the system, describe the ongoing maintenance that will be required and provide a workflow diagram to illustrate how the system will work.…

    • 973 Words
    • 4 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Apa References Example
    • 363 Words
    • 2 Pages

    Apa References Example

    8. Inventory Software Systems. (2011). Inventory software for wholesale and retail. Retrieved February 15, 2012, from http://www.executivpro.com/…

    • 363 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Inventory Management Systems
    • 605 Words
    • 3 Pages

    Inventory Management Systems

    During a conversion at my family dinner my sister mentioned her small clothing store and she also discussed how frustrating it is to manually track and record all of the high demanding items in her store. My sister would like an easier solution for her problem. She decided she wanted an automated system, but she told us that she has a very small budget. So she asked my mother and I for any advice we can give for her store.…

    • 605 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Inventory Management System Abstract
    • 429 Words
    • 3 Pages

    Inventory Management System Abstract

    The Old system is currently people managing their work manually on their own device in the format of excel sheets.…

    • 429 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Specific Objectives
    • 546 Words
    • 3 Pages

    Specific Objectives

    We’ve decided to provide a LAN-Based Sales and Inventory System to improve their transaction procedures faster and easier, and to monitor their inventory and sales regularly, These include valuing the inventory, measuring the change in inventory and planning for future inventory levels. It also includes monitoring of critical levels to avoid either having too much or too little inventory on hand. It will also monitor returned goods by the customer. Measuring the change in inventory allows the company to determine the cost of inventory sold during the period. The system will also include updating of supplier, inventory, and sales records, like adding, deleting, and editing. It will automatically compute and record the daily, weekly, monthly and the annual…

    • 546 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Inventory System Documentation
    • 317 Words
    • 2 Pages

    Inventory System Documentation

    This supports updating inventory information for all items, monitoring inventory depletion, and importing and exporting inventory information to and from external systems of record. It serves the needs of shoppers, business managers , site administrators and external line of business systems that interface with commerce server.…

    • 317 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Hotel Management System
    • 1269 Words
    • 6 Pages

    Hotel Management System

    Inventory Product System is a software application which you can use to see and view the inventory of products. It is designed to record all products that goes into and comes out of the store. The system will maintain product records, search the availability of the particular product and produce summary and details inventory reports that helps the user to record faster and efficient, and reduced human error. It is also user-friendly in working environment designed based in common inventory transaction. This system is to be created and use for Sugaritta who had a manual inventory process in their store.…

    • 1269 Words
    • 6 Pages
    Good Essays
    Read More
  • Good Essays

    Uses of Computer in Field of Business
    • 1129 Words
    • 5 Pages

    Uses of Computer in Field of Business

    Inventory control and management Is a crucial process , especially in establishments related to retail and production, such as details of good, goods coming in distribution of stock and storage details.…

    • 1129 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Thesis
    • 1009 Words
    • 5 Pages

    Thesis

    Inventory system tracks purchases, incoming shipments, stored inventory and sales transactions throughout an organization. Inventory System can be as simple as a pen-and-paper system, or as complex as an enterprise software package connecting accounting databases, inventory information and point-of-sale terminals across several branches. Business owners deploy these systems to accomplish a number of general objectives. Automated inventory is a system of keeping track of inventory on a perpetual basis. This type of inventory control ensures items are accounted for and that inflow and outflow status is updated on a continual basis. Automated inventory may be implemented through things like inventory management companies. Based on controlling costs, automated inventory systems track each item or product used in production or retail sales through an inventory software system. When the minimum quantity of an item is reached, an order can be placed immediately and automatically to restock that item. This process takes into account the time needed for an order to be placed and for the company to receive and restock the item.…

    • 1009 Words
    • 5 Pages
    Good Essays
    Read More

Related Topics