Technology is derived from discoveries of man; therefore, it includes the use of both primitive and highly advanced tools and methods of works.
With bar codes, point-of-sale software and warehouse tracking, computerized inventory management systems make it easy for businesses to stay updated consistently. As with any new system implementation, business owners should consider the advantages and disadvantages of using a computerized inventory system.
Automated Reordering and In-Stock Information Computerized inventory informs employees and customers within seconds whether an item is in stock. Because the inventory is synced with sales, there is a running tally of what is in stock and what isn't.
This helps flag reordering needs and provides better service to customers.
As inventory drops below a specific threshold, new orders are placed with vendors and tracked to let customers know when the new products will arrive.
Integration With Accounting Many of the computerized inventory platforms integrate with accounting software to track cash flow. This makes the process of transferring inventory costs and assets between programs seamless and reduces the need for additional bookkeeping costs.
Financial statements are more easily generated with shared data between inventory and bookkeeping. Forecasting and Planning Inventory management software does more than track where inventory is located and when to reorder it. A data collection system is used to create needed forecasting and strategic planning reports.
Business owners review trends regarding which products do well in certain months or during specific cyclical seasons. Business owners use this data to plan for growth and order inventory intelligently to best utilize cash flow resources. System Crash One of the biggest problems with any computerized system is the potential for a system crash.
A corrupt hard drive, power outages and other technical issues can result in the loss of needed data. At the least, businesses are interrupted when they are unable to access data they need.
Business owners should back up data regularly to protect against data loss. Malicious Hacks Hackers look for any way to get company or consumer information.
An inventory system connected to point-of-sale devices and accounting is a valuable resource to hack into in search of potential financial information or personal details of owners, vendors or clients.
Updating firewalls and anti-virus software can mitigate this potential issue. Reduced Physical Audits When everything is automated, it is easy to forego time-consuming physical inventory audits. They may no longer seem necessary when the computers are doing their work. However, it is important to continue to do regular audits to identify loss such as spoilage or breakage.
Audits also help business owners identify potential internal theft and manipulation of the computerized inventory system.The researcher’s project is based on sales and inventory system of seclude bar and restaurant that enable us to develop a computerized system.
Methodology of the study Statement of the problem The main objective of this study was to implement a computerized sales and inventory system that would heightened the records of the Seclude Bar. • To develop inventory module that will monitor the inventory of products.
• To develop a module that will generate reports. A Study of Computerized Sales and Inventory System for Nelson & Lily Store with barcode Introduction Information System (IS) is processing of information received and transmitted to produce an efficient and effective process.
Sales and Inventory System Chapter 3 Inventory.
Chapter 3 METHODOLOGY OF STUDY AND SOURCES OF DATA Methods of Research The researchers will be using a Descriptive Type of Research Method, and implement a Computerized Sales and Inventory System in Bossings General Premium • Sales And Inventory System Of a Pharmacy to maintain. Methodology _____ Computerized Sales and Inventory System of 2M Trading I-6 The researchers conduct a step by step process in order to come up with an inventory system which will meet the objectives previously stated and to provide a program which will of great help to the 2M TRADING inventory management.
One of the crucial advantages of a computerized perpetual inventory system is that it gives you the management information you need in real time.
That goes beyond current sales figures and inventory levels, to the heart of your operations. Wal-Mart Inventory System Wal-Mart runs its stores on a perpetual inventory system. This system records the quantity of items sold as items are purchased. The computer system at Wal-Mart constantly keeps up with additions or deductions from inventory and tells management what items are on hand.