Inventory Management System

Inventory management system

 

 

 

 

 

 

 

 

 

Inventory management system

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Abstract

Here as per the case study Margaret uses manually managed system for every bits and pieces of her store and cafeteria which causes hazards and wastage of paper, man power. Inventory management system is a vast task divided into groups of tasks called storing data, retrieving data, putting data in order etc. here we will try to explain how a management information system for automating inventory management, invoice generation, receiving processes, requiring customer order fulfillment, and having Web-based self-services would help her business to compete with major book retailers. Also we will Explain how through the use management information systems, her competitors are lowering costs and improving profit margins through increasing efficiency.

 

 

 

Inventory management system

 

Management information system is the machine controlled system of storing various data and putting  them in order to be called information or meaningful data.  Management information study can be used for automating inventory management. To keep record of an inventory we have to categorize the source of income. The amount of money, the period over when the revenue got collected etc. these helps us to get the larger picture and helps us to further build the function and extend it.

how a management information system for automating inventory management To create management information system for automating inventory management we need to install a few machines like bar code reader, bar code strips, computer for calculation and a software system for the specific product.

Basically, the organizations work like this. First, bar codes or RFIDs communicate scanners which items customers are buying. The scanners convey the information to computers by reading the bar codes and transporting that information to the software. The software then construes the numbers from the bar code and matches those numbers to the type of product they represent. This permits the wholesaler to track sales and inventory — either at the checkout counter or with a hand-held scanner — keeping the store well-informed of which items are selling.

Particular software keeps track of how much stock is going out the door via consumptions and how much leftovers on shelves and in the storeroom, giving directors a real-time image of what’s happening. The software also examines the data and makes references for re-ordering plans. Sometimes, they’re automated to mechanically order at a assured point. It’s significant to note, though, that good systems consent room for human decision-making. The systems provide good information to support choices but leave the final call up to managers.

 

Maximum retailers, nonetheless, have bought into the vast compensations presented by such systems. They comprise the high competence, the need for less warehouse space, less cash tied up in accounts and better sales. The organizations also endorse better information sharing amid the retailer and the vendor, which helps drive down cost for both, as well as for the consumer.

The welfares of contemporary account management systems aren’t just for the trade and trade sectors. They also offer great recompenses for any group that achieves a supply chain for expendable items, such as the military and medical facilities.

invoice generation 

invoice generation includes the application made for particular business, for example in a book store the inventory management system should get its sku number, customers mobile number, address, product’s id number, quantity of product, date and time and branch of shop, name of the sales person, a clear name of customer along with his/her signature. The description of the product.

 

Web based marketing

Online store publication of the shop makes people go to the site and people takes interest as no body these days have enough time to go to a shop and gets the product. We have to choose an unique design, customer friendly registration and login process so that the steps are small and easy to understand. The admin should get payment method installed in the site so that customers can pay for what they are buying. The payment procedure should be secure enough so that customers can trust the site management.

 

References

  1. Laudon, Kenneth C.; Laudon, Jane P. (2009). Management Information Systems: Managing the Digital Firm (11 ed.). Prentice Hall/CourseSmart. p. 164.
  2. Transaction processing systems (TPS) collect and record the routine transactions of an organization. Examples of such systems are sales order entry, hotel reservations, payroll, employee record keeping, and shipping.
  3. Bidgoli, Hossein, (2004). The Internet Encyclopedia,
  4. ^ Chambers Dictionary, 1998, Chambers Harrap, Edinburgh, p. 845
  5. Financial dictionary, formerly at http://www.specialinvestor.com/terms/1072.html, Special Investor
  6. aspenONE Supply & Distribution for Refining & Marketing
  7. Relevance Lost, Johnson and Kaplan, Harvard Business School Press, 1987, p126
  8. R. S. SAXENA (1 December 2009). INVENTORY MANAGEMENT: Controlling in a Fluctuating Demand Environment. Global India Publications. pp. 24–. ISBN 978-93-8022-821-1. Retrieved 7 April 2012.

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