The Inventory Management System

The pedigree watchfulness systemWhen a communication channel stocks materials and goods they sell, they ar procedures that be put in place to handle how goods are received, stored and delivered, with this transition been known as armory superintendment.Inventory is a physical resource that a business holds in their stock with the intention of selling it or transforming it into a more valu adapted state. The blood line could range from raw materials, undone goods, marchs in cooperate or master(prenominal)tenance, repair and operation (MRO). The main concept of parentage control is focusing on the process of movements and duty of stock. This concept strictly bases on the principle of physical and cycle counting, physical and organisationatic movement of materials and, good accounting practices.In business worry, stemma consists of a list of goods and materials held available in stock. Inventory instruction is the process of specifying the placement and size of the stocked goods within a business whereby the strain is to be managed at different locations or levels within a installment or within multiple different locations of a supply vane to safe guard production against overstocking or running out of goods.Inventory management could as be defined as managing entry with the aboriginal objective been determining and controlling stock levels within the facility to symmetricalness the need for product availability against the need for minimizing stock holding and discourse costs.2.3 Management SystemA management frame is an information agreement that is employ by a business to ensure they tooshie manage and fulfill their tasks through a framework of procedures and processes. Typical management outlines are utilize to maintain data within an organization as fountainhead as ensuring data is shared accurately, or for the management of services or products offered. A management arranging could also be defined as the integration of traditional management methods with a computer organization to form a tool for strategic and automatised information management.2.4 Inventory Management SystemAn muniment management system is commonly used to automate a sales order fulfilment process. These types of system are intentional containing a structure whereby it contains lists of orders to be fulfilled then prompts the sales employees to guide the desired items and mark them packaging and shipping information. Modern inventory management system serve the purpose of keeping tracks of inventory objects whereby the system relies on ostracizecodes or RFID tags to uniquely identify the object. When recording a transaction, the system mechanically identifies the inventory object by s open firening the barcode or RFID tag, and then supernumerary transaction information is collected from the operator via work terminal which could be a workstation or mobile computer.The features of an inventory management system much(pre nominal) as physical inventory counting and cycle counting scum bag enhance an organization. With the availability of various kinds of inventory systems, in the current surroundings the size of a business is not a concern because thither are various kinds of systems to suit any business.Figure 1 fundamental Structure of an Inventory Management System2.5 Management System sort2.5.1 Network Inventory Management SystemReal clock inventory management system use wireless, mobile terminals to record inventory transactions, the fleck the transaction is processed. Transaction information is transmitted via wireless LAN to a central database.2.5.2 fend for Alone Inventory Management SystemStand alone inventory systems are usually employed by subaltern size or medium sized businesses. These kind of systems work offline and are not connected to different systems. Stand alone systems are usually used to store Customer data and inventory, usually all stored on one local database. For ex ample for small businesses like convenience stores and brake shoe stores, it could be an valuable business option to purchase and use an expensive electronic inventory management system hence a standalone industriousness could be the nearest option to the manual system since it automates the basic functions of inventory management. It would not make sense a small business dictated in one location implementing a meshwork based or network based inventory system when they only sale inventory locally. These kinds of systems are not suitable for large sized business in manufacturing or production with a study in 1996 by the international Mass Retail Association (IMRA), for example, concluding that stand alone management system packages acquired to perform individual functions result soon become out of date because they do not integrate well with other systems.2.5.3 Web base Inventory Management SystemWeb based systems are meshing occupations that toilette be approached from a ny computer with a web web browser but without any physical application installed on the local computer. In inventory management systems, a web based application can be a smart move for businesses because it offers the benefits of secure storage, sharing files and availableness which make managing your data with other hosted applications a smart strategy. A web application is an application delivered to substance abusers from a web server over a network such as the internet or an intranet. A land for the popularity of web based applications is due to the functionality of the web browser as a client, somewhattimes called a thin client.When choosing inventory management applications, the ability of a web based application to update and maintain web applications without distributing and installing bundle on potentially a numerous number of clients is another(prenominal) reason why these kinds of system are becoming much prospered by users. A key strategy that is been capitalized on by software package companies is to provide web access to applications that are been distributed as local applications whereby these programs award the user to pay a monthly or yearly payment for use of the application without having to install it on a local secure drive. Software companies that are following this strategy are known as an application service provider (ASP), and ASPs are currently receiving much anxiety in the software industry.The main concepts behind web based application is to centralize information hence by using databases to store data like consumer information, salespeople can update a clients address and the update will instantaneously be available to all users throughout the organization. Too legion(predicate) small and medium-sized businesses suffer from de-centralized information because they implement stand alone applications which are not a logical way of centralizing information.2.6 Current ground Inventory Management System2.6.1 bullion Invento ry System plate Inventory System is very popular software throughout the world, specially with small to medium sized businesses requiring a mid-range, inexpensive standalone inventory software with a good range of features. capital Inventory System is a complete inexpensive system for management of sales, purchases and payments. This system will help you in creation invoices, sale orders, purchase orders, receiving lists, payment receipts, product labels with bar codes and any kinds of the reports for monitoring your business. Inventory System drop by the waysides the control of customer balances and vender balances.Figure 2 cloakshot of Silver Inventory Management System2.6.2 comfortable Inventory System comfortable Inventory system is integrated with QuickBooks and is able to track Purchases, Sales, Work Orders and payments. This is a complete inventory management system that performs the functions of Purchases, Sales and payments. The system guides you through the creation of vendors list, purchase orders, products list, receiving lists, sales orders, invoices, sales and payment receipts. In addition to product labels with barcodes, work orders for creation inventory assemblies, transfer orders surrounded by locations, customers and vendors balances and various types of reports for monitoring your business, it also supports XML synchronization with outside(a) locations. palmy Inventory system works with MS SQL Server 2000, MSDE and backdrop database files. thriving Inventory system works as a hit application or as a client server system and as a distribution database system. You will be able to work with remote outlets and warehouses even without a reliable connection between them. The system uses unique data exchange technology in XML format that allows quick processing orders and synchronizing information with all your branches.Figure 3 Screenshot of Golden Inventory SystemFeaturesGolden InventorySilver Inventorysubstance abuser interfaceEasy to understand interface that can be used without need for training.Application offers a simple to use interface, that could be used to perform tasks without the need of trainingWarehouse supportApplication can be integrated to support multiple warehouses for one ac corporation reinforcing stimulus for warehouse is only limited to one warehouse for one companyPoint of SaleSystem has a point of sale table where a sales transaction can be performed in existing timeDoes not provide functionality for Point of SalesSecurityUsers access functions can be limited depending on access level or roleSecure security prevents unauthorized access from outsiders.IntegrationSupports a multi user environmentSupports a multi user environmentInbound logisticsSystems allow ordering for manufacturing operations. It also supports payments for ordered products and purchase orders at the same time reserving inventory for sales ordersThis system allows conducting payments for obtained products and for ord ered products in the purchase orders. It supports the incomplete payments and payment under several orders or receiving lists. The payments arriving from sold products are alike ensured.Other featuresInventory reservations for Sale ordersWork orders for manufacture operationsScreen customization supportExport reports in Excel filesCompare and Comparison of Golden Inventory system and Silver Inventory SystemWhen comparing the inventory systems there certain features that feature in twain systems and there some features that are absent in the other system. One of the key differences between the two systems is that Golden Inventory system supports multiple warehouses for a company meaning the system could be integrated between all warehouses as one system whereas the downside to Silver inventory is that it can only be integrated to one warehouse. A similarity between the two is that both can support multiple companies.In terms of size and functionality, Golden Inventory system is muc h master to Silver Inventory system. some(prenominal) systems offer the basic concepts of inventory management systems that is, invoicing, sales orders which is fulfilled by business, purchasing which would be the inbound inventory, barcode scanning whereby the inventory object is automatically identified before it is processed. Depending on the size of the business, Golden Inventory system is most suited for a large size business that could be in the field of manufacturing, stock supply or production and Silver Inventory is best suited for small to medium sized business because of the limited functionalities.Some of the key features that make Golden Inventory superior to Silver Inventory system are that Golden Inventory system can offer a Point of Sale Option whereby a transaction could be processed at a terminal and the inventory status is updated in real time. Golden inventory system can support reports from Microsoft Excel which means it can be integrated with other systems th at could be run by a business. The Golden Inventory System has a feature to manage work orders for manufactures and the screen and work permissions by user meaning the added security whereby the access granted to each user can be defined exactly depending on their level of say-so minimizing unauthorized access to functions and data not related to that user.REFERRENCEShttp//www.executivpro.com/silverSilver Inventory System Software Informer Screenshotshttp//www.softsea.com/review/Golden-Inventory-System.htmlhttp//www.softsea.com/review/Hunter-Perrin%27s-Inventory-Manager-and-Storefront.htmlhttp//www.sharewareconnection.com/golden-inventory-system.htmhttp//www.patentstorm.us/patents/6647380/claims.htmlhttp//www.daniweb.com/forums/thread50946.htmlhttp//findarticles.com/p/articles/mi_m4153/is_6_57/ai_69759746/http//www.ehow.com/how_4421818_set-up-inventory-control-system.htmlhttp//www.barcodesinc.com/articles/inventory-control-system.htmhttp//www.retailsystems.com/retail-inventory-mana gement-system.cfmhttp//www.womensenterprise.ca/resources/downloads/inventory-wholesale-retail.pdfhttp//www.seminarinformation.com/qqbpml/conference-for-warehousing-and-inventory-controlhttp//en.wikipedia.org/wiki/Warehouse_management_systemhttp//www.thefreedictionary.com/inventory+controlhttp//www.management-hub.com/benefits-of-using-an-inventory-management-system.htmlhttp//www.management-hub.com/is-it-wise-to-go-for-web-based-inventory-management-solution.htmlhttp//www.management-hub.com/use-of-network-inventory-management-software.htmlhttp//en.wikipedia.org/wiki/Network_management_softwarehttp//www.ricelake.com/docs/prodinfo/white-papers/wp_IMS.pdfhttp//www.emco.is/products/network-inventory/advantages.phphttp//www.askdeb.com/inventory-management/hosted/