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The Inventory Management System

When a company stocks and options materials and goods they sell, these are procedures that are put in spot to deal with how goods are received, stored and shipped, with this process been known as "inventory management".

Inventory is a physical source a business contains in their stock with the intent of selling it or changing it into a far more valuable state. The inventory could range from raw materials, done goods, works in process or maintenance, repair and operation (MRO). The primary concept of inventory control is concentrating on the process of moves and accountability of inventory. This idea strictly bases on the theory of physical and pattern counting, physical and systematic movements of materials and, good accounting techniques.

In business management, inventory contains a list of goods and materials placed available in stock. Inventory management is the procedure of specifying the location and size of the stocked goods within a business whereby the inventory is usually to be maintained at different locations or levels within the service or within multiple different locations of the supply network to safe guard production against overstocking or jogging out of goods.

Inventory management could as be thought as controlling inventory with the primary objective been identifying and managing stock levels within the center to balance the need for product supply against the need for minimizing stock keeping and handling costs.

2. 3 Management System

A management system can be an information system that is employed by way of a business to ensure they can take care of and fulfill their tasks by using a framework of methods and procedures. Typical management systems are used to keep up data within an firm as well as ensuring data is shared effectively, or for the management of products offered. A management system could also be thought as the integration of traditional management methods with your computer system to make a tool for strategic and programmed information management.

2. 4 Inventory Management System

An inventory management system is usually used to automate a sales order fulfilment process. These types of system were created containing a framework whereby it includes lists of purchases to be fulfilled then prompts the sales employees to choose the required items and draw them packaging and shipping information. Modern inventory management system provide the goal of keeping tracks of inventory items whereby the system relies on barcodes or RFID tags to exclusively identify the object. When documenting a transaction, the machine automatically identifies the inventory subject by checking the barcode or RFID tag, and then additional purchase information is gathered from the operator via work terminal that could be considered a workstation or mobile computer.

The features of an inventory management system such as physical inventory counting and cycle counting can enhance an organization. With the availability of various types of inventory systems, in today's environment how big is an enterprise is not really a concern because there are various varieties of systems to match any business.

Figure 1: Basic Composition of a listing Management System

2. 5 Management System Classification

2. 5. 1 Network Inventory Management System

Real time inventory management system: use cordless, mobile terminals to record inventory transactions, the moment the deal is processed. Transaction information is sent via wireless LAN to a central data source.

2. 5. 2 Stand Alone Inventory Management System

Stand on it's own inventory systems are usually employed by small size or mid-sized businesses. These types of systems work offline and aren't connected to other systems. Standalone systems are usually used to store Customer data and inventory, usually all stored using one local database. For instance for small businesses like convenience stores and shoe stores, it could be a pricey business option to purchase and use a pricey electronic inventory management system hence a standalone application may be the nearest option to the manual system since it automates the essential functions of inventory management. It could not make sense a little business located in one location putting into action a online or network based inventory system when they only sale inventory locally. These varieties of systems aren't well suited for large size business in developing 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 execute individual functions will soon become obsolete because they don't combine well with other systems.

2. 5. 3 Web Based Inventory Management System

Web established systems are web applications that can be accessed from any computer with a browser but without any physical request installed on the local computer. In inventory management systems, a online application can be considered a smart move for businesses since it offers the benefits associated with secure storage, posting files and availability which make controlling your data with other hosted applications a smart strategy. An internet application can be an application sent to users from an internet server on the network including the internet or an intranet. Grounds for the popularity of web based applications is due to the efficiency of the web browser as a customer, sometimes called a "thin client".

When choosing inventory management applications, the ability of a web based application to revise and keep maintaining web applications without distributing and setting up software on probably a numerous variety of clients is another reason these kinds of system are becoming much favored by users. A key strategy that is been capitalized on by software companies is to provide web access to applications that are been allocated as local applications whereby these programs permit the individual to pay a regular monthly or yearly charge for use of the application without having to install it on an area hard drive. Software companies that are third, strategy are called an application provider (ASP), and ASPs are receiving much attention in the program industry.

The main concepts behind online program is to centralize information hence by using databases to store data like consumer information, salespeople can revise a client's address and the revise will instantaneously be accessible to all or any users throughout the business. Way too many small and medium-sized businesses suffer from de-centralized information because they put into practice standalone applications that are not a reasonable way of centralizing information.

2. 6 Current Based mostly Inventory Management System

2. 6. 1 Metallic Inventory System

Silver Inventory System is extremely popular software throughout the world, especially with small to mid-sized businesses demanding a mid-range, inexpensive standalone inventory software with a good range of features. Silver precious metal Inventory System is a complete inexpensive system for management of sales, purchases and payments. This technique will help you in creation invoices, sale orders, purchase requests, receiving lists, repayment receipts, product brands with bar codes and any kinds of the studies for monitoring your business. Inventory System allows the control of customer amounts and vendor amounts.

Figure 2: Screenshot of Sterling silver Inventory Management System

2. 6. 2 Golden Inventory System

Golden Inventory system is included with QuickBooks and can track Purchases, Sales, Work Purchases and payments. That is a whole inventory management system that works the functions of Acquisitions, Sales and obligations. The system books you through the creation of suppliers list, purchase requests, products list, acquiring lists, sales requests, invoices, sales and payment receipts. Furthermore to product product labels with barcodes, work orders for creation inventory assemblies, transfer orders between locations, customers and sellers' balances and different types of accounts for monitoring your business, it also helps XML synchronization with distant locations. Golden Inventory system works with MS SQL Server 2000, MSDE and desktop database documents. Golden Inventory system works as a single program or as a customer server system and as a distribution repository system. You'll be able to work with remote shops and warehouses even with out a reliable interconnection between them. The system uses unique data exchange technology in XML format that allows quickly processing orders and synchronizing information with all of your branches.

Figure 3: Screenshot of Golden Inventory System

Features

Golden Inventory

Silver Inventory

User interface

Easy to comprehend interface you can use without need for training.

Application offers a simple to use program, that might be used to execute tasks with no need of training

Warehouse support

Application can be integrated to support multiple warehouses for one company

Support for warehouse is only limited by one warehouse for just one company

Point of Sale

System has a spot of sale -panel in which a sales transaction can be performed in real time

Does not provide operation for Point of Sales

Security

Users gain access to functions can be limited depending on access level or role

Secure security inhibits unauthorized access from outsiders.

Integration

Supports a multi user environment

Supports a multi customer environment

Inbound logistics

Systems allow placing your order for manufacturing functions. It also supports payments for ordered products and purchase orders at the same time reserving inventory for sales orders

This system allows doing payments for obtained products and for ordered products in the purchase requests. It supports the partial payments and repayment under several purchases or getting lists. The payments arriving from sold products are similarly ensured.

Other features

Inventory reservations on the market orders

Work requests for make operations

Screen customization support

Export studies in Excel files

Compare and Assessment of Golden Inventory system and Magic Inventory System

When evaluating the inventory systems there certain features that feature in both systems and there some features that are absent in the other system. Among the key differences between your two systems is the fact that Golden Inventory system facilitates multiple warehouses for an organization meaning the machine could be included between all warehouses as one system whereas the downside to Metallic inventory is the fact that it can only be integrated to 1 warehouse. A similarity between the two is the fact that both can support multiple companies.

In terms of size and features, Golden Inventory system is much superior to Gold Inventory system. Both systems provide basic concepts of inventory management systems that is, invoicing, sales orders which is fulfilled by business, purchasing which will be the inbound inventory, barcode scanning whereby the inventory subject is automatically discovered before it is prepared. Depending on the size of the business enterprise, Golden Inventory system is most suited for a huge size business that may be in neuro-scientific manufacturing, stock resource or creation and Silver Inventory is best suited for small to mid-sized business as a result of limited functionalities.

Some of the key features that make Golden Inventory more advanced than Magic Inventory system are that Golden Inventory system can offer a spot of Deal Option whereby a business deal could be prepared at a terminal and the inventory status is updated instantly. Golden inventory system can support reviews from Microsoft Excel which means it could be included with other systems that might be run by way of a business. The Golden Inventory System has a feature to control work requests for companies and the screen and work permissions by individual meaning the added security whereby the access granted to each customer can be defined exactly depending on the level of specialist minimizing unauthorized usage of functions and data not related compared to that user.

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