Despite its apparent complexity, inventory management software gives companies the stability degree. The employee in charge of information technology systems, for example ,, the company leaves many programs use to store inventory for the training of its relatively low cost, can be compared changed. So we can say that the software for the day based on
Users are people who use the inventory information produced by the system and who interact with the system. For example, procurement officers who use inventory reports that are produced by the system are the users of the system. In order to make the computerized inventory management system produce correct, and error free inventory information, necessary measures should be taken to protect and control the inventory information. The introduction of microcomputers to inventory management practices has greatly reduced the time taken to produce accurate and timely reports for management. This time saving is passed on to clients and their businesses through management timely decision making which then translates into financial benefits.
These products was receives and verifies by the company employee. (Inventory Replenishment Features, par. 1) Automated inventory management systems can facilitate business owners generate resilient internal inventory controls. Placing security tags on products to reduce theft or misuse was allowed by the business technology. Small businesses also can use electronic data interchange (EDI) to place electronic inventory reorders.
What is Inventory? Definition of inventory: In simply we can say inventory is the summation or combination of goods and services that a business’s gather to run for a certain period. At present many kinds or varieties of inventory exist, such as counting necessary raw item of any finish goods which exist in hand. Moreover, second one is work in progress (WIP), which signifies unfinished goods in production line and third one is counting complete finish goods. Inventory is the total amount and quantity of finished goods and raw materials contained in a store/warehouse or factory at any given time.
Inventory determines important processes such as ordering and replenishment. A firm can inventory services by using the Radio Frequency Identification (RFID) technology. Research has found that RFID technology has improve unnecessary inventory significantly. Inventory is said to be a big problem in the retail industry, most retailers focus on what they call perpetual inventory meaning what managers think is on hand verses the actual number of goods in store or in stock (Newswire, 2008). Corporate Wal-Mart reported that Walmart inventory system is based on its distribution centers.
Chapter 2 REVIEW OF RELATED LITERATURE This section deals with the review of related literature from different sources of study such as journals, books and websites. This covers the discussion on inventory management and inventory management methods of pharmacies. Inventory Management Inventory management plays an important role in overall efficiency and competitiveness of a business and has an important influence on operating performance of the enterprises. Inventory management includes the processes of purchase, acceptance, storage, custody, and sales, which involves both technical approaches, the management system and mechanism (Jiao & Li, 2012). In the study of Ayad (2011) inventory management is a continuing process of planning, organizing
CHAPTER I ABOUT THE STUDY INTRODUCTION Effective inventory management is all about knowing what is on hand, where it is in use, and how much finished product results. Stock administration is the procedure of productively taking care of the consistent stream of units into and out of a current store. This procedure as a rule includes controlling the move in of units, keeping in mind the end goal to keep the stock from turning out to be too high, or diminishing to levels that could put the intellectual procedure of the organization into peril. Equipped stock administration likewise looks to control the money related qualities connected with the stock, both from the complete's perspective estimation of the products included and the taxation rate
This chapter answers the basic questions in the inventory management such as how and how much inventory to be kept, and when procurement has to be done. The various inventory control techniques are discussed in detail. 4.2.1 Inventory Classification Techniques There are thousands of items stored in inventories. The items may range from spare parts for producing a product to a set of finished products kept for distribution. It is extremely difficult to exercise control over different items of inventory that vary in their value, complexity, size and purpose.
Management accounting is the process of gathering information about economic activity that will be advantages for the organisation. Management accounting is trusted to guide critical business decision and drive strong business performance. The provision of management accounting information is for the intention of planning, control and decision-making which may contribute to the success of an organisation. Such information is financial and cost accounts and that must be relevant information. An economic activity can be conducted correctly if the decision, the implementation and the control of the execution are based on operative, accurate and complete information.
1.1 INTRODUCTION TO THE STUDY Asset Management involves the balancing of costs, opportunities and risks against the desired performance of assets, to achieve the organizational objectives. This balancing might need to be considered over different timeframes. Asset management also enables an organization to examine the need for, and performance of, assets and asset systems at different levels. Additionally, it enables the application of analytical approaches towards managing an asset over the different stages of its life cycle (which can start with the conception of the need for the asset, through to its disposal, and includes the managing of any potential post disposal liabilities). Asset Management is the art and science