abstract of online inventory management system within 200 words
Answers
Explanation:
When a business stocks materials and goods they sell, they are procedures that are put in place to handle how goods are received, stored and delivered, with this process been known as “inventory management”.
Inventory is a physical resource that a business holds in their stock with the intention of selling it or transforming it into a more valuable state. The inventory could range from raw materials, finished goods, works in process or maintenance, repair and operation (MRO). The main concept of inventory control is focusing on the process of movements and accountability of inventory. This concept strictly bases on the principle of physical and cycle counting, physical and systematic movement of materials and, good accounting practices.In business management, inventory consists of a list of goods and materials held available in stock. Inventory management is the process of specifying the placement and size of the stocked goods within a business whereby the inventory is to be managed at different locations or levels within a facility or within multiple different locations of a supply network to safe guard production against overstocking or running out of goods.
Inventory management could as be defined as managing inventory with the primary objective been determining and controlling stock levels within the facility to balance the need for product availability against the need for minimizing stock holding and handling costs.
2.3 Management System
A management system is an information system that is used by a business to ensure they can manage and fulfill their tasks through a framework of procedures and processes. Typical management systems are used to maintain data within an organization as well as ensuring data is shared accurately, or for the management of services or products offered. A management system could also be defined as the integration of traditional management methods with a computer system to create a tool for strategic and automated 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 are designed containing a structure whereby it contains lists of orders to be fulfilled then prompts the sales employees to select 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 barcodes or RFID tags to uniquely identify the object. When recording a transaction, the system automatically identifies the inventory object by scanning the barcode or RFID tag, and then additional 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 such as physical inventory counting and cycle counting can enhance an organization. With the availability of various kinds of inventory systems, in the current environment the size of a business is not a concern because there are various kinds of systems to suit any business.