COMPUTERIZED INVENTORY AND CASHIERING SYSTEMRELATED LITERATUREDavid J.
Piasecki stated in Inventory Accuracy : People, Processes & Technology that the computerized inventory system is about increasing efficiency and gaining competitive advantage. With this book, you understand how to interact with stock providers, the processes involved and various techniques which you can apply to maximize the output.According to Gwynne Richards, in Warehouse Management: A Complete Guide to Improving Efficiency and Minimizing Costs in the Modern Warehouse is about supply chains and how you can carry successful operations in your inventory.
The main part of the inventory is to manage product distribution and this book covered it so well, that you might not need any other book on this topic after reading this one.John Schreibfeder stated in Achieving Effective Inventory Management (February 2010), this book helps various manufacturers and suppliers to cope up with the competition, and maximize the profits. It also takes a structural viewpoint, which helps you to optimize every section of your inventory so that you whole inventory can work collectively well.Max Muller also stated in Essentials of Inventory Management (June 2011), that in this book it will give you update all your stock and the rate of filling, which products you should invest on. Edward Frazelle stated in Inventory Strategy: Maximizing Financial, Service and Operations Performance with Inventory Strategy (May 2015) that this book will help you in managing inventory more efficiently, and accurate. It helps the business to increase their profit.
According to Eugene F. Brigham in Fundamentals of Financial Management, 5th edition, that companies are easingly employing Inventory System. A computer start with an inventory counts in memory. Withdrawals are recorded by the computer as they are made, and the inventory balance is constantly revised. When the recorded point is reached, the computer automatically places an order, when this new order is received, the recorded balance is increased. Retail stores have carried this system quite far, each item has a magnetic codes, and as on item is checked out, it passes over an electronic reader, which then adjusts the computers inventory balance, at the same time the price is fed to cash register tape.
REFERENCEInventory Accuracy : People, Processes & Technology ( David J. Piasecki, March 2003)Warehouse Management: A Complete Guide to Improving Efficiency and Minimizing Costs in the Modern Warehouse (Gwynne Richards, June 2014)Achieving Effective Inventory Management (John Schreibfeder, February 2010)Essentials of Inventory Management (Max Muller, June 2011)Inventory Strategy: Maximizing Financial, Service and Operations Performance with Inventory Strategy (Edward Frazelle, May 2015)Fundamentals of Financial Management, 5th edition (Eugene F. Brigham, 2007)RELATED STUDIESAccording to Lee Changjin research, (Sales and Inventory for Chain Stores, 2008) an inventory system that can keep records on which facility has been send back for servicing and where a particular facility is previously allocated and when is that action executed. A logging feature to log every event in the inventory for tracking intent.According to Brigham and Houston research (Fundamentals of Financial Management) inventories are the main source of a company’s revenue and profit. Sold inventories increase either cash or accounts receivable.
The collected cash will then be used to purchase inventory and pay the operating expenses of a company such as agents, rent, insurance, utilities and so on. Thus, inventory serves as one of the lifeblood of the business.A study conducted by Mr. Gragasin (2010) entitled “A customized Point of Sale and Inventory System for Anespee Enterprise Hardware Carangin” concluded that the implementation of the Developed system increases the business effficiency and effectively in terms of every transaction that they have. Managing the records such as employee, customer, supplies and transaction is faster and easier than using the manual paper based system.
J. De Leon and M. Ferrer (2009) under the Korean Red Ginseng Enterprise Sales and Inventory System, came up with a computerized sales and inventory system.
The researcher used database to easy access the files and faster processing of the selling and inventory transaction. The program was designated to generate reports such as monthly reports, inventory reports, sales invoice and list of items.Based on the research entitled “Computerized Sales and Inventory System for Ronmon Trading” (de Alday, Espino, Ragudo, 2010), the replacement of the manual system with the proposed system provided more efficient and accurate processing of transaction. The system is much reliable, eliminated errors and innacurate information, and provided valuable reports with integrity.