Inventory Management System

My sister owns a small clothing store. During a conversation at a family dinner, she mentioned her frustration with having to manually track and reorder high demand items. She would like an automated system but has a very small budget. To accomplish I propose an inventory management technology. Inventory management technology is a mix of hardware and software designed to add reliability to inventory accounting, reduce incidents of theft and facilitate inventory audits.

Individual inventory items or batches of items could be equipped with RFID tags that identify the item type, cost, price, shipment number, date of shipment and virtually any other useful information. Software inventory management solutions replace pen-and-paper systems, reducing the time required to account for inventory additions and subtractions (2002-2006, Kenneth Hamlett). Due to the low availability of funds, I will buy only one laptop, wireless router, barcode scanner, barcode printer, printer and the internet service.

Academic anxiety?
Get original paper in 3 hours and nail the task
Get your paper price

124 experts online

For startup we will begin with the use of the inflow inventory system from Archon Systems. The software will help my sister to take orders and deduct out of the inventory with one click. This software will also generate reports one of which will show the demand for a given product. We will also setup the laptop with wireless internet access which will enable her to conduct sales and do inventory with the same equipment using a wireless barcode scanner. We will add or upgrade the system in future as soon she is financially capable. Describe all the necessary equipment.

The following equipment’s will be needed to setup an effective inventory management system: 1. Laptop – A laptop is computer for mobile use such as inventory. Laptop with wireless internet access will enable her to conduct sales and do inventory with the same equipment. 2. Wireless Router – The wireless router will provide wireless access point for the laptop. This enables laptop to be mobile for inventory purposes. 3. Barcode scanner – A barcode scanner is an electronic device for reading printed barcodes. This barcode scanner will be used with the mobile laptop for sales and inventory. . Barcode label printer – A barcode printer (or bar code printer) is a computer peripheral for printing barcode labels or tags that will be attached to the inventory. 5. Printers/ Faxes – This printer will be used to print receipts, invoices, orders, reports and send out fax. Explain the costs involved in the creation of the system Laptop – We can purchase a Lenovo ThinkPad Edge 14inch LED Notebook with an i3-380M processor, 2. 53GHz speed, 2GB DDR3 RAM, 320GB Hard Drive and Windows 7 Professional 64-bit operating system at a cost of $499 (2012, Amazon).

Wireless router – We will purchase Linksys E1200 Wireless-N Router at a cost of $44. 97. The Linksys E1200 offers fast speed and reliable range. It will connect computers, wireless printers, and other Wi-Fi devices at speeds up to 300 Mbps. MIMO antenna technology provides broad wireless coverage throughout your home. WPA/WPA2 encryption and SPI firewall help keep your network protected (2012, Amazon). USB Barcode Scanner – We will purchase a SHK Wireless 2. 4G Laser Handheld Cordless Wireless Barcode Scanner with USB Receive for point of sale at a cost of $139. 99.

It has an integrated non-volatile memory which secures data even when it is out of signal or powered off (2012, Amazon). Barcode Label printer – We will purchase a LP 2824 Plus, Direct thermal Desktop Printer with 203 dpi and has a Serial and USB Interface. The cost to buy this item will be $229. 76. The printer will also need thermal labels. We can buy Zebra Compatible Direct Thermal Labels at a cost of $10. 99 (2012, Amazon). Printer – I propose buying an Epson WorkForce 645 Wireless All-in-One Color Inkjet Printer, Copier, Scanner, and Fax at a cost of $99. 99.

The printer can be used for multiple purposes. It will include printing receipts, reports and sending faxes (2012, Amazon). Software – InFlow Inventory manages products and inventory. It keeps products organized with pictures, prices, and categories. Inflow can easily handle 10,000+ products on a regular PC. It uses barcode scanners to manage your inventory more quickly and accurately. Inflow is compatible with most barcode scanners you can plug into your computer. It tracks inventory in multiple locations uses sub-locations to more precisely track aisle numbers, bin numbers, etc.

It gives a full history of any inventory movements or adjustments to track down any problems or theft. It uses a simple workflow to take orders and deduct inventory with one click. It uses advanced workflow to track more detailed things like shipping information, specialized picking, and customer returns. It looks good with the professionally designed invoices. We can customize the logo, color, and fonts to suit your business’ style. We can use the “Reorder Stock button” to automatically generate purchase orders for products that are low in stock.

It ensures accuracy by printing or emailing purchase orders with both your own product codes and the vendor’s product codes. Inflow can automatically keep track of your product costs, using a moving average if they change. It can provide a graphed timeline of sales, profits, or inventory levels to see how the business is doing visually. Customizable reports to get detailed information like total sales, total taxes, best-selling products, products on back order, and how long your inventory will last can be obtained. We can have everyone working off the same data in real time using multi-user mode.

We can restrict who has access to see or modify usage. Inflow allows you to create different login users, each with a different set of access rights such as who can reorder stock, who can make a sale or who can do inventory. Inflow allows you to rename any labels or messages within the software. Inflow integrates with Excel or QuickBooks by importing and exporting data in the industry-standard CSV format. Inflow is offered in three different editions. They are available in basic, regular and premium. I recommend a purchase of regular edition for a cost of $299.

This will allow unlimited product listing and up to five user license. It also give you access to one of the essential reports which can give data on high demand items (inflowinventory. com). The total cost to completely set up this process will be approximately $ 1350. 00. Describe the ongoing maintenance that will be required. There will not be any ongoing cost for any minor software upgrades. Inflow will provide them for free of charge. Internet service will be provided by Comcast Business Class at a cost of $89. 99 per month which will include phone service. This will offset the cost currently paid for phone service.

Other maintenance service will include thermal paper for the label printer at a cost of $10. 99 printer ink and ink for the inkjet printer. There are 1280 labels in the one roll of Zebra compatible thermal paper. Provide a workflow diagram in Visio or equivalent software to illustrate how the system will work

References

1. http://smallbusiness. chron. com/types-inventory-management-systems-2195. html 2. http://www. inflowinventory. com/software-features. aspx 3. http://www. amazon. com/Compatible-Thermal-compatible-TLP2844-Z-TLP3844Z/dp/B0035ILT0Y/ref=sr_1_7? ie=UTF8&qid=1342577509&sr=8-7&keywords=Zebra+Compatible+Direct+Thermal+Labels

This essay was written by a fellow student. You may use it as a guide or sample for writing your own paper, but remember to cite it correctly. Don’t submit it as your own as it will be considered plagiarism.

Need a custom essay sample written specially to meet your requirements?

Choose skilled expert on your subject and get original paper with free plagiarism report

Order custom paper Without paying upfront

Inventory Management System. (2017, Jan 21). Retrieved from https://graduateway.com/inventory-management-system/