Inventory System - Part 3 - Asset Essay Example
Nowadays, many companies use modern technology in the operation of their business - Inventory System introduction. However, there are some companies that still use the traditional way in processing their data and one of this is Hi-Safety Industrial Supplies, Inc. The study will propose a monitoring and inventory system for Hi-Safety Industrial Supplies, Inc. The business uses manual way of monitoring of daily transactions and conducting an inventory. All the necessary records of completed transaction are being filled in different ways such as data, invoice, tdr, sample replacement and concisement.
Monitoring includes the transactions happening in the company and the all stack are in warehouse and sales office and the flow of cash which may include the income of the company. Inventory happens on monitoring of the materials used in every job. The researchers have observed the needs of the company for computerization to lessen their work and can secure files and information within their business. Monitoring the cash flow and items used is the main concern of the study for the company.
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It wants to efficiently manipulate data, to reduce the errors and to enhance data accessibility to users. The proposed system will also help speed up their transactions because of computerization. INTRODUCTION Technology is growing fast, but some people are still using old ways and techniques of doing their work. This old techniques has many problems and human errors on it. Today, we need to minimize the risk of human errors especially in inventory systems because one error can cause a profit loss of a certain company.
Computerization of the system is a great way of minimizing the risk of human errors and greatly improves the efficiency of the workers and lessens the workload of the people involved in it. Inventory is use to list down all available goods held in a stock by businesses. It helps a certain business to keep track of its merchandise. A detailed list of goods consisting of its product description, quantity, product number, and other attributes that is important to a product is found in the inventory.
Inventory objects could include any kind of physical asset: merchandise, consumables, fixed assets, circulation tools, library books, or capital equipment. The application technology in this process improves its efficiency. It lessens the time consumption of a manual inventory process and simplifies the information in its record. Computerized inventory system can also improve. Physical Inventory counting and Cycle counting of stocks.