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Inventory System

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An inventory system is basically a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold. However this is only really appropriate for small businesses that do not have a lot of stock. For larger business it is more likely that a computerized system will be required.

Transaction processing systems are commonly used to operate businesses.

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In this era, manual transactions evolved into computerized ones. Manual inventory systems turned out to be slow and inaccurate resulting to problems like running out of stocks and slow computations of product prices being bought by the customers. The degree of success of a business greatly depends upon controlling the merchandise inventory. The continuously improving and upgrading of computer usage into more powerful and useful applications has made managing business transactions a lot more efficient and easier.

Today, businesses use the computer to assist in controlling and monitoring many aspects of the businesses, since manual approach in data processing could no longer meet the demands of increasing volume of transactions. Background of the Study Lagamayo Telecoms is a retail firm engaged in telecom and media trading business founded by Mary Guillan B. Lagamayo almost ten years ago. In the late 1990’s, with the mobile phone service still in infancy in the Philippines, Mary Guillan B. Lagamayo started to notice the growing popularity of using cell phones among Filipinos.

Customers were lining up at cell phone kiosks just to grab one of the latest handsets. At this time, she realized that the “next big thing” in business was already happening, the telecom trading business. With this in mind, Lagamayo Telecoms was established in February of 2001 as a single-proprietorship firm under her name with its first kiosk-type store located on the ground floor of Alabang Metropolis in Muntinlupa Now, the business has grown to a network of 13 stores and 50 employees spread in the Bicol Region and Cavite.

The main problem of the company from its existing manual system is that they are having a hard time monitoring all stocks from every branch due to slow process of transactions. Daily reports were not accurate since they manually process large volume of data. It takes a lot of time and effort to make it. This study will help the company solve the problems stated. With the use of Inventory System with Point of Sale, it will minimize the time consumed on the retrieval of information. It will monitor stocks and the reordering of products to avoid from running out.

It will generate accurate reports faster to be needed in decision making. The point of sale system is really convenient in this kind of business because it minimizes the time of processing transactions due to its automatic price computation. I. T. Innovation Since the evolution of computers, it has touched every aspect of human life development. Through the use of sophisticated computer applications, many businesses have thrived and expanded. Communications have become more convenient, fast, and in real time. The proponents will be using barcode reader.

The scanner is connected to a computer with software that records the transactions. The proponents will be using Visual Basic. Net as its programming language to develop the software and MySQL for its database. Rationale The proponents chose to develop this system to consider numerous benefits that would make the company more effective in their business operations. With this, they can monitor and maintain stocks. It will speed up and accurately record the store transactions that will ease the work of the employees. It instantly reduces errors and makes it simple to update prices.

Also, it will generate timely and detailed reports for current and previous transactions to be needed in decision making. This study allows the proponents to help the company become technologically updated and globally competitive. Objectives of the Study This portion talks about the aims of the study. It is subdivided into two parts which are the general and specific objectives. General Objectives. This study aims to develop an Inventory System with Point of Sale for Lagamayo Telecoms that would help the company increase the efficiency and accuracy of their operations.

Specific Objectives. Particularly the study would like to accomplish the following objectives: 1. To analyze how the manual system monitors stocks, processes transactions and records data inventory 2. To identify the problems encountered in the manual inventory system 3. To develop a computerized inventory system with point of sale that would minimize the problems identified 4. To determine whether the inventory system with point of sale is technologically, economically and operationally feasible for implementation.

Assumptions of the Study. The assumptions of the proponents will serve as a guide in conducting the study. First assumption is that Lagamayo Telecoms operates manually by personally counting and checking the entry and purchase of stocks during inventory. Second is that the problems encountered are time-consuming and error-prone, that there are also times when records are lost, that there is inaccuracy when it comes to recording of data. Third is that the proposed system will be faster and more accurate in doing the tasks properly and that stored and organized summary reports will be presented to meet the growing needs of the business.

And lastly, that the proposed system is indeed technically, operationally and economically feasible for implementation. Scope and Delimitation The scope of the study indicates what to be included in the study. While the delimitation encompasses what the system is unable to do or perform. Scope. The proposed system is management software that can display and print available stocks, sales invoice and sales reports of the company. One of the attributes of the system is the existence of bar code reader which helps in inputting data automatically by scanning the barcode of a certain item.

Updating of records is allowed such as adding and editing. Delimitation. The proposed system cannot replace the manual receiving of stocks and counter checking. There will be certain level of security to qualified personnel to limit access to the system so as to maintain security and integrity. Significance of the Study Since large number of items and high volume of transactions are often involved in inventory tasks, manual record keeping can become a very time-consuming, error prone. The computer on the other hand lends itself well to the task.

The proponents have come up with the idea of computerizing the manual inventory of Lagamayo Telecoms that will benefit those who are involved in the business. Transaction and operational processes will be faster and easier with more accurate information about the availability of products, storage and retrieval of data will be more convenient and financial computations can be done quickly and accurately. Owner. This study will be beneficial to the owner/proprietor since it will help their company produce more reliable and accurate sales inventory that will be able to support its operations.

This will help the owner track if there are losses, theft or any kind of anomaly inside the company. Employees. This will be beneficial to the employees since this will lessen their workload. The proposed system will help them be more. Employees won’t find it hard anymore to update and count the inventory of the company. Proponents. This study will benefit the proponents in a way that they can apply all the knowledge they have learned throughout their course. This can help them develop not just their writing skills but especially their programming skills.

Future Researchers. This study will be beneficial to future researchers that will conduct related study. This will serve as their guide in making their manuscript. It would give them an idea of what they would add or remove from the previous study to make it more useful. Definition of Terms In this section, the terminologies are stated in order to provide an overview and understanding of the discussion. Barcode. It is a sequence of numbers and vertical lines identifying an item and often its price when interpreted by a barcode scanner.

Barcode Reader. It is an optical scanner used to read barcodes. Inventory. It is a detailed list of current goods, materials or properties. Manpower. It is the number of people working or available for work or service. Merchandise. These are the goods to be bought and sold. Password. It is a string of characters that allows someone access to a computer system. Point of Sale (POS) System. A computerized network operated by a main computer and linked to several checkout terminals. Sales Invoice.

It is a document that records the sale of goods or services from a vendor to a customer. Software. It is a general term for the various kinds of programs used to operate computers and related devices. System. It is a group of related hardware units or programs or both, especially when dedicated to a single application. Transaction. It is an agreement between a buyer and a seller to exchange an asset for payment. Username. It is a name that someone uses for identification purposes when logging onto a computer, using chat rooms, or as part of his or her e-mail address.

Cite this Inventory System

Inventory System. (2017, Mar 04). Retrieved from https://graduateway.com/inventory-system-5/

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