Last Updated 12 May 2020

Inventory Management System

Essay type Research
Words 493 (1 pages)
Views 246

Small business is a tough business and more than 90 percent of the small businesses fail every year because of poor accounting and bad inventory management. The neighbor grocery store, Wow Grocery is a small business that is lacking inventory management system. Since the inventory control was updated manually on paper, the inventory would run out or over stock its ice creams which cause customer dissatisfaction. Since this is a small business with the budget constraints, I would try and look for cheap but reliable inventory management systems that are available out there over the shelf.

After doing some research, I should be able to implement that is suitable for your business that would increase customer satisfaction and reduce waste by limiting the amount of ice cream that may expire and increase sales. During the cost and benefit analysis, the business will be realized that the benefits will exceed the cost of having an inventory management system in long run. The system will be able to quickly create purchase orders or generate them automatically once inventory falls below minimum stock levels. The Fishbowl inventory management system comes with barcode printing and scanning, automatic reordering and many other features.

I did not choose this because the cost was too high for this business. The managers will be able to generate detailed sales and inventory reports every night. It eliminates double data entry; improve data accuracy by scanning barcodes instead of typing product information. It will save time and money by simplifying complex tasks. Instead of taking down inventory by hand which is time consuming and error prone task, by having this automated tracking system that can generate almost all the essential reports and place orders automatically from vendors that are entered into the system.

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It is convenient and reliable for business operations. There is a product that I would recommend is from RyTech Software which developed small business inventory control 8. 3 Pro and they charge $219 per user for up to 4 users. Considering the amount of money you have to spend is relatively small that I believe this is the good investment for this business. Furthermore, it is a full business solution that tracks your merchandise from its purchase order to the supplier all the way to invoicing and receiving payments from your customers. Read the 

discuss a new inventory tracking system

If you’d like to use barcode scanners, the system can modify its interface accordingly to fit your need. Not only it includes the inventory management tasks, it will track and store information on sales, purchases, customer details, suppliers and produce essential reports for your business. Although there are many other products that are available online these days but I chose RyTech for cost efficient and features that came with. Since it is the low budget system, the customer support is not that great where you’d have to send email to get the feedback or read online threads for help if there is a problem. Read about 

Nestle inventory management

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Inventory Management System. (2018, Aug 21). Retrieved from https://phdessay.com/inventory-management-system/

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