The Inventory Management System

The Inventory Management System When a business stocks materials and goods they sell, they are procedures that are put in place to handle how goods are received, stored and delivered, with this process been known as inventory management. Inventory is a physical resource that a business holds in their stock with the intention of selling it or transforming it into a more valuable state. The inventory could range from raw materials, finished goods, works in process or maintenance, repair and operation (MRO). The main concept of inventory control is focusing on the process of movements and accountability of inventory. This concept strictly bases on the principle of physical and cycle counting, physical and systematic movement of materials and, good accounting practices. In business management, inventory consists of a list of goods and materials held available in stock. Inventory management is the process of specifying the placement and size of the stocked goods within a business whereby the inventory is to be managed at different locations or levels within a facility or within multiple different locations of a supply network to safe guard production against overstocking or running out of goods. Inventory management could as be defined as managing inventory with the primary objective been determining and controlling stock levels within the facility to balance the need for product availability against the need for minimizing stock holding and handling costs. 2.3 Management System A management system is an information system that is used by a business to ensure they can manage and fulfill their tasks through a framework of procedures and processes. Typical management systems are used to maintain data within an organization as well as ensuring data is shared accurately, or for the management of services or products offered. A management system could also be defined as the integration of traditional management methods with a computer system to create a tool for strategic and automated information management. 2.4 Inventory Management System An inventory management system is usually used to automate a sales order fulfilment process. These types of system are designed containing a structure whereby it contains lists of orders to be fulfilled then prompts the sales employees to select the desired items and mark them packaging and shipping information. Modern inventory management system serve the purpose of keeping tracks of inventory objects whereby the system relies on barcodes or RFID tags to uniquely identify the object. When recording a transaction, the system automatically identifies the inventory object by scanning the barcode or RFID tag, and then additional transaction information is collected from the operator via work terminal which could be a workstation or mobile computer. The features of an inventory management system such as physical inventory counting and cycle counting can enhance an organization. With the availability of various kinds of inventory systems, in the current environment the size of a business is not a concern because there are various kinds of systems to suit any business. Figure 1: Basic Structure of an Inventory Management System 2.5 Management System Classification 2.5.1 Network Inventory Management System Real time inventory management system: use wireless, mobile terminals to record inventory transactions, the moment the transaction is processed. Transaction information is transmitted via wireless LAN to a central database. 2.5.2 Stand Alone Inventory Management System Stand alone inventory systems are usually employed by small size or medium sized businesses. These kind of systems work offline and are not connected to other systems. Stand alone systems are usually used to store Customer data and inventory, usually all stored on one local database. For example for small businesses like convenience stores and shoe stores, it could be an expensive business option to purchase and use an expensive electronic inventory management system hence a standalone application could be the nearest option to the manual system since it automates the basic functions of inventory management. It would not make sense a small business located in one location implementing a web based or network based inventory system when they only sale inventory locally. These kinds of systems are not suitable for large sized business in manufacturing or production with a study in 1996 by the International Mass Retail Association (IMRA), for example, concluding that stand alone manageme nt system packages acquired to perform individual functions will soon become obsolete because they do not integrate well with other systems. 2.5.3 Web Based Inventory Management System Web based systems are web applications that can be accessed from any computer with a web browser but without any physical application installed on the local computer. In inventory management systems, a web based application can be a smart move for businesses because it offers the benefits of secure storage, sharing files and accessibility which make managing your data with other hosted applications a smart strategy. A web application is an application delivered to users from a web server over a network such as the internet or an intranet. A reason for the popularity of web based applications is due to the functionality of the web browser as a client, sometimes called a thin client. When choosing inventory management applications, the ability of a web based application to update and maintain web applications without distributing and installing software on potentially a numerous number of clients is another reason why these kinds of system are becoming much favored by users. A key strategy that is been capitalized on by software companies is to provide web access to applications that are been distributed as local applications whereby these programs allow the user to pay a monthly or yearly fee for use of the application without having to install it on a local hard drive. Software companies that are following this strategy are known as an application service provider (ASP), and ASPs are currently receiving much attention in the software industry. The main concepts behind web based application is to centralize information hence by using databases to store data like consumer information, salespeople can update a clients address and the update will instantaneously be available to all users throughout the organization. Too many small and medium-sized businesses suffer from de-centralized information because they implement stand alone applications which are not a logical way of centralizing information. 2.6 Current Based Inventory Management System 2.6.1 Silver Inventory System Silver Inventory System is very popular software throughout the world, particularly with small to medium sized businesses requiring a mid-range, inexpensive standalone inventory software with a good range of features. Silver Inventory System is a complete inexpensive system for management of sales, purchases and payments. This system will help you in creation invoices, sale orders, purchase orders, receiving lists, payment receipts, product labels with bar codes and any kinds of the reports for monitoring your business. Inventory System allows the control of customer balances and vendor balances. Figure 2: Screenshot of Silver Inventory Management System 2.6.2 Golden Inventory System Golden Inventory system is integrated with QuickBooks and is able to track Purchases, Sales, Work Orders and payments. This is a complete inventory management system that performs the functions of Purchases, Sales and payments. The system guides you through the creation of vendors list, purchase orders, products list, receiving lists, sales orders, invoices, sales and payment receipts. In addition to product labels with barcodes, work orders for creation inventory assemblies, transfer orders between locations, customers and vendors balances and various types of reports for monitoring your business, it also supports XML synchronization with remote locations. Golden Inventory system works with MS SQL Server 2000, MSDE and desktop database files. Golden Inventory system works as a single application or as a client server system and as a distribution database system. You will be able to work with remote outlets and warehouses even without a reliable connection between them. The system us es unique data exchange technology in XML format that allows quickly processing orders and synchronizing information with all your branches. Figure 3: Screenshot of Golden Inventory System Features Golden Inventory Silver Inventory User interface Easy to understand interface that can be used without need for training. Application offers a simple to use interface, that could be used to perform tasks without the need of training Warehouse support Application can be integrated to support multiple warehouses for one company Support for warehouse is only limited to one warehouse for one company Point of Sale System has a point of sale panel where a sales transaction can be performed in real time Does not provide functionality for Point of Sales Security Users access functions can be limited depending on access level or role Secure security prevents unauthorized access from outsiders. Integration Supports a multi user environment Supports a multi user environment Inbound logistics Systems allow ordering for manufacturing operations. It also supports payments for ordered products and purchase orders at the same time reserving inventory for sales orders This system allows conducting payments for obtained products and for ordered products in the purchase orders. It supports the partial payments and payment under several orders or receiving lists. The payments arriving from sold products are similarly ensured. Other features Inventory reservations for Sale orders Work orders for manufacture operations Screen customization support Export reports in Excel files Compare and Comparison of Golden Inventory system and Silver Inventory System When comparing the inventory systems there certain features that feature in both systems and there some features that are absent in the other system. One of the key differences between the two systems is that Golden Inventory system supports multiple warehouses for a company meaning the system could be integrated between all warehouses as one system whereas the downside to Silver inventory is that it can only be integrated to one warehouse. A similarity between the two is that both can support multiple companies. In terms of size and functionality, Golden Inventory system is much superior to Silver Inventory system. Both systems offer the basic concepts of inventory management systems that is, invoicing, sales orders which is fulfilled by business, purchasing which would be the inbound inventory, barcode scanning whereby the inventory object is automatically identified before it is processed. Depending on the size of the business, Golden Inventory system is most suited for a large size business that could be in the field of manufacturing, stock supply or production and Silver Inventory is best suited for small to medium sized business because of the limited functionalities. Some of the key features that make Golden Inventory superior to Silver Inventory system are that Golden Inventory system can offer a Point of Sale Option whereby a transaction could be processed at a terminal and the inventory status is updated in real time. Golden inventory system can support reports from Microsoft Excel which means it can be integrated with other systems that could be run by a business. The Golden Inventory System has a feature to manage work orders for manufactures and the screen and work permissions by user meaning the added security whereby the access granted to each user can be defined exactly depending on their level of authority minimizing unauthorized access to functions and data not related to that user. REFERRENCES http://www.executivpro.com/#silver Silver Inventory System Software Informer: Screenshots http://www.softsea.com/review/Golden-Inventory-System.html http://www.softsea.com/review/Hunter-Perrin%27s-Inventory-Manager-and-Storefront.html http://www.sharewareconnection.com/golden-inventory-system.htm http://www.patentstorm.us/patents/6647380/claims.html http://www.daniweb.com/forums/thread50946.html# http://findarticles.com/p/articles/mi_m4153/is_6_57/ai_69759746/ http://www.ehow.com/how_4421818_set-up-inventory-control-system.html http://www.barcodesinc.com/articles/inventory-control-system.htm http://www.retailsystems.com/retail-inventory-management-system.cfm http://www.womensenterprise.ca/resources/downloads/inventory-wholesale-retail.pdf http://www.seminarinformation.com/qqbpml/conference-for-warehousing-and-inventory-control http://en.wikipedia.org/wiki/Warehouse_management_system http://www.thefreedictionary.com/inventory+control http://www.management-hub.com/benefits-of-using-an-inventory-management-system.html http://www.management-hub.com/is-it-wise-to-go-for-web-based-inventory-management-solution.html http://www.management-hub.com/use-of-network-inventory-management-software.html http://en.wikipedia.org/wiki/Network_management_software http://www.ricelake.com/docs/prodinfo/white-papers/wp_IMS.pdf http://www.emco.is/products/network-inventory/advantages.php http://www.askdeb.com/inventory-management/hosted/

Formation of Corporations and Stocks Essay

* Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business? Corporations are created in order to separate the businesses finances from the person’s individual finances so that they can protect themselves financially. The advantages of forming a corporation are that the business can obtain the credibility so that consumers are more comfortable. Since consumers normally prefers to do business with a corporation. Also by forming a corporation the person protects their assets and name by forming a corporation. The disadvantages are that the process is lengthy and pricey. Also corporations often end up paying more in taxes. Corporations are also monitored very closely and must be in compliance with several entities. * Why is preferred stock referred to as preferred? What are some of the features added to preferred stock that make it more attractive to investors? Would you select preferred stock or common stock as an investment? Why? Preferred stock is considered preferred because it has dividend preference over common stock. Preferred stockholders have the right to receive dividends before common stockholders. The per share dividend amount is stated as a percentage of the preferred stocks per value or as a specified amount. Preferred stockholders must ne paid their annual dividend plus any dividends in arrears before common stockholders receive any dividends. I would select referred stock over common stock because I want to get paid as quickly as possible. * What are the different types of dividends corporations may issue? When should a corporation pay dividends? Do you prefer a stock dividend or a cash dividend? Why There are four types of dividends: 1. cash dividends, 2. property dividends, 3. scrip (note), and 4. stock dividends. A corporation should pay dividends when it has retained earning, adequate cash, and a declaration of dividends. I would prefer a cash dividend. If the corporation issues stock, they are not having to spend actual cash. I want to be reassured that the business actually has my money. I have seen it too many times where huge corporations lie and cheat on paper. I also do not really like the stock market and never have been good at buying, selling, or owning stock.

Victor Frankenstein

Man (Victor) vs. God Half-frozen, trembling, and troubled are all adjectives that could describe Victor Frankenstein when a ship captain by the name of Robert Walton rescued him in the middle of the Artic. From dialogue between the two, we are informed that Victor Frankenstein has spent his entire life trying to learn everything he could about science and medicine. However, Victor used his knowledge differently than his professors had intended for him to.Written in 1816, Mary Shelley’s Frankenstein – is vivid portrayal of Victor Frankenstein and the â€Å"fiend† he creates. In the early stages of his education, Victor was interested in learning new and foreign things –concepts and ideas about life and death. Though as the story progresses, it becomes clear Victor becomes consumed with trying to â€Å"play† God by creating a new life. Frankenstein – tells the story of the age-old battle of Man vs. God. From childhood, Victor had the odd, but u nique, obsession of the concept of life and death.His interest in death first sparked when a carriage killed his dog, Bruno. Victor desperately wanted to change fate and bring Bruno back to life, but being young and without proper education, Victor did not know how to go about reviving the dog. During a thunderstorm the very next night, Victor witnessed the unmatched power of lightning and electricity when a tree was struck during the storm. He was amazed and astonished at how much destruction the electrical storm had caused – but the lighting was not the only thing that sparked that night.Something also sparked in Victor that night. He wondered if he too could also create something as beautiful as life. A few short weeks later, Victor’s mother became very ill after contracting the common illness of the time, scarlet fever. She died a few short weeks later. Victor was utterly devastated by his mother’s death and he longed for a way to bring her back to life. I f ell that Shelley uses instances, such as this one, to portray how we as humans are not only enthralled with power, but also with being powerful.I believe that the plot used by Mary Shelly, particularly with the death of Victor’s mother, illustrates how Victor wanted the same power God has – and ultimately tried to play the role of God by creating life. After arriving at the University in Ingolstadt, Victor’s enrolled in Science classes so he could learn everything there was to know about the human body and medicine. He would spend class time and stay up hours on end at nigh, continually reading his texts. But as Victor’s knowledge of the sciences grew, so did the ever-burning desire he had to create a new life.However, Victor would ignore his own warning given to his friend Walton, urging him to not follow his example, warning him, â€Å"Learn from me . . . how dangerous is the acquirement of knowledge, and how much happier that man is who believes his n ative town to be the world, than he who aspires to become greater than his nature will allow. † His notion that he could use what he had witnessed as a child to create a living creature, consumed his life so much that Victor would rarely leave his room.After he felt that he had learned enough to bring a body to life – he did. Ironically, during a storm, he is successful in his quest to possess that God-like power of giving life to the non-living. However, Victor is immediately repulsed, stating, â€Å"†¦the beauty of the dream vanished, and breathless horror and disgust filled my heart. † His life had become so consumed on bringing it to life, that he did not take the time to think of the consequences of his actions or his creation.Here, Shelley seems to argue that ignorance is bliss. After the creation of the fiend, Victor is so frightened that he spends the night in his courtyard, afraid to reenter his home. Saddened by the reaction of his creator upon ini tial sight of his creation, the fiend leaves Victor’s house while Victor is still in the courtyard. Victor lets be and does not search for the monster. We learn about the misfortunes of Victor’s family. The fiend, as revenge for Victor’s actions, murders several of Frankenstein’s family members.Everywhere the monster goes, he is faced with the realization that most people are frightened by just how he looks. Years of being an outcast of society leave the creature cold and spiteful. The creature explains his anger, saying, â€Å"There was non among the myriads of men that existed who would pity or assist me; and should I feel kindness towards my enemies? No: from that moment I declared everlasting war against the species, and, more than all, against him who had formed me and sent me forth to this insupportable misery. But pity can be felt as the monster describes the moment he learns that the most respected men in society have wealth and influence, he sta tes, â€Å"I possessed no money, no friends, no kind of property. † Shelley uses this quote to underscore the theme of man's cruelty and injustice. She also uses scenes like these to describe and depict how horrible the situation can end up being when humans try to play the role of God and attempt things that humans don’t have the full power or knowledge to do.In conclusion, it is more than safe to say that throughout the novel Victor Frankenstein was constantly consumed with learning new things about life and death, stating â€Å"Curiosity, earnest research to learn the hidden laws of nature, gladness akin to rapture, as they were unfolded to me, are among the earliest sensations I can remember. † That obsession lead to Victor’s attempt to assume the role of God. Victor’s quest for knowledge proves he is determined to do anything and everything that it takes to become more educated in the sciences – ultimately attempting and succeeding at g iving life to a human being.Unlike the majority of the people of his time, Victor did not believe that God is the only one who can create a life – he felt that he could do it as well. The outcome of his actions and – multiple deaths, a terrorized populace, a monster – is concrete proof that things such as the creation life should be left in the hands of the true creator†¦God. Mary Shelley used her novel to paint a vivid picture for the audience. The image illustrates that if we try playing God, it will likely end in disaster, just as it did in the case of Victor Frankenstein.

Health Care Future Direction Of The Healthcare Industry Essay

Health Care Future Direction Even though there are many different challenges that will define strategic directions of the healthcare industry, five different challenges will be discussed within this paper. These challenges appear in all States and across the whole medical field from clinics, public hospitals, and private pharmaceutical companies. The selected challenges here will define what quality of services and terms that of the healthcare systems in the coming years. Because this involves several function variables, it is tough to know what to predict the progress of the systems within the health care industry. One reason for example, with the current election of a new President, can affect the current health care model currently known as the â€Å"Obama Care†. The new incoming administration could either keep the current model and or have a research done and find a different model altogether. 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