Automated Stock Level Alerting System For Inventory Management
Stock alerting management system is an automated system that aids store keepers to monitor stock level of each item and to also provide a report of inventory level for all items in the store. This study covers automated stock alerting system for inventory management using Beverly Hills supermarket Ikot Ekpene as a case study. The source of data and methods of collection and evaluation of the existing system and the organizational structure of the system are presented. It therefore gives a detailed description of the research approach towards producing new relevant facts for the project. The system analysis and design methodology used to analyze the system is Object Oriented Analysis and Design Methodology (OOADM). The system implementation method recommended for implementation is parallel running so as to prevent data loss.
Stock management is the function of understanding the stock mixed of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level. Stock in the store represents solid cash and as such, it must be carefully protected and checked to similar ways as cash. Must be protected against fraud, theft and also high storage costs because stock have to be stored in certain conditions depending on the items involved e.g. warm, dry and cool these must be taken into account in order to prevent trust or evaporation deterioration which can lead to reduction in value of the materials concerned.. Stocks otherwise referred to as inventories by enterprises usually comprise, raw materials; and supplies used in Production work-in-progress and finished goods stocks also include livestock awaiting safe supplies to be consumed in the production of goods or the rendering of services .
Inventories occupy the most strategic position in the structure of working capital of most business enterprises. It constitutes the largest component of current asset in most business enterprises. In the sphere of working capital, the efficient control of inventory has passed the most serious problem to the cement mills because about two-third of the current assets of mills are blocked in inventories. The turnover of working capital is largely governed by the turnover of inventory. It is therefore quite natural that inventory which helps in maximize profit occupies the most significant place among current assets. In dictionary meaning of inventory, it is a “detailed list of goods, furniture etc.” Many understand the word inventory, as a stock of goods, but the generally accepted meaning of the word ‘goods’ in the accounting language, is the stock of finished goods only. In a manufacturing organization, however, in addition to the stock of finished goods, there will be stock of partly finished goods, raw materials and stores. The collective name of these entire items is ‘inventory’. The term ‘inventory’ refers to the stockpile of production a firm is offering for sale and the components that make up the production .
1.1 Statement of Problem
The following problems were identified in the old system:
- It was difficult to know when stock was reduced to be re-stock.
- They loose funds because of not knowing when a stock is finished.
- There was no effective system to update stock level.
- No means of alert when the stock is reduced.
1.2 Aim and Objectives of the Study
Objectives to realize the aim of this project work are as follows:
- To develop a database application to register stocks.
- To monitor stock level by updating the database as they are being sold.
- To alert users of the application when the stock level of any registered stock is low
- To aid the presentation of inventory report of stocks.
1.3 Significance of the Study
- It will help to avoid over stocking
- It will enable easy updating of stock level
- It will aid avoid disappointing customers
- It will provide a means of alerting about stock level of registered items
- The study will serve as a useful reference material to other researchers seeking related information.
1.4 Scope of the Study
This study covers automated stock level alerting system for inventory management using Beverly Hills supermarket Ikot Ekpene as a case study. It is limited to the monitoring of the stock level of registered stock as they are sold.
Summary, Conclusion and Recommendations
This chapter presents the summary, conclusion, constraints of the study and offers useful recommendations.
5.1 Constraints of the Study
In carrying out the research work, some challenges were faced that limited the study such as:
The time given for the completion of the research work was too short hence the researcher had speed up the research work to meet up and this has an impact on the study.
Few materials were found pertaining to the research area and this limited the bulk of the literature review.
The high cost of textbooks, internet browsing and transportation to different libraries to gather materials stood as a constraint to the research work.
A stock alerting management system is an automated system that aids store keepers to monitor stock level of each item and to also provide a report of inventory level for all items in the store. Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting.
A stock alerting Management System aids to determine stock level of goods, when to order for more products, keep status and updates of transactions, thereby helping managerial decisions, progress level and stock taking. But there is always a room for improvement in any software no matter how efficient the system may be. The important thing is that the system should be flexible enough for future modifications. The system has been factored into different modules for the management of inventory system to make system adapt to the further changes.
The following recommendations are offered based on the study conducted:
- Stock alerting management software should be acquired by business organizations.
- Effort should be made by organizations to ensure that all records regarding the items are properly entered in to the system.
- Staff should be trained to be computer literate and computer scientists should be recruited.
- It is also recommended that the computerized system should replace the manual system of stock recording and processing in order to hasten managerial decision.
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