Running a business can he a Herculean task. It might not appear to be so from the outside from a third party view point but once you get yourself in to a business you will understand how difficult it may turn out to be. So you must be willing and able to learn how to run a business and be familiar with its terminology etc. So today to enable that, we are going to learn about a terminology used in the business world.
An Inventory control system is the function of keeping a tab on the stock of your shop. It is a technical system where you manage your own inventory through various software. To give you a basic idea about the term inventory it is “the catalogue or list that comprises of all the details of the tangible assets (property, buildings, raw materials) of the business”. Offering the right products at the right price and it is a detailed account of all the items for sale, items in the process of being produced for sale, and the materials held for the production process.
There are various software that controls and monitors your inventory for you. You don’t need to go through every list and document in the filing cabinets or the receipts to know how many items you sold in a given day, month or year. You don’t have to count the remaining number of items on sale to find out how many things you need to sell. The software dose all of this for you. It will help you to make a business decision easily and effectively since you know the selling patters (which is the consumption pattern) and trends. Check this out for further information regarding inventory control system.
This is like a part of the POS system (Point of Sale) and if it as the necessary software the inventory is linked together so that when the cashier sells the item to a customer then it automatically gets registered and marked on the inventory. It helps the businessman to keep a tab on what is happening and how many goods have been sold, how much more is left and to identify his or her purchasing and selling patterns and trends.
These softwares also help you to identify the customer who has bought an item and the items they have bought. It helps you to identify when you should put things on the shelf from the stock room timing warehouse visits. It also produces management information reports without a hassle for the managers of the store and the Head office.
In the current era of technology, these software use bar codes and radio frequency identification tags to keep a tab on the stocks in the inventory through the barcode scanner and the Radio Frequency identification reader.