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    Foreign Literature 1

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    Hannah Sophia
    The document discusses inventory management systems and how they can help businesses track inventory levels and sales in real-time. Inventory management is important for making decisions around inventory handling and ensuring the right amount of items are in stock. It covers topics like forecasting, costs, and replenishment.

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    Foreign Literature 1

    Uploaded by

    Hannah Sophia
    46 views2 pages
    The document discusses inventory management systems and how they can help businesses track inventory levels and sales in real-time. Inventory management is important for making decisions around inventory handling and ensuring the right amount of items are in stock. It covers topics like forecasting, costs, and replenishment.

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    Related literature

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    Foreign-literature-1

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    The document discusses inventory management systems and how they can help businesses track inventory levels and sales in real-time. Inventory management is important for making decisions around inventory handling and ensuring the right amount of items are in stock. It covers topics like forecasting, costs, and replenishment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    46 views2 pages

    Foreign Literature 1

    Uploaded by

    Hannah Sophia
    The document discusses inventory management systems and how they can help businesses track inventory levels and sales in real-time. Inventory management is important for making decisions around inventory handling and ensuring the right amount of items are in stock. It covers topics like forecasting, costs, and replenishment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Foreign Literature

    According to the study of Jenkins (2020), companies often lose products in their

    inventory because of the fact that employees sometimes don’t have the ability to check

    all of the products in their storage. An inventory management system is a solution for a

    business that is facing a problem in the area regulating the supply chain. An inventory

    management system is software that helps the operators of the business manage the

    inventory more efficiently. The significance of this article by Jenkins to this research is

    that it focuses mainly on an inventory management system and how it works. In addition

    to this, it focuses on how an inventory management system can be helpful to a

    business, especially a business that is experiencing an inventory management problem.

    According to Digital School of Marketing (2020) explained that the term "sales

    and inventory system" pertains to a development tool management solution that is used

    to monitor sales transactions and also inventories at the same time. Distributors and e-

    commerce resellers alike could benefit from a comprehensive system in which a

    complete transaction input records all of the necessary information about the client, the

    items purchased, the amount, and the date, while also updating supply activity in real-

    time. Sales and inventory systems are increasing among retail shops and online

    marketplaces as a means of assisting them in maintaining their thumb on the pulse of

    their company activities. As a result of the high interest in this specific software, it is

    predicted that the worldwide retail automated business will top $275 billion (about R3.9

    trillion) in revenue this year. The relevance of this article by the Digital schools of

    marketing and to this research is that it analyze how inventory system works and how it

    helps the owner in order to have a successful business. It also includes on how the
    system can input all necessary information in the business and look for it anytime in a

    much faster way rather than looking for it for several minutes or even hours when not

    using an inventory system.

    Inventory management is an essential part of making all the decisions in handling the inventory in

    an organization such as activities to be carried out, policies of inventory management and procedures in

    handling the inventory to ensure enough quantity of each item is kept in the warehouse at all times.

    Inventory management is the building block of the supply chain house; it is the fluid that lubricates its

    wheels (Wild, 2017). Inventory is an essential factor in SME production costs to boost competitive

    advantage (Hasbullah et al., 2021). Singh and Verma (2018) highlighted the scope of inventory

    management that covers many topics, such as replenishment scheduling, managing costs of storage and

    inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future

    inventory price forecasting, physical inventory, available physical space, quality management,

    replenishment, returns and defective goods, and demand forecasting.

    Hasbullah, H. and Santoso, Y. (2020), “Overstock improvement by combining forecasting, EOQ,

    and ROP”, Jurnal PASTI, Vol. 14 No. 3, pp. 230-242.

    Singh, D. and Verma, A. (2018), “Inventory management in supply chain”, Materials Today:

    Proceedings, Vol. 5 No. 2, pp. 3867-3872

    Wild, T. (2017), Best Practice in Inventory Management, 3rd ed., Routledge, London

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