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Inventory Team Essay

In: Business and Management

Submitted By aggiestep
Words 1643
Pages 7
Inventory Systems
QRB/501
July 15, 2012

Inventory Systems
All businesses use an inventory system whether they realize it or not. In this technological age and global economy many types of inventory systems have emerged to help business run more efficiently. From the smallest “mom and pop shop” to the global giant Wal-Mart an inventory system is needed to keep track of products and turnover to ensure there is just enough in stock for the consumer. The larger a business the more complex the inventory system has to be to keep track of that inventory. Manual Inventory, Just in Time inventory, and RFID inventory are methods used today to keep track of materials and merchandise. There are advantages and disadvantages to each type of inventory.

Manual Inventory
The oldest and most common form of inventory is manual inventory. This basic form of inventory management is used all over the world for small businesses. A small business may start with this form of inventory using a spreadsheet to keep track of inventory turnover. This type of inventory costs little to start and requires almost no training (Hamlett, 2012). It may be sufficient for a business that sells very few high dollar items. An example would be a boat dealer who has a low volume in sales and can clearly see their inventory. Some businesses make what they sell and need to keep an inventory of ingredients used in the creation of their product. An example would be a bakery that uses ingredients to make their doughnuts. The owner manually counts the inventory and based on expected daily usage can order additional ingredients to ensure they have enough on hand. Manual inventory is an uncomplicated model for a straightforward business. Keeping a manual inventory spreadsheet is simple but errors in recording can have dire consequences to a business. Not

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