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In an early age when most of the company are still using the manual system
in the sales and inventory, most of the company encountered so many problems
and this is because of the process of the existing system is too slow and too long.
According to Kaye Morris (2010), manual inventory management system can help
sales and production managers control costs by identifying lost sales due to
inventory shortages; inventory overrides on products that are not selling; losses
due to employee’s theft or damage. Implementing an inventory management
system can take a large amount of time depending on the size and diversity of
inventory.
The best thing about having a computerized POS System in your retail
business is: as new stocks arrives and as it is sold, it keeps the stock levels current
and updated, hence making it is easier to identify which items are selling and which
items are not. A POS System is also good in checking for any obsolete or out of
date stock that needs to be disposed. If you are still counting your inventory
manually on the shelves or in the warehouse, you should think twice about your
method, for there are many advantages in using a POS System. One advantage
of a POS System is its ability to help your business achieve detailed real-time stock
level information. In addition, a POS System can also give you information such
as weather forecasts, public holidays and major sporting events, which can be of
great help in determining the stock level of seasonal products. You can now
efficiently and effectively handle your stock management accurately (Ganderton,
2010).
One of the biggest, and probably one of the most important, advantages of
an automated sales and inventory system is that it helps businesses focus on their
biggest goal, to improve the customers experience at the store (Mueller, 2011).
With this system, companies can have a better understanding of customer demand
through the analysis of their sales and inventory.
Averion, Gaela, and Libo (2009) stated that inventory system helps to
minimize the difficulty of the manager in processing inventory because physical
counting products, stocks and computing inventory summary will be the system
job. It will monitor the availability of products, items to prevent under stocking, over
stocking and running out of stocks. The system will also simplify the transaction
between dealer and supplier relationship because of the updated supplier
information and price list of items will correspond to collaboration with other
supplier.”
According to the thesis of Carlo Magno, “There was a ground swell to move
from paper signature and documents because the task of record management was
huge. We had file cabinets full of backup materials. By converting from manual
process, we would be able to eliminate a lot of paper. We could go further with the
automation of manual process and remove manual paperwork if people trusted the
technology.
SYNTHESIS
The primary idea behind any POS with inventory system, be it a manual or
a digital one, is to provide the information about the available resources within an
establishment and to keep a record of the daily transactions.
An POS system maintains its dominant position in the food industry, since
it is the core of food and drinks operations. It not only conveys the food and
beverage available, but also keeps track of the store’s sales. In addition to that, a
POS system can determine which products are more popular to the customers and
which don’t sell more.
In the current system, the POS system is used during transactions. This
study specifies the necessities for an electronic ordering system to lessen the
complications linked with the current method. Two related concepts are covered
by the general scope of the point-of-sale with inventory system. The first pertains
to the replacement of paper using an electronic format and the second surrounds
the course of recording said electronic orders. It should be noted that while the
suggested strategy includes the use of various hardware components, the primary
focus of this project, relates only to the fundamental software elements.