Free Literature Review on Inventory with Cashiering System
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Inventory with Cashiering System
In today’s fast and technological modern world, the challenge that the Information Man faces is time’s nature of putting things in order and in place in the best and most effective way. Life has changed since the invention of the computer which dictated man to deal with things in the most efficient way possible. In the world of small and big local and international business industries where transactions and other business operations are governed by law, cultural differences and mutual trust, efficiency counts largely as a common entrepreneurial aim.
Inventory with cashiering System answer both local and international business operations in providing smooth business operations between the manufacturers and the companiess. The shifting nature of the inventory management responsibility, from the manufacturer to the companies, that this project tried to amend, offers practical advantages from which both parties will benefit as this shipment program takes into great consideration the usual constraints of time and cost that beset every product business organization (Christopher, 1998). In the applying the Inventory with cashiering System project, the companies takes the responsibility of providing the inventories of materials and order fulfillment as well as the disposal and redistribution of excess materials from the manufacturer in accounting the supplies for production. This inventory management project provides flexibility in distributing the demanded materials and equipment while keeping in mind the value of lowered cost and effective time management in meeting the quotas and deadlines of orders that the producers are normally confronted with.
There are several advantages in the proper implementation of Inventory with cashiering System that a company may take advantage of. These include reduced inventory, reduced material shortage, custom contract balance and synchronized demand and supply among transacting business establishments and ability to have an intensive suite of modules designed to enhance the effectiveness as well as accuracy of the billing procedures for a broad range of local and international services (Infor Hansen, 2010).
From one month’s consumption to one week’s consumption, the inventory level of the company is reduced. This means that the inventory managers, in-charge of the long list of amount and types of raw materials and products stored for the demands of the company’s factories, will be able to handle more easily and efficiently the responsibility given to him or her. The companiess’ four–day-long work schedule of goods preparation, delivery, warehouse shipment arrangement, customs clearance and delivery and the finally making the raw materials available could be efficiently and effectively finished in a single work day task. In implementing the Inventory with cashiering System, bonded warehouse goods preparation, customs clearance, delivery to sister plants and making the materials available can be all made in only one working day. A production plant’s inventory is reduced from one month’s consumption to one week’s consumption.
Materials shortage can also be reduced from 35% shortage to an only 3% shortage that guarantees on-time delivery. The cycle time is also reduced, the plant’s capacity is fully utilized which, in general, enhances the company’s competitive market advantages.
The customs contract balance related problems of unanticipated gain or loss, customs held imported materials or cancelled goods in the warehouse and process exchange are likewise reduced.
The implementation of the project will also synchronize the chain of supply and demand through integrated supply and demand planning of the manufacturers with their companiess; distributors and customers. Online connection will improved customer responsiveness and the company’s ability to react quickly to changes in the market demand.
Inventory with cashiering System is demand-driven wherein daily requirements trigger immediate receipts. It is an inventory reduction program according to the daily demands of raw materials as well as finished goods and a buffer to demand variability through faster data and payment exchange and consignment stock.
The company, in utilizing the Inventory with cashiering System project, should have high purchasing volume coverage to avail significant inventory savings, has relatively stable demand from customers to make use the forecast data, has a single supplier for a specific material to avoid inefficient transactions and currently has high day of supply level.
Inventory with cashiering System simplifies the supply chain of an enterprise between domestic or overseas manufacturers and suppliers to rethink; re-engineer and redefine their supply chain relationship in today’s competitive and fast-paced economic business world.
Christopher, M. (1998) Logistics and Supply Chain Management: Strategies for Reducing Costs and Improving Services, Second Edition, Financial Times/ Pitman Publishing, London.
Infor Hansen (2010). Online available http://www.infor.com/content/brochures/infor-hansen.pdf/. Retrieve September 24, 2010.
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