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CHAPTER 2 Review of Related Literature A
CHAPTER 2 Review of Related Literature A
Function
A sales and inventory monitoring system collects data to aid in production scheduling. For
example, some systems use recent sales data to forecast how many of a type of product will be
needed to meet consumer demand in the near future. This includes monitoring the levels of a
product at all locations. A good example is a global company with customers all over the world.
The customer may live in Japan, but the system must see if the warehouse in Canada has a
product available to ship to Japan.
How it Works
The system compares current inventory levels of a product and the number scheduled for
production with the number needed, and determines if the level of production must be
changed. If necessary, the system sends a message to the master production schedule to
increase production. Also, the inventory monitoring system slows down production when a
product's retail sales levels don't meet the sales forecast and the company overproduces the
product.
Competitive Advantage
Automated sales and inventory monitoring gives a company a competitive advantage by linking
different automated processes within the supply chain. For example, automating the ordering
process for customers and the production scheduling, then adjusting manufacturing based on
up-to-date inventory levels, makes a company more flexible, capable of deciding how to best
satisfy customer orders. When automated activities are linked -- ensuring information flows
rapidly from one part of the supply chain to another -- a company can exploit these linkages.
Management can make rapid decisions to increase revenues, such as ramping up production
immediately in one location because of a sudden surge in demand in another part of the world.
Celkon is one of leading manufacturing companies in India. We have pioneered mobile phone
solutions and wireless technologies in India. Celkon caters to the increasing smart needs of
mobile users across the world.
Our forte lies in providing innovative mobile technology to every customer. At Celkon, we
believe every user needs an experience more personalized than ever. We are dedicated towards
manufacturing customized user friendly phones. Our value added features ensure the
personality of the phone matches the taste of the user.
The wide range of products available at Celkon ensures that there is a phone for every pocket.
Every Celkon product undergoes stringent quality tests at every stage of production.
Our main focus is to excel and provide the user with best designs paired with unmatched
technology.
Effective results from measuring the performance of each salesperson should have a purpose:
to help them be more profitable to your company. When this occurs they have more worth
through additional pay and incentives, and they receive a value, and that is a good feeling about
doing a great job. There are three steps in bringing about the improvement of an employee
when a problem is identified: measuring, correcting with training, and planning to make the
change permanent.
Measuring the Performance
The ability to measure performance depends on the use of success-based criteria as a model to
compare daily, weekly and monthly numbers. Here are some of the criteria that Sales Creators
uses when designing a monitoring system for their customers:
Measuring must start with standards that are compiled from the averages of all employees who
are doing the same task. Then review the progress for the last 12 months and determine how it
compares to the budget compliance standards. If the performance levels do not meet the basic
standards set by the company, or if their performance falls more than 10 percent from last
year's numbers then it is time to move into a corrective step of action.
With just a few keystrokes, track your supplies using Globes Inventory Ordering System. The
cost-effective and highly innovative inventory management system gives you instant access
to stock levels, allowing for timely orders and zero wastage.
Perfect for businesses with franchise operations, this user-friendly inventory management
system can be customized for any multi-site company, commissary, or warehouse backend
ordering operation.
The problem of the conducted research is about the companys sales monitoring and
inventory system. Keeping records of sales and inventories manually are the current method
used by the company. Due to this current method of inventory system, the company has
encountered several problems regarding the monitoring and stocks checking.
KONEK.COM management once said, Manual method is very hassle and time
consuming process of inventory. It has many drawbacks as there are many mistakes while
recording large data and it disturb some important transaction sometimes.
Upon hearing this, the researchers developed a system which will help the management
keep record of inventories in systematic way and help them produce report about the inventory
or stock currently available in their store in automatic way. Through this the hassle and
committing mistakes while recording large data could be avoided. Also the work of the
management and the time consume during inventory will be minimize.
KONEK.COM is a hardware store located at Mabini St., Molave Zamboanga del sur. It was
owned and managed by Mr. & Mrs. Roy Megapatan. They started at a very small scale business
selling cell phone accessories. But because of the companys dedication for hard work and
determination to rise among others, the very small hardware store becomes one of those who
are trusted when it comes to supplying electronic devices such as computers, computer
accessories, cell phones, cell phone accessories, flash drives and etc. in its community.
Today KONEK.COM, having three branches with in the municipality, boasts its tag as one
of its communitys leading hardware store.
Technology has never stopped from advancing through the years. Its new innovations helps
answer the peoples further complex questions. Why not use these advantages to benefit
ourselves?
Many people use computers in their daily lives. Some use it for transactions, some use it for
educational purposes and others use it for data storage. Though it might sound unnecessary but
in some cases when storing a file for such a big company, can you manage it properly?
Organizing, finding a file, etc. With computers, it can help you simplify the process of storing
and managing the files you need for future use and make finding files easier than the manual
process.
ARTICLE EXCERP
This survey-based research identifies the different inventory models in use by multinationals
operating in Thailand. Unlike many of the newly industrialized countries, Thailand has received
relatively less attention in the international operations management literature. This article
highlights key factors affecting the type of inventory systems implemented in Thailand, which
can be of value to developing countries making the transition into newly industrialized ones.
This study shows that inventory systems in Thailand are affected by the type of production,
location of the multinationals' headquarters, demands, supply base, and the extent to which
materials were either exported or imported.
INTRODUCTION
Like any other country, Thailand is characterized by a unique set of infrastructural, regulatory,
legal, and economic conditions. Cheap labor coupled with a relatively stable economic and
political climate has attracted Multinational Corporations (MNCs) to Thailand. As multinationals
invest billions of dollars into Thai operations, it is essential that they design and manage systems
that are congruent with the local needs. One key operational area of interest is the
management of inventories.
Inventory systems can be affected by a host of international, product, and supply factors. In this
research we attempt to empirically ascertain how inventory systems are influenced by industry
type and look for interactions with cultural, infrastructural and economic issues. This research is
expected to be of value to MNC managers in designing inventory systems that work more
effectively in Thailand. In addition, it could also provide direction to nations making the
transition to Newly Industrial Countries (NIC) status from that of developing one.
A number of articles are available that examine the inventory setups in Singapore, Hong Kong,
and Korea (Amsden, 1989). For example, Cheng (1988) and Hum and Ng (1995) examine the
workings of Just In Time (JIT) systems in Hong Kong and Singapore, respectively. Other studies
related to inventory management include facility location decisions (Sisodia, 1992; Nambiar,
fielders, and Van Wassenhove, L. N, 1989; Mathews, 1997) and distributed systems. These
studies indicate that Thailand is not as industrialized as the other NIC countries such as
Singapore, and infrastructure shortcomings play an important role. Next, we will examine the
literature on the quality of infrastructure in Thailand.
The present government, however, does realizes the importance of infrastructure for the
country's overall economy. In its efforts to improve infrastructure, the Thai government has
privatized telecommunication service and has started seeking help from private local and
foreign companies to cope with the road shortage.
According to the U.S. Small Business Administration, Inventory refers to stocks of anything
necessary to do business (U.S. Small Business Administration, 2010). The U.S. Small Business
Administration publication describes what constitutes successful inventory management
(balancing cost versus benefits of inventory), including;
1) Maintaining a wide assortment without spreading the rapidly moving items too thin,
2) Increasing inventory turnover without sacrificing service,
3) Keeping stock low without sacrificing performance,
4) Obtaining lower prices by making volume purchases,
5) Maintaining an adequate inventory without an excess of obsolete items.
Anyone in business must understand the business of inventory. Below is a look at six different
inventory systems as well as a comparison of the advantages and disadvantages.
US PubMed.gov
Automating the purchasing and inventory control functions.
Factors involved in computerizing the purchasing and inventory control functions in hospital
pharmacies are described. When initiating an automated purchasing and inventory control
system, a feasibility study should first be conducted to determine the extent of automation
needed to develop a cost-effective system. The design of the system will depend on the extent
to which the department of materials management is involved with other hospital departments.
The advantages and disadvantages of decentralized versus centralized systems are discussed,
and criteria for selecting hardware and software vendors are presented. A return-on-investment
analysis should be performed to validate the benefits or savings expected from implementing
the new automated system. Factors to consider during implementation of the new system and
future developments affecting purchasing and inventory control systems, such as bar coding,
are discussed. With the current concern about rapidly rising health-care costs and the need to
enhance productivity, the development and implementation of automated purchasing and
inventory control systems are important strategies for institutions to pursue now.
Inventory Pro's Purchasing System allows you to order, track, and receive both inventory
items and assets. It also provides the ability to browse purchase orders, list currently
outstanding purchase orders, and generate reports based on purchase orders. Like most parts of
Inventory Pro, the Purchasing System can be customized with logos, messages, fields, and terms
to adapt it to your specific business.
Purchase Assets or Inventory Items
Purchase Order Approvals
Delivery Schedule (Blanket PO's)
Inbound Appointment Scheduling
Supplier's Catalogue
Supplier History
Term Agreement (Supplier Contracts)
Automatic Generation of Purchase Orders
Accounting Software Integration
Cost History of Purchased Items
Receiving (Partials and Complete Orders)
Reporting
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