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Real Time Inventory Management

Real Time Inventory Management

A lot has been said about inventory management, but it still isn’t complete without a discussion on real time inventory management.

 

Inventory is often proclaimed to be a necessary evil especially in the retail business. Who would want to risk a customer loss arising out of product shortage? If they want it, you ought to have enough to sell. But the classic question has always been regarding how much is enough.

 

To understand its implications, the very first realization that one ought to have is that inventory costs are not only those that you see in everyday life. They extend much beyond the everyday costs in the form of additional money that you need to put in to keep the business running. Inventory is the number one cash eater.

 

What Is Real Time Inventory Management?

Real Time Inventory Management basically means managing inventory as and when it depletes. A large part of this strategy depends on technology, which is why its initial cost scares some skeptics.

 

The technology involved is basically RFID chips and barcodes. They keep a track of all of the inventory that is coming in and out of the store. The benefits of being able to do so can be many. All you need to do is to ensure that you get a few things in place. You will need to know:

  -How many units do I order? -How much time does the supplier need to fulfill this order? -What point am I going to order?

 

Most retailers order in a time bound manner. They always seem to have enough of what is not in demand in the market.

 

It is important to understand the value real time information adds to a supply chain. You are not forecasting anything or relying on any guesses.

Rather, you are reading the mind of the market and acting accordingly. At the same time apart from inventory costs you would cut down on a lot of storage and administrative costs also since you wouldn’t need a huge warehouse or a stock clerk.

 

How It Works

Reduces fixed costs: Fixed costs are a burden on a retailer’s shoulder. They drain profits. With the help of a real time inventory management system, you can bring them down to the minimal level. You could make your organization much leaner by virtually eliminating the purchase department. They won’t need to forecast the demand or place orders. All you need to have your suppliers ready; the system will do the rest. Also, since it is largely automated, the chances of error are much less. Machines are not as forgetful as humans are.

 

It is not uncommon to be stuck with products that your customers no longer want. Demands change faster than you can imagine. Now imagine selling multiple variants of multiple products, you are bound to be left stuck with some unsold inventory. With real time inventory management, you can gauge the pulse of the market by keeping a track of what is sold and when it needs to be ordered, thereby reducing these costs to a bare minimum.

 

Eliminates Stock Outs: Stock outs and shortages are results of errors in forecasting demand. While most of the earlier discussion was about reforming the methods of forecasting, real time inventory management has bought a new perspective. It eliminates the need to forecast and thereby eliminates all the errors associated with it. If the demand runs fast, so does you’re ordering cycle. This is called flexibility of the supply chain.

 

Improves Customer Relations: A recent study has exposed that there are some “Universal Customer Expectations” that the customer expects from every seller they deal with. These are maximum choice, maximum value at lowest price. With the help of real time inventory management, you can easily offer all three.

 

Simplifies Work Processes: Real time inventory management significantly reduces the error rate. Since a lot of work is automated, there is less chance of error. Moreover all your processes run on facts rather than on forecasted projections.

 

How to Choose?

There are many options available in the market today. Each business is different and therefore by extension the inventory needs of each of them are also unique. Real time inventory management helps any business.

 

Modularity: It is essential that the real time inventory management solution that you look out for is modular. Modularity basically means the ability to choose the specific features that you may desire rather than taking the whole package.

 

Modularity is so important because these inventory management systems are means to serve the interests of many organizations that have diverse business interests. You may not require half of their solution but the other half maybe invaluable to you. So modularity allows you to choose the solution that you think is best.

 

Ease of Implementation: Inventory management systems are easier to procure than to implement. A lot of these systems are complex and require training the staff, or sometimes you may have to hire new staff skilled enough to take care of this. So, the choice is, whether the system will save you enough money to offset the increased training costs and still be valuable. Do not forget to consider the time value of money.

 

Integration: The ability to measure the changes gives the manager the knowledge of what’s working and what is not, and it is this ability which must be harnessed to evaluate the efficiency of the inventory management system.

 

So it is essential that the system integrates with accounting, human resources and other such systems, which are generally used in an organization.

 

A very common mistake is to draw inventory reports from the new system and continue with financials and other reports in the previous way. This gives an inaccurate position of how effectively the materials, staff, money and other resources are employed.

 

In the End

Big businesses and small businesses generally have an efficiency gap between them with the bigger players being better. It is imperative that a small business grows and thrives by adapting to gain a competitive edge over smaller competitors.

 

Real time inventory management is still a relatively unknown commodity. So unleash the potential of this powerful tool and gain competitive advantage.

http://inventory.ezinemark.com/real-time-inventory-management-16abec6ab23.html

A Quick and Easy Solution to Get Microsoft Sharepoint Recovery Files

A Quick and Easy Solution to Get Microsoft Sharepoint Recovery Files

Sharepoint Server is sold under the trademark of Microsoft and it is built on ASP.NET framework. It works with IIS web server of Microsoft to produce sites projected for web publishing, file sharing, collaboration, web databases and many more. The farms of the Sharepoint Server can host portals, extranets, internets, intranets, search engine, wikis, social networking, blogs, business intelligence, web content management systems, websites, etc and it also provides a framework for web application management development.

Like other databases, the database of Sharepoint Server is also prone to corruption, there are many reasons behind the corruption and damage and share point Server like:

– Misfunctioning of the software,

– Bad sectors of Hard disk,

– Improper System shutdowns,

– Improper application terminations,

– Corruption or damage in MDF file,

– Virus and Trojan infections,

– Power failure and Power surges,

– Human errors and many more.

Error Messages are the symptoms of corruption or damage in Microsoft Sharepoint Server. There are many error messages that occur after corruption in Sharepoint Server and some of them are mentioned below:

– An unexpected error has occurred

– Unable to connect to database

– Server Error in ‘/_vti_bin’ Application

– Object reference not set to an instance of an object

– Exception from HRESULT: 0x80040E14

– Internal Server Error Exception

– The security validation for this page has timed out

– This Page has been modified since you opened it

– Value does not fall within the expected range

– Master page is invalid

– Unable to add selected web part

To solve the problems related to corruption and damage of Sharepoint, a third party tool is a Quick and Easy solution. There are many third party tools but, Sharepoint Recovery Software is one impeccable solution for it because with this software, you can get Microsoft Sharepoint recovery files from all the situations of corruption, it offers quick and understandable steps to Recover Microsoft Sharepoint, it can easily Recover Microsoft Sharepoint 2003 and 2007, Recover SharePoint Data and many more. This tool can comfortably get Microsoft Sharepoint Recovery Files in All the editions of Windows.

Website for More Detailed information – http://www.sharepointrecoverytool.com/

http://sharepoint.ezinemark.com/a-quick-and-easy-solution-to-get-microsoft-sharepoint-recovery-files-7d2e479133ee.html

Advantages of Barcode Scanners

Advantages of Barcode Scanners

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A barcode reader (barcode scanner), also called a price scanner or point-of-sale (POS) scanner, is a hand-held or stationary input device used to capture and read information contained in a bar code. A barcode reader consists of a scanner, a decoder (either built-in or external), and a cable used to connect the reader with a computer.

There are five basic kinds of barcode readers each with its own unique advantage. Those are Pen wands, Slot Scanners, Charge-Couple Device (CCD) Scanners, Image Scanners, and Laser Scanners.

A Pen Wand is a simple barcode reader which is known for its durability and low cost; does not contain any moving parts. It has to remain in direct contact with the bar code at a certain angle.

A Slot Scanner remains stationary and the item with the bar code on it is pulled by hand through the slot. Slot scanners are typically used to scan bar codes on identification cards.

A CCD Scanner often used in retail sales has a better read-range than the pen wand. A disadvantage of the CCD scanner is that it cannot read a bar code that is wider than its input face.

An Image Scanner, also called as Camera reader, uses a small video camera to capture the image of the bar code and then uses sophisticated digital image processing techniques to decode the bar code.

A Laser Scanner, either hand-held or stationary, does not have to be close to the bar code in order to do its job and can easily read a bar code up to 24 inches away. A laser scanning may perform up to 500 scans per second to reduce the possibility of errors.

Advantages of Barcodes: –
Barcode scanning systems provide an array of benefits, including operational efficiency, better customer service, and improved visibility of key business information to management.

A bar code label of twelve characters can be wanded in approximately the time it takes a keyboard operator to make two keystrokes.

Accuracy
For every 1,000 characters typed by a keyboard operator, there are an average of ten keying errors. For an Optical Character Reader (OCR), there is one error in every 10,000 reads. With wands, barcode systems approach one error in every 3,000,000 characters, and with laser technology, they approach one error in 70 million entries.

Data Integrity
When all the products or item data is Barcode scanned, it is free of human errors when data is entered. Barcode scanners works as a designed user interface that prevent the input of invalid data.

Probable number of substitution errors per 3,400,000 characters

Data Entry Meth — Errors

Keyboard Entry — 10,000
OCR Scanning — 300
Barcode scanning(Code 39) — 1

Ease of Implementation
Operators of bar code scanners can learn to use the equipment effectively in less than 15 minutes. System costs are lower than other means of data entry because of the existence of interfacing hardware and software.

Cost Effectiveness
Barcode systems have a demonstrated payback period of six to eighteen months, and they provide the highest level of reliability in a wide variety of data collection applications. Barcode systems create value not only by saving time, but also by preventing costly errors.

Information is the most valuable asset for any organization. Every organization should protect its operations data with reliable data management by ensuring data accuracy and availability. Barcode Scanners equipment helps firms in maintaining accurate supply chain and operations data management.

For over 20 years, System ID has provided automation solutions and barcoding equipment to a wide range of large and small companies in virtually every industry sector. System ID offers more than 10,000 brand name products and services such as Symbol Scanner and Symbol Barcode Scanners.

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