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Tips to Manage Inventory

Tips to Manage Inventory

Do you have difficulty in managing inventory? Don’t you manage to track the goods you are buying and selling after that? Aren’t you aware which time to order items, or are you unable to maintain your stock in safe condition? The following tips may be helpful for you.

 

1. Keep track: This is the most important task in order to manage your inventory. You need to keep records in a systematic manner. If you do not have an account of your sales volume, as well as your current stock level, you will never know when and how much to reorder. It is recommended that you keep an ordering period, that is, a time frame after which you will make your next order. Your tracking should be based on this unit of time. You can track each item in the following manner:

 

• Average Sales: How many articles do you think you will sell during a particular time frame (ordering period)?

• Maximum Sales: What is the maximum quantity that you think you will sell?

• Bulk Order Quantity: How many articles do you need to order in bulk at one time?

• Order Lead Time: From the day you have placed the order, what is the time taken to receive the shipment?

• Quantity On Hand: How many articles do you presently have in stock?

• Quantity On Order: How many articles have you presently ordered for?

 

The above data can be stored on an Excel sheet and constantly updated. So, instead of clearing up items that you now consider as junk, it is better to be organized.

 

2. When to Order: Once you are aware of how many items you have in stock, and which items are running out, you need to know when to make a reorder. First, decide on the ordering period, that is, after how long you will make a reorder. It could be weekly, monthly, or bi-monthly. You should ensure that you maintain a minimum stock level at the end of the present ordering period, which is enough to carry you through till the next ordering period.

 

How do you know it is time to reorder?

Add the quantity of items that you already have (Quantity on Hand) to the amount that you have ordered for (Quantity on Order), which is temporarily called Quantity Available.

 

Now, you will still be selling until the fresh stock arrives, so subtract the Lead Time Sales from the Quantity Available. If this amount is less than the minimum stocking level (Time Lead Sales minus the Safety Quantity), it implies that you have to reorder. This final amount is termed as Quantity Available.

 

How do you know how much to order?

Subtract the Quantity Available from the minimum stock level.

 

Take a note of few terms related to stocking:

• Safety Quantity: Average Sales is subtracted from Maximum Sales. This quantity is the minimum quantity of items that you have when there is more sales than the usual amount.
• Time Lead Sales: The Average Sales multiplied by the Order Lead Time.

 

3. Quantity on Hand: It is always recommended that you physically check your inventory just to ensure that the data in your software matches up to what is really there. This allows you to make adjustments in the case of unexpected losses, which can happen owing to theft or breakage. If these losses are not accounted for, keeping track using your software will be futile.

 

Note that if your ordering period is long, you need to have enough inventory in stock. However, be sure that there is not too much inventory for fear of the products perishing or crossing their expiration date. Besides, you will be investing more capital and covering insurance and management costs.

 

4. Sell Junk: One way to get rid of inventory that you feel is junk is to sell it to a vendor. You will not only be clearing out unwanted stock, but you will also not suffer a complete loss.

 

5. First In, First Out: If you are selling products that have an expiration date, it is recommended that you clear the older stock first. In other words, put the items that have a later expiration date behind the ones that will expire shortly.

 

6. Security: Ensure to keep your inventory safe from staff members as well as outside intruders. Stock that is more valuable than others need extra security and should be delivered to a safe place. Make sure that your staff is trained to look out for thieves, who usually work in groups.

http://stock.ezinemark.com/tips-to-manage-inventory-51458034460.html

What Makes Wireless POS System Competent

What Makes Wireless POS System Competent

In older days, employees were working with clunky registers and handy calculators. That procedure was really very hectic and boring. Thanks to the advancement of technology, we all come out with most innovative and revolutionary wireless technology in all industries. In hospitality and retail industry, wireless technology is making customer to staff interactions with Bar Computer System more innovative and seamless. If you are looking for wireless POS system, then have a look on these points first.

How Does It Make Things Possible? In the restaurant industry, new-age technology is changing lives and the way what we look on it. Thanks to wireless technology, a handy tablet-like device took place of a long menu card in the hands of wait staff. These days, a waiter brings customer orders to the kitchen in digital form. The issues of hurried handwriting pitfalls and losing order slips are strictly eliminated. Wireless POS System bought 100% accuracy for the restaurants. It also helps busy customers by allowing them to make payments right from the table. Restaurateurs email receipts of the orders to their customers and add them in their mailing list alike. This streamlined system makes things a lot easier for the servers and make patrons appreciate their fast service.

The Rewards Apart from the added simplicity to make your business more efficient, the wireless point of sale system provides a large amount of prolific benefits that can boost your business success. It also helps you in making words-to-mouth publicity. If you continue using this technology, customers will be impressed and they are more likely to prefer a dinner in your restaurant to their near and dear ones. With exceptional service and mouth-watering food, wireless pos system also makes a huge buzz about your business in the market.

Bottom Line If you didn’t have a point of sale system, them it’s time to look for the best one. In order to get the best one, you have to consider some important things in mind. In the market, plenty of options are there to buy one. This is important to buy the one that is future perfect. It means you should have the one that can easily be upgraded when your business expands. You have to consider your training time and your employee’s efficiency to learn a particular system. Accordingly, you can match difficulty level with functionality. All these are some important facts that may help you in making right choice.

Visit geminicomputersinc.com to buy topaz signature pads and bar computer system.

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Point of sale-Never get overvalued when you are spending

Point of sale-Never get overvalued when you are spending

Today when the shopping has been everyone’s desire then computerized cash register is making their purchase more happening and easy. Point of sale helps the shoppers to understand each and every single detail about the transaction. This style of registration has made everyone’s life more relaxed because now there is less chance of getting miscalculated.

In today’s world every person wants to be stress-free when it’s about shopping, transaction or anything related to that. Computerized registered has helped the buyers in many ways. Now one can be quick as much as he can, sometime when a person goes for shopping, then the paying part can be one of the most hectic part. But if the retailer has the computerized cash register system then the shopping becomes less frustrating. Point of sale not just help the purchaser, it is also very helpful to the seller.

Benefit of Computerized money record

A seller can have multiple transactions so with the help of computerized system things can be easier for the seller as well as for the purchaser.

The main purpose of online cash transaction is to make the sell load calmer.After having computerized style of cash transaction; retailer’s life has been more relaxed and composed now. A good sale can be get affected if the checkout point stage is not quick or fast so by the help of computerized system retail can be handle suitably. Today there are many software companies who are trying to enhance the transaction software to make the computerized money record system more effective and smooth working system.

Point of sale has been a big and powerful information system for stores, supervisors and store owners. This computerized based cash register system has been a boom to the retail stores and indirectly, for the store honors too. Making online transaction is among the most influential, refined and user friendly system and it is an advance technology to this century. This technology has given more creativity to the store retailers. This invention is one of the coolest inventions in today’s world .Computerized system has drastically decreased the working cost and human errors. This is a revolutionary to the eatery and fast food franchise world.

There are different sale system in this technology which really help the retailers to deal with different problems while check out point. Internet based money system is very useful in the hospital. It is used for checking the guest list, visitors etc. This small machine looking system does so many big and important works.

So, make use of this latest technology and make your transactions easy.

About the Author

The Ricky Wuori has been in the field of retail service for a lot of years now and has been writing articles and blogs about the retail industry. The Ricky Wuori has a vast knowledge about the working of pos system and shares his knowledge with the world through articles and blogs.For more information please visit here Point Of Sale.

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Hotel Marketing Plan – A 6-Part Sample Outline

Hotel Marketing Plan – A 6-Part Sample Outline

A hotel marketing plan is your action plan to fill the rooms of your new hotel. A marketing plan focuses on the four Ps (Product, Promotion, Price and Place), but doesn’t neglect customer retention and key partnerships. All of these elements should be specific to your hotel’s intended customers and the geographic area.

1) Product – Your hotel’s services

For every hotel, the basic product offered is the same service – use of a bed for a night. Beyond this similarity, there are endless ways to differentiate your service. Services can include entertainment (i.e., in-room cable, on-premises nightclub), food (i.e., chocolates on a pillow to a five-star restaurant), communication (i.e., free local calls, wireless internet), and health (i.e., a pool, fitness center, spa). Consider whether unusual services will be a draw for your customers or if you are better off providing the tried and true. Whatever you choose, present the information clearly and in just enough detail so that readers understand the level and type of service provided.

2) Promotion – How to get the word out

Promotion is how you make your people aware of your hotel and its unique value proposition and convert them into guests. The promotional tools you use depends entirely on the customers you seek. Rather than thinking about how other hotels seek customers, think from the customer’s point of view. How do your desired customers seek hotels? Make sure yours can be found where they are looking, whether this is in travel books, magazines, websites, or elsewhere. Remember that the most powerful type of advertising is the kind that money cannot buy – press. Consider whether a public relations strategy can help make this happen.

3) Price – The right rates for your hotel

Your marketing plan must show where you want your pricing to fall within the market’s range. The choice of price ties directly to your hotel’s profitability, but also to the brand you are trying to build in the minds of customers. If you bill your hotel as extremely upscale, but price it in the middle of the pack, customers may not believe your assertions that you are the next Ritz-Carlton. Pricing is about finding the right price to both represent what your hotel is and to cover costs, leaving room for profit.

4) Place – Where customers and your services meet

Place is more than the choice of location for your hotel. “”Place”” in this context means distribution, and this is the choice of how customers will book hotel rooms and receive other services you provide. This can be through websites, travel agents, or a dedicated sales staff, each of which have their own cost and benefit tradeoffs. Distribution of services continues inside your hotel and involves both your staff and your means to communicate with your guests (i.e., phone systems, TV ordering, even doorknob signs).

5) Customer Retention

Most of the cost of providing service to a customer is in getting them to buy for the first time. To keep a customer returning should be significantly cheaper than getting a new one so explain your retention strategy. For example, loyalty programs provide incentives for repeat visits and customer relationship management (CRM) software can save data on the preferences and activity of individual guests to make returning more enjoyable for them.

6) Partnerships

Finally, consider how you will work with your hotel’s neighbors, local government, and other stakeholders to build business. There may be potential for you to either get guests from or send guests to many local businesses, improving the experience the overall experience for those customers. Consider mentioning a few key partnerships that will pay off because of their importance to both parties. Don’t stretch yourself too think by proposing to partner with every business on your street. Describe any successful legwork you have done to inquire about the possibility of making those partnerships a reality.

Are you looking for more tips on how to start a hotel or develop your hotel business plan? Call 800-506-5728 to learn how Growthink can help you build your hotel business.

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Restaurant POS For a Successful Restaurant Business

Restaurant POS For a Successful Restaurant Business

Point of sales software help in running the restaurant more efficiently to gain larger profits and earn maximum customer satisfaction. It allows the business owners to take control of every transaction. Ever order given by the customer is given through the POS system, and thereby, nothing goes out of the kitchen uncharged. After an in-depth research on the significant considerations of this business, the software development companies developed this software that ensures smooth running of the restaurant operations. Below are mentioned the benefits of this software that explains how the system can turn the business into a much profitable one.

1. Self-Ordering – No one likes standing in long queues or waiting for the servers to take the orders. The software’s provides the customers the service of self-ordering. They can browse through the menu, select the items they crave for and order them through the tablets or phones. This order goes directly to the kitchen. Thus, it saves the time of the customers, the restaurant staff and increases the levels of customer’s satisfaction opening the door for return business. It also increases the speed and accuracy, increasing productivity and minimizing and food or money loss due to order errors.

2. Digital Payment – Time is money and the cash only payment method slow down the checkout process. With a POS, the customers can make payments through a digital payment processor. This makes the payment process a swift procedure that pleases the customers and increase the staff productivity.

3. Inventory Control – A POS system allows the tracking of the food stock. It sends alerts to the staff if, an item in the menu is sold out or unavailable. As seen, the losses faced by the business are largely due to the spoilage of inventory due to excessive stocking. The POS software, calculates and assists in taking informed decisions on inventory purchase. Thus, such wastage issues can be avoided which, saves money. Also, a web development company includes, the tracking system in the software to track the incidences of inventory theft, or fraud with the software data.

Each restaurant has several goals to accomplish, which, can be achieved with the streamlined operations due to the right POS system. Other than the above benefits, the following errors can be avoided. -Incorrect orders -Confusion in kitchen -Pricing errors -Inventory shrinkage -Employee time keeping errors -Theft or fraud -Unknown sales breakdown of each item

The bottom line is, Restaurant POS system controls each operation and makes room for higher sales and customer satisfaction rate.

SmartBUZZ Inc., is software Development Company in Canada, dedicated to offer IT consulting services and products to simplify the IT concerns of various industries.

http://www.sooperarticles.com/technology-articles/programming-articles/restaurant-pos-successful-restaurant-business-1361814.html

Latest Trends in EPOS Systems Industry

Latest Trends in EPOS Systems Industry

A successful electronic point of sales system is that which makes all business operations convenient and efficient, increases sales and profitability of business, assists in offering better customer services and analysesperformance of various business sections. The main objective for installing an EPOS system is to keep track of overall sales and performance of business. A good EPOS system is one which generates reports of business and offers facility to compare sales and profits of businesses during a specific period of time. The information obtained through EPOS systems paves the ways for manager and entrepreneurs to formulate future business growth and marketing strategies. There is no doubt that decision making process is one of the most important and critical parts of any organizations and it rely greatly on correct information to be effective.

Among the latest trends being used in electronic point of sales systems is the use of touch screens which make display screen quite user-friendly and entries can be made with much more speed in Till machines. Touch screen displays in electronic point of sales system make it possible for human users to make a direct interaction with Tillmachine without any requirement for using keyboard and mouse. Touch screens systems also occupy limited space at counter and these are a powerful medium of increasing customer satisfaction as customers do not have to wait in queue on counters due to faster data entering facility of touch screen POS systems.

During the last several years a big trend in electronic point of sales industry has been witnessed that those small scale businesses are now switching or planning to switch their businesses on EPOS technology as well which were not able to use these sophisticated systems some years before. Due to the increasing competition in EPOS industry, electronic point of sales systems providers are now striving to offer their clients as much affordable systems as possible. Also customized EPOS systems developed for specific needs of any particular industry are now increasing in demand as such systems allow entrepreneurs to invest only in those areas which are necessary for a business. Nowadays these systems are now available with different EPOS accessories and customers have the choice to purchase only those EPOS devices which in their view are necessary for their business. Small businesses are now inclining towards using this latest EPOS technology as a mean for capturing their target markets, increasing profit margins and getting competitive advantage over their competitors.

Latest POS systems are now available with online connectivity feature. This feature provides an opportunity to get online orders from their customers and also place orders to manufacturers and wholesalers for their stock. POS systems with mobile connectivity are helpful for administering and monitoring various business branches from one single place simultaneously. Such online EPOS systems are a powerful source for boosting online sales of a business.

Also POS systems integrated with accounting software are now available in market. Such Electronic point of sale systems not only help manage cash flow of business but also provide convenience in accounts management as all business transactions are not needed to be entered in accounting software. Different accounts sheets are also automatically generated through such EPOS systems.

E-till Solutions is a premium provider of Pharmacy point of sales, wholesale EPOS, dry cleaning pos and Hospitality Epos systems along with several other retail EPOS systems in UK.

http://www.sooperarticles.com/business-articles/management-articles/latest-trends-epos-systems-industry-1066345.html

7 Things to consider before selection a phone system

7 Things to consider before selection a phone system

What type of phone system best fits your business? Advances in IP communications have made it possible to have a fully functional phone system hosted by your service provider in addition to a premise based phone system. In general, if your phone system is going to be used by more than 25 users, than a premise based solution will be your best choice. However, if you business phone system will have less than 25 users, you should look at both hosted and premise based solutions.

-Why are you looking for a new phone system? Besides the fact that you need to make and receive phone calls, what are the most important things that you are looking to get out of your phone system? Truth is, most phone systems are all the same. The only thing that separates one from another, in many cases, comes down to marketing. Are you looking for auto-attendant, voicemail, voicemail-to-email or find-me-follow me capability? Make list of all of things that you need to get out of your new phone system as well as a list of things that would be nice if your phone system had.

-Will your phone system integrate with other business systems? One of the benefits of an IP based phone system is the ability for the phone system to integrate with other business systems, like your CRM or ERP platform which will increase business efficiency and productivity. Some phone systems offer API’s for integration with certain software, however other phone systems do not offer this capability. Therefore make sure you know what other business systems require integration before you approach a vendor and ask the question when you are being presented with a solution.

-Will you be deploying, maintaining and supporting the phone system yourself? If you have a capable IT staff, chances are you can buy an IP based phone system you will be able to deploy and maintain the system yourself. If you do not have an IT staff, you might want to consider looking into a hosted VoIP solution, or make certain that you select a capable reseller that can provide these services for you.

-Who will be providing your voice service? Many companies make the mistake of buying a phone system before they figure out who will be providing the phone service. If you are going to be using VoIP, make sure your VoIP provider is compatible with your phone system. If you are going to use both VoIP and PSTN service, make sure your phone system vendor knows this, so that they can offer you the proper solution.

-What is the total cost of ownership? Most businesses making the switch to VoIP are looking to save money. In order to better understand how much you will be saving make sure you take a look at the total cost of ownership. Buying purely on price can easily get you into trouble: more reliable, expandable systems do tend to cost more per user up front – but the savings you will see in the long run make it worthwhile. In addition to being able to add more users as your company grows, you should find out how easily your phone system can be upgraded as new features and technologies are released.

-What do your users want? WMV converter? Take into consideration the needs of each employee or employee type. Prior to purchasing a system, ask each of them what they would like to see out of an IP phone or phone system. Remember, sometimes it is best to let the sweeper select the broom.

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What You Need to Know About Inventory Management System

What You Need to Know About Inventory Management System

We know how valuable inventory is to every operation. It matters a lot from small to big businesses, and the fact that it is also hard to control and manage is certainly undeniable. If you have a manufacturing business, supply chain or a fast food shop, then you know how factors such as pilferage, administrative errors, physical damage and expiration of items can eat away your inventory. It can even greatly hamper the profit and affect the overall system of a company.

Your products are one of the most significant assets of your business. Assuring that your organization has proper stock of goods and a system that can manage all your merchandise correctly can make a huge difference in making the sale. From the manufacturing to the point of sale, the need for a sustainable inventory solution can reassure every company that there are enough products to sell for customers while managing the control of every resource.

Setting up an inventory management system can help you make the most of inventory by keeping costs under control.

What are its Features?

For Inventory Control and Warehouse

Makes inventory process faster as they are fully automated.Easy tracking of assets with check-in/ check-out system.Managing of asset costs from merchandise to stocks with precise counting.Provides various alternatives to track all assets including supplier, client information, count of merchandise, account numbers, sales and more.Manage multiple inventories at the same time and being able to view real time records.Lower inventory loss and increase sales and operational efficienciesEnhance customer satisfaction levels with availability of productsIncrease product marginsGain control on replenishment of stocks while managing overstocks

For Purchasing Department

Modernize requisition procedure and enhance faster communication with vendors with Inventory Management Solution that can record transaction, reordering dates and other relevant informationEradicate inefficiency with online purchasingEasily identify costs, loss and profits. Avoids manual errors done in purchasing, receiving and other accounting records. -For Manufacturing Division -Offers contemporary solution of managing correct orders. Manufacturing sector can now seamlessly work with back office divisions. -For Demand Planning -Accurately give data for reordering of stocks based on sales and historical dataAutomatically compute supply plan for the organization -What are its Benefits?

Offer real-time data of demands, supply, costs, profits and trends in an operationReduce manual inventory. Makes work faster and avoids manual error or computations.Managing margins with complete data to cost of inventory and revenues.It can satisfy the demands of any industry for inventory and purchasingMeet your customer’s demands and help improve customer serviceEnhance relationships with clients, vendors, and partners in the business

I have been writing for many years now. In fact my work had already appeared in various books and websites. Today I featured what you need to know about Inventory Management System so people will be aware of the importance and its applications for businesses.

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The best way to search An Easy POS System

The best way to search An Easy POS System

With this program you’re able to management purchasing, client monitoring, stock, and far more. Having a retail store POS Edmonton, or a retail store POS Systems is usually the same technique. You’re able to monitor them down much simpler.

We’ve come a long way with funds signs up and the whole retail store program. With the automated program that they have these days, they can management stock and information better than before by studying how to make use of retail store POS Systems. It is a program that makes day to day revenue simpler to deal with.

The pos system was expensive, but with the innovative technological innovation, it is now available much more cost-effective than ever. The simplest program will have a card audience, as well as a sign-up.

Don’t be terrified to change the way you function your company. One time you generate the first step by purchasing it, all you require to do is figure out how to set it up. There is no requiring to practice in this program because it is so simple. Adhere to the simple guidelines.

Owning a company these days is challenging. By having the appropriate program to make your company not as challenging to deal with can be a life saver. This is why it is important to understand how to work a POS Systems. In the event you own a little or a large company, one time you have this program not only does it manages your revenue and stock, but can also generate your revenue go higher. Understand to make use of it effectively and then educate it to the staff. You are all set to start a simpler way to run your company.

The pos display has lots of features for you to understand so you can increase your information. By using this program, your can have your stock much more managed and will cease you from either being overstock or under stock.

Lots of shops are using the POS Systems. It comes complete with an audience that flows bar requirements. This way you manage errors done by people. If you are an entrepreneur and is looking for a way to generate their company better, call now and find out how to buy a POS Systems.

First you will manage the stock the best way. Stock sometimes is not simple to deal with seeing that items offer out as quickly as purchasing them, or they stay on the display gathering dirt. With this program, you will be purchasing only exactly what you require, based on your everyday revenue. It can also select the selling done before.

A POS Systems or lots of times known as point-of-sale are an amazing way to procedure expenses instantly using a system. This is a huge comfort for not only the entrepreneurs but the clients allowing them to pay for their food and food with a charge or bank cards. This creates life a bit simpler for making a transaction while still providing the choice since a few years before money was mostly the only option available.

You can buy the POS systems and then set up it on your current computer.

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Why Need Online ERP Hospital Software

Why Need Online ERP Hospital Software

It is often miserable to stay in an extensive queue in hospital and the worst part, the operation of attending persons has been slow. In order to sort out this issue, new techniques are being utilized to develop an effective & efficient system that handles the operation of hospital or nursing home without any hassle. This system is really supported by software which makes it comfortable & easier for the concerned persons to full their work within the least possible time further avoiding trouble to the patients. The best part of this hospital software that it is beneficial for all the departments and hospital’s various functions. In brief, front desk, laboratory and billing functions are separate, but with the help of hospital management software, it is possible to complete the above mentioned works easily and fast.

Besides, it is certainly true that a large number of patients have to be attended properly without making any chaotic to the process. It leads to the requirement of online erp hospital software which further means investing money on right product. Although, the hospital management can jointly make a decision what all personalized features, they require, basic facets of this efficient system has been elegantly installed in it. In simple words, this tool for managing complete comprises of mechanism that tackles daily hospital operations in a simpler manner. It is now valuable to mention the features to look for in this IT solution:

-The upgraded hospital management system permits a hospital administration to ensure that everything goes on in a systematic way. Be it the reception, administrative tasks, or medicine counter, the main idea of hospital erp software is to deliver organized performance. It certainly improves patient experience. -Laboratory is a vital department of a hospital as the doctors make use of their expertise and knowledge to generate reports after taking tests of a patient. So, the hospital information management system ensures that laboratory functions get overviewed without any hassle. -Reception management is possible with the hospital management software India which permits any hospital to fulfill every role of reception in a very organized & systematic way. -It makes easier to track operation details effectually and keep it maintained in database which is prepared with the support of hospital management software. -Reports of tests can be generated easily and fast with the support of this system connected with the internet. -Control panel of this hospital management system is designed interactively and supports the concerned department of the hospital to construct the settings in accordance with their needs in an easy way. -If the hospital has several branches, hospital management system Delhi can be integrated with each other with creating a common server. -In-built backup system of database sees to it that a copy of hospital’s work gets saved. This assures no data gets lost due to any problem. -Centralized data processing of hospital management system permits the administration to access it online and offline as well.

Online ERP Hospital Software Designed and Developed by HR Software Solutions is one of the Best Hospital Management Software India for Management of Hospital Resources.

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