Full Project – Development of a sales inventory control system for a supermarket
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CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Inventory management is the process of ordering, handling, storing, and using a company’s non-capitalized asset-its inventory. For some businesses, this involves raw materials and components, while others may only deal with finished stock items ready for sale. Either way, inventory management all comes down to balance – having the right amount of stock, in the right place, at the right time.
Every supermarket has their own inventory where each of the supermarket manages the inventory by various ways of managing system. However, the purpose of the inventory is the same, where the inventory must always ready to use and the inventory cost must below.
Inventory management is the process of efficiently overseeing the constant flow of units in and out of an existing stock of goods. This process usually involves controlling the transfer of units of product in order to prevent the inventory from becoming too high, or dwindling to levels that could put the operation of the supermarket into jeopardy (Opeyemi, et.al.2019).
Inventory system is one of the key management areas in organizations. This is because of the internal roles inventory system plays in the organizations such as facilitation of continuous production, smoothening of operations and enhancement of customer service (Singh, 2018). Managers are in critical need for reliable and effective inventory system in order to reduce costs and remain competitive (Oballah and Waiganjo 2015).
Inventory’s help to maximize customer service by protecting against uncertainty, if we could forecast exactly what customers want and when, we could plan to meet demand without uncertainty. An inventory system provides the organizational strokes and the operating policies for maintaining and controlling goods to be stocked. The system is responsible for ordering and receipt of goods: timing the order placement and keeping track of what has been ordered, how much, and from whom. The system also must follow up to answer such question as has the supplier received the order? Has it been shipped? Are the dates correct? Are the procedures established for recording or returning understandable merchandise? Silver (2017).
The Sales Inventory System is an automated version of manual sales and inventories system.It is a simple system that monitors the stock quantity. It has a pleasant user interface and it is user-friendly. The system generates reports for the list of items, sales, vendor, customer and purchases. Each of these reports can be printed and exported to CSV, Excel and PDF. In case of manual system, they need a lot oftime, manpower etc. Here almost all work is computerized. So the accuracy is maintained. Maintainingbackup is very easy. It can do within a few minutes. Our system has two type of accessing modes,administrator and user. An administrator manages inventory management system. It is the job ofthe administrator to insert update and monitor the whole process. When a user log into the system, Hewould only view details of the Inventory. He cannot perform any changes.
Sales Inventory System is software, that is helpful for Inventories. In the current system all, theactivities are done manually. It is very time consuming and costly (Ash, 2018). Our Sales Inventory Systemdeals with the various activities related to the Inventories.
The supermarket offers wholesale, retail and distribution services of their products to its customers. For the matter of wholesale services, it is only carried out from the stores and warehouses while the retail services are offered at their chain of supermarkets where distribution services are offered in both places. Supermarket is a commodity resource distribution point. The main function is to create a space let customer buy the thing openly. For the traditional supermarket management system, there are two general ways: First, manual management, this type of management is the most traditional way of operating system which are using pen and paper to record down everything including the supermarket’s cargo information, sales information, vendor information management and document management. (Datta, 2018). The information are in the form of records on the papers, and then unified preservation. Although this method will bring certain convenience while in the simple information but there are more inconvenience. For example: information retention time and conditions are very limited, easy to be damaged, the information query inconvenience, information transmission is likely to cause mistakes and so on.
The general way is a common information management method, which is called the application of stand-alone version. However, this system had designed earlier before, a lot of functional division is not very scientific, and many settings have been unable to keep up with the needs of the times. Fortunately, the supermarket management staff has a considerable application experience, so the new system operationhas a certain operating experience. The size of the supermarket is general and standard, the supermarket information processing will strive to be accurate and standardized(Datta, 2018).
The goal of sales inventory system is to balance supply and demands in order to keep customers satisfaction to drive profits. The most important benefit of an inventory system is to save time and money. Again, without an inventory system, countless person-hours are wasted manually recording what items are used for each transaction, delivering these forms to the office, and then manually entering the data into the accounting system. An inventory control system is a set of hardware and software based tools that automate the process of tracking inventory. Sales Inventory System is one of the basic problems for supermarket. It causes a lot of paperwork, in the absence-automated system (Yinyeh and Alhassan, 2015). Sales inventory system does all the heavy lifting for a retail business when it comes to its inventory. It tracks inventory additions and subtractions automatically,without relying on manual, paper or spreadsheet processes. Systems like this are becoming more and more popular among growing businesses as theytackle the challenges of modern multichannel and omnichannel retail.
Choosing an inventory management system that is right for your business can be a tricky process. However, here are a few pillar features of good software:
- Real-time trackingwhich syncs a live inventory figure across all sales channels and warehouses.
- Forecasting that uses past sales data to project estimated inventory requirements into the future.
- Purchasing that helps manage all suppliers and purchase orders for quick and easy stock replenishment.
- Rules & automations which allows creation of inventory rules, e.g. to dictate how much stock shows on each sales channel.
- Cloud-based can access from anywhere with data never being overwritten by team members making changes.
1.2 Statement of the Problem
Most Supermarketsare currently using Sales Inventory System that has loop holes on data collection on all the products anditems. Other challenges to the current system include:
- User errors
- Stock outs
- Excess inventory results
- Misplaced inventory results
Due to these problem they could not easily track down the products, items of the supermarket, there is Redundancy in entering items, and it takes too much time in making their inventory. To overcome those problems, the researcher chooses to develop a sales inventory control system for a typical supermarket as a study.
1.3 Aim and Objectives of the Study
The aim of the study is to develop a sales inventory control system for asupermarket. The specific objectives are to:
- Design a model for the inventory system.
- Develop the application for the system.
- Develop and integrate the system with a known database.
- Implement the inventory system to verify its functionality.
1.4 Significance of the Study
This project is beneficial to all supermarketsmanagement to manage user errors, stock out,excess inventory results and misplaced inventory resultsThis study help provides such tools and helpful in management, control and effectiveness.
1.5 Scope of the Study
The scope of this study covers the development of sales inventory system for a typical supermarket using Goodness Supermarket.
1.6 Limitation of the Study
The Study is in progress
1.7 Definition of Terms
Sales: it is refers to a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money.
Inventory:it is defined as the accounting of items, component parts and raw materials that a company either uses in production or sells.
System:it is refers to a collection of elements or components that are organized for a common purpose.
System Development:it is the process of defining, designing, testing, and implementing a new software application or program.
Database:it is defined as a structured set of data held in a computer, especially one that is accessible in various ways.
Supermarket:it refers to a self-service retail market selling especially foods and household merchandise.
Products: it refers to is the item offered for sale, it can be a service or an item.
Goods: it is defined as goods that can be sold.
Tracking: it refers to monitor the progress of sales of goods in the supermarket, to follow behind an item or to try to find a good.
Ordering:it refers to a command of ordering a goods or item..
Storing:It refers to place or leave something in a location such as database or storage facility.
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Full Project – Development of a sales inventory control system for a supermarket