Design and Implementation of Stock Management System
Design and Implementation of Stock Management System
Abstract on Design and Implementation of Stock Management System
A stock management system is a key part of the supply chain and primarily aims to control the movement and storage of materials within a warehouse and process the associated transactions, including shipping, receiving, put away and picking. The systems also direct and optimize warehouse put away based on real-time information about the status of bin utilization.
In times of economic slowdown, cutting costs is the major strategy used by the companies. There is a need to track the performance of each product in terms of demands to determine how much to order and when to order. The parameters that are required to answer these questions are economic order quantity and the reorder point. The annual cost of each product is obtained to determine the best deal for the invoices received for the product. This project implements a warehouse management system and tracks the performance of each product using a web application. This will help decision makers to initiate accurate re-order and make forecast and demand of the product at any point in time.
Stock management system is an essential activity that must be undertaken in an organization to ensure proper management of inventories. In other to ensure for the proper management of inventories, systems and software has to be put in place. System has to be developed to keep proper track of all in-coming and out-going inventories.
The stock management system is basically designed to capture and automate all shipping of products into the warehouse of NUGAB Resources limited and to keep records of all products sold out, with the main objective of the software being to bring efficiency into EffisonLimitedlimited.