Which technology should be used to create inventory system?

First, thanks for invitation.

In domain of small business, the purpose of an inventory control system is twofold. The primary function is to ensure that  meets customer needs, that products are available when customers want them. But proper inventory control can also help maximize profits for a small-business owner, while reducing potential theft and loss. Large firms, such as Walmart, maximize profits by using supply-chain or just-in-time inventory-control methods. Moreover, Small businesses can use a mix of technology, proper accounting and effective operations to ensure inventory is always available for customers while avoiding costly overstock problems.

However, to determine the method of inventory management , you might choose The first- in-first-out -- or FIFO method involves selling the oldest items, or those products that have been in the warehouse the longest, first. In an inflationary period, FIFO will lead to higher profits, since you are selling goods that theoretically cost you less when you purchased them at current, inflated, prices. Of course, the effect would be the opposite in a deflationary period. Using the last-in- first-out  or LIFO method would be desirable if the items you received more recently are perishable or time-sensitive. Use weighted average if you have relatively few items to sell. In this method, you recalculate the cost of your entire remaining inventory every time you sell one item.

It's a pretty open question. Multiple factors come in with that.

Factors:

- company size

- amount of products

- budget

For a small amount of products, usually, having an Excel sheet that is well made and accessible from multiple terminals would simply do the job.

If you have a POS, etc. then a Barcode Reader system would be the better option here to automate the process.

Finally, if we're talking about larger scale industries, and moving of products from warehouse or distribution, then the use of RFID becomes the ideal option. RFID comes in 2 types:

- Active RFID: once the product goes through a specific location, the RFID scanners are active and logs the tags on the boxes, etc

- Passive RFID: uses a handheld device to scan the tags on the boxes.

With whatever technology you'll be using, you need to consider the database type that will store the data on the back-end. Whatever database you'll be using, your IT will have the final word on this as it needs to be in compliance with their existing infrastructure, and the software licensing pattern to be acquired (if new license would be deemed necessary).

Hope this answers your question.

I agree with the wonderful in this area Miss Ghada

The purpose of an inventory control system is twofold. The primary function is to ensure that a small business meets customer needs -- that products are available when customers want them. But proper inventory control can also help maximize profits for a small-business owner, while reducing potential theft and loss. Large firms, such as Walmart, maximize profits by using supply-chain or just-in-time inventory-control methods. Small businesses can use a mix of technology, proper accounting and effective operations to ensure inventory is always available for customers while avoiding costly overstock problems.

Determine your customer needs -- that is, how much product are your customers buying, and how much do you expect them to buy in the near and distant future? Use a method called "forecasting" to determine what your customers are likely to buy in the next day, week, month and year, based on what they bought in the previous 12 months. Since forecasts are never 100 percent accurate, plan to have an amount of "safety" inventory on hand to cover potential shortages. You can also plan to include a safety lead time that will let you have inventory delivered quickly to meet increased customer demand if the supplier is close enough -- or the delivery system is quick enough -- to allow for that method.

Based on customer needs you have forecast, establish an approved stock list for each warehouse you use. Determine whether you will warehouse the inventory at your business or use companies that specialize in holding and shipping inventory. Small businesses often order unnecessary stock that sits dormant in the warehouse. This increases your costs and decreases your profits. Before adding inventory, obtain a customer commitment to purchase particular items. Use drop shippers -- who will warehouse items and deliver them directly to customers without shipping them to your business -- as a means of reducing inventory-holding costs. Reduce potential theft by restricting access to your warehouses to employees directly involved in moving the merchandise.

Determine the method of inventory management you will use. The first, in-first-out -- or FIFO -- method involves selling the oldest items, or those products that have been in the warehouse the longest, first. In an inflationary period, FIFO will lead to higher profits, since you are selling goods that theoretically cost you less when you purchased them at current, inflated, prices. Of course, the effect would be the opposite in a deflationary period. Using the last-in, first-out -- or LIFO -- method would be desirable if the items you received more recently are perishable or time-sensitive. Use weighted average if you have relatively few items to sell. In this method, you recalculate the cost of your entire remaining inventory every time you sell one item.

Keep track of the exact number and cost of items you have on hand, including how much inventory comes in and goes out daily. Do this by hand if you have a relatively small amount of items in your inventory. But for most inventory counts, use available technology to help track inventory. For example, barcode printers can create labels that list product numbers you can then attach to each item. Barcode scanners let you quickly scan the product item numbers, while small handheld computers let workers quickly input inventory information. The information is then transmitted to a computer, where inventory-control software tracks the disposition of each inventory item.

This is not Area of ​​my specialization, I hope to invite only specialists in this area

I would agree with the questions that really helped in answering your question.. Variety of correct info !

Thank You

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The purpose of an inventory control system is twofold. The primary function is to ensure that a small business meets customer needs, that products are available when customers want them. But proper inventory control can also help maximize profits for a small-business owner, while reducing potential theft and loss. Large firms, such as Walmart, maximize profits by using supply-chain or just-in-time inventory-control methods. Small businesses can use a mix of technology, proper accounting and effective operations to ensure inventory is always available for customers while avoiding costly overstock problems.

RFID makes easiest inventory system. 

 inventory control system is twofold. The primary function is to ensure that a small business meets customer needs, that products are available when customers want them. But proper inventory control can also help maximize profits for a small-business owner, while reducing potential theft and loss. Large firms, such as Walmart, maximize profits by using supply-chain or just-in-time inventory-control methods. Small businesses can use a mix of technology, proper accounting and effective operations to ensure inventory is always available for customers while avoiding costly overstock problemsDetermine the method of inventory management you will use. The first- in-first.out . or FIFO method involves selling the oldest items, or those products that have been in the warehouse the longest, first. In an inflationary period, FIFO will lead to higher profits, since you are selling goods that theoretically cost you less when you purchased them at current, inflated, prices. Of course, the effect would be the opposite in a deflationary