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INVENTORY CONTROL ONLINE

GUNJAN SAWLANI, KOMAL DHOLWANI, RADHIKA BHAGCHANDANI, SURABHI VERMA, TEJAS MESHRAM

JHULELAL INSTITUTE OF TECHNOLOGY, NAGPUR


gunjans384@gmail.com, komaldholwani@gmail.com, surabhi_verma91@yahoo.com, tejas.meshram11@yahoo.com

Abstract :
Small-to-medium retailers are organizations that have traditionally had problems with inaccurate inventory control systems. This paper documents a research project that currently in progress, aiming to explore the use of ONLINE for improving inventory control in small to medium retailer. The aim of this paper is review literature related to the project to emphasize its significance. In the initial part of this paper, the purpose of ONLINE inventory control .The latter part of this paper examines literature that has been published in relation to ONLINE INVENTORY CONTROL, highlighting areas that will be addressed by research project. is an essential part of organizations that is correlated to corporate success and failure. Inventory is defined as material held by an organization awaiting sale, use or transformation. organization hold inventory for a range of reasons including a lack of predictability or fluctuations in demand, unreliability in supply, to receive quantity discount, to lower ordering costs, to be subject to price protection through buying products at the right time, purchasing holding and possessing inventory subject an organization to operational cost.inventory control techniques can be employed in order to minimize the burden of ongoing expenses. Inventory control can be defined as the activity that organizes the availability of items to the customer by coordinating the purchasing ,manufacturing and distribution functions to meet marketing needs. The aim of inventory control is to maximize customer service, profit and efficiency of purchasing and production, while at the same time minimizing inventory investment .not all the organizations have the same requirements. Organizations that are classified as being retailed, wholesale/distribution and manufacturing have different needs and inventory issues.

1. Introduction
The aim of this research paper is to explore the use of ONLINE INVENTORY for improving inventory in small to medium retailer. Inventory control practices are significant to all organizations especially small to medium retail enterprise. These organizations employ more than 5 and less than 200 people and characterized as having unreliable inventory control systems. ONLINE INVENTORY CONTROL helps in reducing human effort and is reliable.

2. Key Words :
Online Inventory Control, retailer ,manufacturer, web, stock.

4. Significance of Inventory Control To Retail Organisation :


Retail organization are the final link in the distribution channel, connecting the manufacturers and wholesalers to the customers and therefore subjected to inventory problems related to supplies and finished goods. Effective inventory control is essential for retail organization. Customers usually do not tolerate product shortage or delivery delays specially if these events occur frequently. A companys reputation and market position will be eroded or compromised under these circumstances. Alternatively holding a large amount of stock can deplete the retailers resources. Successful retail organizations maintain appropriate inventory levels, as product shortages and over-stocked inventories are

3. Inventory Control :
It is almost impossible to find an organization that does not use ,transform, distribute or sell material in one form or another. Inventory Control is relevant to all organizations from any sector of economy .Inventory Control dates back to the dawn of time where the earliest humans use to stockpile food and store tools. Presently inventory control

characteristic of companies that are not operating effectively.

your business or even the ones that have the least number. You will not lose track of anything ever again.

Technology

6. Aim For Providing Online Inventory Control :


Demand Process Keep customers informed. Without question, the biggest problem associated with integrating online and offline retail channels is discrepancies in price and inventory between the store and Web site. Simply stated, retailers can't possibly maintain the same inventory instore that they do on the Web. Fortunately, the answer is a simple, yet overlooked, solution. Keep the customer informed of differences between the store and the Web. Consumers are smart and will understand, not to mention appreciate, the retailer taking the time to notify them. Add value. Improve the consumers' shopping experience any way possible outside of merely cutting them a good price. Friendly, easily accessible customer service, product expertise, and solid return or exchange policies across all customer channels create happy customers. Adding value to the shopping experience is one of the best ways to overcome competitors that rely solely on price.

Supply Process

Inventory

Products

Demands

Fig. 1 Inventory and the Supply and Demand Processes

5. How Online Inventory Control Is Different From Inventory Control :


If you want to make it easier on yourself especially when it comes to keeping track of all the resources and all the equipment, materials, etc. you have in the office, it is time to consider using an online inventory system. The system itself is already something that you should have been using for a long time now. Making it online makes it more convenient and easier for you. It is all about bring the control back to you. We all know that the hardest to control when it comes to a business are the materials and the equipments. It can be done but the method on how it is achieved is tedious and, not to mention, time consuming. So the data that you need is not available to you right away or it is but it is not updated. With the online inventory system, everything is updated and the numbers are accurate. All you need to do is just click whatever it is that you need from the system and it be given to you even to the format that you need it with. Since it is available online, you can access it anywhere you want to, anytime you need to. All you need is an internet connection and your computer of course and you can check on the numbers easily. So you can expect to trace even the smallest piece of equipment in

7. Conclusion :
Online Inventory Control can assist enterprise owners in managing their inventory, i.e. using them in monitoring the stock validity, stock on shelves, misplaced stock etc. The use of internet could play a major role in keeping enterprise owners posted about what is happening on the inventory without them being physically there and helping them to make informed decisions, and to know urgent matters which may need their attention immediately. Internet bridge that divide of objects and humans.

8. References :
[1] P. Zipkin, Foundations Of Inventory Management. Boston : McGraw Hill, 2000. [2] Atzori L., Lera A , Morabito G.,2010, The Internet of Things: A survey, University of Cagliari, Italy

[3] Dane, H. and Michael, K. and Wamba, F. S., (2010) RFID Enabled Inventory Control Optimization: A Proof of Concept in Small-to-Medium Retailer, University of Wollongong, Australia. [4] Chandec A., Dhekane S., Hemachandra N., and Rangaraj, N.,2005 , Perishable inventory management and dynamic pricing using RFID technology, Industrial Engineering and Operations Research, Indian Institute of Technology Bombay, Mumbai 400 076, India. [5] Weinstein R, (2005), RFID: A Technical Overview and Its Application to the Enterprise, IEEE Computer Society, United States. [6] M. Muller, Essentials Of Inventory Management. New York : American Management Association, 2003.