The Universal Product Code (UPC) served as a driving down costs for inventory management because sellers in the United States and Canada did not have to purchase multiple bar code readers to examine rival bar codes. It was approved by the grocery industry in April 1973 as the standard bar code for all grocers and was not introduced at retailing locations until 1974. This was one significant bar code for grocers and other retailers to purchase one type of reader. (Inventory Management System History Part Four, par. 4) In the early 1980s, personal computers began to popularize. It allowed the first versions of inventory management software to be put into place. It added the push down of the cost of bar codes and readers. One of the biggest sprints …show more content…
In order to manage their companies’ inventory, business owners create procedures . The type of small business, size of operations and number of business locations often dictate the model of inventory management system a company uses. Inventory replenishment features include an authorized purchase order sent to a vendor or supplier requesting additional inventory products. Business owners generally implement a specific inventory order process for replenishing inventory. These products was receives and verifies by the company employee. (Inventory Replenishment Features, par. 1) Automated inventory management systems can facilitate business owners generate resilient internal inventory controls. Placing security tags on products to reduce theft or misuse was allowed by the business technology. Small businesses also can use electronic data interchange (EDI) to place electronic inventory reorders. EDI also helps small businesses avoid stock outs that can result in fewer consumer sales. (Vitez ,n.d.) Meanwhile, Hartman (n.d.) states that the advantages for an automated inventory system can provide a company with a competitive edge and increase their growth as a whole. It helps the company increase their incoming revenue while at the same time decreasing their …show more content…
Survey questionnaires were distributed to 50 selected respondents from the accountancy department. Questionnaires were retrieved; results were tallied and analyzed in order to gather data about the level of awareness of selected accountancy students on computer based inventory system process. The survey questions generally sought answers about the level of awareness of the selected accountancy student on computer based inventory system. Specifically, it aims to answer the specific questions: 1) What is the demographic profile of the respondents in terms of year? 2) What is the level of awareness of selected accountancy student on computer based inventory system? 3) What is the computer based inventory system process are selected accountancy students familiar