Information Technology in Inventory Management - Research Paper Example

Download file to see previous pages The benefits that information technology comes with include giving an accurate mathematical view of the inventory system and speeding up the rate at which raw data is processed. IT is a tool that forms a framework to support the ever-increasing needs and duties carried out by an inventory system. Through information technology, the traditional way of acquiring goods and stocking them now benefits from the use of a database. A database provides an organization with enormous benefits including centralizing data. It has eliminated the isolation of data in various individual units of the concerned organization that leads to lots of data redundancy. It offers a data center located on the organization's premises which can be accessed easily from the rest of the departments in that organization. Further, it benefits from automation of the routine processes, and proper analysis is carried out on such information so that it is now easier to draw conclusions and make projections from such information. Inventory management systems are becoming very common in the present world. Currently, there is an increased demand for the management of stock. This project is in view of ascertaining the benefits of incorporating information technology to aid inventory management processes in an organization. It vividly explains how effective inventory management will be when we invest in the exploding technology and seize its capabilities. Inventory management is an evolving field with new needs to be catered to. Increasing numbers of people in these organizations demand for proper time management so as to match this kind of population. Varied economic changes and fluctuation of market prices and sudden variations of supply and demand require a better way to address them. These new needs form the basis of this proposal to try and find out how information technology will affect inventory management. The cost of acquiring an IT system, running and maintaining it is seen to be expensive for organizations. On the other hand, IT systems are known to cut down on time requirements and increases efficiency. ...Download file to see next pagesRead More