IntroductionBusinesses of trackinginventory to make sure that the

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IntroductionBusinesses have evolved along with the advancement of technology. New technology meansmore convenient ways of doing things, such as managing and controlling of inventory. With thedevelopment of technology appeared a wide variety of ways to perform different tasks moreconveniently. Instead of the traditional handwritten method of recording every businesstransaction and having piles and piles of paper copy, things have changed so that everythingcan be stored on a specific computer software and even online. Many accounting andbookkeeping softwares have also started to become more common, and this has made theselaborious tasks simpler and effortlessly.Technology in the Management of InventoryManagement of inventory includes purchasing, shipping, receiving, tracking, warehousing andstorage, turnover, and reordering. An inventory management software is a software created fortracking inventory levels, orders, sales and deliveries. Here are some examples of the manyinventory management softwares out there:1. Plex Inventory ManagementPlex Inventory Management is a cloud-based service that allows the user with managinginventory easily, and requires monthly or yearly subscription fees. Some key features includeautomatically record inventory transactions, track inventory in real time with incrementalscanning options, track both discrete and process manufacturing activities, use scanners andrelated technologies, analyze trends with upstream and downstream genealogy, and create andprint labels automatically. The software allow the user to create “containers” to organizeinventory into categories, instead of having just a single list, as well as create an inventorymaster list to be used for manual inventory counting and such. The owner or employees canconduct ongoing cycle counts using scanners that read barcodes or other forms of trackinginventory to make sure that the inventory count corresponds with what is recorded in thedatabase. For a more in depth analysis of this software, visit the website: NCR CounterpointNCR Counterpoint offers a variety of useful features to many types of businesses such as retail,wholesale, mail-order, and e-commerce, and operates as a point-of-sale system. Thepoint-of-sale system is where the customers executes the payment for goods or services boughtfrom the owner’s company. As Yamarie Grullon, manager of content strategy at ShopKeep,4explains, “a point of sale system is a combination of software and hardware that allowsmerchants to take transactions and simplify key day-to-day business operations.” The key1features of this software includes comprehensive inventory management system, automatedpurchase orders, extensive mobile device support, e-commerce integration, cloud hostingbenefits, integrated hardware solutions, and detailed reports and analytics. For a more indepthinformation of this software, visit the website: in the Control of InventoryAccording to an article, Inventory Control is “the processes employed to maximize a company’suse of inventory. The goal of inventory control is to generate the maximum profit from the leastamount of inventory investment without intruding upon customer satisfaction levels.” This2can be easily done by tracking inventory going in and out of the business, studying the productsconsumer tend to buy more of, using technology. With the many ways technology can be usedfor inventory control, this task can be done efficiently and without too much trouble, with just aclick of a button.Tracking InventoryAutomated Inventory Management Technology is the most used method of keeping track ofinventory. Some of the most common ways of tracking inventory is with the barcode systemand the RFID system.BarcodesBarcodes are in everything we buy from merchandising businesses such as grocery and clothingstores. The barcode system is a widely used system for keeping track of inventory and is used bymerchandising businesses worldwide. The barcode system has three(3) main parts: (1) thecentral computer that acts as a record system and keeps track of inventory going in and out, (2)the barcode printed on the products being sold, and (3) a barcode scanner. Barcodes representthe numbers 0-9, as shown on the image on the right. With the barcode system, it is easy toknow which products need to be restockes, as well as which products are more frequentlybought by customers.1″If you look at a barcode, you probably can’t make head or tailof it: you don’t know where one number ends and another onebegins. But it’s simple really. Each digit in the product numberis given the same amount of horizontal space: exactly 7 units.Then, to represent any of the numbers from zero throughnine, we simply color those seven units with a differentpattern of black and white stripes. Thus, the number one isrepresented by coloring in two white stripes, two black stripes,two white stripes, and one black stripe, while the number twois represented by two white stripes, one black stripe, two whitestripes, and two final black stripes.”3How barcode scanners work41. Scanning head shinesLED or laser light ontobarcode.2. Light reflects back offbarcode into alight-detecting electroniccomponent called aphotoelectric cell. Whiteareas of the barcodereflect most light; blackareas reflect least.3. As the scanner movespast the barcode, the cellgenerates a pattern ofon-off pulses that correspond to the black and white stripes. So for the code shown here(“black black black white black white black black”), the cell would be “off off off on off onoff off.”4. An electronic circuit attached to the scanner converts these on-off pulses into binarydigits (zeros and ones).5. The binary digits are sent to a computer attached to the scanner, which detects the codeas 11101011.3 (Radio Frequency Identification)RFID (Radio Frequency Identification) that belongs to a group of technology calles AutomaticIdentification and Data Capture (AIDC). It is a technology similar to the barcode system.However, there are several advantages RFID has over barcodes. The most distinguished is thatRFID can be read outside the line-of-sight, while barcodes need to be aligned to a scanner forthe data to be transferred to a database. RFID tags can also hold more data compared tobarcodes.How RFID worksThis technology uses radio waves to automatically identify objects that are RFID tagged orlabeled, collect data about them, and enter those data directly into a computer system with littleto no human intervention. The RFID system consists of three components: (1) an RFID tag orlabel attached to the product, (2) an RFID reader, and (3) an antenna that transmits the data tothe RFID reader.This tracking system is more used in big businesses like clothing stores to avoid shoplifting.According to an online article written by Anita Campbell, for small businesses, it is better to usethe barcode system. For one reason, it is cheaper. RFID tags can cost up to 30 cents a tag, whilebarcodes are half a cent each. As Campbell mentioned in her online article, “why go for acomplex technology if a simpler and cheaper one works?”5Technology in the BusinessThere are many ways technology helps with running a business. For example, there are manysoftwares that help with the accounting cycle, to keep record of every business transactions,create financial statements, keep source documents, and calculate profits and taxes. Over theyears, many computer softwares had been developed to allow easier bookkeeping andaccounting for businesses, instead of the old fashioned handwriting method. Here are somegreat materials to use:1. Intuit QuickBooks Pro (accounting software)Intuit QuickBooks Pro is an online accounting software that has over 4.3 million customersglobally. Users do not need to be an accounting expert to be able to operate QuickBooks as iteasy to use. Being organized is made easy with this revolutionary software. QuickBooks is asubscription-based service with 3 different monthly plans which includes different features5 Anita Campbell, for use. It also includes a 30-day free trial, which allows users to get a feel of theprogram before committing to it. To get started, go to this website: Alice AccountingAlice Accounting is an accounting software that is used by freelancers and small businesses.Some key features include bookkeeping components such as the general journal and accountsreceivables and payables, cash management, multi-currency, and many more. With monthlysubscription as low as $5 a month, as well as a free trial and a free version, this software ispopular to freelancers and small business. To get started, visit the website:

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