An Analysis and Report on Smart Inventory Recording Management System

This report explores the implementation and advantages of a smart inventory recording management system. It highlights the system's ability to control costs, manage data, and improve overall business operations. The report details how such a system can enhance data recording, optimize warehouse management, and improve customer satisfaction. Key features include effective data recording, online multichannel inventory management, and CRM integration. The report concludes that the adoption of a smart inventory recording management system can significantly enhance functional and operational activities within an organization. The report also includes references to various research papers and patents related to inventory management systems.

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Introduction
The main aim of the project is to implement a smart inventory recording management
system that will be able to provide better support towards the organisation.Smart inventory
recording system is referred to the innovative way of controlling the costs that are spent on
managing the inventory associated with in an organisation. For every organisation it becomes
essential to manage the inventory system so that it can offer a better way of organising the
activities. The project will focus entirely on identifying the advantages that will be offered
with the use of smart inventory recording system. This system will be able to provide
maximum profits towards the organisation. The paper will focus on identifying the major
benefits that will be offered with the implementation of system.
Smart inventory recording management system
Smart inventory management system is being designed in such a way that it will be
able to provide a powerful support towards the data data stored within an organisation. In
addition to this it also offers innovative way of controlling the costs within the organisation.
cost management needs to be performed effectively so that it can add up better daisy new
margin towards an organisation [1]. Before implementing a smart inventory recording
management system it becomes a essential to identify the issues are that are faced by an
organisation. There are several challenges that are faced with team and organisation
associated with the inventory system that is an improper way of managing the customer can
affect the inventory and will automatically end up impacting the performance of the industry
[2]. Main principle that is being used behind smart inventory recording management system
is that it always focuses on identifying the challenges at the first stage and based on that
solutions are provided to words the industry. The smart inventory management system will

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include a proper strategy control over the stock from the procurement phase till the fulfilment
phase and will ensure that each demands of the organisation are meet effectively [3].
Advantages
The main reason behind using smart inventory recording management system is that it
helps in managing the costs associated with the goods and ensures that the product the life
cycles have been developed with in short time period [4]. With the less number of the face is
the costa implemented in the product manufacturing also reduces and thus it becomes
efficient to manage the inventory. Thus it can be stated that the smart inventory recording
system will be able to provide access towards the essential data. The advantages that are
offered with the use of smart inventory recording management system are listed below:
 The inventory recording management system has the potential to record data
effectively and will ensure that a proper support has been provided towards the
organisation.
 This helps in saving the money of the organisation and helps in managing the sells
process for the inventory system within the organisation [5].
 With a proper management system it becomes easy to satisfy the customers and also
ensures that they are being offered towards the customers.
 The inventory recording management system will be able to organise the warehouse
more efficiently.
 The smart inventory recording management system has the potential to save time and
generates accurate records. The entire inventory system offers better way of managing
and the employees and data within the organisation [6].
 Tracking of the products and inventory material becomes easy and the systems
ensures that proper management tools are being offered towards the organisation for
managing the data accuracy.

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 The cash flow within the system has became effective with the proper inventory
management system. Improved flow of cash will enhance the sustainability and
money so that it can offer better development of product.
 The inventory levels can be maintained at optimal level and will ensure a striking
balance between the input and output.
Features offered it smart inventory recording management system
The main features that are offered with the use of smart inventory recording
management system is that all the data related to the inventory stock and being recorded
within the system effectively. This also ensures that all the data are being kept in an
organised format for the purpose of providing support towards the organisation [7]. This
ensures that the data maintained are unique and are organised manner. With the
implementation of smart inventory recording management system it is expected that the sales
of the business are likely to increase as these include online multichannel me inventory
management system. The orders placed can be managed effectively within the organisation.
This helps in creating purchase orders effectively and ensures that proper shipments for
inventory management has been implemented. Beside this it has been observed that the
inventory system will be able to provide end to end tracking for each products along with
batch numbers. One of the most effective feature is that it provides CRM integration and
accounting integration that helps in managing the financial data effectively within the
organisation. Warehouse management also becomes easy as the stock level can be
determined effectively. With the help of warehouse management it becomes easy to generate
specific reports that are further used for analysing the profit margin for the organisation.
Apart from all this the tracking of the products and inventory system can be done effectively
with the use of this system.

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Conclusion
Thus from the above report it can be concluded that the smart inventory recording
management system will be able to provide better support towards the functionality of the
organisation. The above report has explained the need of a smart inventory system that will
be able to enhance the operations performed by an inventory system. The main motive behind
using smart system is that it helps in recording and managing crucial data related to inventory
efficiently. Beside this it also ensures that the data related to purchase and orders are being
recorded effectively within the system. This increases the efficiency and enhances the
performance offered by the organisation. Thus it can be stated that the use of smart inventory
recording management system will enhanced the functional and operational activities within
an organisation.

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References
[1] Lee, C. K. M., et al. "Design and application of Internet of things-based warehouse
management system for smart logistics." International Journal of Production
Research 56.8 (2018): 2753-2768.
[2] Jeon, B. W., Um, J., Yoon, S. C., & Suk-Hwan, S. (2017). An architecture design for
smart manufacturing execution system. Computer-aided design and
applications, 14(4), 472-485.
[3] Utami, Meinarini Catur, et al. "The Use of FIFO Method For Analysing and
Designing the Inventory Information System." 2018 6th International Conference on
Cyber and IT Service Management (CITSM). IEEE, 2018.
[4] Bendzko, T. O. B. I. A. S., et al. "Embracing the rubber-boot approach to securing
customary land rights with focus on low-cost land-use inventory." World Bank
Conference. 2017.
[5] Harper, Gregory W., and Steven E. Skiba. "User-personalized media sampling,
recommendation and purchasing system using real-time inventory database." U.S.
Patent No. 9,679,320. 13 Jun. 2017.
[6] Wasilewsky, Jed, Chase Campbell, and Kelly Storm. "System and method for
inventory identification and quantification." U.S. Patent No. 9,652,737. 16 May 2017.
[7] Meyer, Andrew. "Software activation code inventory and management system for
agricultural and construction equipment applications." U.S. Patent Application No.
14/923,800.