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Point of Sale and Good Inventory Control Essay Sample

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  • Pages: 3
  • Word count: 568
  • Rewriting Possibility: 99% (excellent)
  • Category: retailing

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Introduction of TOPIC

This chapter contains the researched review done by the proponents about the related ideas regarding the proposed system. It includes constitutes more on the study of the System Literature Side. RELATED LITERATE

Inventory can be the largest investment a pharmacy can make. Dealing with inventory can be intricate unless an organization has a good inventory control system. The purpose of this system is to maximize efficiency and effectiveness. Efficiency is to minimize inventory costs and effectiveness is to meet the customer demands.

Inventory control involves maintaining adequate stock of medications, as well as storing those medications in a safe and secure manner. It also means keeping track of the purchasing and distribution of the medications. Good inventory control allows the pharmacy to have enough medications on hand to fill prescriptions and orders, without having so much stock that drugs deteriorate before they can be used (Askew and Smith-Stoner, 2001). RELATED STUDIES

Point-of-Sale System Basics for Retailers
For entrepreneurs, the ka-ching of the cash register has long been the sound of music. But today the cash register of even the smallest business may be attached to a computer via “point-of-sale” (POS) systems. These systems have grown in

popularity over conventional cash registers because they don’t just ring up sales. They amass

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vital, real-time information about your inventory and customers. At the core of these systems are a standard-issue computers running specialized POS software, usually with a cash drawer and receipt printer, and often with a bar code scanner and credit card reader. Vendors often sell these systems pre-configured, or you can add these peripherals on as your requirements grow. The typical cost can be less than $1,500. What do you get for your investment? Without a doubt, the biggest advantage is the ability to get an immediate, up-to-the-minute, accurate assessment of your inventory.

Each time you check out a customer, the goods you ring up are immediately subtracted from your inventory list, which is maintained on the system’s hard drive. That inventory may be surprisingly large. Many boutique clothing stores, for example, will stock SKUs numbering in the thousands, with actual counts exceeding 10,000 items. The same is true for shops selling everything from bicycles to cameras to cosmetics. Keeping track of the thousands of items that make up a small business can be a real chore. However, consistently keeping hard-to-find items in stock can add up to a competitive advantage over much larger competitors. A good POS system can help, allowing you to set an alert that lets you know when a given item is at the re-order point. When it’s time to re-order, some POS systems tell you both the most recent price you paid, as well as the average price you’ve paid in the past. Both can help you strike the best deal with your suppliers. Off-hours, you can run a report that gives you inventory activity for the day, week or month. To get the big picture, some POS systems allow you to track your inventory year to year, allowing you to compare this year’s orders with those from last year. Doing so can help you anticipate where you want to head in the coming months. http://sample-thesis.blogspot.com/search?updated-max=2009-09-13T06:14:00-07:00&max-results=7 http://www.entrepreneur.com/article/77960

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