Inventory Record Keeping

Question 1

What are the 2 types of Inventory Record Keeping?

Answer 1

Manual Record Keeping
Computerised Record Keeping

Question 2

What is Manual Record Keeping?

Answer 2

Where record keeping is done manually a in card (or inventory card) may be used to record inventory received and issued. Bin cards record inventory coming in (received), inventory going out (issued) and a balance.

Question 3

What is Computerised Record Keeping?

Answer 3

Most organisations will now use a computer-based system to record its inventory. This could include the use of the following systems:
EPOS (Electronic Point of Sale)-scanning barcodes/QR codes in the warehouse, on shelves and at the till in order to automatically update inventory levels.
Databases/Spreadsheets-using software to hold the inventory information and also carry out calculations and analysis.
CCTV and security tags-to deter theft of inventory from both the warehouse and store.

Question 4

Why use a computerised system?

Answer 4

Records will be more accurate compared to manual system.
Inventory levels can be automatically updated.
Inventory can be automatically ordered from your supplier.
Easier to analyse the popularity of certain products.