Inventory Record Keeping

Question 1

What are the 2 ways of inventory record keeping?

Answer 1

Manual record keeping
Computerised record keeping

Question 2

Describe manual record keeping

Answer 2

Where record keeping is done manually a bin 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 are 3 types of computerised record keeping?

Answer 3

EPOS (electronic point of sale)
Databases/spreadsheets
CCTV and security tags

Question 4

Describe electronic point of sale

Answer 4

Scanning barcodes/QR codes in the warehouse, on shelves and at the till in order to automatically update inventory levels.

Question 5

Describe databases/spreadsheets

Answer 5

Using software to hold the inventory information and also carry out calculations and analysis.

Question 6

Describe CCTV and security tags

Answer 6

To deter theft of inventory from both the warehouse and store.

Question 7

Why use a computerised system?

Answer 7

Records will be more accurate compared to a manual system.

Inventory levels can be automatically updated.

Inventory can be automatically ordered from your supplier.

Easier to analyse the popularity of certain products.