Procurement, Inventory and Supply Monitoring System
Abstract
Table of Contents
Different industries must adapt to the rapid changes brought on by technology in this modern era. The integration of various electronic systems and apps will simplify business operations and transactions.
The researchers wanted to learn more about how companies get their supply and inventory. Businesses that sell a variety of products typically have trouble keeping track of their stocks and supplies to make sure they have enough. Manual procurement, inventory management, and supply monitoring are inefficient and time-consuming.
The capstone project, entitled “Procurement, Inventory and Supply Monitoring System” is intended for businesses that offered products to customers. The system will ease up the whole process of product procurement, inventory, and monitoring of supplies. The proposed system will ensure that the company has an adequate supply of the products they offer.
The researchers utilize the Software Development Life Cycle as an overall process in developing the project. The researchers will complete the following phases; determine the project requirements, gather data, analyze the data, design the system and then proceed to the coding for the complete development. After development, the system will go through the checking and testing phase. It will also be presented to IT experts for evaluation and to further enhance the system.
The implementation of the system will improve business efficiency and the overall experience of the customers in availing enough supply of the products they need. Procuring products will be easier for the company if they will consider using the system, they would not need to manually look for suppliers. Inventory and monitoring of supplies will also be convenient by using the system.
The system is highly recommended since it eliminates errors, particularly when providing reports regarding the status of the company’s supplies, including whether they are sufficient or need to be refilled. The system is very convenient and reliable to use.
Introduction
The capstone project entitled, “Procurement, Inventory, and Supply Monitoring System” is a project that will allow businesses to automate the process of procuring a supply of products, inventory, and monitoring of supplies. The said project will ease up the whole process of maintaining adequate stocks of products offered by the company to its customers.
In today’s tough competition in the market, businesses aim to fully optimize their potential in effectively carrying out their daily operations for better services and customer experience. One of the most common problems encountered by businesses that offered products to customers is in the process of monitoring their stocks to ensure that they have enough supplies. Procurement, inventory, and monitoring of supplies are still done manually which is not efficient and requires too much time and effort from the assigned personnel. The manual method is also prone to human errors especially in generating accurate reports about the status of the company’s stock.
Proposed Solution
To solve the problems mentioned above, the researchers of the study proposed a Procurement, Inventory and Supply Monitoring System which aims to automate the whole process of managing and monitoring the stock and supply of products in a company. Procuring products will be easier for the company if they will consider using the system, they would not need to manually look for suppliers. Inventory and monitoring of supplies will also be convenient by using the system. The proposed system will not leave room for errors especially in generating reports about the status of the companies stocks whether it is still enough or needs to be replenished. The system is very convenient and reliable to use.
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Objectives of the Study
General Objective – The project’s major purpose is to create and develop a system that will replace the traditional technique of procurement, stock inventory, and monitoring supply in businesses.
The project specifically aims the following objectives:
- To develop a system that will ease up the process of managing and monitoring supplies.
- The system will automate the process of inventory which will improve accuracy and generate a report for replenishment.
- To develop a system that will let businesses procure products electronically.
- The system will let businesses ease up their daily operations and transactions.
- The system is convenient, accurate, and reliable to use.
Scope of the Study
The researchers will develop a system that will mainly function as a platform for procurement, inventory, and monitoring of supplies. The researchers will design a system to be used by companies that are providing products to customers. The system will allow the companies to maintain adequate supplies to provide the necessities of their customers. The researchers will conduct the study on some companies and customers to test if the system met the needs and requirements provided by them.
Significance of the Study
The success of the project is deemed beneficial to the following:
Companies/Organizations. If the result of the project will be successful they will be the most benefited. The system will ease up and bring convenience to their daily operations and transactions in managing and monitoring their stocks and supplies.
Managers. The assigned managers for procuring, inventory, and monitoring supplies will have a system that will assist them to efficiently perform their respective tasks.
Customers. The system will assure them that they can always rely on that the products they wanted always have an adequate supply.
Researchers. The process of conducting the project will help them gain teamwork as well as knowledge and skills to successfully develop a system.
Future Researchers. They can use the project as a guide if they wish to pursue the same study or if they want to develop their version.
Conclusion
The researchers conducted the study to design, develop and implement a system that allows electronic processing of procurement, inventory, and monitoring of the company’s supplies. The researchers developed the project based on the analyzed project requirements. The result of the study showed that the developed Procurement, Inventory, and Supply Monitoring System met the needs and requirements of the respondents and the intended users.
Hence, the researchers concluded that the developed system is efficient and reliable in streamlining the procurement of the company’s products. The developed system is also effective in allowing the staff to conduct electronic inventory and monitoring of supplies and stocks. The system is an advantage for companies in ensuring that they will not run out of supplies to support the needs of their customers. The developed system is indeed beneficial for business companies.
Recommendations
The researchers strongly suggest the implementation of the system in companies who are product providers. The system is highly recommended for it is effective in assisting companies in checking and maintaining enough supplies of products. The researchers also suggest that the intended users of the developed system must have enough knowledge about the features and how the system works.
Specifically, the researchers recommend the following:
- The system should be installed in the company’s department that deals with the procurement, inventory, and monitoring of the company’s supplies.
- The researchers suggest that the developed system should be employed in companies to electronically procure product suppliers.
- The implementation of the system is recommended for it will automate inventory and monitoring of supplies.
- The system should be utilized for it is efficient and reliable.
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