An inventory control system is a process for managing and locating objects or materials. In common usage, the term may also refer to just the software components.
Modern inventory control systems often rely upon barcodes and radio-frequency identification (RFID) tags to provide automatic identification of inventory objects. In an academic study performed at Wal-Mart, RFID reduced Out of Stocks by 30 percent for products selling between 0.1 and 15 units a day. Inventory objects could include any kind of physical asset: merchandise, consumables, fixed assets, circulating tools, library books, or capital equipment. To record an inventory transaction, the system uses a barcode scanner or RFID reader to automatically identify the inventory object, and then collects additional information from the operators via fixed terminals (workstations), or mobile computers.
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Famous quotes containing the words control and/or system:
“The awareness that health is dependent upon habits that we control makes us the first generation in history that to a large extent determines its own destiny.”
—Jimmy Carter (James Earl Carter, Jr.)
“Fear, coercion, punishment, are the masculine remedies for moral weakness, but statistics show their failure for centuries. Why not change the system and try the education of the moral and intellectual faculties, cheerful surroundings, inspiring influences? Everything in our present system tends to lower the physical vitality, the self-respect, the moral tone, and to harden instead of reforming the criminal.”
—Elizabeth Cady Stanton (1815–1902)