Inventory Management System

Inventory Management System

Abstract:

Inventory management systems track goods through the entire supply chain or the portion of it, a business operates in that covers everything from production to retail, warehousing to shipping, and all the movements of stock and parts in-between practically, it means a business can see all the small moving parts of its operations, allowing it to make better decisions and investments. Different inventory managers focus on different parts of the supply chain, though small businesses are usually more interested in the ordering and sales end of the chain. Because of their wide variation in scope, inventory management systems also vary widely in cost. This project is aimed at developing an Inventory Management System (IMS) for a departmental store. This system can be used to store the details of the inventory, update the inventory based on the sales details, produce receipts for sales, generate sales and inventory reports periodically etc. This is one integrated system that contains both the user component (used by salespersons, sales managers inventory managers etc.) and the admin component (used by the administrators for performing admin level functions such as adding new items to the inventory, changing the price of an item etc.)

Predictive analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about future.