The effects of Barcode and RFID Technology on Inventory Management Essay

2252 WordsFeb 23, 200810 Pages
The effects of Barcode and RFID Technology on Inventory Management By Jason A. Frye Student 03366533 Jfrye17308@troy.edu A Research Paper submitted to Dr. Fred Westfall IS3300 XTIA Term II 2007 Troy University – eCampus December 8, 2007 Table of Contents ABSTRACT 3 INTRODUCTION AND RESEARCH QUESTION 4 THE COST OF INVENTORY MANAGEMENT WITHOUT INNOVATION 4 THE USE OF BAR CODE SCANNING 6 THE USE OF RFID TECHNOLOGY 7 CONCLUSION 9 WORKS CITED 10 ABSTRACT Inventory is defined as a detailed list of things in one’s view or possession; especially, a periodic survey of all goods and materials in stock (Houghton Mifflin Company, p688). Inventory Management, the process of managing inventory and the planning process is an essential piece of the business process. Before the introduction of innovative techniques and technology for managing inventory, inventory management practices were very manual, labor intensive, and time consuming. Using either paper documentation and logs, or manual keyed entries, inventory clerks and warehouse managers worked hand in hand to process and maintain inventory records. This process was very costly and inefficient, and information was not real time. The cost of maintaining and validating inventory, coupled with the delay in real time information, prohibited middle and upper management from making important decisions needed to gain competitive advantage in the market place. The delay and inefficiency of information directly affected all components of the business model including sales, procurement, manufacturing, and financial reporting. With the availability of inventory “real time” software used to manage stock levels introduced a need to timely record all inbound and outbound transactions. The research provided in this

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