Stock Management system is software that is widely used by retailers, shopkeepers, manufacturing units, and other merchants across different businesses. It is used for managing the stock of products in their warehouse or in the shops.
Gone are those days when a shop owner used to manage all his sales and accounts on paper. This job is now performed with these management tools which not only record the sales but also notify the retailer about the items low in stock.
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You must have heard of the Retail Giant Wal-Mart. Have you ever wondered how such big companies know about?
- Which products are available in stock or when to reorder a particular product?
- How do they know that a particular product’s stock is finished?
- Which product sales have been high or which products had low sales?
The answer is simple- They use an automated system that helps them in managing their stocks. Stock Management system helps a retailer or shopkeeper in minimizing their stocks in accordance with the sales.
How this system Works So now let me tell you how the system works. We will understand this with an example of a retailer selling items to its customer as an example. Suppose you are shopping in a mart.
Now when you have picked up the items you intend to buy, you will go to the billing point. Here the salesperson will scan the bar code of each of the items you have picked up.
Now the software will interpret the bar code of each of the items and match it with those available in the database of the system. By this procedure, the Manager can track the sales of the items from its shop.
The system now gives a clear picture to the manager about the total sales and items available in the stock. It tells him/her the quantities present on shelves or in the warehouse.
So now the manager can decide which items have sufficient stock or which items needs reordering. The reordering of items is also provided by the Stock Management System.
It has an interface to communicate with vendors providing the required goods. The order is placed and payment is done with the use of the Internet. Now let me tell you what happens when the reordered items reach the warehouse.
The item is added into the warehouse by reading its bar code through a bar-code scanner and its quantity is updated into the system. If any new item is ordered then the details of the new product are added to the system.
Its barcode and quantity are added to the system. This bar code stored in the system is matched at the time of billing to update the items in stock. Now let me tell you about the features of this software.
There is main 4 modules in the Stock Management system. They are:
- Product Management
- Purchase Management
- Sales Management
- User Management
Before discussing these modules in detail, I would like to tell you that Stock Management System can have a vast number of functionalities. Each organization has a different set of requirements. That’s why a company using this software can have different features from another company using it.
This module is used to manage the items being stocked in a warehouse or in the mart. So let us dig deeper and look into the features of this module.
This sub-module is used for adding new products to the system. It will require some basic details like Product Category, Product Name, cost price, selling price, its quantity. We can have other additional features like product image, supplier’s name, and bar code. One other interesting feature this system can have is an alert system. You can set a particular quantity for each item. Now a notification or alert will be given to the user if a particular item’s quantity gets below the set quantity. This will help the user in getting notifications of the items getting low in stock.
This sub-module lists all the items present in the database of the Stock Management System. It will have options to edit the details of each item or delete a particular item from the list.
Print Bar Code:
Another feature that is widely used these days by the merchants in their Stock management is generating a bar code and printing its copies so that it can be pasted on the items. This increases efficiency and encourages automation.
This module is used to manage all purchases done by the retailer. It helps the retailer in maintaining the records of all its purchases from different suppliers.
It is used by the manager to add orders into the system. It requires details like items ordered and their quantities, date of order, suppliers’ details, total cost. It will also have a feature of the current status of the order which will have options like Ordered, Pending, and Received. It can have an additional feature of importing order details from a CSV or excel file.
This feature is used to display all the orders made by the merchant. It displays all the details like date of order, supplier details, payment status, order status. There will be an option to view details of each order or to download those orders in pdf file format.
Add Other Expenditures:
The company makes purchases of not only the items it sells but other items as well. Suppose in a store an air conditioner has broken down and it needs to be replaced. So, the owner buys a new air conditioner. This purchase is also funded by the store and will add to its expense list. This was just an example, but there are many of these types of expenses made by the companies. These expenses are added to this interface.
This interface will show the expenditures of the company from ordering different items. It will also have expenditures of the company apart from these orders. It will have filtering options like Total expenditures of Last week or Last Month.
This option is available to the salespersons who are at the point of sale. Point of sale is the place where billing and other transactions are done. So here bar code of each product is read using a bar code scanner and billing of the total items is done. After the billing, the quantities of each item bought by the customer are also deducted from the available stock. The main benefit the Stock Management system provides here is that the tasks performed here are all automated. The salespersons just need to scan the bar code of the items being purchased and all other calculations will be performed by the system.
This option, as the name suggests shows all the sales made by the retailer. It shows details like date, time, total bill, payment status, view bill.
This option will vary from company to company and we can say that it will only be used by those retailers which have the option of home delivery. It will show the details of the customer, his/her address, payment status, date, time, option to view the bill.
Return of Items:
Now there might be situations when a customer has to return items bought from the store. For these situations, only the system provides an interface to return items. This will make sure the returned items’ quantity is updated in its stock.
Before discussing the sub-modules of this Module let me tell you the users of the Stock Management System. It is required here to understand the functionalities of this module. We will discuss these users in detail later in this post. The users are Admin, Manager, Sales staff, Purchasing Staff. This module is only available to the Admin or Owner of the company.
This option is used by the admin to add new users to the system. It will ask for all the details of the user like his/her name, email id, phone number, gender. The admin will have the option to set the type of User. The admin has to select that whether the new user created will be an Admin, Manager, Sales staff, or Purchasing staff. The admin also has to set the login credentials of the new user. For that, a unique username and password will be set. After the new user account is successfully created, that user will be notified by email.
This option will show the admin all the users using the system. This will show all the basic details of the user with its date of creation and last login time. It will also have an option to view all login details of each user. Another important feature in this module is to Activate or deactivate users’ accounts. So, the admin has the option to deactivate the account of any user. After which that particular user won’t be able to login into his account.
This option will help the company keep a record of suppliers by adding their details to the system. The admin will have to enter details like Name, Address, contact number, and email Id.
It will list all the suppliers whose record is available in the database of the Stock Management System. It will also have an option to view all the dealings with that particular supplier. Similarly, there can be options like Add Customers and List customers which help companies to maintain a record of their customers. So, these were the modules of the Stock Management System. Now we will discuss all the users of this system and their roles as told earlier.
Users of Stock Management System
Admin is basically the master controller of the Stock Management System. He has the right to manage all the modules of the system. He can add users, delete users, check the total sales in a particular month, check the pending orders, cancel an order, and all the other functionalities present in the Stock management system. In short, we can say that the admin has total command over the system. Generally, there is only one admin, but the admin has the right to give any other user admin rights. Apart from admin, all other users will have limited access to the system.
This user will have limited access. There can be any type of manager in a big organization like sales manager, product manager. So, each manager will have its own set of rights. The product manager will only have access to the Product management module whereas the sales manager will have access rights to the sales management module.
These are the staff who will do the billing at the point of sales. So, this type of user will have access to Sell Items and do the billing work of customers.
This type of user will only have access to the Purchase management module of the Stock management system. They can make orders, check previous orders and add other expenditures. According to the needs of an organization, there can be other users as well. The stock management system is more of a need-based system. Each company can have different requirements and that’s why there is a variety of this software available in the industry.
So, folks, this is all about the Stock management system. Hope you understood the features and functionalities of this software.
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