A very important information system today is a transaction processing system. This system is composed of a wide variety of steps that aid in (mostly business) transactions. A specific system that uses the concept of transactions is inventory control. Inventory control’s value is; the ability for products to be purchased when inventory is getting low, to be able to see which products are in high demand and which products aren’t selling, as well as be able to make the process of taking inventory very easy. It is also beneficial because this system makes it much harder to make an error as well as much easier to catch an error if need be. These things help make the business better and satisfy customer’s wants more easily and efficiently. If inventory runs out customers aren’t satisfied therefore the company doesn’t benefit. In a nut shell, this aids in satisfying the customer by being able to see what products need to be changed in the areas of cost and quality. All of these things aid in success of the company itself.
The process of an inventory system would be; people buying or returning products making the number of products in a company’s inventory to change as a form of input. Input also includes the steps the system takes to make sure there are no errors with the data being brought into the system. The inventory transaction processing system will then take place by calculating, comparing, and storing the numbers. The output would be placing an order for more products, as well as, reports showing a summary of the entire inventory within the company. The reports that are generated can be used in benefit to the company to make decisions regarding inventory. An example being if a one product hasn’t made any profit in so many days they can decide whether or not to take it off the market.
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