Iventory Systems

Since the indusrial revolution back in the 1930’s businesses across the world have been experimenting the most efficient way to track and forcast the demand of inventory. One of the first modern check out system was one that was created at Harvard University and it used punch cards that corresponded with catalog items. Although expensive and time consuming some stores still use this today. In the 1970’s the barcode system with laser technology was developed. This used the technology of upc codes where we still see in use today. The use of upc codes made it easier and more efficient to track and manage inventory.

In the 2000’s Walmart was looking for an even more efficient way of tracking inventory. To help maintain its ‘everyday low prices’, Walmart needed to figure out a way to automatically track inventories so that managers know what needs to be ordered and what is on its way to being delivered. “Radio-frequency identification (RFID) is a technology that uses communication via electromagnetic waves to exchange data between a terminal and an object such as a product, animal, or person for the purpose of identification and tracking.” This type of technology is exactly what Walmart needed to increase customer service scores and reduce out of stocks by 30%. In a competitive market where supply and demand is what drive sales, Walmart has used this real time technology to quickly provide the supply to the demanding markets.

http://en.wikipedia.org/wiki/RFID

http://en.wikipedia.org/wiki/Inventory_control_system

http://communication.howstuffworks.com/how-inventory-management-systems-work.htm