Business Entities Essay
Most business entities, specifically those small enterprises use the manual process of recording inventories. They record inventories manually on a paper, as well as the product bought, sold and stored.
The very in inconvenient process of recording manually made the researcher come up with the idea to make an electronic record keeping system for the improvement of the workflow and productivity in the pharmacy while a series of embedded safety checks yields unparalleled accuracy and greater overall safety prescription purposes.
Background of the Study:
The researchers realize the current system of pharmacy record keeping system was out-dated and unable to cope with a recent sharp increase in disbursement of medications. This study will be established with the aim of bringing in an electronic record keeping system that would be efficient, easy to learn and sustainable.
The researcher will tend to make a system for the easier way of providing information about the product bought, sold, and stored. In addition, the system will attempt to provide receipts using the new system to show the effectiveness of modernizing the company’s current system.
This system tends to improve the accuracy and efficiency of the process done by the company. The convenience of this new system will help to promote the company as well as to help its employees do an easier task for the enhancement of the system process.
Statement of the problem:
Ethical and efficient works are very important in merchandising company like drug stores. Erroneous and mistaken of records will lead the company in a bigger problem. We listed some problems that the company will possibly encounter: 1. Who is responsible in handling and keeping the transaction’s record? 2. What are the strengths and weaknesses of the business? 3. How the company competes with the same kinds of business? 4. How to increase the profit of the business?
5. How many workers needed to generate the business?
6. What are some techniques and strategies that will work on in the business? 7. How to enhance the continuality of the business operation?
Objective of the Study:
* It will help the _____________ Drugstore in providing the information needed by the business to improve their performance and to maximize their profit in general. Efficient and accurate recording of transactions will lead to intermediary success. * Provide the system that will arrange the sales and inventory of the business. * To help the owner and manager in recording and monitoring their business transactions so that they can identify if their business can earn a profits or losses. * The system will also benefit the customers in providing them the right medicine in a good and appropriate price for their illness. * The system will also provide the record of Payroll for each employee.
Significance of the Study:
* By conducting a proper feasibility study, the target audience can be clearly identified along with their purchasing power. This process will determine the economic prowlers of a proposal by a business. * To investigate ways to improve the inventory process of retail pharmacy. * The feasibility study will look at how certain proposal can work in a long-term basis or withstand financial risks that may come. * By conducting feasibility study, we would be able to know the circumstances faces by the pharmacy. * We can formulate answer to our problem.
* Inventory system help companies with huge inventories to easily and accurately monitor their stocks. With the use of database, information will be readily available to the user and can be easily updated without having to scroll through spreadsheets.
Scope and Limitations:
Pharmacy seems to be one of the most important businesses in our society. But nowadays the inventory processes of those pharmacies are crucial. This feasibility study is conducted for as to formulate a system in which those pharmacists can easily access to their products. Pharmacy inventory system facilitates to manage a day to day basis for taking care of pharmacy inventory accurately and efficiently. The system will keep tracks of the records, purchases, stock, and expiry. A simplified computerized inventory system will be very helpful to the company since this will expedite its inventory workflow as well as generate very timely reports needed by the management for its evaluation and review and overall decision making.
Our study will focuses on how we are going to impart a system which could help the inventory process is at risk. They cannot easily know if their certain product is out of stock or not. We aim to rationalize information of a proposed business in order to provide a clear rationale of basic factors in marketing which includes the strength and weakness. We focus on helping answer in the essential question of “should we proceed with proposed project idea?”