Business Decision Making Facelift Ltd.

Question: Describe about the roles of modern inventory system (MIS) of Facelift Ltd.? Answer: Company profile: The main business of Facelift Ltd. is to sell office furniture in the UK market. They have more than 100stores in UK. More than 8000 employees are working in this organization, and they have huge project to increase the turnover significantly. For this reason a market research is required, which help to determine that whether the company should diversify their business or move in the same way. Role of MIS in an inventory system: MIS helps to organize all the companys data in a computerized database system. It helps to collect all the data of a company like sales, manufacturing, and inventory. From all this data owner of the company can spot that how efficiently each departments are operating their work. It also helps to know that how well inventory system works. In facelift ltd, the roles of inventory management are given below: Preventing out of stock conditions- MIS always has a database of stock. So, it always prevents facelift ltd. from out of stock condition. Avoiding duplication- MIS has the database of all the available items. So, it helps to avoid duplication of an item. Valuing inventory- the amount which the company achieves by selling of finished goods is known as value of inventory.MIS can calculate the sales value of facelift ltds existing inventory. This help in counting assets of the company. Counting- MIS monitors sales on a daily basis. So, that facelift can count the items which are selling faster and can stock up those items immediately. Producing report- facelift ltd. can monitor their inventory level with the help MIS. They can use this database for having a report of sales and inventory, purchasing or manufacturing. References BusinessNewsDaily.com, (2015).Decision-Making Techniques and Tools. [online] Available at: https://www.businessnewsdaily.com/6162-decision-making.html [Accessed 17 Feb. 2015]. Guy, T., KaÃÅ' rnyÃÅ' , M. and Wolpert, D. (2013).Decision making and imperfection. Berlin: Springer. Medical Decision Making Reviewers, 2013. (2014).Medical Decision Making, 34(3), pp.276-278.