Information Technology is defined as any technology that support the activitiesinvolving the creationstorage, manipulation and communication of information and together with methods, management and application. Information and Communication Technology is the important fundamental ingredient for globalization.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. The retail market is a state of exponential growth.
Retailing includes all the activities involved in selling goods or services for the final consumer.
These activities include demand and sales forecasting, inventory management, store management, transportation etc. This paper focused on how Information Technology may be beneficial in retailing? Information technology is the capability to electronically input process, store, and output, transmit, and receive data and information.
The result indicates that, retail complexities may reduce with the help of Information Technology solutions. The right solution can result in improved productivity and major cost saving through key advantages such as more accurate supply chain, forecasting and better inventory management.
Information Technology also help retailers to solve major problems related to customer services like customer loyalty and customer satisfaction. Retail is all about selling, selling big and selling huge.
This also means that one should connect to the customer and should be able to hold him in one place and give him all that he desires from one location. One of the key factors in achieving an organized and efficient retail operation is the use of technology as an enabler. Information Technology is the key enabler to improving customer satisfaction, operational efficiencies and by extension, profitability.
Technology has been the great enabler of business and especially retail enterprise. We are now wireless and seamless and cashless and everything less and can get any information we want and need.
A typical pan national retail operation would have multiple regional warehouses, offices and retail outlets. Most of these issues can be solved by the appropriate use of technology.
Computers are increasingly affordable; they continue to be more powerful as information-processing tools as well as easier to use. Computers in Business One of the first and largest applications of computers is keeping and managing business and financial records. Most large companies keep the employment records of all their workers in large databases that are managed by computer programs.
Similar programs and databases are used in such business functions as billing customers, tracking payments received and payments to be made, and tracking supplies needed and items produced, stored, shipped, and sold.
In fact, practically all the information companies need to do business involves the use of computers and information technology. Forecasting is the process of estimation in unknown situations. Business leaders and economists are continually involved in the process of trying to forecast, or predict, the future of business in the economy.
Modern demand-forecasting systems provide new opportunities to improve retail performance. Although the art of the individual merchant may never be replaced, it can be augmented by an efficient, objective and scientific approach to forecasting demand.
Large-scale systems are now capable of handling the mass of retail transaction data — organizing it, mining it and projecting it into future customer behavior. This new approach to demand forecasting in retail will contribute to the accuracy of future plans, the satisfaction of future customers and the overall efficiency and profitability of retail operations.
Inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured.
To optimize the deployment of inventory, retailers need to manage the uncertainties, constraints, and complexities across their global supply chain on continuous basis. This allows them to improve their inventory forecasting ability and accurately set inventory targets.
An IT solution is a proven and market leading solution for determining optimal time-varying inventory targets for every item, at every location throughout supply chain.
This allows retailers you to significantly reduce inventory without adversely affecting service levels.
Another example where Information technology can be beneficial is a store management. That alerts out-of-place or stock-out items. A store, commonly a shop or stall for the retail sale of commodities, but also a place where wholesale supplies are kept, exhibited, or sold.
A place where something is deposited for safekeeping is called store. The in-store system use magnetic strips or barcodes or RFID to monitor actual versus intended product location on the floor or in the stockroom.
This means the underlying IT systems to drive operations are equally complex. IT systems are at the heart of retail operations and hence play a central role in alleviating pressure points in the retail sector. The converse also holds true—retailers who do not manage their IT landscape effectively will find that, in time, the IT systems become part of the problem rather than components of the solution.
There are two critical areas where IT can reduce Complexity and improve results:Information Technology (IT) is the application of computer and telecommunications equipment to stores, retrieve, transmit and manipulate datas, often in the context of a business or other enterprises. This free Information Technology essay on Literature review: Banking systems and technology is perfect for Information Technology students to use as an example.
This free Information Technology essay on Literature review: Banking systems and technology is perfect . This research paper presents a report on applications of information communication technology in internal communication processes of a business organization.
The writer will analyze how Vodafone Group Inc., uses ICT to implement two of its important internal communication characteristics. The following sections will focus on the impacts of information technology and electronic commerce on business models, commerce, market structure, workplace, labour market, educa- tion, private life and society as a whole.
Information technology has rapidly changed the way operations are being managed in the retail industry.
Better inventory management, sales forecasting, supplier integration, quelling theory and capacity planning are some of the benefits that are being enjoyed by managers who have implemented modem information technology systems.
INFORMATION TECHNOLOGY. Information Technology is a developing technology that aims at obtaining the maximum information with minimum of resources, labour or time.