Discuss A Current Business Process In A Specific Industry

Discuss A Current Business Process In A Specific Industry Note The F

Discuss a current business process in a specific industry. Note the following: The current business process itself. The industry the business process is utilized in. After explaining the current situation, take the current learning from the course and:

  • Explain a new technology that the business should deploy. Be specific, don’t only note the type of technology but the specific instance of technology. (For example, a type of technology is smart automation; a specific type of automation is automated light-dimming technology).
  • Note the pros and cons of the technology selected.
  • Note various factors the business should consider prior to deploying the new technology.

The submission should be three pages in length. Remember, the total length does not include the APA-approved cover page or references. There should be at least three APA-approved references to support your work.

Paper For Above instruction

Introduction

The retail industry has undergone significant transformations in recent years, particularly in the way businesses manage inventory and customer service. One of the critical business processes in this industry is inventory management, which ensures that products are adequately stocked, replenished, and accounted for. Traditionally, retail businesses relied heavily on manual inventory tracking, which involved physical counts, manual data entry, and periodic stock audits. This process, while functional, often resulted in inaccuracies, stockouts, and overstocking, leading to lost sales and increased holding costs.

Current Business Process in Retail Industry

In the current retail industry, inventory management is often conducted through Enterprise Resource Planning (ERP) systems integrated with barcode scanning and point-of-sale (POS) data. When a sale occurs, the POS system automatically updates inventory levels, and periodic stock counts are conducted to ensure data accuracy. Retailers also employ manual reordering based on sales history and safety stock levels. However, despite technological integrations, issues such as delayed inventory updates, human error, and lack of real-time visibility persist, hindering optimal stock levels and customer satisfaction.

Industry Context

The retail industry's high competition and rapidly changing consumer preferences make efficient inventory management crucial. The ability to quickly respond to demand fluctuations and minimize excess stock directly affects profitability. Consequently, retail companies are increasingly adopting innovative technologies to streamline these processes and improve accuracy and responsiveness.

Proposed Technology: RFID Inventory Management System

Building upon current course learnings about automation and data tracking, I propose deploying an RFID (Radio Frequency Identification) inventory management system. RFID technology uses electromagnetic fields to automatically identify and track tags attached to products, allowing for real-time inventory updates without manual scanning. Unlike barcode systems, RFID tags do not require line-of-sight, enabling multiple items to be scanned simultaneously and rapidly updating inventory data at store or warehouse level.

Pros of RFID Technology

  • Real-time Inventory Visibility: RFID provides instant updates on stock levels, reducing discrepancies and improving demand forecasting.
  • Efficiency: Accelerates inventory counts and reduces labor costs associated with manual counting and scanning.
  • Loss Prevention: Enhances shrinkage prevention by tracking products throughout the supply chain.

Cons of RFID Technology

  • Cost: Initial setup, including tags, readers, and system integration, requires significant investment.
  • Security Concerns: RFID tags can be cloned or hacked, posing potential security risks.
  • Technical Challenges: Interference from metal objects or liquids may affect RFID performance, requiring careful planning and testing.

Factors to Consider Prior to Deployment

Before implementing RFID, businesses must evaluate cost-benefit ratios, considering long-term savings and operational efficiencies. They must also assess their existing infrastructure's compatibility with RFID hardware and software. Employee training is critical to ensure effective system utilization and data accuracy. Data privacy and security policies should be established to prevent misuse or theft of RFID data. Furthermore, pilot testing should be conducted to identify potential technical issues and measure system performance in real operational settings.

Conclusion

In conclusion, the retail industry's current inventory management processes face several challenges that hinder efficiency and accuracy. The deployment of RFID technology offers substantial benefits in real-time tracking and operational efficiency but comes with notable costs and technical considerations. Careful planning, cost analysis, and phased implementation are essential to successful adoption. As the industry continues to evolve, integrating advanced automation technologies like RFID will be vital for retailers seeking sustained competitive advantage and improved customer satisfaction.

References

  • Ferri, F., et al. (2020). RFID technology for supply chain management: A review. Journal of Industrial Engineering and Management, 13(3), 393-414. https://doi.org/10.3926/jiem.2990
  • Leong, T., et al. (2018). The adoption of RFID in retail supply chains: An analysis of key factors influencing technology acceptance. International Journal of Production Economics, 191, 339-351. https://doi.org/10.1016/j.ijpe.2017.07.015
  • Ngai, E. W. T., et al. (2019). RFID-enabled supply chain management: Enhancing operational performance. International Journal of Production Economics, 209, 182-192. https://doi.org/10.1016/j.ijpe.2018.02.041
  • Rao, U., & Kumar, S. (2021). Implementing RFID in retail: Challenges and opportunities. Journal of Retailing and Consumer Services, 60, 102437. https://doi.org/10.1016/j.jretconser.2020.102437
  • Sharma, S., & Sahay, B. S. (2019). Digital transformation in retail supply chains: Role of RFID technology. Journal of Business Research, 105, 43-55. https://doi.org/10.1016/j.jbusres.2019.07.014

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