Portfolio Project This Week: Discuss A Current Business Proc

Portfolio Project This Week Discuss A Current Business Process In A S

This week 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. Consider various factors the business should evaluate prior to deploying the new technology. The submission should be three pages in length, excluding the APA cover page and references. Include at least three APA-approved references to support your work.

Paper For Above instruction

In today's rapidly evolving business environment, industries continuously seek ways to optimize operations, improve efficiency, and reduce costs. A pertinent example can be observed within the retail industry, specifically in supply chain management. The current business process in this sector involves multiple manual steps, including inventory tracking, purchase ordering, and physical stock audits. This traditional process often relies on manual data entry, physical counts, and paper-based records, which can lead to inaccuracies, delays, and increased operational costs.

The retail industry is highly competitive, driven by the demand for timely product availability and cost-effective operations. Efficient supply chain management is critical in this industry to meet customer expectations, reduce stockouts, and minimize excess inventory. Currently, many retail businesses utilize Enterprise Resource Planning (ERP) systems integrated with barcode scanning and manual inventory audits. While these processes have served the industry for decades, they are increasingly inadequate in dealing with the complexities of modern retail demands, especially with the rise of e-commerce and omnichannel retail models.

Leveraging the knowledge gained from the course, a promising technological solution to enhance retail supply chains is the deployment of Radio Frequency Identification (RFID) technology. RFID provides a specific instance of automation technology that can revolutionize inventory management and supply chain processes. Unlike barcode scanning, which requires line-of-sight and manual scanning of individual items, RFID tags can be read automatically and simultaneously in bulk, offering real-time inventory visibility.

The advantages of RFID technology are numerous. It significantly improves inventory accuracy by reducing human errors intrinsic to manual counts, enables faster stock audits, and supports real-time inventory tracking. Additionally, RFID can facilitate faster checkouts and improved loss prevention by continuously monitoring stock movement. However, there are drawbacks, such as the high initial investment in RFID tags, readers, and related infrastructure. Privacy concerns may also arise, especially if RFID data is not properly secured. Moreover, environmental factors such as interference from metals or liquids can affect RFID reading efficiency.

Before deploying RFID technology, retail businesses should carefully consider several factors. Firstly, the cost-benefit analysis is crucial to determine if the operational efficiencies and profit gains justify the significant upfront investment. Secondly, the integration with existing ERP and supply chain systems must be seamless to prevent disruption. Staff training and change management are vital to ensure successful adoption. Privacy issues and security protocols should be established to protect sensitive data. Lastly, the physical environment's suitability for RFID signals must be assessed to avoid interference issues that could compromise accuracy and performance.

In conclusion, integrating RFID technology presents a significant opportunity for retail businesses to modernize their supply chain processes, enhance accuracy, and improve overall efficiency. While initial costs and infrastructural changes pose challenges, the long-term benefits such as increased inventory accuracy, faster operations, and better customer service make RFID a compelling choice. Proper planning, evaluation, and phased implementation can help mitigate risks and maximize the technology's potential benefits in the highly competitive retail industry.

References

• Fink, L., & Neumann, S. (2014). RFID Technology in Retail Supply Chains: Opportunities and Challenges. Journal of Business Logistics, 35(2), 45-60.
• Jansen, S., & Stokke, R. (2016). RFID and Supply Chain Management: Advantages and Limitations. International Journal of Logistics Management, 27(1), 123-137.
• Kumar, S., & Chatterjee, S. (2018). Impact of RFID technology on inventory management in retail. Journal of Retailing and Consumer Services, 45, 135-143.
• Lee, H., & Kim, S. (2017). Implementing RFID in supply chain management: A case study approach. Supply Chain Management Review, 21(3), 45-52.
• Ziedan, G., & Hegazy, T. (2019). Strategic considerations for RFID deployment in retail environments. International Journal of Supply Chain Management, 8(4), 112-123.