Chapter 5 Business-to-Business Activities:Improving Efficiency and Reducing Costs The objective or motive of this study is to break down how information technology can help in Improving Efficiency and Reducing Costs by examining a specific situation. Subsequently, we will investigate the impact of information technology on inventory management prompting the influence of information technology on inventory management leading to increasing efficiency in inventory management and reducing inventory cost. The examination will show how information technology can assume a fundamental part in inventory management. [Theis, T.N. and Wong, H.S.P., 2017] Information technology can be useful in an overall improvement in the organisation. The utilization of information technology can improve the working of huge volume information in organizations which can be a useful component in business planning, further expanding efficiency. It is verifiable that in current time, be it a large organisation or small business everybody is searching for cutting edge innovation and modernized inventory management frameworks. In this manner, the examination discusses the relationship and effect of information technology in inventory management. Information technology assumes a fundamental part in the inventory management of an association, and this advantage incorporates supply chain management, accomplishing higher effectiveness, improvement of the items delivery to the client, lessening cost and diminishing the process duration. Details of how information technology has evolved the way of inventory management has been discussed below: · Supply-Chain management by using information technology- At the point when we talk about data access for the supply chain, retailers have a fundamental assignment. They arise to the situation of conspicuousness with the assistance of advancements. The progression of bury hierarchical data framework for the supply chain has three unmistakable advantages. These are − 1. Cost decrease − The headway of innovation has additionally prompted prepared accessibility of the relative multitude of items with various offers and limits. This prompts a decrease in the expenses of items. 2. Profitability − The development of data innovation has improved efficiency as a result of the creations of new instruments and programming. That makes profitability a lot simpler and less tedious. 3. Improvement and item/market systems − Recent years have seen an immense development in the advancements as well as the actual market. New methodologies are made to appeal to clients and novel thoughts are being tested for improving the item. It is suitable to say that data innovation is a fundamental organ of the supply chain on the board. With the progression of advances, new items are being presented inside part of seconds expanding their interest on the lookout. Allow us to contemplate the job of data innovation in the supply chain of the executives momentarily. [Vanpoucke, E., Vereecke, A. and Muylle, S., 2017] The product just as the equipment part should be considered in the progression and support of supply chain data frameworks. The equipment part involves PC's info/yield gadgets like the screen, printer, mouse and capacity media. The product part includes the whole framework and application program utilized for preparing exchanges the board control, dynamic and key planning.[Min, H., 2019.] · Analysing Stock movement and helps in decisions making With the ability to recognize designs, tune shipments, and fulfil orders with productivity, organizations will improve their expansion potential, decrease again hazard, and control new efficiencies that satisfy all partners, from the financial plant ground to the client's entryway. Fundamental stock control instruments.[Avgerinou, M., Bertoldi, P. and Castellazzi, L., 2017] · Inventory coding No matter in what products an organisation deals in, a reliable stock code is fundamental for your procedure. From the fine cycles to the most convoluted, your stock code ought to give you an inspection of your stock initially while articulation approaching the issue, deals, evaluating, cost, lapse dates, appropriation channels, psychologist, and that's just the beginning. The most extreme predominant varieties of stock pursue code can recall your issue severally. it will besides offer you with alert to any peculiarities, and the fine at school may even assist you to develop forecasts as long as possible and enhance circulation all through more than one channels. · Barcode or QR code tagging. Barcode or QR code tagging improves stock accuracy by many folds, decreasing stock pilferage and accurate recoding and increased efficiency from giving up-to-give up while allowing computerized procedures and making new efficiencies that force profits.Generally, stock counts vicinity unit carried out periodically, both monthly, weekly, or however, it seems maximum relevant given the employment case. Barcode or QR code taggingalongside to alternate the stock technique, allowing accurate counts in an immediate, casting off errors, and allowing you to reapportion your human capital to better-cost tasks. [Gamage, C. and Sudantha, B.H., 2019] · Robotics Technologies Utilizing component pickers inside the distribution centre works to upgrade the accomplishment strategy through the method of methods for granting a reliable, precise approach to decide and per cent orders for the load. [Karanja, A.W., 2019.] Think about the advantages of robot time: robots don't take breaks or get-away. they will compositions longer hours and bring heavier masses, diminishing geographic factor injury, and boosting productiveness inside the method. you will be equipped for running your activity with a more modest group, even though you are developing your usefulness and volume. The ventured forward efficiencies supply charge quickly again to sensibly estimated line, helping scale, permitting worldwide business, and conferring true serenity. · Inventory control via analysing different alternative chains: Streamlined stock control assists with analyse distinctive channel or strategy methods for working with a bound together worldwide stock. With the assistance of data innovation, we can secure our stock from any place regardless of in what portion of the world it is found. It builds the market for the stock. [Pasaribu, J.S., 2021.] In the present rapid economy, customers, in any case, require an assortment of, quicker, and better contributions, and omnichannel may be a significant detail of this technique. Organizations that can offer stock transparency and exact per cent-up-in-shop contributions will take the large extent of the market. Delightful and pleasant customer support will always delight the customer and help us to build a large customer base. · Other Aspect of information technology on Inventory management Other Aspect of information technology on Inventory management like supplier-customer dating control, up IM and accuracy of call for prediction. Suppliers moreover play a critical function to assist IT implementation on account that sellers do not appear to be inclined to invest and undertake IT on their own. the maximum elements vicinity unit applicable to loss of facts regarding IT, no temperament to proportion facts but due to the fact the static notion obligation of IT funding belongs to providers. moreover, the findings suggest the suited structures executable and additionally the method the structures might paintings to every providers and consumer. all of the same, the challenge of this evaluation is determined because the consequences constitute perspectives of many sellers in countrywide capital completely but there may be various factors of examining from the sort of sellers. Inventory might be a company's most valuable pleasant, which makes stock control important trouble. As companies extend and scale to achieve a global marketplace, the complexities grow, requiring a variety of specialized answers to make certain a dependable provide related a cost-effective provide chain.[Lee, M., Yun, J.J., Pyka, A., Won, D., Kodama, F., Schiuma, G., Park, H., Jeon, J., Park, K., Jung, K. and Yan, M.R., 2018] References: · Theis, T.N. and Wong, H.S.P., 2017. The end of moore's law: A new beginning for information technology. Computing in Science & Engineering, 19(2), pp.41-50. · Vanpoucke, E., Vereecke, A. and Muylle, S., 2017. Leveraging the impact of supply chain integration through information technology. International Journal of Operations & Production Management. · Min, H., 2019. Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), pp.35-45. · Avgerinou, M., Bertoldi, P. and Castellazzi, L., 2017. Trends in data centre energy consumption under the european code of conduct for data centre energy efficiency. Energies, 10(10), p.1470. · Lee, M., Yun, J.J., Pyka, A., Won, D., Kodama, F., Schiuma, G., Park, H., Jeon, J., Park, K., Jung, K. and Yan, M.R., 2018. How to respond to the fourth industrial revolution, or the second information technology revolution? Dynamic new combinations between technology, market, and society through open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 4(3), p.21. · Pasaribu, J.S., 2021. Development of a Web Based Inventory Information System. International Journal of Engineering, Science and Information Technology, 1(2), pp.24-31. · Karanja, A.W., 2019. Impacts of Information Technology on Inventory Management Performance in Hospitals.(A Case Study of Thika Level 5 Hospital in Kiambu County). · Gamage, C. and Sudantha, B.H., 2019. Vision-based inventory management for an embedded system lab (Doctoral dissertation).