Microsoft Word - CIHE S1 2021 BUS301 UO.docx 1 Unit outline BUS301 DIGITAL ECONOMY Unit Outline Unit Code Name of unit BUS301 Digital Economy Unit description To prepare students with a working...

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Answered 1 days AfterApr 24, 2021BUS301La Trobe University

Answer To: Microsoft Word - CIHE S1 2021 BUS301 UO.docx 1 Unit outline BUS301 DIGITAL ECONOMY Unit Outline Unit...

Harshit answered on Apr 25 2021
163 Votes
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 impa
ct 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...
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