Business Continuity Management Planning around the World
In these turbulent times when the business environment is characterized by uncertainty and fraught with risks of all kinds, companies have to plan for contingencies and emergencies. The disaster preparedness that companies exhibit goes a long way in making them adjust to the changing circumstances when disaster strikes. For instance, companies may have to deal […]
How to Create a Detailed Process Map ?
Step 1: Decide Between a Normal Process Map v/s Swim Lanes Process maps can be built in the usual way wherein sequence is the primary concern or in the swim lane pattern. In the swim lane pattern along with sequence, accountability is also formally recorded. This is because each group of participants is recorded separately […]
Six Sigma – Introduction to Analyze Phase
The Six Sigma philosophy believes in statistical facts. There is no room for error and therefore there is no room for guessing or judgement. Therefore the few inputs that were guessed for being the critical ones in the earlier stages of define and measure now need to be confirmed with statistical analysis. The purpose of […]
Why Growth is Stalling around the World?
Why is Growth Stagnant? We read in the print and online media about why governments worldwide are unable to revive growth especially since the Great Recession of 2008. We also read how policymakers are trying their best to jumpstart growth but are being unable to do so. Moreover, we see stock markets going up while […]
Masters of the Universe: A Case Study of the Global Investment Banking Sector
Introduction Most of us would have heard of the globally famous Investment Banks such as Goldman Sachs, JP Morgan, and Chase Manhattan as well as Deutsche Bank. Indeed, for aspiring and working professionals alike working in these investment banks is a dream come true not only to the handsome (some would call it obscene) pay […]
An important element of the supply chain is the retail. Retail is the place where the products and goods are sold to the end users. Retailer purchases goods and products from producers in large quantities and in turn sells them to consumers in smaller quantities.
It is very important for the retailer to communicate with the supplier as well as the consumer. From the producer, the retail should know the following:
Consumer is also as important for the retailer as the producer. From the consumer, the retailer should know the following:
If the retailer is on top of above information, then he would be able manage his business efficiently. In the current scenario, large retailers have their shop across physical geographies. For them, it becomes very important to centrally manage all shops. Retail management information system precisely does this with help of hardware, software, database and various modules.
The objective of the retail information systems is as follows:
The retail information system should have following characteristics:
Retail information system should support basic retail function like material procurement, storage, dispatch, etc. It should allow the manager to monitor sales of product mix and daily sales volume. An information system should help in inventory management.
Retail information system is applicable to different types industry within retail management. An information system can be developed to manage fashion store, pharmacy, a grocery store as well as a toy store.
Indian retail sector has been growing by leaps and bounds in last decade or so. One research suggests that it will grow to $1,407 Billion by 2026.
Technology is and will play an important role in the Indian retail sector. Various groups in organized as well as the unorganized sector has taken to IT for supporting this growth.
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Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
