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Assessing greater use of digital technology :computer: (Enterprise…
Assessing greater use of digital technology :computer:
Key terms :writing_hand::skin-tone-4:
Data mining
is an analytical process that aims to analyse data in order to identify patterns and relationshops between variables. :hammer_and_pick:
Big data
refers to the huge amount of data that can now be mined from multiple sources to find links. :information_source: :computer:
Enterprise resource planning (ERP)
is a software application that enables a business to effectively manage its activities, including inventory, manufacture, marketing, sales etc. Bringing this information together should aid decision making.
E-commerce
involves the buying and selling of goods or services or the transmitting of funds or data over an electronic network. :desktop_computer: :moneybag:
E-commerce :computer: :shopping_bags:
Businesses may want to introduce and get involved with e-commerce because:
:check: E-commerce is growing rapidly as more people have the technology to trade online.
Big market
:check:
Business can trade online 24/7
with e-commerce as it is an automated system.
:check: Little to no
staff costs
online.
Why businesses may steer clear from e-commerce
:red_cross: Lack of
consumer interaction
which may lose the interest of some consumers.
:red_cross: Potential risks related to
fraud
for those purchasing online.
:red_cross:
Frequent refund requests
because the consumer cannot physically see the product.
E-commerce can involve:
:!:
business to business (B2B)
, one business selling to another.
:!:
Business to consumer (B2C),
a consumer buying directly from a business
:!:
consumer-to-consumer (C2C),
consumers trading directly with each other e.g Ebay.
Enterprise Resource Planning (ERP) :bookmark_tabs:
Human resource management :construction_worker::skin-tone-4:
Inventory management :card_file_box: :package: :package:
Financial management :moneybag:
Supply chain management :person_with_blond_hair::skin-tone-3: :arrow_right: :person_with_blond_hair::skin-tone-5: :arrow_right: :person_with_blond_hair:
Consumer relationship management :silhouettes:
ERP helps to improve:
Productivity and efficiency
of the business by ensuring resources are used fully and are not idle.
Flexibility
of the business and
response time
by being able to coordinate parts of the organisation more effectively.
Impact of digital technology:
Enabling new ways of doing business
Changes in HR issues
Better management
Improvements in communications and availablitity of information
The challenges of digital technology:
Culture change
The rate of change
Leadership
The pressure to adopt digital technology
The need to keep pace with competitors' decision making and strategy
The need to keep costs down
The need to keep up with the market