Emerging Technologies in Business Project Report Essays

Emerging Technologies in Business Project Report Essays Emerging Technologies in Business Project Report Essay Emerging Technologies in Business Project Report Essay After technological innovations and development in recent years, all the company realize the restructuring of business and re-planned the services and facilities to keep phase in global competition. They rely on computer based software solution System. All the companies have the tendency to automate full business process for faster service. Moreover, to achieve the full automation facility, companies are involved to develop specific functionality module to overcome several business issue. Now a day most entrepreneurs are using their own enterprise system in Local Area Network LANA). These are mainly customized system to serve their business functionality. This report focus on the most emerging technologies those are practiced in an industry to handle a large number of transactions and ensured customer satisfaction of an organization. The target of selecting such solution is provided faster business venture in all aspects. The improvement approaches are defined on the analysis of present available features of a business, current user demand and incorporating specific technological development procedures. It is enhanced by analyzing the various financial ratios, gross refits among others and company performance in a given period of time. 1. 1 Background Study Silhouetting Australia (ASK) is the one of the largest distributors of Pharmaceutical products in Australia. ASK expertise on Selling Distribution and Supply Chain Management focus on business development and demand creation, approaching to a new era with the CIT. Email is the primary method for ordering supply. About 90% of the employees work daily routing via Email and application HARM, Ale services and some in-house developed applications. ASK has six regional offices five mega stores Island wide to cater for extensive geographic reach. It has newly employed 30 staff in headquarters situated in Melbourne which has several departments in addition to the regional offices such as Import/Logistic, IT, Management, HER and Finance. Silhouetting has a wide variety of medicinal product for marketing. Every day this organization received diverse of orders on vaccine, prescription medicines, consumer healthcare products which difference in quantity and price from each other through email or conventional communication medium. The orders are committed within Australia along with different corner of the world. Each time ASK faces order processing problem since the company does not offer any instant payment processing features through its website ( Ask. Com. AU). Moreover, product ordering format is not same for all orders and some order request email is not appropriate, does not mention clearly the required quantity. As a result, ASK authors ¶y finds a risk in existing order processing method through email request and suspicious activity in payment processing. In order to deliver the goods efficiently, the ordering process takes account availability of goods at the supply department and the location of the supply apartment. Import department should have clear visibility of daily sales rate stock, to maintain the continuous supply without delay and the customer satisfaction. The company wants an intelligence component tools and platform to represent business growth with visual abilities to display real- time data through reviews. These reviews can be considered as the key factor for management decision of business expansion in future. Most of the branches are connected to Head office with IT infrastructure. Most of the PC still runs in Windows XP except the Laptops. There is no internalized authentication mechanism available for PC with the majority of the applications running individual authentication which results in users having to remember several passwords. The branch users do not have the internet access but they use G dongle as they wish. The salesperson connects to head office internal application via internet since no other method is available. The mobile sales team uses laptop and they largely depend on verbal communication with head office from remote place. But no efficient communication medium is followed. 1. 2. Objectives Of Utilizing Technology Obviously the prospect of new business strategy for ASK is to develop working affiliation for different parties involved in the system. The proposed alteration using technology is focused on system integrity and sustainable growth of business for possible minimum cost and minimum waste of time. Following technology can be used to overcome the present issues exist in the company: a. Incorporating e-commerce features at website for faster order tracking and to reach to companys domestic and global customers. Introducing online payment system through e-commerce site is done for faster business orientation. B. Incorporating Enterprise Resource Planning (ERP) systems to provide and support several company features in the organization. It will be multi-module software programs designed to perform automation across production, procurement, sales, service, finance, and HER. [2] c. Implementing Poi services to communicate between Head office and branch office as well as remote sales team in cost effective manner and enhance performance. 2. Business Justification for Technological Implication Distributor company of Pharmaceutical products is selected with their decentralized business process. Here, inter department communication, order processing, online payment processing through IT infrastructure; secured transaction and user connectivity are the concerned issue. Converse between head office and branch office (located remote place) is also require through computer network in cost optimization method. The justification of new technology utilization is discussed below from business perspective: A. E-commerce for Order Tracking and Payment Processing: Online commerce system is a web application with remote access facility. This is a showcase for products for a retailer. This application can be access XX days by users. A central web server with central database of available products is required to host in company office. This Web application will e-commerce features such product view, product cart, orders processing, online payment processing, inventory checking, user validation and response handling. 3] Here is a block diagram of this technological up gradation: Figure 1 : Logical Architecture of new System A well defined and organized product category will be incorporated in this web application due to save time for sorting product from a large list. Category and Subcategory will be defined through drop down list in the site The payment for any e-commerce site is the Online Payment Processing. It motivates the e-business by introducing online payment gateway in the site resolve the instant payment problem. Again buyers can pay for their require product did erectly throughout the site by using their online payment card. Various electronic form / slip (order form, receive form, payment slip etc) need to be developed and attach in the offered commerce services. Forlorn or design will be same as original paper receipts. Advantages: Overcome Geographical Limitations: If you have a physical store, you are limited by the geographical area that you can service. With an commerce website, the whole world is your playground. Additionally, the advent of e- commerce, i. E. commerce on mobile devices, has dissolved every remain limitation of geography. Gain New Customers With Search Engine Visibility: Physical retail is driven b branding and relationships. In addition to these two drivers, online retail IS also driven by traffic from search engines. It is not unusual for customers etc follow a link in search engine results, and land up on an commerce website hat they have never heard of. This additi onal source of traffic can be the tipping point for some commerce businesses. Lower Costs: One of the most tangible positives of commerce is the lowered cost. A part of these lowered costs could be passed on to customers in the form of discounted prices. Here are some of the ways that costs can be reduced with commerce: Advertising and Marketing Organic search engine traffic, pay-per-click, and social media traffic are some of the advertising channels that can be cost-effective. Personnel the automation of checkout, billing, payments, inventory management, and other operational processes, lowers the number of employees required to run an commerce setup. This one is a no-brainier. An commerce merchant does not need a prominent physical location. Locate the Product Quicker: It is no longer about pushing a shopping cart to the correct aisle, or scouting for the desired product. On an commerce website, customers can click through intuitive navigation or use a search box to immediately narrow down their product search. Some websites remember customer preferences and shopping lists to facilitate repeat purchase. Eliminate Travel Time and Cost: It is not unusual for customers to travel long distances to reach their preferred physical store. Commerce allows them to visit the same store virtually, with a few mouse clicks. Provide Comparison Shopping: Commerce facilitates comparison shopping. There are several online services that allow customers to browse multiple commerce merchants and find the best prices. Enable Deals, Bargains, Coupons, and Group Buying: Though there are physical equivalents to deals, bargains, coupons, and group buying, online shopping makes it much more convenient. For instance if a customer has a deep discount coupon for turkey at one physical store and toilet paper at another, she may find it infeasible to avail of both discounts. But the customer could do that online with a few mouse-clicks. Provide Abundant Information: There are limitations to the amount of information that can be displayed in a physical store. It is difficult to equip employees to respond to customers who require information across product lines. Commerce websites can make additional information easily available to customers. Most of this information is provided by vendors, and does not cost anything to create or maintain. Create Targeted Communication: using the information that a customer provides in the registration form, and by placing cookies on the customers computer, an commerce merchant can access a lot Of information about its customers. This, in turn, can be used to communicate relevant messages. An example: If you are searching for a certain product on Amazon. Com, you will automatically be shown listings of other similar products. In addition, Amazon. Com may also email you about related products. Remain Open All the Time: Store timings are now 24/7/365. Commerce websites can run all the time. From the merchants point of view, this increases the number of orders they receive. From the customers point of view, an always open store is more convenient. Create Markets for Niche Products: Buyers and sellers of niche products can find it difficult to locate each other in the physical world. Online, it is only a matter of the customer searching for the product in a search engine. One example could be purchase of obsolete parts. Instead of trashing older equipment for lack of spares, today we can locate parts online with great ease. Challenges: Restriction on data access with proper authentication. Encryption on all confidential data such as price and transaction record. Enforcing strong password policy for potential client and customers with mixing uppercase and lowercase letters with special characters such as or % and numbers. B. ERP for Business Automation: The computer based ERP solution is required to endure existing issues in business operations. The technology can be implied to handle a large number of transaction and ensured customer satisfaction. The target of selecting soul solution will be provided faster business venture in all aspect. Different stakeholders have different functionality and it diverse the information. To introduce a soft solution for all and designate a part of business process, a common predefined database format is required for all parties. Here is the list of clarity for extending back office system (ERP) to do time and waste minimization and incorporating environmental friendly procedures in business: [4] a. Create electronic profile for all kinds of stakeholder like retailer, supplier and vendor in the system so that they can access the relevant functionality 01 the core system. B. Introduce electronic invoices for stock, product rate, order slip, payment receipt. . Initialize computerized alert and notification from vendors. D. Out setting e-Tender for merchant for bulk order processing and sale. The following set of modules will apply to the operational procedures and practices for the aforementioned companies. These modular designs will take off any suspect for its live operation. Modules used for functionality are as follows: Sales Module: The main job of this module is s ales and marketing management along with sales and distribution information. Besides, this module is used for supply chain management, retail POS management. Procurement Module: This module is used for purchasing task for a company It is major served purchasing and supplier relationship management. Procurement module is highly inter connected with Inventory management module and Production module. Accounting Module: This module holds all transaction records for every working date with their relevant transaction number. It is mainly used for financial management for the company. Customer Service Module: This module inserts the records Of current customers with significant relation and dealing information in the database. Corporate Performance Module: This module is responsible for comparing company growth, generating performance report based on bonus points for corresponding planning initiative and their activity. HER Module: It is implied to manage human resources. The HER module regularly maintains a complete employee data source, such as contact information, salary specification, presence, contribution assessment and advancement. Inventory Management Module: The inventory management helps the procedures of keeping the appropriate stage of stock in a company. Invention management recognizes stock specifications, watches item uses, reconciles the inventory levels out, and reviews stock position. Advantages: ERP collects, manages and distributes information across functional boundaries and helps break down information silos-?those barriers that stand in the way of full cooperation between production, materials, planning, engineering, finance and sales/marketing. The resulting higher quality, reduced time-to-market, shortened lead times, higher productivity and lowered costs can help improve customer service and increase sales and market share as well as margins. Measurements, analysis and simulation capabilities can help companies plan better and react sooner and more effectively to changes in demand, competitive actions, and supply chain disruptions. Modern ERP systems are built for the internet-enabled world with e-commerce capabilities and provision for integration and collaboration with supply chain partners, customer portals, and enhanced tracking of incoming material and outgoing product to extend the visibility and control. Companies are challenged by the continually changing requirements of Internet-based business processes and find that their current ERP system is to able to take them where they need to go. Its hard to put a value on the ability to take advantage of new and evolving e-business imperatives-?or the cost of not being able to keep up with (or perhaps even lead) the competition. Challenges: The core challenges of new technology throughout the business process are noted below: l. Validate actual external user and suspend fake user. II. Multi level authentication to access the service solution. Ill. Close monitoring for each transaction by back end user. IV. Fault tolerant to improve this information system for waste minimization. V. Maintain it as aster information tracking system. C. Poi for Cost Effective Communication: A private network is required to establish for connecting head office with branch and offer email and internet access to the end user (employee). Some manual communication medium is practiced in the system by the mobile sales team since there are no alternative available at this time. Most of the business venture is done through existing IT framework. But the system is lack of efficient communication procedures for the remote sales team as well as branch office. Suitable network architecture is depicted below: Figure 2 : Typical Network Architecture Poi is a technology to carry voice communication over an IP network. It may be on the Internet or own private network. The basic concept is to make telephone calls using a broadband Internet connection or wireless connection contrary to an analog phone line. [5] A cost efficient technology of Poi is that telephone calls travel over the data network. IP telephony systems involve the full package vivo allowed services including the network of phones for emails, payments and dialing plans. The communication between head office and branch office along with remote sales team will be done through Poi service. In this context, ASK needs to implement network infrastructure and does configuration to facilitate such service to its significant employee located remotely. Advantages: Voice over Internet Protocol (Poi) is a type of technology that allows its users to make calls using the broadband Internet rather than the conventional or analog phone system. Poi works by converting sound into digital voice communication and then transferring it through Internet broadband. So if you are using a Poi telephone system, you are basically using the Internet to make phone calls. Using a Poi system has several benefits for many genuineness. Saving Money: The cost of using a Poi telephone is much cheaper than using a conventional phone. Making long distance phone calls are also cheaper when using a Poi provider. Portability: The convenience and comfort provided by a Poi telephone system is available all over the world. Sing any broadband connection, you can log in to your Poi telephone, and you will get a dial tone. Regardless of where you are, if you have Internet access, there should not be any problems in terms of costs and connections. Poi systems are also accessible via email or while you are traveling. Simply take your headset or IP phone, and you can contact staff or clients with a low cost call. Flexibility :With a Poi system, you can sti ll use your conventional phone and a Poi converter or Poi telephone adapter. A Poi converter looks like a USB memory stick, which you can easily plug onto any computer. A Poi converter will sense signals that are emanating from traditional or analog phones, and such signals will be converted to digital data that can be routed over the Internet. A computer must be turned on for the seen,ice to work. A Poi system will also allow you to acquire your own Poi number, so no matter here you are traveling to, just as long as you have a high speed Internet connection, you are capable of receiving phone calls to your same number. Multi-Functional: Aside from making phone calls, you can also conduct videoconferencing calling through your Poi phone. This allows you to stay in touch with your co-workers and clients to discuss important deals, affairs, meetings, files, documents, agendas, no matter where you are. Even while you are abroad attending to meetings, you still have the capacity to attend other important meetings in the home office without having to worry about eyeing physically present. 3. Future Prospects for the Technology Future scope of using emerging technology is described below from business perspective: E;Commerce will introduce as efficient order submission and tracking for faster business operation. Integration of online payment will solve the hazard of payment processing from remote place. Thus it will save business hour. Implementing ERP will facilitate business automation. It will provide several statistical data to take decision on sustainable business growth. Poi technology will employ as the popular communication medium because t expenses less than conventional EST. phone service and in the case of long distance and international calls. Moreover, Poi will offer the comfort of advanced calling features, and combined communications method so that users can access voice mail, electronic mail and other incoming communications using a single interface. Figure 3 : Business Automation Figure 4 : Gallo Smithies (ASK) Revenues Growth 4. Conclusion The objective of utilizing technology is to reduce cost and waste for business environment. It has a great positive impact on system automation. It also saves timer space and a lot of manual work.