Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

XXXXXXXXXXFACULTY OF HIGHER EDUCATIONIndividualAssignmentHOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Impact of IT on Business XXXXXXXXXXwords worth 25%HC1041IT for BusinessTrimester 12018Date Due:...

1 answer below »
XXXXXXXXXXFACULTY OF HIGHER EDUCATIONIndividualAssignmentHOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Impact of IT on Business XXXXXXXXXXwords worth 25%HC1041IT for BusinessTrimester 12018Date Due: Friday Week 10by 5:00 PMMarks: Weighting 25%Student Name (Block letters)Student Number: ___________________________ XXXXXXXXXX_____________HOLMES INSTITUTEFACULTY OFHIGHER EDUCATIONHC1041IT for Business-Trimester 120181Individual Assignment RequirementsRead the case study and answer the following questions: 1) Whatare the advantages and disadvantages of the new POSsystem?2) Howwill thisPOSsystem help the business gain competitive advantages? 3) Whatare the advantages of having a centralised database? 4) Howcould this POS system facilitate decision making? Address the following points:Why do point-of-sale systems process business activities more effectively? Can the information be tracked manually in an effective manner? Why or why not? What types of questions could be answered effectively? How could the information be used to better manage the business?5) Recommendtelecommunication options for this POS systemAddress the following points:Typesof networks –LAN, WAN or MAN? Types of media? --Wired or wireless technologies? Which types of cables should be used for wired technologies? Which types of wireless technologies?6) What type of risksdoes the POS systembring and how to protect the business against the risks? Address the following points:SecurityPrivacyConfidentiality Your report will be assessedon the quality of your research and quality of report. Discussion must be relevant to the casestudybusiness. Your report is to be in the style of a business report. HC1041IT for Business-Trimester 120182Case study --Blooming with Technology The use of information technology is needed by every industry size and type of business. Small businesses can realize the positive effects through adopting technology. However, small businesses often do not have the resources and expertise of large corporations to implement information technology strategies. However, the benefits of technology for small and medium-sized enterprises (SMEs) are just as crucial to business operations and strategy. Consider Four Seasons Greenhouse and Nursery, located in Colorado. This small nursery was like many other small businesses and garden centers. They used manual registers to track and maintain its inventory as well as determine which products were realizing the most profit. The profits from the nursery were either "negligible" or a loss. They did not have access to useful operational data to effectively manage their business. For example, they did not track or review the margins of individual products. However, they believed that they needed to do something different for their $1M business operation.Enter a new point-of-sale system (POS) in 2008. The system allowed the owners to track useful business data from the sales transactions immediately at the time of the sale; eliminating the need for tracking sales manually.The system processes and stores data from the sale while updating the inventory as well as compiling a sales history. This eliminates reliance on manual entry of sales transactions and reduction of inventory units for the items sold. POS systems provide much more than a cash register. These systems provide more robust functionality in inputting, tracking, and distributing data to provide useful information to operate and manage the business.Accurate inventory data maintained by the POS helped with decision making. Decisions on how many units of a product to order were no longer based on speculation about current inventory units. Now, accurate inventory counts eliminate the guesswork on how much to order, helping the business to operate on leaner inventory units. The system's reporting can provide the detail transactions for an inventory item, such as how many were purchased, discarded, and sold. The implementation of a POS system also confirmed that the owners did not know as much about their business as they thought they did. As they reviewed reports from the new system, they saw that some products were less profitable than they thought. The more detailed cost reporting by item helped them to understand which products contributed the most profit to the operation. Their new perspective of the "real costs" provided the opportunity to shift production to the higher-profit items, thereby gaining more profit. Prior to implementing the POS system, they simply did not have the time to approach this level of decision making. Knowledge of their detailed product costs helps them to price products more profitably. Price changes can be implemented temporarily (for a promotion) or permanently and still remain within acceptable product margins. The accurate and timely reporting of this information assists them to be more effective managers of their business operations. The ability of the system to process sales, inventory, and purchasing transactions immediately reduces the need for data entry of paper information. The time savings can be used for managing the business rather than mundane clerical functions. The new system has expanded Four Seasons'management control over employee schedules to review and allocate labourexpenses to specific departments and functions. An additional benefit allows the owners to delegate more responsibility to the staff and establish accountability. Instead of the owners establishing goals, they provide the HC1041IT for Business-Trimester 120183system's data and ask staff to submit their sales goals for the next reporting period. Ultimately, the information technology system creates a solid infrastructure to process and report the businesses operations for the entire enterprise. The garden centreis an excellent example of how technology can realize benefits for a business. The ability for organizations to remain competitive and agile is crucial. These systems allow organizations large and small to leverage business data to gain a competitive advantage and operational efficiency. Source: Jones, R. (2011, May). Garden Center 2.0. Today's Garden Center, 8, XXXXXXXXXXAssessmentCriteria (IndividualAssignment 25%)Weighting 1. Introduction: Clear statement of purpose, clarity of methods and assumptions; systematic approach to project. 2. Use of resources: Application of relevant course concepts, tools and frameworks use of evidences, engagement with the literature. 3. Content: Balanced coverage of each of the important points, Richness of analysis; Flow of ideas; Validity of objectives, Use of own insight and originality; Feasibility of recommendations and implementation consideration 4. Organization and Presentation: Clarity of structure, quality of presentation, style and readability. Title page, Table of contents, List of abbreviations and/or glossary, Executive summary/abstract, Introduction, Body, Conclusion Recommendations, Bibliography, Appendices 5. Citation practice: Appropriate citation of sources and evidences used XXXXXXXXXX
Answered Same Day May 04, 2020 HC1041

Solution

Navashree answered on May 07 2020
140 Votes
Title
Table of Contents
Introduction    3
Advantages and Disadvantages of the new POS System    4
How to Gain Competitive Advantages Using the POS System    6
Advantages of Centralized Database    6
POS and Decision Making    7
Recommended Telecommunication Options    7
Risks and Issues    8
Conclusion    9
References    10
Introduction
The aim of this report is to present information about the effectiveness of using POS system for an SME or Small and Medium Enterprise. Information Technologies have become an integral part of any business today. Large enterprises have more resources to develop their own IT solutions. Whereas SMEs have limited resources and budget, so they need to be very careful while implementing an IT solution for their business. The alignment between the IT infrastructure and the business process is the key to grow a business with the help of information technology (Stair & Reynolds, 2015).
Four Seasons Greenhouse and Nursery or FSGN is a Colorado based nursery that has grown significantly in the last years. From a small business it has become a million dollar business rapidly. However, the business processes were mostly manual and were not sufficient enough to ca
y on the management and decision making tasks. The business has implemented a new POS or Point of Sales system in 2008. Since then the system has helped the business enormously to track financial records, profitability and to optimize their supply chain. It has helped the business to become a data-driven business.
In the following sections of the report the advantages and disadvantages of the new POS system, how it has helped to gain competitive advantages, the advantages of centralized database, and the impact of the POS on decision making have been explored from different aspects. Following the discussion, the recommended telecommunication options to implement the POS and the risks related to the use of the POS for a business have been discussed.
Advantages and Disadvantages of the new POS System
A POS or Point of Sales system can be considered as a central component of a business. It has software and hardware components that records and processes business transactions and inventory details along with the details of other day to day business activities and operations (Stair & Reynolds, 2015).
In the case of the Four Seasons Greenhouse and Nursery’s POS system, it helped the business in many ways. Some of the important advantages of POS in this case are listed below.
· Previously the system owners used to keep operational records manually in a register. As the business was growing, so it became a tedious and mundane task to write all data manually. The new POS system helped the business to record and track business data automatically when a sales transaction happens (Goyal, 2014).
· Previously, the business used to keep another inventory management register. They used to update the stock of the products with some guess work as it was very difficult to track the actual stock details. The POS systems have integrated the inventory and the sales management processes. As a result, the stock details are automatically updated whenever a sales transaction happens (Goyal, 2014).
· It was not possible to track the margins for each product individually by following the manual process of record keeping. With the help of the POS system, the business owners can have accurate margin details of each product. And it helps them to track the profitability of the products.
· Previously, it was difficult to analyze the profitable products. The business owners made some assumptions manually for some products and marked those as...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here