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Please answer to all this discussion below regarding and. Make short jf necessary please please answer them in orders.
Acc 308 Discussions
I- The textbook discusses six elements of information technology intimately related to accounting systems. The relationship between them provides a more accurate representation of a company's financial information through their financial statements.
· Select three of the six elements and describe a firm, of your choice, that uses these elements.
· Next, explain why you chose this company.
II- Select a small business of your choice and explain how introducing an enterprise resource planning (ERP) system would benefit business operations. Be sure to connect the functionality of the ERP system with day-to-day operations necessary to sustain the business.
Solution
1. Selected Elements: a. Database Management Systems (DBMS) b. Data Analytics c. E-commerce Platforms
2. Chosen Company: Amazon
3. Reasoning:
a. Database Management Systems (DBMS):
· Amazon utilizes sophisticated DBMS to manage its vast inventory, customer data, and transaction records. The company relies on databases to track product availability, shipping statuses, customer preferences, and historical sales data. This enables Amazon to efficiently handle millions of transactions daily while maintaining accuracy and reliability in its operations.
. Data Analytics:
· Data analytics is at the core of Amazon's business strategy. The company employs advanced analytics techniques to extract valuable insights from vast amounts of data. These insights help Amazon understand customer behavior, forecast demand, optimize pricing strategies, and personalize recommendations. By leveraging data analytics, Amazon continuously enhances its operational efficiency and customer experience.
c. E-commerce Platforms:
· Amazon's e-commerce platform is one of the most sophisticated and widely used in the world. The company's website and mobile applications serve as the primary channels for customers to
owse and purchase products. Amazon's e-commerce platform integrates seamlessly with its backend systems, including DBMS and data analytics tools, to provide a seamless shopping experience. Features such as one-click purchasing, personalized recommendations, and fast shipping options contribute to Amazon's success in the e-commerce industry.
II. Selected Small Business and ERP Benefits:
1. Selected Small Business: Local Retail Store
2. ERP Benefits:
· Streamlined Inventory Management: Implementing an ERP system would enable the local retail store to efficiently manage its inventory levels. The system would provide real-time visibility into stock levels, track sales trends, and automate reordering processes. This would help the store avoid stockouts and overstocking situations, leading to improved customer satisfaction and reduced ca
ying costs.
· Enhanced Sales Tracking: An ERP system would centralize sales data from various channels, including in-store purchases, online orders, and mobile transactions. This centralized database would enable the store to track sales performance in real-time, identify top-selling products, and analyze customer buying patterns. With better insights into sales trends, the store can optimize its product offerings, pricing strategies, and promotional campaigns to drive revenue growth.
· Improved Financial Reporting: By integrating accounting functionalities, an ERP system would streamline financial reporting processes for the local retail store. The system would automate tasks such as recording sales transactions, reconciling accounts, and generating financial statements. This would save time and reduce e
ors associated with manual data entry, ensuring accurate and timely financial reporting. Additionally, the store's management would have access to up-to-date financial insights, enabling informed decision-making and strategic planning.
Acc 401
I- Per governing bodies such as FASB, there...