Question

1. Discuss each new technology's advantages or disadvantages in inventory management? Which one is better than the others in specific business environments?

Answer 1

Technology has impacts in every field, either it is personal or professional. With fast-growing innovations, it has become one of the primary drivers of business performance and success. It is used almost for every business operation, making them faster, more productive, and efficient, more convenient. Some of the areas where technologies uses are significant include point of sale system, accounting system, communication, and various management such as risk management and inventory management.
Use of technology in inventory management
Inventory management refers to a systematic approach used for sourcing sorting ordering and selling the inventory of an organization. This management involves the control of the raw material, several components, and finished products along with warehousing and processing. Several new technologies are used in inventory management because of their advantages to the inventory management process. Some of them are radio frequency identification technologies, barcode systems, and MRP systems.
Radio Frequency Identification chips- it helps in reducing the labor coast and faster as well as remote scanning. It is also used for tracking the returnable assets.
Barcode system - it is used for tracking inventory in the warehouse. It scans and track inventory yields, and provides a better calculation of the inventory turn.
MRP system- it is used for the planning and managing purchase, production, and transferring order of the final goods. It is used for managing large numbers as well as bills of material and supports software of production scheduling.
All these technologies are widely used for inventory management, but RFID is better than that of others. It helps with productivity as the numerous tags are scanned simultaneously. These codes are more durable than other software. It carries large data capabilities, including products' maintenance, ship[ping histories as well as expiry dates .this tags are more reusable and rugged due to protected by the plastic cover.