Intelligent System in Retail Industry-Free-Samples-Myassignment

Question: Write a report on Intelligent System in Retail Industry. Answer: Introduction This report aims to explore the importance and role of business intelligent system concept that is Decision Support System (DSS) as a digital tool in the retailing industry. It provides an insight on the use of DSS as a problem resolver of business issues with different techniques, tools and models in the recent time is highly beneficial. Wal-Mart uses DSS such as RFID and EPOS that makes the function of selling and purchasing very handy and easy (Wong, et al. 2013). It also enables the organisation in maintaining the records very flexible. The report also describes cloud computing in the retailing industry and how it is improving the business activities presently. The report focuses on the new opportunities of cloud computing in the retailing industry as it has been explored that its deployment is continuously increasing in retailing industry more than any other industry. Thus, this report is reporting significant use of computer based technology in Wal-Mart as an example that has c hanged the whole scenario of retailing industry in current times. Decision Support Systems (DSS) and Business Decision support systems are the computer-based information system in the business organisations that performs various functions. In the contemporary world, it helps the organisation in collecting data through help of software and hardware to gather useful business information and interpret it according to requirements (Cadavid and Zuluaga, 2011). In addition to this, it often helps the organisation in preparing marketing strategy with the accessed information. Decision support system helps the organisations in resolving the business related questions with the help of several tools, models and techniques. In order to create a solution for business question, it assembles the relevant information and construes for better decision making. Decision support system is business intelligence reporting tool of modern business organisations that combines the methodology, process and tools of computerized system with human to make a helpful business decisions (Cadavid and Zuluaga, 2011). In case of retailing business activities, it also has a very imperative role in fastening the process of decision making. Not only this, it helps the retailing organisation in growing their business activities in present world by increasing personal efficiency of workers, improving the organisational control, assisting automated managerial processes, but also eradicates the value chain activities and easily resolves problems in the organisation. As an example in the retailing organisation like Wal-Mart, retail information system helps in basic functions such as data driven supply chain management along with the inventory tracking through RFID Sensor and EPOS data of the customers which also helps in automate purchase orders of suppliers and makes demand and supply transparent between supplier and retail stores (Vasista AlAbdullatif, 2015). Figure1: Vender Management Information- Decision Support System Model (Source: Vasista AlAbdullatif, 2015) Cloud Computing and Business Cloud computing is defined as large scale distributed computing paradigm that is driven by economies of scale, in which a pool of abstracted virtualized, dynamically-scalable, managed computing power, storage, platform and services are delivered on demand to external customers over the internet (Ali and Haseebuddin, 2015). It is used by various industry whether small scale or large scale industries to help them in improving department functions in their business. Furthermore, cloud computing helps organisations in maintain relationship with their customers and suppliers, positioning and targeting their products in the liberalised and global market and also segmenting their market effectively. Along with this, it helps the organisation in cost cutting in their products manufacturing, maintenance of business and services they offer to their customers (Revesencio, 2017). Technologies such as grid computing, utility computing, distributed computing and service computing are viably used b y every industry. Moreover, cloud computing is facilitating various new possibilities and opportunities in the market. Today, cloud computing is bringing various opportunities in the retailing industry in comparison to other industries as an integral part of business (The Economist- intelligence unit, 2016). In retail industry like Wal-Mart, it is very important to maintain the strong goodwill and positive customer reviews to deal in the competitive market. Mobile and online shopping are the most recent trends that are increasing enormously. It can easily provide wide storage space to the retails and tracks current trends of customers by recording their purchasing patterns and buying behaviour in the market. It access to data of customers to the retailers as an analytical result and in a very secured way too. Some of the most common example of cloud computing systems used by the retailers is Oracle, Net suites and salesforce.com. As a growing opportunity it can further supportive to the production processes, can be used for more improved version of supply chain management, enabled design and prototyp ing and betterment of inventory management, orders and distribution management (The Economist- intelligence unit, 2016). Figure 2: Graph of presence and relevance of cloud computing in Retail Industry in comparison to others (Source: The Economist- intelligence unit, 2016) Conclusion From the above discussion, it can be concluded that business intelligence is growing in retailing industry and in fact becoming need of the hour in the modern business conditions. The decision support systems are the computer based system that helps the retailing industry in making appropriate decisions and solves problems of business questions. Furthermore, it helps in maintaining and building relations of retailing organisations like Wal-Mart with their customers and suppliers. The decision support system is bringing speediness in every department of the organisation that helps the retailers in assorting and analysing the trend faster. In case of cloud computing in retailing business, it is the most growing tool in retailing in compared to any other industry. It helps the organisations in storing large amount of data and accesses the information as per the requirement in easy and in the most convenient way. It has further opportunities in supply chain management system and improvin g customers satisfaction with products and services of retailers. References Ali, M. M., and Haseebuddin, M. 2015. Cloud Computing for Retailing Industry: An Overview. International Journal of Computer Trends and Technology 19(1), pp. 51-56. Cadavid, D. C. U., and Zuluaga, C. C. 2011. A framework for decision support system in inventory management area. Ninth LACCEI Latin American and Caribbean Conference (LACCEI2011), Engineering for a Smart Planet, Innovation, Information. Technology and Computational Tools for Sustainable Development, August 3-5, 2011, Medelln, Colombia. Revesencio, J. 2017. Buying In the Cloud: How Cloud Technology is Revolutionizing the Retail Industry. [Online] Available at: https://www.business.com/articles/buying-in-the-cloud-how-cloud-technology-is-revolutionizing-the-retail-industry/ [Retrieved on: 17 August 2017]. The Economist- intelligence unit. 2016. Ascending cloud- The adoption of cloud computing in five industries. [Online] Available at: https://www.eiuperspectives.economist.com/sites/default/files/EIU_AscendingcloudMBP_PDF_1.pdf [Retrieved on: 17 August 2017]. Vasista T. G. K., and AlAbdullatif A. M. 2015. Turning customer insights contributing to VMI based decision support system in demand Chain management. International Journal of Managing Value and Supply Chains 6(2), pp. 37-45. Wong, C., et al. 2013. Optimizing Decision Making in the Apparel Supply Chain Using Artificial Intelligence (AI): From Production to Retail. Elsevier.