INTRODUCTION

Information and Communication Technology
has gone beyond just being a business enabler to becoming a critical success
factor for determining the success of a business. Anyone involved in business
in today’s world must embrace know how to leverage on technology f

Technology is developing,
mutating, and adapting is so fast that as a business you cannot but embrace its
benefits, else risk being be swept away in a tidal wave of progress, whether
you are prepared for it or not. Technology provides the tools and functionalities
for which almost every business worldwide operates upon. As at today, technology
and business are inseparable, as such it has become an integral part of every
business plan. From major multinationals what operate and maintain large
mainframes and ecosystems to small businesses that have only one computer, ICT
can be applied in business

Faster and Easier Communication

Whether you need to speak with an
employee who is traveling in another state or country or you need to
communicate with your supplier half way around the world, technology allows you
to do so instantaneously. The emergence of E-mail, Instant Messengers and of
course, Mobile Phones has changed the face of Communication today. Web
Conferences, use of Smartphone Applications such as Whatsapp etc. provide a
very conducive environment for situations such as the one mentioned above, of
‘work from home,’ or even what is generally termed as ‘offsite’ work. Today, a
company can send its representative to another branch or an associate or client
company and still stay in the loop of the progress of a project through the
means of technology.

In fact, many kinds of software
have been introduced in different organizations, especially for internal
communication – the IP messenger. For external communication, from
business-related topics to general Christmas greetings and other such Brand
Loyalty based activities; everything can be achieved with technology.

The number of small organizations
today who are setting up shop with cloud based tools like Office 365 allow and
encourage for team members to work from home. Yes, this does raise several
concerns but it also allows for flexibility. According to Walden University,
the Internet has allowed business people to communicate easily regardless of
time zone and language issues.

Inventory Management

An inventory
management system is a system that encompasses all aspects of managing a firm’s
inventories; purchasing, shipping, receiving, tracking, warehousing and
storage, turnover, and reordering. Retail firms can obtain massive benefits by
integrating its inventory management systems with both logistics and its
upstream supply chain. This would thrust inventory system to ‘just-in-time’
demand-pull supply systems which implies essentially linking reordering to
real-time electronic point-of-sale (EPOS) – record consumer demand, allow
tracking of orders consequently substantial reductions in both retailer
inventory holdings and the amount of capital tied up in those holdings

Inventory
management is pivotal in any effective and efficient organization. The principal
goal of inventory management involves having to balance the conflicting economics
of not wanting to hold so few or too much stock. Such a golden balance is

important in two
ways; firstly, as it saves the organization from having to tie up inactive
capital, incurring huge costs in storage, spoilage, pilferage and obsolescence of
inventory and secondly to avert the cost of not meeting customer requirements.

According to the
Official Dictionary of Chartered Institute of Purchasing and Supplies (CIPS)
inventory is a list of items held in stock or on the asset register of an organization
often used to mean the stock itself.