how IT aids in vendor relationship in the retail industry
Essay specific features
May 3, 2016
No of pages / words:
12 / 3297
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As a purchaser would often say, a dollar saved in reducing the cost of a product will result in a dollar extra in profitability, whereas a dollar gained in revenue would only result in 50 cents increase in profitability if the profit margin is 50%. Supply chain concepts like Vendor Managed Inventory (VMI), Just-In-Time (JIT) and Collaborative Planning, Replenishment and Forecasting (CPFR) are the popular concepts being adopted for use in the retail industry to improve these vendor-retailer relationships in order to achieve a strategic advantage...
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I will touch on the 3 most common and beneficial IT systems in my view that retailers are able to implement. I also consider the costs involved and evaluate the justification of technology.
GETTING THE MOST OUT OF INFORMATION TECHNOLOGY
Getting the most out of information technology (IT) is a 3-pronged approach (Appendix 1)...
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