IDIS 344 Exam 1 Johnson Latest Update Graded A+

IDIS 344 Exam 1 Johnson Latest Update Graded A+ ERP System Integrates finances, manufacturing, and HR into single computer system; look for cost and functionality ERP acronym Enterprise Resource Planning Why ERP STREAMLINES business improves efficiency reduce cost helps with stratification integrates all aspects of oper. ERP tracks products, salesforce, customers, vendors, financials, analytics ERP is NOT not autopilot for businesses, not substitute for knowledge and experience adv of erp for dist **complete situational awareness of all operations** improves op eff reduces cost & inc profit integrates ERP cycle item ordered item received item into inventory item sold 1. inventory mgmt.. 2. inven control.. 1. tracks vendors and generates AP 2. tracks items and produces analytics, generates AP cust strat track sales 3 trends driving growth in the wholesale distribution industry 1. investment in tech 2. renewed focus on basics (blocking and tackling) 3. e-commerce what to do before implementing new tech 1. conduct SWOT (strength, weakness, oppur, threats) analysis 2. develop implementation plan 3. determine ROI 4. get buy in from employees 5. budget completely 6 .stay with it GOLDILOCKS theory of inventory mgmt Don't stock too little or too much, stock just the right amount inventory mgmt is a combo of 2 things science (tech) art (knowledge and experience) factors implementing Inventory mgmt in the real world Market economy competition vendors