IDIS 344 Exam 1 johnson Questions and Answers Already Passed

IDIS 344 Exam 1 johnson Questions and Answers Already Passed ERP System - Answers Integrates finances, manufacturing, and HR into single computer system; look for cost and functionality ERP acronym - Answers Enterprise Resource Planning Why ERP - Answers STREAMLINES business improves efficiency reduce cost helps with stratification integrates all aspects of oper. ERP tracks - Answers products, salesforce, customers, vendors, financials, analytics ERP is NOT - Answers not autopilot for businesses, not substitute for knowledge and experience adv of erp for dist - Answers **complete situational awareness of all operations** improves op eff reduces cost & inc profit integrates ERP cycle - Answers item ordered item received item into inventory item sold 1. inventory mgmt.. 2. inven control.. - Answers 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 - Answers 1. investment in tech 2. renewed focus on basics (blocking and tackling) 3. e-commerce what to do before implementing new tech - Answers 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 - Answers Don't stock too little or too much, stock just the right amount inventory mgmt is a combo of 2 things - Answers science (tech) art (knowledge and experience) factors implementing Inventory mgmt in the real world - Answers Market economy competition vendors customers mother nature man made events Why did we receive this item in inventory? - Answers Initial stock of new item, restock existing item, special order item 3 critical questions for building the ERP - Answers 1. what items are in our inven 2. who are our suppliers 3. where are the items kiss principle - Answers keep it simple stupid 5 S's - Answers Source, stock, store, sell, ship. first 3 inventory control last 2 order processing Support Services - Answers IT (ERP) HR (people), finance mgmt & acct (Money), transportation (things) Why not stock everything - Answers Expensive, wastes resources, reduces flexibility Inventory control - Answers Checking shop's stock, reduce overhead w/o hurting sales; when? where? how much? Inventory mgmt - Answers Maintaining optimum amount of inventory; provide uninterrupted production, sales, customer service at minimum cost inventory mgmt questions - Answers what do we stock how much do we stock when do we order how much to order