Managerial Decisions

In: Business and Management

Submitted By Lmont102
Words 562
Pages 3
: Assessment Activity

What assumptions are necessary when using customer driven analytics to make managerial decisions?
Some assumptions that are necessary for making managerial decisions, would involve capturing customer feedback such as customer contact notes or email, customer insight for refining products and service delivery programs. Management can also simulate better business decisions for each action before its put into production. Obtaining a portfolio of risks by proactively identifying changing patterns in consumer behaviors would also be ideal.

How does the IT strategy of 7/11 influence other aspects of the business (such as inventory, human resources, or vendor relationships management)?

Company stores have been able to responded more effectively to demand fluctuations from variations in weather to local events, and longer-term changes brought on by shifts in tastes and demographics. IT strategy has increased sales revenue and reduced inventory costs. Avoiding t no availability was one of the most important strategies that IT used to retail profitability and success. Also the point of sale (POS) information helped avoid stocking shelves with unpopular goods and identify customers demand for the most wanted goods. Good IT systems can help achieve the best balance among low inventory, high turnover, and few lost sales (low opportunity losses). This information also can be used to identify the best time to order from producers or wholesalers.
Just as manufacturing has moved to being “lean,” so too is there “lean retailing.” This has increased sales revenue per square meter and reduced inventory costs, probably the two most important metrics in retailing. To accomplish this, the companies have formed alliances and combinations with suppliers and others across a wide range of products and services. This, in turn, is motivating other…...

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