Facts About The Retail Information System

A retail information system will anticipate the information needs of retail managers. It collects, organizes, and stores significant data on a continuous basis. Also, it directs the flow of information to the right decision makers.

Different Benefits Of IT In Retailing

• Cost & Productivity Benefits – It will boost transaction speed, minimize operating costs, improve inventory management, increase accuracy of the sales transaction, and reduce stock outs and stock holdings.
• Marketing Benefits – Basically, it will improve forecast of sales and data-effectiveness of promotions. Most importantly, it can lead to building of loyalty.

Different Types Of Information Systems

Transaction Processing Systems or TPS – This is used to facilitate customer transactions along with other routine business processes like employee record keeping, payroll, and EPOS systems.

Management Information Systems or MIS – This will help middle managers in their controlling, monitoring, and decision-making activities. It often involved pre-specified questions, comparisons, and simple summaries. Also, it provides routing summary or exception reports, either through online access or in the form of a report.

Decision Support Systems or DSS – This is used to help managers in non-routine semi-structured or unstructured decisions. It will allow users to conduct a “what-if” analysis.

Executive Support Systems – This is designed primarily to support senior managers who are responsible for making strategic decisions regarding trends in the external environment and internally. This incorporates information both from DSS and MIS and external data about competitive, economic, and regulatory environment.

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