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Table of Content

• Introduction
• Problem Statement And Objectives
• IS Investment Strategy
• Comparison Between ERP, SAP and RIFD Technology
• Opportunity of Supply Chain Management Process and Suggestions for Improvement
• The Use of Information System in Supply Chain Management for Improvement the Accounting Operations
• Conclusion
• Reference List

Introduction

In the modern world, the supply chain of the fast fashion industry is getting revolutionized by the change of technology.  Technology is needed for producing real time responsiveness and the information systems should be able to support the nonlinear information exchanges which enable the store manager to pass requests and feedback. As stated by Turker and Altuntas (2014), advanced technology is used in the supply chain for gaining transparency of the system. The most used technologies in the fast fashion industry are Enterprise Resource Planning (ERP), Product Lifecycle Management (PLM) and Radio Frequency Identification (RFID). The use of the ERP and the PLM solutions are increasing in the supply chain of fast fashion industry.

Problem Statement And Objectives

One of the major issues that the supply chain of fast fashion is facing is the distribution network because the costs of the supply chain are affected by it. As stated by Rushton et al (2014), the customer experience and cost is affected by the distribution and the profitability of the company also gets affected. The distribution network should be built effectively for meeting the needs of the customers. The costs and the growing intricacy matters in the fast fashion industry because the seasonality, volatile demand and short product life cycles need effective warehouse operations.

The objective is to sort out the technology issues related to the distribution network for increasing the profitability of the company.

IS Investment Strategy

The IS investment strategy helps the organization to form a plan of attack for making the investment decisions of the organization which are based on risk tolerance, future needs and individual goals. As stated by Weber et al (2016), the components of the investment strategies are risk guidelines, buying and selling guidelines and asset allocation. The most important part of the IS investment strategy is the alignment with the goals of the individual and the activities are followed closely by the investor.

Comparison Between ERP, SAP and RIFD Technology

ERP means Enterprise Resource Planning and it is a kind of business management tool which deals with the internal processes of a company by the use of various modules. As stated by Haberli Jr et al (2017), it is basically an integrated suite of software modules that works on an approach of shared database and it has the capability of performing various functions at the same time.

SAP means Systems, Applications and Products in data processing and it provides services for manufacturing logistics, distributions and financials. The vendor of SAP is SAP AG and it helps in the development of products and also supports the services and sales.

RIFD means Radio Frequency Identification which includes internal control of expensed assets, prevention of theft and internal control of fixed assets. This system involves a reader and a tag which is used for scanning and producing response.

SAP is beneficial for the supply chain of fast fashion industry because of the ability of SAP to provide competitive advantage for the company. SAP helps in the production planning, distribution, sales, materials management and finance of the company.

The SAP implementation method consists of implementation of the vendor type, implementation of approach which includes ERP Big Bang, ERP rollout and ERP phased approach.

Opportunity of Supply Chain Management Process and Suggestions for Improvement

In today’s market, the professionals rely on the supply chain management for keeping the flow of services and goods in the market. As stated by Hugos (2018), the opportunities provided the supply chain management in terms of information technology are sourcing parts and raw materials, assembling and manufacturing of parts, inventory tracking and warehousing, order management and order entry and proper delivery to the customer.

Organizations can improve the opportunities of supply chain management by automatic purchasing, standardization, by increasing the transparency, by gaining insight into the data, by real time inventory management, by monitoring the performance of the vendor, by raising awareness related to costs, by improving the return management, by the implementation of just in time inventory management and by just in time manufacturing and also by streamlining accounting.

The Use of Information System in Supply Chain Management for Improvement the Accounting Operations

For the development of an effective supply chain management an organization must design the stochastic models for developing the strategies of inventory control. The future demand of the company can be predicted by using the design of forecasters and the planning should be applied to the members of the supply chain. As stated by Rushton et al (2014), an essential information system is necessary for establishing the synchronization and collaboration of the supply chain. Several models are used for improving the accounting operations such as intelligent methodologies, system dynamics, time series modelling, machine learning, statistical decision theory, simulations, probabilistic modelling and control engineering theory. The ERP and the MRP systems help the company to manage the inventories, material flows, demand forecasting and analysing.  The use of information technology in the supply chain helps in the exchange of information between the customers and the suppliers.  The eProcurement tools help in the smooth flow of information which eventually strengths the communication cycle.

Conclusion

From the above research, it can be concluded that the customer experience and cost is affected by the distribution and the profitability of the company also gets affected. The distribution network should be built effectively for meeting the needs of the customers. The components of the investment strategies are risk guidelines, buying and selling guidelines and asset allocation. The SAP implementation method consists of implementation of the vendor type, implementation of approach which includes ERP Big Bang, ERP rollout and ERP phased approach. The opportunities provided the supply chain management in terms of information technology are sourcing parts and raw materials, assembling and manufacturing of parts, inventory tracking and warehousing, order management and order entry and proper delivery to the customer. An essential information system is necessary for establishing the synchronization and collaboration of the supply chain. Several models are used for improving the accounting operations such as intelligent methodologies, system dynamics, time series modelling, machine learning, statistical decision theory, simulations, probabilistic modelling and control engineering theory.

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