Discussion 6 1) Select one or more technologies related to warehouse management
ID: 395651 • Letter: D
Question
Discussion 6
1) Select one or more technologies related to warehouse management (RFID, voice recognition, bar coding, scanners, robotics, etc.) and describe the potential impact of that technology on the design and management of a warehouse or distribution center. Support your answer with examples.
2) Many business analysts use inventory turnover as one of several major metrics to assess the financial health and future success of a corporation. How can inventory turnover ratios offer insight into the health of a company's operations? Support your answer with examples.
Discussion 7
We constantly hear and read in the news about the issue of corporate social responsibility, safety, and procurement. Do you expect the trend toward socially responsible procurement to continue? Explain why or why not. Provide one or more examples to support your position.We constantly hear and read in the news about the issue of corporate social responsibility, safety, and procurement. Do you expect the trend toward socially responsible procurement to continue? Explain why or why not. Provide one or more examples to support your position.
Explanation / Answer
Q1) Scanner guns are used in warehouse management to scan the barcodes and QR codes related to one of the material/product detail viz. SKU name, product name etc. Based on the scanned code, the other details of the material are auto-populated and the transactions/picks are recorded against the material. This technology reduces the lead time of the material movement in the warehouse and also helps to identify the material. Scanner guns improve employee productivity while reducing possibility of errors from data loading/entry.
Q2) Inventory Turnover ratio is an efficiency metric which is the ratio of cost of goods sold to the average inventory of the firm. This ratio shows how many times a firm sold its inventory during a period. If inventory turnover ratio is high, it means the firm sells the stock frequently thus saving on holding and storage costs. If the ratio is low, it means the firm stocks its inventory for longer periods.
Q3) The trend towards socially responsible procurement will continue due to the below reasons -
1. It ensures that the firms are not only considering cost, quality, lead time of receipt etc. as the factors for choosing the suppliers but they are also considering the environmental impact of the raw and packaging materials etc. though it costs a little higher.
2. It also involves choosing the suppliers s business partners who champion social responsible activities.
3. Firms are being ethical in procurement activities from a quality standpoint and maintaining safety standards in the materials procured.