Question

Ways to manage analyse and extract values from the changing environments due to disruptive technology on the retail industry and any tools and techniques that can help manage costs and improve a performance of a company

Answer 1

As the term says disruptive technology, it is a technology that are superior and hence replaces the system or previous technologies being used and totaly changes the way of working or operating of any organization, customer or business.

These generally include online shopping, e-commerce, web sites, etc.

If we talk about retail industry, it has found that this industry has being using this disruptive technology for their major purposes. Earlier people use to go to shops, search for what they are wanting, and then pay for it in cash and then come home. Now when this disruptive technology has been introduced, people are doing their shopping from their homes as well. Online sites are there from where they can shop and select items whether be it a dress material or be it a grocery.

So all these changing trends have seen the environment being changing, preferences of people being changing like earlier they used to visit shop and nuw they can even order things at their doorstep and people are adopting it gracefully. They feel it saves their time.

But, these disruptive technology needed to be managed and analysed properly as customers are mostly relying on these services mostly.

Customers want that they should have full security of their products, money as well as their personal information. Thus, such systems should be developed with technology to secure the customers in all ways.

Also there should a proper artificial intelligence that could be able to detect the future prospects of this technology and also do the self driven works to manage the disruptive technology well.

Also such system should be build that understands the cystomers well and is able to produce customised products. This would help increase the customers and their interests.

The most important are the values extracted from the changing environment that is to develop such a system which us customer focused and self driven in all ways. This is very important as this will add value and wealth to the business. Customers are the one who are going to bring any business up to heights and if they are not being valued, it is of no profit to business. Thus this must be assured that customers are being satisfied.

When it comes to saving the costs and improving the performance of a company, it has certain ways how any company can reduce its costs.

The best tool to manage costs is doing the capital budgeting. This properly analyses all the alternatives and select the best one.

For example for this disruptive technology, two projects are undertaken like one is introducing an artificial intelligence system where customers are self adviced about the products they may need according to their earlier shopping being fully customised and other one is making a site that could serve the customers with every product being delivered on their doorstep just by ordering at anywhere.

Now these both projects are being analysed properly, how much they are costing and how much can they be useful for the customers. The one which is less expensive and us providing more benefits us to be selected. Thus way the costs can be managed.

Now suppose, the artificial intelligence system is founf to be more beneficial for the customers , then to analyse it's performance, customers should give their reviews to make it more better if required in any area. This way company can also guess where their progress is going and how all new system are working.

So, here we saw how can we use this disruptive technology and extract value and improvise it. Also how can one company manage its costs and improve its performance.