Question

The technologies associated with inventory management include:

a) RFID and EAN
b) UPC and EFT
c) JIT and CRM
d) ERP and POS

Answer 1

Inventory management technologies like RFID, ERP, and POS systems have revolutionized tracking and data exchange, and new information technologies have enabled better communication, precise shipment tracking, and improved distribution planning.

Step-by-step explanation:

The technologies associated with inventory management include various tools and systems aimed at optimizing the tracking, handling, and stocking of goods. Some prominent ones are:

• RFID (Radio-Frequency Identification) and EAN (European Article Number) used for tracking items through the supply chain.
• UPC (Universal Product Code) and EFT (Electronic Funds Transfer) used for sales and payment processing.
• JIT (Just In Time) inventory management and CRM (Customer Relationship Management) that help in reducing excess inventory and improving customer relationships.
• ERP (Enterprise Resource Planning) systems integrate all facets of an operation, including inventory, and POS (Point Of Sale) systems that manage the sales transaction and update inventory levels in real-time.

The impact of these new information technologies has been vast, particularly with the Internet enhancing communication and data exchange, GPS enabling precise tracking of shipments, and GIS aiding in the strategic planning of distribution networks.