companiesusing digital marketing strategies to those who do not. Digital marketing isthe marketing of products or services using digital technologies, itallows businesses to promote their products or services all over the world. Theterm Digital Marketing is a very broad term which includes website design,social media marketing, search engine optimization (SEO), pay per click (PPC),blogging, smartphone app advertisement and more. Currently the websitedesigning field is expanding at a very fast pace, due to increasing number ofbusiness owners and CEOs understanding the importance of digital presence onthe internet. The role of technology in business caused a tremendous growth intrade and commerce. Such growth in technology, has granted modern digitalmarketing with more opportunities to attract customers and improve company’ssales and profits.
Companies have to bear a reasonable cost to achieve thissuccess because using an innovative approach in business strategy, employinghighly trained IT professionals and making right decisions at right time arethe prerequisite of business success. As IT solutions continue to increasethe productivity, efficiency and effectiveness of business operations andcommunication, business will continue to rely on Information Technology forsuccess and growth.Inventoryis often the largest asset after fixed assets. Its costs are often the biggest expensein businesses and these costs if reduced would yield the greatest benefit instrengthening the firm’s competitive edge. Inventory tracking technologymanages inventory, organizations need to maintain enough stock to meet the demandwithout investing in more than they require.
With technology-based inventorycontrol, it is easier to track product and know how many you have on hand, howmany you’ve ordered, how many were sold and how much you paid. The valueof inventory tracking isn’t just in dollars and cents the New England Journalof Medicine has stated using barcodeson medication reduced errors in administration by 41.4% at an academic medicalcenter. Information Technology personnel implement software and hardwarenecessary to track the quantity of each item a company maintains, prompting anorder of additional stock when the quantities fall below the desired amount. ITeffect on supply chain and organizational relationships, appears to be animportant factor for collaborative relationships. IT decreases transactioncosts between buyers and suppliers, creating a closer relational governancestructure leading to closer buyer-supplier relationship.
With appropriateinformation technology in place to manage supply chain managers no longer needto speculate on forecasted expectations of consumer requirements, nor topostpone costly product commitments. Instead information technology isintegrated into Inventory Management, retailers are now able to react toconsumer demands in a precise and timely manner.