Role of Technology in Retail Sector

Role of Technology in Retail Sector Today, in the 21st century, retailers all over the world are increasingly obtaining profit in return by delivering customer satisfaction through the adoption of many powerful technologies.Advertising We will write a custom assessment sample on Role of Technology in Retail Sector specifically for you for only $16.05 $11/page Learn More Indeed, technology has substantially shifted the landscape of the retail industry, as more retailers adopt and implement technological solutions that accentuate mobility, efficiency, competitiveness and sustainability (Delgado 2012; Fiorito et al 2010). The present paper attempts to discuss how technology is utilized in the retail sector, how it has impacted the retail business and its customers, and the critical technologies found in the retail industry. Technology is utilized in the retail sector in numerous ways not only to achieve profitability and competitiveness for the organization, but also to generate value for custome rs and change the relationship with customers and other trading agencies (Ko Kincade, 1997). Novel technologies such as Point-of-Sale (POS) systems can be utilized in the retail sector for efficient and effective transactions, proper accounting, â€Å"customer loyalty, CRM [Customer Relationship Management], PCI [Payment Card Industry] issues, back office transfers and receiving, time-keeping and scheduling, and task management†(Delgado, 2010 p. 10). Other technological solutions, such as the Retail Pro system and Microsoft Retail Management System, have been effectively used in retail to, among other things: minimize theft and human error; enhance efficiency and speed in the checkout process; provide extensive tracking of business transactions, discounts and products; avail up-to-date sales productivity statistics; facilitate inventory control and management; undertake purchase order management; and promote customer relationship management as well as payment processing solu tions (Delgado, 2010) Furthermore, some technological solutions such as e-business can be utilized to integrate emerging communication technologies with business processes and management practices via the internet, resulting in overall transformation of the relationships that retailers have with their customers, suppliers and other business partners (Bordonaba-Juste et al., 2012). In discussing the impact of technology on retail business and its customers, extant literature demonstrates that â€Å"web technologies help firms to understand customer needs, to customize products, to adopt product-market solutions, and to take customers’ orders† (Bordonaba-Juste et al., 2012 p. 533).Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Retail businesses, in particular, are impacted by newer disruptive innovations such as e-business as they have to reorganize and restruct ure themselves continuously, with the view to integrating the technological solutions into their existing work processes to achieve profitability and competitiveness. Additionally, mobile payment programs have positively impacted the retail sector in terms of faster checkout times and the capacity by customers to receive e-mail receipts that are more convenient since they can be stored on a smart phone and accessed more easily than paper-based receipts (Delgado, 2010). Moving on, it is a well known fact that critical technologies in the retail sector have the capacity to tie a customer to a transaction, and consequently to a broad range of products, not only leading to the opening up of a new frontier for one-on-one marketing (Delgado, 2010), but also substantially changing the way business is conducted through availing important data both within the organization and to suppliers, channel partners and customers (Bordonaba-Juste et al., 2012). Such capabilities have been known to sig nificantly reduce customers’ search-related costs, facilitate the speed of reaction to important market information, provide a better shopping experience, decrease stock-out rate, improve inventory and replenishment rates, assist retailers to predict what is likely to occur and decide what to do next, and enhance access to new products in new channels, hence positively affecting the retailer’s bottom-line in terms of profits and competitive advantage (Fiorito et al., 2010; Ko Kincade, 1997; Puleri, 2011). However, a major negative impact of technology on retailers concerns the fact that â€Å"competitors are more numerous because the marketplace has no barriers and new entrants have access to a global market† (Bordonaba-Juste et al., 2012 p. 534). Another negative impact concerns the fact that some web-based technologies such as e-business avail critical market information not only to customers but also to competitors, implying that retailers must employ strate gies to ensure such information becomes a core competency rather than a disadvantage to the company (Barlow et al., 2004). In discussing the last section of the paper, which concerns the critical technologies found in the retail industry, it can be argued that quick response technologies such as electronic data interchange (EDI), bar-coding, and point-of-sale (POS) data capture act to improve inventory and replenishment rates, optimize the flow of information and merchandise between channel partners to optimize customer value and satisfaction, and improve turn of goods (Ko Kincade, 1997).Advertising We will write a custom assessment sample on Role of Technology in Retail Sector specifically for you for only $16.05 $11/page Learn More It is important to note the POS software solutions presently utilized in the retailing sector comprise â€Å" Retail Pro, Microsoft Retail Management System (RMS), and Keystroke POS, while examples of leading POS hardware sys tems are HP’s rp5800 Point of Sale solution, IBM’s SurePOS 500 system, and NCR’s RealPOS 25 system† (Delgado, 2010 p. 11). Other technologies currently used in the retail sector include smart phones, iPods, iPads, tablets, Quick Response (QR) codes, and Radio Frequency Identification (RFID). Individually and collectively, these technologies are known to enhance mobility, efficiency and customer satisfaction, while also providing valuable product information and facilitating the capacity for the retailer to know how much inventory of any particular product they have, right down to size, quantity and color (Barlow et al., 2004; Delgado, 2010). Overall, it can be concluded that the adoption of emerging technologies is the right way to go for retailers in their attempt to revolutionalize the sector in not only achieving profitability and competitive advantage for the businesses, but also in enhancing customers’ value, satisfaction and ability to researc h any product offering and making purchases wherever and whenever they wish. References Barlow, A.K.J., Siddiqui, N.Q., Mannion, M. (2004). Developments in information and communication technologies for retail marketing channels. International Journal of Retail Distribution Management, 32(3), 157-163. Bordonaba-Juste, V., Lucia-Palacios, L., Polo-Redondo, Y. (2012). Antecedents and consequences of e-business adoption for European retailers. Internet Research, 22(5), 532-550. Delgado, F.J. (2012). New retail technologies. Sporting Goods Business, 45(9), 10-13. Fiorito, S.S., Gable, M., Conseur, A. (2010). Technology: Advancing retail buyer performance in the 21st century. International Journal of Retail Distribution Management, 38(11/12), 879-893.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Ko, E., Kincade, D.H. (1997). The impact of quick response technologies on retail store attributes. International Journal of Retail Distribution Management, 25(2), 90-98. Puleri, J. (2011). The future of technology in retail. Chain Store Age, 87(7), 22-22.

HMS Queen Mary at the Battle of Jutland

HMS Queen Mary at the Battle of Jutland HMS Queen Mary was a British battlecruiser that entered service in 1913. The last battlecruiser completed for the Royal Navy prior to World War I, it saw action during the early engagements of the conflict. Sailing with the 1st Battlecruiser Squadron, Queen Mary was lost at the Battle of Jutland in May 1916. HMS Queen Mary Nation:  Great BritainType:  BattlecruiserShipyard:  Palmers Shipbuilding and Iron CompanyLaid Down:  March 6, 1911Launched:  March 20, 1912Commissioned:  September 4, 1913Fate:  Sunk at the Battle of Jutland, May 31, 1916 Specifications Displacement:  27,200 tonsLength:  703 ft., 6 in.Beam:  89 ft., 0.5 in.Draft:  32 ft., 4 in.Propulsion:  Parsons direct-drive steam turbines, 42 Yarrow boilers, 4 x propellersSpeed:  28 knotsRange:  6,460 miles at 10 knotsComplement:  1,275 men Armament 4 Ãâ€" 2 – BL 13.5-inch Mk V guns16 Ãâ€" 1 – BL 4-inch Mk VII guns2 Ãâ€" 1 – 21-inch Mk II submerged torpedo tubes Background On October 21, 1904, Admiral John Jackie Fisher became First Sea Lord at the behest of King Edward VII. Tasked with reducing expenditures and modernizing the Royal Navy, he also began advocating for all big gun battleships. Moving forward with this initiative, Fisher had the revolutionary HMS Dreadnought built two years later. Featuring ten 12-in. guns, Dreadnought instantly made all existing battleships obsolete. Fisher next desired to support this class of battleship with a new type of cruiser that sacrificed armor for speed. Dubbed battlecruisers, the first of this new class, HMS Invincible, was laid down in April 1906. It was Fishers vision that battlecruisers would conduct reconnaissance, support the battle fleet, protect commerce, and pursue a defeated enemy. Over the next eight years, several battlecruisers were constructed by both the Royal Navy and the German Kaiserliche Marine. Design Ordered as part of the 1910–11 Naval Program along with four King George V-class battleships, HMS Queen Mary was to be the sole ship of its class. A follow-on to the earlier Lion-class, the new ship featured an altered interior arrangement, a redistribution of its secondary armament, and a longer hull than its predecessors. Armed with eight 13.5 in. guns in four twin turrets, the battlecruiser also carried sixteen 4 in. guns mounted in casemates. The ships armament received direction from an experimental fire-control system designed by Arthur Pollen. Queen Marys armor scheme varied little from the Lions and was thickest amidships. At the waterline, between B and X turrets, the ship was protected by 9 Krupp cemented armor.   This thinned moving towards the bow and stern. An upper belt of reached a thickness of 6 over the same length. Armor for the turrets consisted of 9 on the front and sides and varied from 2.5 to 3.25 on the roofs. The battlecruisers conning tower was protected by 10 on the sides and 3 on the roof. Additionally, Queen Marys armored citadel was closed off by 4 transverse bulkheads. Power for the new design came from two paired sets of Parsons direct-drive turbines which turned four propellers. While the outboard propellers were turned by high-pressure turbines, the inner propellers were turned by low-pressure turbines. In a change from other British ships since Dreadnought, which had positioned the officers quarters near their action stations amidships, Queen Mary saw them returned to their traditional location in the stern. As a result, it was it the first British battlecruiser to possess a sternwalk. Construction Laid down on March 6, 1911 at Palmer Shipbuilding and Iron Company in Jarrow, the new battlecruiser was named for King George Vs wife, Mary of Teck. Work progressed over the next year and Queen Mary slid down the ways on March 20, 1912, with Lady Alexandrina Vane-Tempest serving as the Queens representative. Initial work on the battlecruiser ended in May 1913 and sea trials were conducted through June. Though Queen Mary utilized more powerful turbines than earlier battlecruisers, it only barely exceeded its design speed of 28 knots. Returning to the yard for final alterations, Queen Mary came under the command of Captain Reginald Hall. With the completion of the ship, it entered commission on September 4, 1913. World War I Assigned to Vice Admiral David Beattys 1st Battlecruiser Squadron, Queen Mary commenced operations in the North Sea. The following spring saw the battlecruiser make a port call at Brest before a voyage to Russia in June. In August, with Britains entry into World War I, Queen Mary and its consorts prepared for combat. On August 28, 1914, the 1st Battlecruiser Squadron sortied in support of a raid on the German coast by British light cruisers and destroyers. In the early fighting during the Battle of Heligoland Bight, British forces had difficulty disengaging and the light cruiser HMS Arethusa was crippled. Under fire from the light cruisers SMS Strassburg and SMS Cà ¶ln, it called for aid from Beatty. Steaming to the rescue, his battlecruisers, including Queen Mary, sank Cà ¶ln and the light cruiser SMS Ariadne before covering the British withdrawal. Refit That December, Queen Mary took part in Beattys attempt to ambush German naval forces as they conducted a raid on Scarborough, Hartlepool, and Whitby. In a confused series of events, Beatty failed to bring the Germans to battle and they successfully escaped back the Jade Estuary. Withdrawn in December 1915, Queen Mary received a new fire control system before entering the yard for a refit the following month. As a result, it was not with Beatty for the Battle of Dogger Bank on January 24. Returning to duty in February, Queen Mary continued to operate with the 1st Battlecruiser Squadron through 1915 and into 1916. In May, British naval intelligence learned that the German High Seas Fleet had left port. Loss at Jutland Steaming in advance of Admiral Sir John Jellicoes Grand Fleet, Beattys battlecruisers, supported by the battleships of the 5th Battle Squadron, collided with Vice Admiral Franz Hippers battlecruisers in the opening phases of the Battle of Jutland. Engaging at 3:48 PM on May 31, the German fire proved accurate from the outset. At 3:50 PM, Queen Mary opened fire on SMS Seydlitz with its forward turrets. As Beatty closed the range, Queen Mary scored two hits on its opponent and disabled one of Seydlitzs aft turrets. Around 4:15, HMS Lion came under intense fire from Hippers ships. The smoke from this obscured HMS Princess Royal forcing SMS Derfflinger to shift its fire to Queen Mary. As this new enemy engaged, the British ship continued to trade hits with Seydlitz. At 4:26 PM, a shell from Derfflinger struck Queen Mary detonating one or both of its forward magazines. The resulting explosion broke the battlecruiser in half near its foremast. A second shell from Derfflinger may have hit further aft. As the after part of the ship began to roll, it was rocked by a ​large explosion before sinking. Of Queen Marys crew, 1,266 were lost while only twenty were rescued. Though Jutland resulted in a strategic victory for the British, it saw two battlecruisers, HMS Indefatigable and Queen Mary, lost with nearly all hands. An investigation into the losses led to changes in ammunition handling aboard British ships as the report showed that cordite handling practices may have contributed to the loss of the two battlecruisers.