Introduction
While staying competitive in the 21st-century retail market the essentiality of a well-thought-out information system has become inevitable. A strategic information system helps retail organizations in responding to business flaws and engaging in new strategic initiatives (Mettler and Winter, 2016). While pursuing business in retailing business environment enforcement of strategic information systems ensure elevated improvement in the attainment of competitive edge. The business processes are effectively performed in terms of delivering appropriate services or products that are significantly at a lesser price range with product differentiation as well as the engaging primary focus on modernization or expectations of the market. In such a diverse scenario, the business proposition of Rainbow Illusion, which is a retail chain based in New South Wales and Victoria that proficiently sells ready-to-wear clothing for juvenile females has been measured. Through this report, the strong aspects of Rainbow Illusion’s systems for controlling sales transactions have been vividly reflected, which is followed by identification of concerning issues that can be avoided with the integration of the Company’s strengths. Furthermore, this report will acutely assess situational pressures that increase the probability of fraud cases. Finally, the rationales behind equipment of distributed computer systems instead of centralized systems have been described.
Strengths of Rainbow Illusion’s Strengths in controlling sales transactions
Strategic Information Systems are the hardware and software tools, which help retailers to achieve success while thriving in a dynamic business environment. They provide numerous functionalities, which include business planning followed by inventory control, budgets management, attainment of sales goals, point of sale transactions, and finally logistics. While discussing the strengths of Rainbow Illusion, first comes the Inventory management software (IMS), which is system software engaged to track proficiently the inventory levels, sales, orders, and deliveries (Sun et al., 2017). It can also be enforced in the manufacturing of clothing for the creation of orderly work, billing of raw materials, and other relevant production documents. Rainbow Illusion is at present using inventory management software for acutely avoiding product outages as well as overstock. This exact tool organizes inventory information, which was previously stored in the form of hard copies or in spreadsheets (Pearlson et al., 2016). One of the most significant aspects of installing IMS favoring Rainbow Illusion is Asset Tracking that is whenever a product is in the warehouse or store can easily be tracked through its barcode or other related tracking criteria, such as lot number, revision number, or serial number.
The next strengthening aspect that Rainbow Illusion is enjoying at this moment is their inclusion of Customer relationship management (CRM) software, which effectively looks into the data in relevance to the present as well as future customers (Appelbaum et al., 2017). This is helping the Company in the appropriate understanding of their customer in a better way with the intense hope of retaining as well as building sturdy customer relationships.
While talking about other strengths of Rainbow Illusion, an accounting information system (AIS) is something that helps in the collection, storage, and finally processing of financial as well as accounting data. This information holds much significance as these are effectively used by Company’s decision-makers. In general, an accounting information system is a computer-based technology that efficiently tracks business activities in relevance to accounting in juxtaposition with resources of information technology (Rajnoha et al., 2016).
Within the retail business proceedings of Rainbow Illusion, data execution can be strategically accomplished by ensuring the effectiveness of its user end that can be processed further for the creation of multipurpose data such as business reports, which are enforced extensively by different retail managers. Such kind of intentional business software inclusion is defined as operation support systems, which is considered as add-on potency to Rainbow Illusion. The most concerning intention of such information system implementation by the Company is to keep a test out on its every operation in terms of its chain supply, transactional events, management, and control (Sedera et al., 2016). These are also assistive to the Company with the facilitation of external as well as internal talking and in due course of action convey up to date the most important distributed database of this retail Company. At all the outlets of Rainbow Illusion, the operational support system has been further categorized into three key sub-systems for easing the business operations and increasing retail efficiency, which is Enterprise Collaboration System (ECS), Process Control System (PCS), and finally Transaction Processing System (TPS).
Issues that Rainbow Illusion can circumvent by implementing its strengths
In recent times, Rainbow Illusion has installed inventory management software, which is efficiently utilizing radio-frequency identification (RFID), barcode, and wireless tracking technology in its wide range of outlets. The incorporation of RFID has been beneficial for Rainbow Illusion in retailing apparel with an outcome of improved accuracy from a mere 60 to above 90%. This is because the employees have been opportune in monitoring the stock in the outlets more efficiently and quite often (Aydin et al., 2018). This has eased the working process of employees in-store as they are now capable of verifying the inventory levels while customers are standing right there up front. The consequential financial reports generated from the Information Systems are used internally by Rainbow Illusion’s management or even externally by other interested venture parties of the Company that includes creditors, tax authorities, and investors from being confronted with a breach in profitability. Accounting information systems have been designed for supporting all accounting activities and functionalities for the avoidance of losing sales information through rigorous auditing followed by financial accounting and reporting, managerial or management accounting, and finally taxation (Nevo et al., 2016). The most extensively adopted accounting information systems by Rainbow Illusion are in terms of financial and auditing reporting modules.
CRM helps in the circumvention of various issues within the retail business processes of Rainbow Illusion. The CRM system accurately captures various types of details that help store managers and in turn the retail Companies like Rainbow Illusion with the help of understanding the customers closely. The contact details regarding the customer followed by their personal profile and purchasing history get stored within the Company database and thereby bypasses online censorship (Mou et al., 2016). According to purchasing history, the brand can offer their prospective customers similar types of products through extending their operations in customer communication. Furthermore, through this system, the Company representatives speak to customers and acquire relevant feedbacks through filling survey forms. This software helps in understanding customer preferences accurately in a much better and confide way.
The deliberate inclusion of information systems has been promisingly beneficial to the Company to lock prospective customers as well as suppliers. The Company has also been successful with such indispensable approaches for enjoying the beneficial aspects of acquiring a competitive edge through the development of their consumers’ base and restricting deviation of financially and professionally healthy clothing suppliers (Luca, 2017). At its every store, Rainbow Illusion has introduced information systems strategically, which has convincingly provided enormous benefits to high-profiled customers and suppliers for addressing the issues of new entrants in the marketplaces. In due process, it becomes quite harder for the cashier or the salespersons at the Rainbow Illusion stores to switch over easily to some other competitor in the market so that they carry on with provisioning of their best possible services. To minimize the threat of new entrants and market competition, Rainbow Illusion considers its database as a functional resource for rectifying its business propositions accordingly.
Furthermore, minimizing the issues of high pricing strategy, it helps in callous of the product prices. This eventually assists Rainbow Illusion to lower their price estimations and by this means allow store managers as well as salespersons in every outlet to deliver products as well as services at a considerably slighter price rather while compared to its competitors in the market. Therefore, these strategic incorporations have been valuable to provide promising growth essence as well as spreading out of the firm in new marketplaces. Moreover, it influences technology to be coupled with the Company’s value chain. By advancing in this way, the Rainbow Illusion can proficiently segregate their exacting retail activities within their business progressions, where strategic inclusions accompanied by intensified aggression in the formulation of marketing planning can be competently infused, whereby the strategic information systems has been expected to be more efficient.
Situational pressures that increase likelihood of fraud
The opportunity of committing a fraudulent activity is the in-store circumstances, which knowingly or unknowingly allow fraud cases to take place and is the only concerning stipulation over which the Rainbow Illusion has to have their absolute control (Schuchter and Levi, 2016). For instance, an employee who has been assigned to work in a position that provides him or her capability of adding vendors, as well as writing checks, realized that he or she has the keen opportunity of writing few checks to some ghost vendor. Opportunities for the occurrence of fraudulent cases are most commonly present within organizations, which are having poor controls in internal accessories as it is invariably made easier for either the employee or even customers to commence any fraud case due to the provision of a low-risk environment to be caught (anderscpa.com, 2019). However, Rainbow Illusion having ample internal controls are considered as still susceptible to fraudulent cases in case controls over the security systems are anyhow overridden by the management. In case, the internal control system has been designed in such a way that the possibility of being caught has been excessively high, the employees will probably not take advantage of some perceived opportunity for their personal gain. Without chance, fraud normally cannot transpire.
Rationalization of committing fraud cases are the thorniest circumstances to detect as it occurs on only the minds of perpetrators. Rationalization has to be done with the justification of the fraud. As numerous fraudsters inspect themselves as very honest or ordinary people and not behaving like criminals, they are necessary to come up with some sort of reasoning during the making of the act of committing any fraud case more suitable to them (anderscpa.com, 2019). Some fraudulent persons proficiently rationalize their normal behaviors by reframing the characterization of doing wrong for the exclusion of their activities. The most common types of fraudulent activities that occur within the retail stores have been jarred down below:
Theft by Vendor
Tampering Cash Register
Wardrobe Fraud, which occurs while returning products after usage as well as renting
Falsification in Price Adjustments
Fraud activities by co-workers
Fraud while Refunding
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Unit 1 Business and The Business Environment
Unit 1 Business and The Business Environment
Unit 1 Business and The Business Environment ,This assignment explores the case of H&M. Hennes and Mauritzis the largest fashion retailer in Europe at the present. Like ZARA, fashionable designs, high quality, affordable prices and its distribution system are keys to its success and rapid expansion worldwide. However, fast fashions, the most important factor of ZARA’s success, is not the one to make H&M more thriving in the market
