Impact of IT on Business

 HC1041

Impact of IT on Business

Individual Assignment


Sourabh

5/10/2018

 
Executive Summary
The business report is based on IT for business. The objectives of the report are to understand the point-of-sales and its advantages & disadvantages, to know about the telecommunications used in POS and to identify the risks associating POS. Point of sales is basically a combination of hardware and software system. POS system is highly used in restaurants, hospitality, healthcare, jewellery shops, retail stores, wholesale stores, and entertainment sectors. It manages cash transaction and post-transaction in retail stores. The invention of POS had done in the year 2000. In earlier times POS included the hardware and software related to the sales transaction, credit card processing, receipt printing and more. Then it introduced new upgraded POS system with upgraded internal operations. POS system introduces mobile POS. The report will discuss about the advantages and disadvantages of POS. It helps in operating overall work efficiently. There are many advantages of using POS in the business. Point of Sales manages cash transaction and post-transaction in retail stores. It can run overall business operating smoothly and track sales, labour, and inventory related data automatically. It helps in increasing revenue, profit and customer satisfaction by decreasing order mistakes, wait time, employee turnover and employee stress level. It increases efficiency. Overall inventory data are managed through the POS system. There are some disadvantages of POS which will be discussed in the report. It has some disadvantages like connectivity errors, costly software for the update, high subscription fees and risks related to security, privacy, and confidentiality. POS uses the WAN network. A recommendation will be provided in this report. 








Table of Contents
Executive Summary	2
1.	Introduction	4
2.	The Objectives of the Study	4
3.	POS and Its Advantages & Disadvantages	4
3.1.	Advantages of POS	5
3.2.	Disadvantages of POS	5
4.	POS in Decision Making	6
5.	Telecommunication in POS	6
5.1.	LAN	6
5.2.	WAN	6
6.	Risks of POS	7
7.	Recommendations	7
8.	Conclusion	7
References	9




 
1.	Introduction
The business report is based on IT for business. Whatever the industry size is, small to big size industries use information technology. Every business industries understand the positive effects of this technology. This report will discuss Point of Sales (POS). Point Of Sale system is mainly a combination of hardware and software. It is made to centralize the business operation of any organization. It manages cash transaction and post-transaction in retail stores. The paper will discuss the objectives of the study. POS has both advantages and disadvantages. POS helps in the decision-making process. The transactional information of retail stores can be tracked easily and these business activities are more effective. POS helps to manage information in a better way. POS includes telecommunication (Christopher, 2016). It uses several types of networks like LAN, WAN, and MAN. Media and technologies are also used in the POS system. There are risks in POS like security, privacy, and confidentiality. These risks will be discussed in the report. 
2.	The Objectives of the Study
Every business report has some objectives which can summarize the key points of the report. The objectives of the paper are discussed below.
•	To understand the point-of-sales and its advantages & disadvantages
•	To know about the telecommunications used in POS
•	To identify the risks associating POS
3.	POS andIts Advantages & Disadvantages
As it is discussed above that POS is used to do overall operational work efficiently. It is made to centralize the business operation of any organization (Toksoz & Price, 2017). POS mainly deals with cash transaction and post-transaction in retail stores. It is also used in coffee shops, jewellery stores, movie halls etc. POS came into the market in the year 2000. Point of sales in earlier times included the hardware and software related to the sales transaction, credit card processing, receipt printing and more. New upgraded POS system can update internal operations and makes the overall work efficiently. POS system introduces mobile POS (Taylor, 2016). It helps to take orders from customers through wireless handheld tablets. POS hardware includes the computer, Apple iPads, kitchen display system, receipt printers, cash drawers, pole displays, scanner, scales, and Android tablets. POS software includes transactions and data collection of customer, sales, inventory, manpower, and taxes.
3.1.	Advantages of POS
There are many advantages to POS. Point of Sales manages cash transaction and post-transaction in retail stores. It can run overall business operating smoothly and track sales, labour, and inventory related data automatically. It helps in increasing revenue, profit and customer s