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1. Develop a strategic, responsive plan, which promotes innovation as a key


business process across the entire business. Learn about creating an innovative
business culture and developing a strategy for innovation.
2. Train and empower your employees to think innovatively from the top down.

Remember, Innovation is the key to competitive advantage for your business.

1. SUPPLY CHAIN INFORMATION TECHNOLOGY

The exponential growth of Information


Technology (IT) with communication
technology in Supply Chain Management
(SCM) is playing critical role in optimising
decisions of the supply chain network flow
for achieving organisational
competitiveness, improving higher service
level, lowering inventory, supply chain costs
and reducing electronic risks (e-risks). To
achieve integration and effective
information sharing across and beyond the
organisations, IT in SCM is also required. The organisations are moving towards the
virtual supply chain with help of rapid changes in technology and IT applications viz;
Electronic Data Exchange (EDI), Radio Frequency Identification (RFID), Bar Code,
Electronic Commerce, Decision Support system, Enterprises Resource Planning (ERP)
package, etc. It is also easily applicable in curbing the e-risks. Understanding the role
and application of IT in managing and curbing e-risks of Supply Chain is the basic
theme of this paper.

When we talk about information access for the supply chain, retailers have an essential
designation. They emerge to the position of prominence with the help of technologies.
The advancement of inter organizational information system for the supply chain has
Three Distinct Benefits. They are;

Cost Reduction – The advancement of technology has futher led to ready availability of
all the products with different offers and discounts.

Productivity – The growth of information technology has improved productivity


because of inventions of new tools and software. That makes productivity much easier
and less time consuming.

Improvement and product/market strategies – Recent years have seen a huge


growth in not only the technologies but the market itself. New strategies are made to
allure customers and new ideas are being experimented for improving the product.