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TECHNOLOGY REPORT Essay Example

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TECHNOLOGY REPORT

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Technological innovations are also coming up to help retailers streamline payments and assure the security of credit cards. Technological innovations in the industry also target to enhance efficiency in the back office operations of the firms. The technological innovations in the retail industry to be discussed in the paper include a technology to encrypt card information at the point of sale, the use of mobile devices in retail shopping and the use of NCR software. Moreover, the use of radio frequency identification in the retail industry will be explored (Bird, 2012).There has been a move by retailers to adopt technological innovations that enable them enhance the security of their customer’s credit card and streamline their back office activities as a way of improving efficiency and customer service (Bird, 2012). Most of the retailers are adopting technologies that help encrypt the information gathered from the credit card once it is swiped at the point of sale. One of the technological products is the VeriShield Protect developed by Lenexa-based Balance Innovations LLC, allows encryption of credit card information up to the point of processing a transaction. Ball Stores adopted VeriShield Protect and this has helped to streamline processing of transactions (Chilson, 2012). This technology has the benefit of assuring customers that the security of their information is maintained and the cash processing becomes easier thereby saving on the time taken to process each transaction. By cutting on time taken in processing transactions, a retailer is able to reduce queues in its stores and therefore become more attractive to customers (Chilson, 2012).The other technology adopted by retailers to enhance the way they process transactions is by use of electronic systems to process checks. For instance, the vbEPIX electronic system developed by Lenexa-based Balance Innovations LLC allows retailers to scan cheques in the store and their delivery for payment (Chilson, 2012). Consequently, the technology helps cut down the trips made to the bank thereby reducing the expenses incurred. In addition, through the use vbEPIX system, the manual activities conducted in depositing cheques are eliminated thereby streamline the process of processing transactions (Chilson, 2012). This technology is particularly critical to retailers that handle paper checks. Electronic scanning and processing of cheques help cut down the

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Bibliography

Birchall, J. 2010, “Wal-Mart aims to cut supply chain costs”, Financial Times, January 3.

Bird, J. 2012, “Streamlining checkout” Financial Time, June 1.

Chilson, M. 2012, “Tech innovations become a point of sale for retailers” Kansas City Business Journal, March

Kourouthanassis, P. and Giaglis, G., Doukidis, G. and Pergioudakis, V., 2002, “Improving the Retail Grocery Supply Chain through Mobile Shopping of Electronically Referenced Products”, 15th Bled Electronic Commerce Conference eReality: Constructing the eEconomy: Pp: 263-280.

SCB Partners, 2011, “Retail markets today and tomorrow: In Ireland and the UK”, Bord Bia: 1-42.

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preview essay on TECHNOLOGY REPORT
  • Pages: 6 (1500 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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