Verified Document

Nostalgic Record Store Information System Plan Recommendation Essay

Nostalgic Record Store Information System Plan Recommendation Recommended Systems Benefits and Drawbacks

Comparing Costs and Benefits of Systems

Creating a new music store that specializes in selling nostalgic music will have a myriad of potential albums, artists, songs, titles and formats to contend with. In addition to accurately pricing these many products to ensure a profit is made, having a very accurate measure of inventory positions will also be critical. As many fans of nostalgic music are in the older age groups and rely on the Internet do to their shopping. All of these systems will need to support e-commerce in addition to in-store retailing and selling as well. The five systems the store will need include the following:

Accounting and Financial Management System

E-Commerce and Online Catalog Management System

Merchandise Inventory Management and Pricing

Sales Force Automation System

Transaction and Point-Of-Sale Applications

In short this system acts as the central coordination point for all activity in the store from a financial standpoint, coordinating accounts payable, accounts receivable and payment schedules for suppliers and all expenses. The Microsoft AX Platform is well-known as a scalable platform for stores looking to automate their accounting and financial management systems (Lamont, 2008). The downsides or drawbacks of this system are its cost, the large amount of time it takes to keep the records current, and also the time it takes to learn each…

Sources used in this document:
Starting with the accounting and financial management system which will be the center of the IT architecture for the music store, the advantages of this type of system are its ability to quickly generate financial reports, track inventory positions, and report on incoming supplier deliveries. In short this system acts as the central coordination point for all activity in the store from a financial standpoint, coordinating accounts payable, accounts receivable and payment schedules for suppliers and all expenses. The Microsoft AX Platform is well-known as a scalable platform for stores looking to automate their accounting and financial management systems (Lamont, 2008). The downsides or drawbacks of this system are its cost, the large amount of time it takes to keep the records current, and also the time it takes to learn each new edition of software.

The second system that is required is for tracking the customer activity both within the store and online. The Customer Relationship Management (CRM) systems' benefits are the ability to create highly effective and targeted selling programs, the ability to track which promotion is generating with sale, and the ability to fine-tune product and promotion strategies to customers. There is also the advantage of being able to get up and running with the Software-as-a-Service (SaaS) versions of CRM quickly as well, as Salesforce.com has been able to build nearly a billion-dollar business on (Limbasan, Rusu, 2011). The downsides of this type of system is the high cost to keep its information current, the costs involved in creating a more effective series of strategies over time that reflect customers' changing needs using analytics (Limbasan, Rusu, 2011) and the high cost of integrating these systems with e-commerce ordering systems to track purchases (Sarapovas, Cvilikas, 2008). They are invaluable however in understanding how and why customers buy products and their analytics can help define future strategies for selling with a very high level of precision when analytics are used.

An e-commerce system is also going to be invaluable for the retail store as well, as the unique product mix of music will be popular with fans globally. Having a website will drive retail traffic to the store and also serve as a secondary selling channel as well. The advantages of e-commerce and online catalog management systems are their ability to quickly report product introductions, manage pricing and specific aspects of a given music's unique characteristics, and also complete a transaction entirely online (Sarapovas, Cvilikas, 2008). The disadvantages are that
Cite this Document:
Copy Bibliography Citation

Related Documents

Accounting Information Systems
Words: 813 Length: 3 Document Type: Article Review

Accounting Information Systems The Influence of External Factors On Routine ERP Usage The most mission-critical accounting information systems coordinate Accounts Payable (AP) and Accounts Receivable (AR), in addition to orchestrating the many activities of an enterprise across its value chain. The long-term quality of information provided by any accounting information system is predicated on how well the procedures, processes and workflows have been designed to support the value chain structure over the long-term

Accounting Information Systems Have Emerged As Very
Words: 1563 Length: 5 Document Type: Essay

Accounting Information Systems have emerged as very famous components of modern businesses mainly because they offer beneficial and timely information to management in addition to being cost-effective. Generally, these systems are helpful in book account payables, cash transactions, receivables, and every other accounting function in an orderly manner. The need for an effective accounting information system in an organization is attributed to the huge volume of data handled by accounting

Accounting Information Systems - Postgresql
Words: 2140 Length: 8 Document Type: Term Paper

Application Development and Interface Customization for Accounting & Finance The core aspects of this area of analysis are supported for embedded SQL, support for standard and embedded interfaces, support for XML and Web integration technologies. Many enterprises program their own native SQL applications for analyzing and reporting their financial results. The use of embedded SQL in financial accounting and analysis has become commonplace as mobile-based platforms have become more commonplace throughout

Accounting Information Systems Kudler Fine
Words: 1580 Length: 4 Document Type: Research Proposal

In the event of a recall or price protection program on any product, given the rudimentary nature of how Kudler's is managing their systems, they would not be able to react quickly. Instead the reaction would be manual and very slow, and costly to complete. There are the systemic or basic threats the company would face. If the company chose to use SaaS-based applications there is the high dependency

Accounting Information Systems According to
Words: 580 Length: 2 Document Type: Term Paper

The information age is likely to have a continuing impact on financial accounting. What are some changes you think will occur in the way financial information is gathered, processed, and communicated as a result of increasingly sophisticated information technology? There are massive changes on the way regarding how the information age will impact financial accounting. First, there is the exponential growth in the area of financial analysis and forecasting software, which is part of the broader enterprise

Accounting Information Systems Identify the
Words: 423 Length: 1 Document Type: Term Paper

Using a Service-Oriented Architecture (SOA), Web Services would be created to replace the manual and often conflicting systems and processes in place today. As part of this SOA platform development, business process management (BPM) workflows would be created and then later optimized to make each process in total system as efficient as possible. Hammer (2003) also states that the need for making BPM-based strategies successful is in allowing those

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now