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Final Report: Report on Impact of IoT and Artificial Intelligence Technologies on Electronics: Assessment Topic: Impact of Integrating Digital Technologies€5,09
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Final Report: Report on Impact of IoT and Artificial Intelligence Technologies on Electronics: Assessment Topic: Impact of Integrating Digital Technologies
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Ethics and Governance
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Ethics And Governance
Final Report: Report on Impact of IoT and Artificial Intelligence Technologies on Electronics and Roadmap to Implementation of Internet of Things and Artificial Intelligence to Reduce Operation and Supply Chain HRM And Demand Forecasting Challenges
report on impact of iot and artificial intelligence technologies on electronics
operation and supply chain management challenges
electronics co demand forecasting chal
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Ethics and Governance
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Report on Impact of IoT and Artificial Intelligence
Technologies on Electronics
1. Introduction
Since its foundation nearly two decades ago, Electronic Co. has successfully supplied
inexpensive, high-quality goods. According to Forbes, the company manufactures a range of
electronic goods, including mobile phones and computers, for global consumers and
enterprises. According to Forbes (n.d.), the corporation employs roughly 266,673 individuals
directly or indirectly through international outsourcing partnerships to create enormous volumes
while maintaining consistent product quality throughout its entire operations cycle, from
procurement to final customer delivery. Electronic Co's value propositions include dependability
and trustworthiness due to efficient operations that guarantee product durability and cost
savings on components used during the operation and supply chain management. In addition to
on-time deliveries, the business employs effective supply chain management procedures.
Consequently, it allows the company to remain competitive in the market.
Besides, the organization facilitates the availability of various choices when making the ideal
product for a particular demand, such as cell phones (Forbes, n.d.). It also provides on-time
product delivery thanks to its efficient supply chain management systems. Despite the recent
arrival of multiple foreign corporations, these qualities have helped the organization become one
of the most sought-after service providers on the market. However, the company encountered
external disruption due to higher internet transactions caused by attempts to prevent the spread
of the COVID-19 virus (Bhatti and Akram et al., 2020). Electronics Co was one of the companies
operating during this particular disruption because it lacked measures to handle rapid changes
brought on by COVID-19 in time to meet Internet client demand. Ali (2020) contends that E-
commerce-related activities expanded dramatically during the Pandemic, substantially impacting
the company's sales figures over time. Moreover, due to the spread of COVID-19, most
organization employees worked from home, which hindered the coordination of remote human
resources (Hamouche, 2021). Therefore, it was difficult for the company's human resource
management to oversee remote operations and supply chain workers. To survive and grow in
the long run, the corporation had to find ways to revolutionize its processes, such as by
incorporating the Internet of Things and artificial intelligence.
2. Electronics Company Operation and Supply Chain Management Challenges
3. Demand Forecasting Challenges
There was a rise in profit made by Electronics Co by 24. 4% during the COVID-19 Pandemic,
indicating the surge in demand for the company's products (France 24, 2021). According to Ali
(2020), the need to order products online due to COVID- 19 has dramatically increased the
demand for goods and services, posing enormous operational and supply chain management
problems. Hasanat et al. (2020) note the rising demand for online commodities, including chips,
necessitating quick product delivery. As a result, referring to Joyce Lee and Heekyong Yang
(2022), the high demand for Electronics Co chips during COVID-19 resulted in chip shortages in
the market. Therefore, Electronics Co must be able to predict how many goods they will need at
any one time and plan for any surges in client orders. It might overwhelm their production
capacities and cause product shortages if not sufficiently designed. Therefore, Electronics Co
must find ways to ensure that orders are processed quickly and delivered to customers within a
short period. Besides, customers' expectations have risen regarding the speed with which
online deliveries get delivered (Hasanat et al., 2020). Customers today demand expedited
, Report on Impact of IoT and Artificial Intelligence
Technologies on Electronics
shipment times even if they do not pay a premium or opt into special programs like Amazon
Prime or Walmart Pickup. As such, the company must ensure that efficient processes are in
place to ensure that inventory is always available within the specified timeframes when and
where it is needed. Consequently, the company must invest more internally in just-in-time (JIT)
sourcing strategies from suppliers/vendors and more complex logistics networks and planning
systems.
Due to increased customers demanding goods online, Electronic co faced store agility
challenges. Store agility applies to online goods and retail operations demands, referring to an
organization's capacity to rapidly adjust its business procedures to respond effectively and
efficiently to changing market conditions (Escamilla, Fransoo, and Tang, 2020). It includes
quickly modifying inventory levels, pricing strategies, product offerings, and delivery services in
response to customer demand or other considerations. Store agility also requires access to
technology tools that are simple to use, like analytics software, so that choices may be made
more quickly and with more accurate data for analysis. In addition to store agility, Ecommerce
presents hosting challenges, such as ensuring sufficient server resources get allocated for
online stores. This process ensures that website security protocols are regularly updated and
manages unexpected traffic spikes caused by the rising popularity of specific products or
promotions. When selecting hosting plans/services from suppliers, balancing cost and user
experience objectives is also necessary, as integrating store websites, such as payment
gateways, requires the management of third-party apps.
2.2 Electronics Co-Operation and Supply Chain, Human Resource Management
Challenge, Affecting its Performance.
The COVID-19 outbreak has severely disrupted companies' supply chain management
processes and activities. Many people now require remote work, which presents substantial
issues for human resource management in this industry (Kalogiannidis., 2021). Communication
across teams and departments is one challenging issue. Therefore, the company must ensure
that everyone in the Electronics Co supply chain management, including suppliers, is aware of
any updates or changes in their duties when working remotely to reduce operation and supply
chain department performance (Samsung, 2021). Without face-to-face meetings and
conversations, important information might not be shared between people effectively, which
could cause delays in decision-making processes and misunderstandings about job
responsibilities among employees due to a lack of transparency regarding expectations around
performance outcomes. Additionally, remote workers require access to tools like a dependable
internet connection and computer gear to complete their tasks online without interruptions.
Therefore, it calls for better IT infrastructure capabilities from business owners and managers
who must commit more funds to continuously delivering suitable technology solutions rather
than depending only on traditional office setups.
Besides, the spread of COVID-19 changed labour habits which may substantially affect order
processing and inventory management. A significant obstacle is ensuring the accuracy of order
processing. It may be more difficult for geographically separated employees or customers who
place orders online without face-to-face contact with staff members to verify details such as
product availability or payment information before processing the order (Sharma et al., 2020).
For example, according to Electronics Co Customer's feedback, there are challenges in
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