External factors include technology, suppliers and etc.
TECHNOLOGY - Changing technology is a major force affecting business and society in general. Forexamplethe rapid growth of telecommunications, coupled with increased computing power and
continuous miniaturization of electronic components, has created entire new industries and technologies,
including the proliferation of smartphones and the app ecosystem.
SUPPLIERS - With the growth of electronic data interchange (EDI), relationships with suppliers are
critically important.For example, an automobile company might require that suppliers code their parts in a
certain manner to match the auto company’s inventory control system. EDI also enables just-in-time (JIT)
inventory systems that rely on computer-to-computer data exchange to minimize unnecessary inventory.
The purpose of a JIT system is to provide the right products at the right place at the right time.
This Article Is Powered by : Proficiency
Tags:
Technology
.jpg)