Technology Competitive Advantage Essay Example | Topics and Well Written Essays - 500 words

Technology Competitive Advantage - Essay ExampleOne example of roily technology is the next revolution in machine-to-machine (M2M) communication. It is essentially a technology that helps to establish communication between different sectors of a business without the involvement of extra personnel. One example of an M2M component can be RFID (radio frequency identification). Today, the use of radio frequency identification (RFID) can bring revolution in the tally chain management. RFID tags are small objects that can be attached to or incorporated into an object, and contain silicon chips and antennas that enable them to receive and respond to radio-frequency queries from an RFID reader (Santosh & Smith, 2008, p.128).In order to execute an overall low-cost leadership strategy, the emphasis should be on finding innovative ways for cost reduction or substitutions in every aspect of supply and distribution chain (Orcullo, 227). The principal focus area of RFID is to provide possibilit ies to improve the supply chain management, and this can be advantageous for retailers. In combination with mobile computing and online technologies, RFID can help an organization to efficiently manage and upkeep its stocks. This technology can eliminate manual churn for identification of products and their storage, thus labour cost can be reduced to increase the profit margin (Al-Odeh, 343). RFID is an electronic substitute for barcodes and is a vast benefit with superior accuracy, real-time tracking and top-speed read rate. In this ever-changing business world, convenience and time-saving techniques are priorities, and RFID is a key to these elements. RFID is currently being used in manufacturing sector, retail stores and supply chain industry. RFID technology can be beneficial to the company in relation to inventory management and supply chain management. Although the initial investment can be huge with no real possibility of returns in the short run, it can, however, prove to be profitable in the long run.