Business Finance Homework Help

YouTube Video: Blockchain technology is a prevalent topic in the world of supply chain information systems.  Blockchain technology is described in the following video from YouTube:  https://www.bing.com/videos/search?q=blockchain+explained&view=detail&mid=FBCB0025CD3E568B1BE2FBCB0025CD3E568B1BE2&FORM=VIRE (Links to an external site.) 

(Please watch the video to learn about Blockchain)

Wall Street Journal, “Blockchain and Business Process Transformation,” Link: https://blogs.wsj.com/cio/2018/04/06/blockchain-and-business-process-transformation/ (Links to an external site.)

Wall Street Journal, “Supermarkets Alter Layouts, Use Decoys to Fill Gaps Left by Shortages,” Link: https://www.wsj.com/articles/supermarkets-alter-layouts-use-decoys-to-fill-gaps-left-by-shortages-11636894800 (Links to an external site.)

Please review the assigned materials before answering the questions below:

Questions:  ————————————————————–

The Wall Street article titled “Blockchain and Business Process Transformation” discusses three frictions that exist when organizations conduct business, including information, interaction, and innovation frictions. Please discuss how Kroger Company (See the article titled “Supermarkets Alter Layouts, Use Decoys to Fill Gaps Left by Shortages”) could use Blockchain technology to improve supplier relationship management (SRM) to address each type of friction.

How has the COVID-19 pandemic influenced the need to adopt Supply Chain Information Systems and Electronic Sourcing for supermarkets in 2022?

Discuss the importance of defining expectations and standardized contracts when sourcing professional services. (See the discussion of Smart Contracts at the end of the YouTube video about Blockchain).

 This is the first discussion to respond:1. Kroger company could use Blockchain technology to improve supplier relationship management (SRM) to address friction because it provides a faster and more accurate information alternative to paper records and manual inspection systems commonly used in the food supply chain. Utilizing a blockchain network, retailers and suppliers can trace problems to the source in seconds — a process that could take weeks using traditional record keeping.  Furthermore, Blockchain technology ensures secure data exchange and a tamper-proof repository for documentation, eliminating interaction friction. Lastly, Blockchain technology could offer that innovative edge that most procurement teams are looking for in operational and strategic performance. For example, procurement is most valuable when suppliers and buyers collaborate. To collaborate most innovatively, they should look to apply the most innovative technology, Blockchain technology. 2. COVID-19 pandemic influenced the need to adopt Supply Chain Information Systems and Electronic Sourcing for supermarkets in 2022 by causing disruptions in the supply chain from the shortage of goods and shipping delays, making it stressful for consumers to shop. Retailers are adopting electronic sourcing because they are trying to maintain their customer experience as best they can to remain competitive.3. The standard contracts are used when sourcing professional services are Scope of Work (SOWs) and Service Level Agreements (SLAs). They are essential for suppliers to understand the work required and the technical effort’s nature. Therefore, the quality, clarity, and comprehensiveness of the SOW and SLAs and understanding of suppliers’ desired outcome determine the satisfactory performance of the contract.4. What are some of the benefits of using blockchain technology for retailers going into 2022?

This is the second one:1. The Wall Street article titled “Blockchain and Business Process Transformation” discusses three frictions that exist when organizations conduct business, including information, interaction, and innovation frictions. Please discuss how Kroger Company (See the article titled “Supermarkets Alter Layouts, Use Decoys to Fill Gaps Left by Shortages”) could use Blockchain technology to improve supplier relationship management (SRM) to address each type of friction.Kroger company could use Blockchain technology to improve supplier relationship management to address each type of friction, including information, interaction and innovation. For the information friction, Kroger could improve Supplier relationship by protecting the network systems and information from hacking or cybercrime. Privacy protection should be a main concern to keep information transparent privately. This would help them to build credibility and trust to do business with the suppliers. For the interaction information, the firm must find a reliable intermediary that connects the two parties and make sure the transaction is not biased and help the firm deal with escalation issues that might happen in the future. For innovation friction, they should include the regulation and policies that might involve if the firm faces any issues later. 2. How has the COVID-19 pandemic influenced the need to adopt Supply Chain Information Systems and Electronic Sourcing for supermarkets in 2022?The COVID-19 pandemic has influenced the need to adopt Supply Chain Information Systems and Electronic Sourcing for supermarkets in 2022. Since the customers would stay focused on online shopping due to its convenience and ease, the firm should consider transparency and privacy for the customers. The Supply Chain Information System would allow them to keep track of the flows of goods, materials, money, etc., throughout the supply chain activities. This would help them know when and how they should stock the inventory to keep the high demand products on shelves  and for store pickup. Advanced ordering would be the best option because a firm would be able to plan in advance. They could also apply the Electronic Sourcing for supermarkets so they can control the flows of all sources, places and times they could reach to the retails. Managing any outsourcing materials and supplies would help further keep track of any shortages. 3. Discuss the importance of defining expectations and standardized contracts when sourcing professional services. (See the discussion of Smart Contracts at the end of the YouTube video about Blockchain).The importance of defining expectations and standardized contracts should be defined when sourcing professional services. These services would allow the firms to focus on their core business since they have some expertises who are knowledgeable about related fields. They would help the firm to meet their expectations and help them to succeed in a long vision. Therefore, defining expectations is important since it sets the goals and drives the business activities to achieve their goals. In addition, standardized contracts are important since it sets the agreement between the parties and no one can change or modify it later. This would keep the firms’ performance consistency and trust among services. Trust allows firms to keep a healthy relationship because it grows the relationship among the businesses. If expectations aren’t being met then consequences have to be established in order for a firm to grow. 4. Please post an insightful question about information systems and electronic sourcing.Do you think that the firm should adopt what strategy to protect them from cybercrime during the holiday season and Black Friday because online shopping is popular and convenient in the post-pandemic?