Put It On My Cell

http://www.vancouversun.com/business/Wireless+carriers+smart+phones+replacing+wallets/4063612/story.html

Summary:

The article that I read was about how T-Mobile, Verizon Wireless and AT&T Inc. have recently came together to promote near-field communication (NFC) which enables the exchange of data between devices. These companies joined forces to turn smart phones into an electronic wallet which contains all your credit card information. It is also said your smart phone will be able to scan computer chips for discounts and product info, and ultimately integrate driver’s licenses and other forms of ID, making it “secure”. DoCoMo’s original idea of the mobile wallet created five years ago will end the need to scavenge through your wallet for your credit card or cash in North America. With the mobile wallet, you can simply swipe your phone over the NFC-enabled register which apply discounts your item(s) and debits your bank account. The cell phone will wriggle its way even further into consumer lifestyles worldwide after scouring the electronic wallet upon North America.

Connections:

I think this article connects with Chapter 14 since a credit card is a type of payment that is used widely throughout the world. In this case, our traditional credit card has been replaced with a cell phone which embodies all of its information and functions. With the mobile wallet, one still has interest calculated, a minimum daily credit, a passbook and other various features depending on what your bank provides. Also, receipts can be viewed on the phone in the form of texts, allowing you to keep track of your balance. One is also able to facilitate “electronic transfer of funds” over the phone between people or businesses as well. Unlike usual credit card transactions however, no signature will be required for purchases under a certain amount while purchases exceeding this amount which may vary will require the user to simply enter a password.

Reflections:

Almost everyone has their phone with them 24/7 and with the mobile wallet; they might not think, whip it out and spend. If you lose your phone, you have also lost your credit card therefore leaving you susceptible to fraud. Around the world, there are several types of communication technologies which include NFC and RFID (Radio-frequency identification) which is used in Japan. Companies will without a doubt need to upgrade their technology but with such a variety, what type of reader will they choose or will they not change at all? Merchants who do not offer this technology may find themselves losing customers to competitors who adopt this new credit card payment. Moreover, should the seller’s processing machine be lost, stolen, or hacked, it is probable that someone could make fraudulent charges against your customer’s which could cause repercussions.

Chapter 11: Keeping Track of It All

http://www.recyclingtoday.com/keeping-track-recycling-today-october-2010.aspx

Summary

This article is about the recycling industry’s new software which is said to be capable of tracking inventory during the entire procedure: scale house to order fulfillment. In turn, the software will not only be able to track how much given material is on hand, but also the cost as well. Furthermore, bar codes are used for finished goods inventory, and when the items are shipped, they are taken out of inventory. Moreover, by presenting an immediate view of inventories, recyclers will be able to easily analyze the well-being of their business, and expenses that may have an effect on “valuation, gross profit and commissions.” However, as the model is not human and cannot make human judgments. If certain information is not specified, the inventory will not be correct. Nonetheless, software providers are certain that the software which offers various functions will benefit recyclers.

Connections

To begin, in Chapter 11, we are introduced with the new concept of the ‘periodic inventory method’, where at the end of each fiscal period, the cost of inventory is determined. However, business owners (more from larger companies) have strayed from the ‘periodic inventory method’ to the ‘perpetual inventory method,’ where inventory is kept up to date on a daily basis. As technology has advanced greatly from the start of the perpetual inventory method, a majority of business owners are now able to keep their inventory records in computer systems which allow them to see updated inventories at their disposal. With this in mind, this also ties in closely with ‘COGS’, which is calculated simply with the help of the software.

Reflections:

If this software were to be manufactured and customized to any other businesses’ needs, not only would it be convenient for the owner, but also for potential investors and customers. With an updated and immediate view of inventories, the owner can easily, and without delay view the condition of their business. Moreover, an owner would know how to better handle their cash and in addition, when to reorder inventory. This benefits investors since they will be able to see updated work sheets, allowing them to make the correct choice when investing. For customers, they will be able to contact and know if the business has what they are looking for in stock, and how long they might have to wait for what they need. As you can see, this automated system would benefit the business, investors, and also customers.