Sam Walton founded the Wal-Mart Company, one of the biggest retailers in the world, in 1962. Walton started it to offer things at lower costs so that people may save money and utilize it to better their lives. As a result, the business began as a little bargain shop. Wal-Mart was dedicated to meeting the demands of its clients by providing them with friendly service and affordable products. The business has remained true to its original promise to look out for its clients. In 1972, the company's shares debuted on the New York Stock Exchange (McKeefery 3). Currently, Walmart employs 2.1 million people throughout its more than 9600 retail locations, dispersed throughout several nations.
TECHNOLOGY USED IN WALMART(RFID)
Typically used to identify and track tags attached to items, radio-frequency identification (RFID) employs wireless electromagnetic fields to transfer data. The tags hold data that has been electronically saved. The tag may be implanted in the monitored item, unlike a standard barcode, which has to be in the reader's line of sight. There are several sectors that employ RFID tags. For example, RFID tags are used to track the movement of pharmaceuticals and vehicles through the supply chain. RFID tags are occasionally implanted in animals, including livestock, pets, and even people, to enable tracking and identification. RFID tags can be attached to money, clothes, valuables, or even implanted into humans, which raises severe privacy issues about the prospect of accessing personally-linked information without permission.
POS IN WALMART In addition to their own unique point-of-sale system, Walmart has also created a mobile point-of-sale system (mPOS) for their garden centres. This system has a "Check Out With Me" programme in which shop employees are given a Bluetooth printer and cellular payment device.
The new Walmart mobile POS system is designed to let garden centre staff assist clients outside rather than requiring them to walk back inside the shop. The "Check Out With Me" initiative provides Walmart staff with gadgets that make it simple for them to collect payments and produce receipts.
Use of MIS in Walmart
The business has made significant technological investments and uses cutting-edge information systems. For instance, the company funded a $4 million effort in 1991 to develop an IT system known as the "retail connection system." A substantial portion of its suppliers has utilized this technique to examine retail goods sales and replenish inventory. It has set up a transaction processing system that collects, stores, modifies and retrieves data related to store transactions.
It uses Electronic Data Interchange (EDI) to avoid using intermediaries when buying necessary raw materials. Using this technique, vendors can duplicate purchase orders and other sales data related to goods that have been sold.
As a result, Walmart can use this resource for forecasting, planning, shipping requests, and stock replenishment. Finally, it uses a Decision Support System (DSS) to improve organizational control, decision-making quality, productivity, and interpersonal interactions. Walmart is one of the most prosperous merchants in the corporate sector due to the technology it has access to.
COMPETITIVE ANALYSIS OF WALMART The company's tagline, "Save people money so they may live better," is reflected in Walmart's business approach. The company's objective is to deliver competitive pricing every day, a wide selection of goods, the greatest shopping experience for customers, and to be a partner and resource in its communities.
Walmart Business Strategy and Revenue Model
Walmart makes significant investments in technology and innovation to meet these objectives. For instance, it is exploring driverless trucks for food delivery and deploying robots to assist with order fulfilment at its warehouses. In order to provide clients with new goods and services, the business is also growing its internet presence and forming alliances with other businesses.
Competitive analysis: Strength- Walmart has a sizable North American client base and offers staff benefits that are among the best in the country. The business gives loyal consumers fantastic discounts on a variety of goods. Along with the regular, repeat consumers, these promotions also draw in a lot of new ones. For the majority of its items, the firm offers the consumer fair prices. It is one of the key reasons the business was able to succeed in the cutthroat industry. The corporation handles the supply with an effective personnel. The rise of Walmart is considerably aided by this efficiency. Walmart has more than 11,000 shops in 28 countries and serves a global market. Consequently, the business increases the country's GDP.
Weakness - Even though Walmart has built locations in 28 nations, several of those nations still account for the majority of its sales. Expanding is necessary in the present competitive retail sector, hence Walmart's limited expansion is one of its limitations. Walmart must maintain large inventory, which might dilute its market position. That could have an impact on the product's quality and consumer happiness. Additionally, there are not many size alternatives available to the customers, which causes them to shop at other stores.
The retail industry is quite cutthroat. The retail market is now set up to accept new businesses with superior business strategies. It can be a weakness for the current retail businesses.
Opportunities - The firm may attempt to grow by accessing foreign markets. They will expand as a result of the expansion in various nations. In order to build brand recognition and motivate its full-time staff to put in extra effort, the business must raise full-time employee salaries. To increase their worth, the corporation can collaborate with a number of nonprofits. The business must make an effort to enhance local residents' perceptions. This action will aid the business in growing its local clientele.
Walmart needs to employ its research division to raise the calibre of its goods. Some clients are prepared to spend a lot on high-quality goods. They will attract more clients if they can deliver superb quality.
Threats- For a while, the post-COVID-19 economy will have a negative impact on growth, which poses a danger to most businesses. Along with this, the tariff charges are also impeding businesses from advancing.
Employee unions are progressively gaining the ability to speak out about pay, treatment, and working conditions. Rising disputes and issues might arise between the union and the power structure or among the partners. It could pose a risk to a business' expansion.
Walmart is threatened by fierce competition from a wide range of other online retail websites like Amazon. To overcome the difficulty of the intensely competitive market, the corporation must eliminate its vulnerabilities.
Managing security issues -
In order to provide confidentiality, integrity, and availability, Walmart's Information Security department (InfoSec) supports the CISO and works to ensure that information and information systems are protected from unauthorised access, use, disclosure, disruption, alteration, and destruction. Every year, Walmart compares its cybersecurity policies to external standards including NIST-CSF, PCI, HIPAA, and SOX. In FY2022, external auditors examined their information technology infrastructure and information security management systems as part of our most recent external evaluation. Walmart regularly tests various cybersecurity features internally, including incident response and catastrophe recovery. Their vulnerability testing programme consists of four main components: vulnerability scanning, penetration testing, testing as part of our software development life cycle, and testing. Walmart employs a variety of approaches, including simulations of assaults using tabletop exercises, incident response testing, and vulnerability analysis. They test their technical recovery and incident response processes at least twice a year.
New features added: Two augmented reality (AR) capabilities have been added by Walmart to its app: one lets users see furniture and other home goods in their homes before purchasing them, while the other lets users use it in-store to check important product details. Haptic feedback, which lets users feel vibrations as they move 3D models around their homes and stops them from dragging objects beyond of room borders, will be a part of the new feature. Additionally, the tool has accessibility features including gesture controls and voice-based tutorials and descriptions to aid ensure users with impairments. Customers and employees will be able to filter goods using the new in-store AR capability by pointing their mobile device camera at shop shelves.