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Transcript of MGMT 301
Devin Tracy Kaelin White
Zac Zerbst Adrianne Zbojniewicz
Thank you Professor Reese!
"Home Depot's Fix-It Lady: Chief Financial Officer, Carol Tomé, has Shot at CEO, if she can Solve the Retailer's Technology Problems"
Case in the News:
Recap of "B.L.T" List:
1. Directors need to be involved
2. Spend time with management outside boardroom
3. Seek feedback from external parties
4. Spend time with shareholders
5. Remember your role
" I can't wait until the day when I have my credit card loaded up on my smartphone, and I don't even have to carry my wallet—just walk around with my phone"
"It's tap and go. It's going to happen. It's all ages, all generations."
"There's an app for that"
-employees stocked shelves the same way for 15+ years
-used old computers and outdated technology
-inventory rolled around stores on carts
-no online ordering
-no in-store pickup option
Home Depot negatives
-focus was on inventory turnover and increasing profits from existing outlets
The Future (today)
-60 million dollar investment
-40,000 devices to replace in store computers
-look inside the company to grow
1.Why is it so important that Home Depot improves its operating systems?
2. In what ways can updating its IT help Home Depot improve its responsiveness to customers, quality and efficiency?
3. What is the most effective way in which a home improvement company such as Home Depot or Lowe's could improve your shopping experience?
-want to introduce distinctive and innovative products to support emerging consumer trends
-affect company's electronic activity in operations and have the ability to increase efficiency
-need to be constantly updated (if not, fall behind competition)
-needed for future growth and improvement
-measure quality and efficiency in/outside company
-CFO realizes use of technology in today's society
-business' are becoming "more modern" and tech savvy
-Need to not only "keep up with the Jones'" but be innovative and surpass them to compete in market
-Attract younger audiences - future oriented
Text p. 458-459
CFO --> CEO
Home Improvement Stress:
Updating IT improves:
-responsiveness to customers
-Real time information
-high-quality information at fingertips
-accurate inventory country
-accurate and precise inventory counts
-show what items are popular