Case study summary

Mark$$Peterson$$started$$a$$business$$leveraging$3$D$$printing$$technology$$to$$create$$assistive$$and$$accessibility$$devices$$after$$discovering$$a$$gap$$in$$the$$market$.$Initially$,$he$$used$$the$$technology$$to$$make$$an$$umbrella$$holder$$for$$wheelchairs$$and$,$ following$$positive$$feedback$,$expanded$$his$$operations$.$His$$enterprise$$grew$$from$$a$$hobby$$to$$a$$full$-$time$$job$,$manufacturing$$various$3$D$-$printed$$accessibility$$devices$$based$$on$$designs$$downloaded$$from$$the$$internet$.$The$$business$$quickly$$gained$$traction$,$necessitating$$a$$shift$$from$$a$$home$-$based$$setup$$to$$a$$more$$formal$$business$$environment$$in$$an$$industrial$$park$.$

Question $-->$ Explain what "Transaction Processing System" is and how it could help Mark in managing his business. What do you think about the following response to the question above?

Response $-->"$A$$Transaction Processing System is a system designed to handle the daily operations of a business by recording, storing, and organizing essential data, such as sales and payments. It ensures that transactions are processed accurately and efficiently, which is vital for smooth business operations. In Mark Peterson$$s growing $3$D printing business, a TPS would help automate order processing, ensuring customer orders are handled quickly and correctly, while also managing the materials required for $3$D printing $($Laudon & Laudon, $2018).$

As the business expands, keeping track of payments and invoices manually becomes more difficult. A TPS can automate these tasks, generating invoices and tracking payments accurately. This would save time and reduce errors, allowing Mark to focus more on business growth. In addition, a TPS would help manage employee tasks like payroll and scheduling, ensuring that employees are paid accurately and on time $($Stair & Reynolds, $2020).$

A TPS would also streamline Mark$$s supply chain by automatically reordering materials when inventory is low, ensuring there are no delays in production. This automation improves efficiency by reducing the risk of running out of supplies. Moreover, the system would allow Mark and his employees to access important data, like orders and inventory, from anywhere in the facility using mobile devices, making the business more flexible and responsive to real$-$time demands $($Laudon & Laudon, $2018).$

Finally, as Mark$$s business grows, a TPS would help him maintain accurate financial records by generating reports on sales, expenses, and profits. This would provide Mark with valuable insights into the financial health of his business, helping him make informed decisions for future growth and investments. The system would not only support Mark$$s current needs but also provide the scalability necessary for his expanding operations $($Stair & Reynolds, $2020)."$