Event management is definitely something that evolved a lot in the past few years. It is a concept that is not at all new on the market. It has been around for a long time but it is just now that businesses start to pay attention to the services that are offered. Modern business actions are highly influenced by corporate events so hiring an event management firm now makes a whole lot of sense. In many situations it is actually crucial for the overall success of the event that is planned since the company that wants to organize the meeting will not have the necessary experience and connections to guarantee success. Continue reading “The Evolution Of Event Management”
Talk to any individual who works at management level in an oil company and they’ll all tell you the same thing; the biggest problems usually arrive from a loss of circulation. They may have found the perfect drilling location, got all of the parts delivered on time, but once the process has started there is nothing to determine whether or not problems will occur in relation to circulation. Continue reading “How to Control the Dreaded Loss of Circulation”
If you love to drive, then a courier job is for you. You can set yourself up as a courier without a big investment and you don’t even have to quit your job. There are over 1,000 courier companies across the UK, with some companies having multiple offices in the big cities across the country. Couriers are self employed, but they often hold contracts with courier companies. This means that it is easy to pick and choose when you work, so you can work it around your current job. Continue reading “Setting Up a Courier Service Business”
Wellbore integrity focuses on the pressure limits found in the upper and lower wellbore as well as the optimum mud weight window. Without the proper drilling fluid, the wellbore integrity can be comprised. Drilling fluids often referred to as mud is essential and it performs various functions to ensure all works properly. The fluid aids in helping maintain the pressure in the borehole, allows the ability to stop drilling with causing damage to the tricones, and aids in drill cuttings. Drilling muds offer various functions according to the chemicals that were used in the creation of the mud. Continue reading “Ensuring wellbore integrity”
Depending on your business, your fleet vehicles might be a small but valuable asset or an absolute cornerstone of your operations. Whichever applies to your company, it’s important to make sure you’re making the most of your fleet – and getting the best value for money, too. Continue reading “Saving Money On Fleet Vehicles”
Hairdressing businesses have always been a very popular choice amongst young entrepreneurs, as a sound, and bankable investment. Being that haircuts, much like food, are an essential aspect of modern life, there will always be a market for new hairdressers and hairdressing businesses. Below is a list of some of the essentials you must know before considering a venture in this field.
Couriers are responsible for the safe delivery of clients’ goods during transit, and they are also out on the roads more frequently than other motorists making them higher risk. This means that ordinary vehicle insurance will not cover you if you were to ever encounter any problems during transit. There is always risk of damage or loss of items that you are carrying, and this is why you need an insurance type called courier insurance. This varies in terms of price and cover, which will depend on the type of motorcycle or van that you use. Continue reading “Protect your Business with a Courier Insurance Policy”
A business that runs efficiently is a successful business. When your operation is running efficiently it makes everything much simpler, faster and better for both you and your customers. This is true of all businesses in all different industries. One of the more common issues that many businesses face which stops them from running efficiently is their storage system. If your business owns a warehouse for storage then this will be the hub of your operation, and you will need it to be easily accessible and well organised. Too many organisations warehouses are poorly managed and arranged, and this makes it hard for them to succeed as it is difficult to locate and move items in and out of the warehouse. Continue reading “Improve your Efficiency with a New Storage Solution”
Maersk. That one word is the name of a company, one which affects your life a great deal considering it’s likely you’ve never heard of it. The giant Danish conglomerate (also known as A.P. Møller – Maersk Group) is involved in a wide variety of different sectors of business. The one we’re going to focus on is its shipping arm, known as Maersk Line. Since 1996, Maersk has been the largest container ship operator on the planet. The multi-billion dollar operation is slowly but surely changing how it works, and these changes could have pretty major effects on the shipping industry as a whole. Continue reading “Green Shipping: Putting the Pressure On”
Business process re-engineering is the analysis and re-designing of workflows and business processes within a firm. Business process re-engineering is also known as business process redesign, business process change management, or business transformation. Typically Business process re-engineering happens in 4 sequential steps , in a firm, as described below.
- Typically, the first step for a BPR is planning for the same. First of all the deliverable of the process under scanner needs to be clarified. Then it is important to define the scope of the project. Often it is seen that projects fail to have a well defined deliverable and scope, and this creates major management problems. Then within the project, identifying the critical mini-projects and their major drivers is crucial for success of a business process re-engineering operation. After the major drivers are identified, then the focus should be to identify the slack resources, which are less utilized and possible bottle-necks in existing processes.
- In the next step, a deeper study of the existing business processes is required. In this stage, normally the focus remains on gathering internal information about the processes, map existing capabilities with resources and more important map processes with under-utilized resources and slack variables. This often helps to determine the bottle neck in the operation of the macro process. Then a mapping needs to be done of the IT capabilities of the process with the process stages and internal capabilities (of the work force)
- In the third step, major process issues need to be identified. Often it may appear that there are multiple optimal solutions. Process gaps need to be identified and areas of major restructuring needs to be identified. Also focus should be to identify and nullify slack resources at every stage.
- Then a cost benefit analysis of all the possible optimal solutions needs to be conducted thoroughly. While analyzing optimal solutions, it is extremely crucial to investigate inter-process and intra-process linkages which may get disrupted during the implementation of the business process re-engineering plan. Finally a road-map or a blue-print for the implementation of the best business process re-engineering plan needs to be chalked out. Then a case study is developed in the last stage to set tangible targets during the business process re-engineering process implementation.
The processes for a successful BPR has been described thoroughly pictorially in the diagram below.
After a business process re-engineering project is completed, a major challenge that the management faces is that of change management. Organizations have a culture and an identity of their own. After major changes happen through the implementation of a business process re-engineering plan,major disruption of the culture and organizational harmony is likely to happen if substantial measures are not taken for managing the change. Substantial effort has to be taken by the top management to drive home the change, without coercion. Extra efforts on training the work-force and regular intervention of the top management to facilitate the process will create a major impact on the success of a business process re-engineering process. Efficient change management is the biggest factor which causes a business process re-engineering exercise to be significantly successful.
Finally, it is important not to forget the main goals for which the business process re-engineering was conducted in the first place. The project needs to be managed and metrics should be driven in place to ensure the proper management of the project post re-engineering. Also it is important to remember that performing BPR as a one-off exercise with limited strategy alignment and long-term perspective is unlikely to deliver any real benefits for the firm.
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Have you read this article : 4 Cs of Marketing – The Advanced Marketing Mix
In this article, we take you on a tour on the very basic focus of supply chain management. While there are many articles, which talk about the intricacies, the sole focus of this article is to cover all the various aspect an opening class for a grad program is likely to address.
There are few issues which are of prime importance while studying the subject. Before, one can call oneself conversant with the discipline, one needs to ask himself, can he answer the questions in details regarding these aspects? This article is off course written more on lines of a strategic view point rather than an implementer ‘ s viewpoint.
- Distribution Network Configuration: This is related to the number and location of suppliers, production facilities, distribution centers, warehouses and customers.
- Distribution Strategy: This is related to the centralized versus decentralized issue, direct shipment, cross docking, pull or push strategies, and third party logistics.
- Information: This is related to integration of systems and processes through the supply chain to share valuable information, including demand signals, forecasts, inventory and transportation etc.
- Inventory Management: How should one manage stored quantity and decide the location of inventory including raw materials, work-in-process and finished goods.
- Cash-Flow: Arranging the payment terms and the methodologies for exchanging funds across entities within the supply chain.
Focus: Customer, cost saving, value adding, time from cash to cash, percentage of fill rate against customer specifications and total response times
The extension of the supply chain definition is to provide a context for measurement or to operationalize theoretical concepts. Existing definitions may not always explicitly provide a basis for measurement. The development of new measures and the development of new benchmarks, based on these measures; in developing the new measurement format, various aspects of the supply chain definition can be expected to affect the specific mix of measures used.
It is important to understand that the position of players in the chain (supplier, manufacturer, wholesaler, service supplier) affects their contribution and relevant measures, the level of integration and the strategic approach may affect the relevance of measures needs to be scrutinized. Creating benchmarks based on the new measurement systems may contribute to directing management effort in optimizing the supply chain. Thus this is of prime importance to a supply chain manager.
Also, the development of tools that can help support the implementation of the new measurement approach may be a crucial final step leading to the actual application of new measurement approaches. The tools cannot be limited to the measurement system itself; they also need to include strategic trade-off and planning frameworks in order to assure executive “buy-in” and commitment and initiate actual improvement processes in the supply chain.
Finally some finer aspects to ponder for supply chain managers while attempting to operationalize theoretical models.
- Whether the models are qualitative or quantitative will affect the plans.
- What they measure is of paramount importance: cost and non-cost; quality, cost, delivery, resource utilization, flexibility, visibility, trust and innovativeness
- Collaboration efficiency and coordination efficiency and configuration and input, output and composite measures.
- Their strategic, operational or tactical focus.
- The process in the supply chain they relate to.
These are some of the basics that a supply chain manager is expected to plan about while going about his job. By the way, did you read our article on Supply Chain Value Management
No doubt that the efficient management of the Supply Chain is crucial for any business, but the grasping question always comes is how does it create value for the firm? More still, how can that value be better managed so as to create competitive advantage for the firm?
While the Value Chain analysis as developed by Michael Porter in 1985 argues as being efficient for creating a sustainable platform for value generation for firms so that they may achieve competitive advantage in the industry, the proposition is not without major limitations, like all other popular frameworks in strategic management literature.
Theory of Economics is one of many possible ways to define and measure value.
While operationalizing the definition of value, it is crucial to note whether the exchange that creates this economic value is between business entities i.e. Business to Business (B2B) – or between a firm and a consumer – i.e., Business to Consumer (B2C).
Since Supply Chain is intrinsic to creation of economic value between business entities only, we focus on B2B value creation. There are 3 forms of value that is created in B2B type economic transactions that is widely accepted in strategic management literature focusing on Supply Chains.
- Technical value, which is intrinsic to the resource being provided and occurs in almost every economic exchanges.
- Organizational value, which is built upon the context of the exchange, and may derive from a range of factors such as ethical standards, prestige, reliability, and association. This may help the organization get more than the normal economic value from the transactional point of view, in terms of helping the same to achieve some degree of competitive advantage.
- Personal value, which is derived from the personal experiences and relationships involved in the exchange of resources and the benefits provided to the entities associated with the firms bounded by the economic exchange.
Value in supply chain gets created through the following processes:
- Supply chain modeling must be done quantitatively and objectively. Understanding of the goals objectively is crucial for its success.
- The major challenge in an excellent supply chain network is not to build a model but to model the sensitivity of one variable against others optimally. A simple model can work fine in many cases. However, supply chain experts (OR & Analytics Professionals) should be involved immediately when doing multi-layered inventory strategies, industrial engineers and operations.
- The fundamental building blocks of work are the methods and standards for the tasks. Value creation occurs when the changing business dynamics can be effectively modeled regularly to drive maximum benefits. (remember the Theories of Constraints?)
So creating value from supply chain should be a major focus for all manufacturing companies.
This is crucial to improve the effectiveness and efficiency of not only the supply chain in particular, but for the overall firm productivity.
By the way, did you read the following articles?
- Complexity and Adaptivity of Buyer-Supplier Networks
- Information sharing in Buyer Supplier Relationships
- How to manage a Lean Supply Chain
These are few of our highly popular articles