Management is a significant function of any business. Supply chains management is essential for maximization of profits. Each supply chain management function should have strategic measures in place to ensure achievement of its objectives. This function entails finding ways of improving product and service delivery. Product differentiation and branding are significant. Customer attraction and retention are critical for supply chain management.
The profit maximization goal is any management functions goal. The supply chain being a significant aspect of the chain of production should be efficiently and effectively run. To expedite service product and service delivery key aspects of supply chain management need observing (ERP, 15.09.2010). These include a strategic plan. A good plan will include the various requirements necessary to operate optimally with as minimal costs as possible. A sound plan should ensure customers satisfaction as a priority. The plan should ensure that provision of services and products is timely and satisfactory. Supply chain management requires the development of adequate and frequent assessment of plans. This will enable the management to monitor how well the chain is performing. The strategic plan should ascertain that the customers have no complaints or reservations towards the chain. Service delivery and product quality should be high at all times.
Supply chain management must have a reliable source of products. A source should ensure that the supply chains do not experience periods of stock outs. The supply chain management needs to implement vetting and engagement protocols. These will enable the supply chain to have a source whose product quality is high. The source should be providing the supply chains with goods in time. Management should avoid sources whose provision for goods is redundant.
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Delivery of services and goods is important for any businesses success. The supply chain management has to institute measures and methods that will make sure that the delivery of customer’s orders are on time. Each business needs to satisfy customer especially expedient delivery of their orders. Supply chain management should ensure appropriate systems are in place for service and goods delivery. These include adequate storage and warehousing. The supply chain management needs to identify the best delivery method to unsure customers are not inconvenienced.
There are those supply chains, which are part of the production processes. They engage in product development. The analysis of the product quality and testing is a function of these chains. The supply chain packs and differentiates products according to the relevant marketing strategies in place. The products are put in storage and eventually delivered to their designate customers.
Supply chain management should have a sound accounting system in place. It is essential that proper records of all transactions be kept at all times. The supply chain management should ensure that when sources are intending to provide goods, they give quotations of their prices. Once the optimal source identification is complete, the supply chain issues a goods order. Once the source gets the order note, they deliver the goods with an invoice and a delivery note. Once the supply chain receives the goods, they sign the delivery note and issue a cheque.
The supply chain management should ensure the same protocols apply to its customers. When a customer gives a goods order, the supply chain issues an invoice on the delivery of goods. The customer verifies the goods and signs the delivery note and the invoice. Payments are made accordingly. Documentation of all stocks and stock returns is necessary for effective tracking of sock movements. The supply chain issues a debit note to its customers in the event that they return goods. This is offset against their account with the supply chain. In the event that the supply chain returns goods to the source, they should ensure that the source issues a credit note for the same. The identification of the reasons for stock returns is essential in preventing such occurrences from happening in the future. Supply chain management needs to ensure that all the functions of the supply chain are operating at optimal levels.
Customer Relationship Management
A customer is the most significant entity in any business. Customers are the profit-generating sources for all business establishments. The management should strategize on the best ways to attract customers. These may be by giving discounts and offers in a variety of items. Attractive displays and marketing strategies are essential to attracting customers. On the initiation of any business, there is a need to acquire customers. The management should put measures in place to inform the customers of the business and its service provisions. The acquisition of customers requires advertisements and consumer education. The management should provide forums where customers are able to learn about the business and its operation. The management should make the customers feel that by buying from them, they get value for their money.
A sound customer relationship should ensure the business retains its existing and new customers. The retention of customers is essential for the business. Customers will always buy from those businesses where they get optimal value for their money. Different customers have different needs; therefore, a business that is able to satisfy those needs is most likely to retain them. The management should be innovative in its operations to ensure that it retains its customers. To achieve this management should pay close attention to the customers and their needs. For instance, a customer who is unable to decide on the best product to buy should be given assistance. The customers are given information on the best products that caters for their needs. Prompt and efficient customer care services will make the customers feel appreciated. The management should implement information technology-based solutions to provide adequate information and to expedite efficient service delivery to the customers. These efforts will ensure that customers will come back to buy the same products from the business in the future, therefore, retaining them.
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The relationship that exists between the business and its customers should ensure the customer is comfortable in buying other products from the business. When customers buy other products that the business provides, then the customer’s scope extends. Customer extension is essential in maximizing profits for the business. This also gives the business a competitive edge against its competitors. The management of any business should be market-oriented. This will enable the enterprise to be able to satisfy the needs of its customers. When a business is market-oriented the customers are able to buy other goods which ordinarily they did not buy previously. The customer relationship management requires that customers should feel comfortable buying a variety of goods at the same establishment. Achieving this requires the management’s focus on market sensitivity and innovations.
Customer relationship management should be market-oriented. An enterprise that has focus on market orientation has a sound customer relationship since the customers feel satisfaction from the service and product. Market orientation in business enables customers to enjoy the goods/services and the benefits that accrue from them. Market-oriented businesses give benefits like warranties on goods bought, after sale services and customer care options.
Effective customer relationship management not only does it benefit the customers but the business equity holders as well. The increase in earnings as a result of sound customer relationships increases the equity value of the business. This increases value to the shareholders and the enterprise’s position in the business community.
Technological advances make it possible for businesses to cater for a wide range of customer’s needs. Technological innovations make it possible for a business to offer customers services efficiently. The transactions are effectively taken care of. It becomes easy to track the preferences of customers, their buying trends and behavior. Special attention is given to key customers without inconveniencing others. Technology makes it possible to gather relevant information on products. This information is made available to the manufacturers and producers on the shortcomings of their products and improvement requirements.
Customer relationship management is beneficial to the customers and the business enterprises. Sound customer relationships lead to satisfaction to all the parties. The business realizes its profit maximization objective by cultivating and maintaining sound customer relationships.
Traditional Resource Planning System
Traditional resource planning system is a system that uses information by integrating it and tailoring it to the needs of different users in an enterprise. This system uses a collection of data from the enterprises databases to manage the various functions of the business enterprise. The traditional enterprise resource planning system uses the information available to plan for each department’s needs and allocate the available resources.
This system promises efficient business operations by expediting transactions and dispatch of information. Transactions which take time to conduct are easily done without the wasting time. The system makes it easy to track transactions and account for them. This system enables the reduction of bulk in record keeping and paper trails. This system allows central access to information requirements for any operation. Improvement of customer services is evident since information is readily accessible and transactions are easy to complete. These enable to get service in time since the time for processing of information is minimal.
The centralization of information has made it easy for companies and business to be able to forecast their demands in resources and incomes. This system allows for the management to plan for the future costs and budgets. The inventory management is made easy since the movements of stock are easy to trace and control. The management of income and expenditure is made efficient since all the information is accessible at a single point. Trade payables and receivables are easy to account for since all transactions are input into the system.
The traditional resource planning systems allow enables business processes to be carried out with minimal problems since all data is automatically available at a single point. However, this system is large and complex. The size of the system makes it expensive to implement. It requires commitment of significant amounts of funds. Training of staff members as well as the management on how to use this system consumes time. Implementation of this system affects the existing business processes, therefore, once its implementation is complete, there is need to revise the existing business process. The adoption of the new system may take time which may not be available.
The centralization of information though beneficial in overall aspects of the enterprise, may be subject to compromise. This would lead to the whole system to be compromised. Since tempering with information in one area may compromise the other areas, which share information. System failure or a glitch in the technical aspects of the system may paralyze operations for the whole enterprise since they database is single.
The advances in technology have made the traditionalresourceobsolete. New effective methods of conduction business and business operations are in establishment. Lower costs of implementing the new systems and ease of use have made the traditional resources planning system irrelevant and unviable. E commerce and internet business to business operations are replacing the traditional resource planning system.
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Identifying The Greatest Value Impact For Today’s Modern Day Leaders
Leaders are a significant part of any work group. The leader may impact on others by adding value to them and their working environment. A leader does not require compelling in order to lead but he must choose to lead. Compelling a person to lead does not make him a great leader. A leader who chooses to lead has the ability to add value to his subjects. The fact that he chooses to lead gives them a sense of direction and able to perform their duties accordingly.
The leader without the loyalty of his followers cannot lead effectively. Therefore, individuals must choose to follow the leader. Once they choose him he will be able to perform his functions effectively and efficiently. A leader should have desirable qualities which should be significant in his performance. A leader who adds value to individuals will have support and appreciation from them.
Achieving value impact in individuals lives and their working environment is a continuous process. The leader should have a vision for the welfare of his subjects and their well-being. A leader’s vision should be such that his efforts aim at improving the status of his subjects, their capacity and capabilities. He should envision their growth personally and professionally.
If people do not have inspiration they will not feel motivation to add value to their lives. A leader should inspire his subjects to maximize their potential. This adds value to their work and themselves. Leaders should inspire others by their actions and their goal oriented mindset. If a leader fails to inspire his subjects, no value accrues to them. Their growth stagnates and gradually drops.
A leader subjects should feel significant. A leader who makes his subjects feel this way adds value to their sense of well-being. When a leader shows appreciation to his people they feel their contribution adds value to their lives. Appreciating efforts and sacrifices made by others has an impact on their motivation increasing the value of their input.
Ethical issues impacts significantly on a leader’s value. Leaders should observe ethical issues and follow them to serve as an example to their subjects. Not all actions that are unethical should be overlooked. Essentially all ethical issues should not be up for negotiation but should be observed to the latter. When a leader behaves ethically, he acts as an example for others to follow suit. This adds value to the work place and the integrity of the leader and his subjects. A leader should live by his values and refuse to compromise them no matter the situation. This will add value to his leadership and he will be perceived as a straightforward leader (Dean, 2010).
In the work place a leader should set the pace in which he wants others to follow. A leader should not lag behind while his subjects are moving forward. The leader should set an example by setting a pace of his expectations and be an example by leading. This adds value to the organization and to his subjects as well.
Employees should be able to have room for improvement and growth in the work place. When a leader implements policies, which allow individuals to grow they, feel the need to increase their value by increasing their efforts and dedication to their duties. Professional growth should be such that an employee is able to rise through the levels in the organization. This should be done according to the efforts and achievements made by the employee. Personal growth should enable individuals to maximize their potential and capabilities. They self-actualization objectives should be facilitated. These will increase their value in the organization as well as to themselves. The value impact of leaders is determined by their leadership skills and approach (Dean, 2010). An employee oriented leader whose focus is on the overall organizational objectives is most likely to have a great impact on value.