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Literature reviews on inventory management
Theory of inventory management
Theory of inventory management
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Executive Summary TradX is a company that aims to sell furniture to retailers and special targeted companies. By analyzing the case study, which is on TradX Company, we came up with two different work systems for the company's trade actions. The work systems are "Replenish Retailer Inventory" and "Direct Selling." Moreover, the performance variables for the business processes are discussed in detail in the report. The report then talks about how an introduction of electronic information system may affect TradX work systems. At the end, collaboration between processes in TradX has been discussed. Work System Framework A work system is a group of activities performed by people in the organization and it produces product(s) for customers. A work system framework consists of 8 elements that are essential in a work system. The diagram below clearly shows the various elements that make a work system . Customers are those who benefit from the business process whether directly or indirectly. The second part of the work system is Product & Services which are the outputs of the business process. Thirdly there is the Business Process itself and that is a set of steps performed to provide a good or service for the customers. Fourthly comes the Participants whom are the people involved in performing the business process. This is followed by Information and that is any type of data that is inputted or outputted into/out of the business process. Another part of the work system is the Technology and that is anything dedicated to the business process. Then Context follow which is anything (internal/external) that shapes the business process such as laws and regulations. Finally is Infrastructure which is anything (technology, informati... ... middle of paper ... ... between firm IT capability collaboration and performance',[online] Journal of Business Logistics, Oak Brook: volume 26,Iss.1, pg 1-24, [Accessed 10 26 2005]. [8] Simon McGinnes, 'Communication and collaboration: skills for the new IT professional', [online] could be requested from email:s.mcginnes@rhbnc.ac.uk,[Accessed 10 22 2005] [9] Steven, A.2002, Information Systems Foundation of E-Business, fourth ed., Pearson Education, New Jersey. [10] Togar M.Simatupang, Ramaswami Sridharan, 2005,' The collaboration index: a measure for supply chain collaboration', [online], International Journal of Physical distribution & Logistics Management, Vol. 35 No 1, pg 44-62, [Accessed 10 23 2005]. [11] Tricia Hyland, 2002 'Real collaboration remains elusive', Transportation & Distribution, [online], Clevelend Aug. Vol. 43, Iss.8, pg. 52-57, [Accessed 10 26 2005].
Workflow is a series of sequencial steps that take place, creating a process to complete a task. The process, generally speaking, involves two or more individuals and creates or adds value to an organization. Workflows are a standardization of work that takes into account quality, productivity, cost, safety and moral depending on the type of process flow (Liker & Meier, 2006). Workflow analysis includes observation and documentation of the process to better understand the current state. Viewing the current state, one can then begin to analyse the process, looking for opportunites of redesign, waste, and value added activities (McGonigle & Mastrian, 2012). “The focus in any process is always on creating
In the case, Marks & Spencer and Zara, it discusses two business process designs that each company took. You first had Marks & Spencer, who had a more traditional approach. Their chain started of with the buying team, design, developers, merchandisers, technologist, suppliers, logistics, and lastly the store. Zara, however, comes up with a new innovative design. With this new design in effect the delivery of new collections only has a lead-time of 5 days. They were able to cut down this time due to the fact that products where mainly produced on Galicia.
Singer, J., & Duvall, S. (2000). High-performance partnering by self-managed teams in manufacturing. Engineering Management Journal, 12(4), 9.
pp. 406-441. Parker, G., (2003). Cross-Functional Teams: Working with Allies, Enemies, and Other Str
Kersten, W., & Bemeleit, B. (2006). Managing risks in supply chains: How to build reliable collaboration in logistics. Berlin: Erich Schmidt.
Coyle, J., Langley, C., Gibson, B., Novack, R. and Bardi, E. (2008).Supply Chain Management: A Logistics Perspective. 8th ed. Cengage Learning, p.366.
Platt, L. (1999). Virtual Teaming: Where Is Everyone?. Journal for Quality & Participation, 22(5), 41. Retrieved from http://findarticles.com/p/articles/mi_qa3616/is_199909/ai_n8872660/
My key learning from this course are numerous and includes a deeper understanding of the various interprofessional (IP) competencies. In the area of communication, I understand that the ability for any team to work together successfully depends on the free flow and exchange of information. Communication is the hallmark of a successful collaboration as it enhances the ability to share information necessary
The global economy in today’s world is very competitive and it’s difficult for the companies to survive in such large market. Globalization has drastically affected the companies, which resulted in their low phase. This report analysis, that the studied company Platinum Concept Pty Ltd is only familiar with the manual system in their working process and is not aware of new automated machines or computerized systems. Hence, it has affected its growth and attainment resulting in devolution. Moreover, this report suggests adoption of Business Process Management for Jim’s business to retrieve its position by substitution of current manual practices with hi tech processes, good strategy and more fitting management to go along with it. Thereupon, it will be a methodize and a well-structured company which will eventually boost their performance along with aid in developing and maintaining good relations with its customer’s and also to withhold the company’s brand name.
Most global corporations in today’s business world are focusing on their business process and ways to manage those processes in order to become successful and leverage themselves against competitors. The understanding is that efficient business processes are beneficial to the business in the long run when considering factors like cost reduction, meeting customer’s expectations and streamlining business operations to eliminate any loopholes that are detrimental to the business. Change (2016) defines business process management as an approach that focuses on workflow of the firm and in the process divulging any errors that may hinder good performance, hence, it is used to structure a firm’s workflow. Advances in technologies and modern business
‘Supply chain management integrates supply and demand management within and across companies. It encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, thir- party service providers, and customers’. (Web: Council for Supply Chain Management Pr...
Using a systems approach to manage their interrelated processes, and identifying and treating these processes as a system.
Access to resource - One of the reasons to collaborate is to take advantage of resources. For example, an inter-company collaborates to place a product in the market where one compa...
They can be used to describe process workflow or the operational workflow of any component in a system. Sometimes for dynamic modeling is not a single, comprehensive chart type is UML available provided, but several special chart types that a modeling under various aspects permit. For the modeling of a process models, which combines the activities of the parties a central role play, the modeling offers through activity diagrams. With this, the flow of each individual block phase with the associated activities and results clearly modeled. The exact description of activities with detailed information of its purpose and the resources involved and people can be given in each case in writing to the clarity of the diagram is not to interfere. Also parallel activities are carried out principally unproblematic. So is the current guiding and pay a documentation as a single, parallel to the development process running activity
The most important value of BPM is transparency over the business. Transparency means obtaining a deep understanding of how the organization works which enables us to manage the complexity of organization effectively [11]. Business process models enables the process practitioners to achieve this by documenting: control flow (i.e., what we need to do and when), artefacts (i.e., what we need to work on either physical or electronic), and resources (i.e., who does the work either humans