What is a company trying to accomplish when they decide to follow the Six Sigma methodology? A. A company tries to improve their business process and accomplish a new level of success by following the Six Sigma methodology. It helps the company to clearly identify new approaches in troubleshooting the resolved problems, implementing changes within the organization and infrastructure for better results. It also focuses to accomplish enhanced profitability as the methodology implemented by Six Sigma concentrates on customer satisfaction, which involves greater quality and efficiency.
Continuous improvement of the business and production process There must be continuous improvement of all business and production process. Quality improvement projects, such as on-time delivery, order entry efficiency, billing error rate, customer satisfaction, cycle time, scrap reduction, and supplier management, are good things to begin. Technical techniques such as SPC, benchmarking, quality function development, ISO 9000, and designed experiments are excellent for problem solving. 5. Treating suppliers as partners.
Balance Score Card in Anthony’s Orchard Potential Value of Balanced Scorecard to Anthony’s Orchard Balanced Scorecard (BSC) is an important tool for strategic growth and success of business. It can help the Anthony’s Orchard in the achievement of long-term goals and objectives in the market. BSC helps in improving business processes through strategic alignment of company operations with key strategic goals and objectives. "The application or use of BSC can help the firm in monitoring its progress towards its long-term goals and objectives by developing performance benchmarks" (Reynolds, et al, 2014). In addition to this, through use of BSC, company finds it easy to keep its workforce and employees motivated through effective training and development programs for facilitating learning atmosphere.
Consequently, when employees are satisfied, it is most likely that their performance will improve, which will increase the level of customer satisfaction, and so on (Schlesinger and Heskett 1991). This becomes a cycle or chain of benefits to the key players within the business organization. In the aforementioned context, Heskett et al. (1997) proposed an extension of the cycle of success, recognizing that customer satisfaction is a significant intervening variable between the workplace reality of employees and the financial results of each business unit, particularly in the service sector. They developed a service-profit chain business model with a direct financial link between customer satisfaction, customer loyalty and financial performance of a company in terms of profit and
Competitive advantage was developed by Porter to enable organizations sustain their ability to improve performance and be more innovative in their approaches in enhancing the quality of their products. The essence of competitive strategy is to enjoy superior profit margins and remain competitively relevant in the marketplace to attain success (Porter, 1985). Therefore, competitive strategies that are used mostly in business organisations, including construction businesses, as categorised generically by Porter, are to strive to be the industry’s low-cost producer through cost-based business strategy, practice different strategies based on quality, superior performance or technological dominance and concentrate on a market segment using a focus strategy to achieve a competitive advantage by performing better than their competitors in providing more value to the product required by the buyers. Porter (1980, 1985) identified two strategies: product differentiation and cost leadership. A differentiation strategy involves the firm creating a product or service.
Implementation involves activities that effectively put the plan to work. Implementation of the tactic drives the strategy of the company. Strategy implementation is likely to be successful when congruence is achieved between several elements crucial to this process. This may be grouped into two groups of structure and process elements. Structure defines the configuration of a company showing the relationships that exists between the various parts of the company.
According to Kotler Brand Management is all about “creating & sustaining superior performance”. It involves differentiating the company’s products or service from the existing ones through added value generated by creating customer loyalty or implementing processes that are aligned with sustainable development. Brand management solves a number of purpose in day to day life. It creates companies reputation and build an incredible brand through images, symbols and messages. Brand management involves enormous consistency that’s why it is being used in various areas such as marketing, for creating strategies
INTEGRATION: STRATEGIC PROCUREMENT AND COMPETITVE ADVANTAGE Integration of strategic procurement and competitive advantages in an organization leads to basic competencies such as having access to raw materials, suppliers with an effective system for measuring quality of products supplied; develop advantage over competitors in relationship with suppliers, working close together with suppliers on product development efforts and close working relationship with suppliers to improve each other’s processes. This will foster benefits for both company and the supplier organization, while providing the maximum transaction value in the long run. Sourcing or procurement is the main aspect of a business organization when considering inputs. Sourcing is the methodology of finding the right supplier, right product, in the right time, at the right price, in correct quantities and right qualities. Sourcing strategy can be illustrated in the following process.
However, Concept Articulation that effective TQM processes can generate great improvements in both product and service quality which then resulted in increased customer satisfaction and organization’s profit (Gallear, D and A. Ghobadian, 2004). Moreover, high level of quality and customer satisfaction are the basics in any business operations, quality management practice is the most important and positive predictor of productivity improvement and customer