Gaining critical business insights by querying and analyzing such a very big amounts of data is suitable need of the hour and become a challenge to the standard data taking out approach. This data comes from a broad range of sources such as logs, social communication, sensors etc. The organizations are facing new challenges to analyze vast amounts of information. The different aspects of the big data make it difficult to manage. Big data requires speed for its processing.
QR code readers, smart phones, high prices for small companies to manage inventory to prevent the use of custom hardware. Inventory management software is not necessarily simple or easy to learn. With the new system, both software and hardware, including the company's management team, to put it to use, time should be devoted to a study. Inventory management software, training manuals and other information is available to users include many items. Despite its apparent complexity, inventory management software gives companies the stability degree.
• Is economy of scale possible to achieve? • Is economy of scope possible to achieve? One of the important components of Put Away planning is strategy behind “Slotting and Re-Slotting”. Goal of slotting is to optimize “Cube Space” of warehouse and improve warehouse efficiency by reducing travel time for put away, replenishment and picking. It is important to investigate Factors for forming slotting strategy are: - • Product velocity: - This is based upon number of orders for which a product is picked.
The importance of the physical asset specificity is also strongly limited as the platform owner will be interested in providing suitable development and deployment environments which scale for a large number of complementors and products. Thus, third-party firms will expect to consider only the add-on computing power for their product development, if this should be necessary. Human asset specificity in turn plays an important role especially in proprietary platform ecosystems. The need for the firm’s employees to learn the platform specifics, i.e. architecture, interface specifications, as well as the need to develop expertise in the technical and business interaction processes with the platform ecosystem imposes high costs on the complementor.
Inventory balance information in the distributor’s expensive computer system does not accurately reflect what is available for sale in the warehouse. The return on investment is not satisfactory. The company’s profits, considering its substantial investment in inventory, is far less than what could be earned if the money were invested elsewhere. CONTROLING OF INVENTORIES:- Inventory control techniques are employed by the inventory control organization within the frame work of one of the basic inventory model, viz., fixed order quantity system or fixed order period system. Inventory control techniques represent the operational aspect of inventory management and help realize the objective of inventory management control.
However, this is expensive rather than all businesses are able to get this done. A remedy that has helped many businesses is online bookkeeping. Listed below are major advantages to consider: 1 - Productivity Monitoring paperwork can be considered a challenge in virtually any business. Additionally it is something that is time-consuming and boring. Paperwork is also something that can easily become the emphasis of companies and employees, so that it is an enormous distraction.
This brought new challenges, greater demands, and new research directions. To discover the knowledge in the database,several efficient association rule mining algorithms are developed. But when we apply these approaches to the real time problems,we face some glitches in it. The reasons are, 1.Association rule mining algorithm generate large volume of pattern and rules and thus the process becomes a time consuming process. Due to enormous data, users cannot use and maintain the knowledge.
STRATERGIC SOURCING/PROCUREMENT Strategic sourcing is the development of relationships between the supplier and the management to acquire goods and services for the needs of the business. In the past SOURCING was termed as PURCHASING. The term SOURCING implies a more complex process suitable for products which are strategically important. Today due to the competition and the emerging new technologies, competitiveness between firms is vastly observed; therefore acquisition of the best available capabilities inclusive or exclusive to the organizations is given vital consideration. In such matters sourcing is not only taken at the level of management but also considered a crucial element of the survival of the business and given high importance.
It plays a critical role in any of the organisation, since major emphasis is placed on supply chain management, lean production, outsourcing and quality. The growing trend of globalisation pushes the businesses to move from traditional purchase relationships to web- based auctions and inventory management. Moreover, as a result of the modern focus on total spend and the development of relationships between buyers and sellers, the strategic significance of procurement has been promoted. Sourcing has an objective of developing and implementing purchase plans for products and services that support operations strategies. Few of the sourcing functions are such as selecting suppliers, negotiating contracts, establishing relationships and act as a liason between suppliers and other internal departments.
Introduction In a world of intense competition fueled by globalization, increasing consumer awareness, and technological improvement, organizations that are keen towards large scale success must, at all times, hype its service availability as consumers can very easily divert their patronages elsewhere (Sharma, 2009). Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is necessary at different locations within an organization or within multiple locations of a supply chain, to protect (the production) from running out of materials or goods. Furthermore, inventory management may be defined as the system used by a firm to control its investment in inventory (Stevenson, 2010). It involves