The JIT system plays a vital part in the elimination of costs (e.g. raw material, inventory costs, product storage costs etc.) as it holds the idea of producing only what is needed, when it is needed, and in the quantity needed. From my point of view, the profitability of a business grows in the most healthy and efficient way when there is no unnecessary cost incurred during the production process. By applying JIT, it enables Toyota to source raw materials close to the manufacturing time, and ships out the vehicles to the their customers immediately without the need of taking up a large storage space.
From the view of the knowledge-based point, it is necessary for specialization since bounded rationality is recognition that human mnd has limited capacity to acquire, store and process knowledge. The Characteristics of Supply Chain Managers Supply chain management (SCM) is an important matter in encounter many organizations besides act as an important area that helps improve competitiveness and profitability. Managing the supply chain has become a way of enhance competitiveness by minimize uncertainty and upgrading customer service. There are few firms which ar successful in achieving a higher level of performance even if they have lanched the supply chain management concepts (Titinan Nakornsri & Sang M. Lee). The several features of supply chain managers are the consistency of leadership when highly efficient companies benefit from consistency in their leadership and most of firms built supply chain orgnizations in the early 80s and have only had several supply chain leaders over the thirty years of process evolution.
Implementation of supply chain management strategies can be for easy of doing business as well as for competitive advantages in business. The planning tools pose challenges for supply chain managers and make increasing requirements on the strategic management expertise of today’s companies. Nowadays, the strategy of supply chain should focus on the trend of continuous globalization and the increasing volume of competition, the growing demands of security, environmental protection and resource scarcity and last but not least, the need for reliable, flexible and cost-efficient
In this essay the author will discuss about the significance of ethical leadership and transition in manager’s role in 21st century. Both the primary and secondary stakeholders are demanding sustainable business practices from the business leaders. The sustainability can be defined as meeting the needs of present without comprising with the future needs. The word “sustainability” is not limited to environmental problems. The managers need to think about economic performance, social responsibility and environmental problems.
The report is the analysis of strategies of the Logistics supply chain management. Supply Chain Map Competition and Challenges CCL are in constant competition with other distributors i.e., Univar and Brenntag. Competition is very intense and the company faces an increasing number of challenges. Due to the variation of sea freight rates, negotiating contracts for transportation is a must. Some factors influencing the rates are predictable, but others are not.
Although it is a concept that was widely discussed during the last years, the idea that businesses have societal responsibilities became evident already from the beginning of nineteenth century (Pour et al., 2014). As companies are not only expected to have obligations towards their shareholders but also towards society, there has been an increasing interest in corporate social responsibility among scholars and practitioners and therefore it is a prominent issue for business community and academic literature in recent years (Su & Jie, 2015). Scholars were interested in investigating many dimensions of corporate social responsibility, mainly its relationship with corporation’s financial performance, its influence on consumer response, how it can create value for stakeholders and as a source of competitive
Corporate Social Responsibility - A Gateway for Economic Development Abstract Every business enterprise is an integral part of society. It uses the scarce resources of the society to continue and grow. Hence, it is important that no activity of business is injurious to the long run interests of the society. Society and business are complimentary to each other in their goal for sustainable development. Hence, business has a moral responsibility to contribute in enhancing larger social good.
Even in the initial planning phases it is important to look out for the full needs of the employees. Identifying opportunities for growth and seizing new ventures is a core component in successfully creating a business strategy which caters for the ever increasing demands for constant change. Strive to seek sustainable competitive advantage in a world which is changing in ways that may not be
And they expect to be able to use these powerful new devices not just to interact with friends and family during work hours, but to do their work as well. Business is changing too — working around the clock to meet the needs of the increasingly global economic environment. Teamwork and collaboration are at the heart of how companies operate now. Enabling these changes, new technologies have sped up the digitization of businesses in every industry, allowing them to better monitor operations and get much closer to their customers (see “By the numbers,” page