Components of Commercial Value Chain
February 12, 2025
Introduction The waiting line or queue management is a critical part of service industry. It deals with issue of treatment of customers in sense reduce wait time and improvement of service. Queue management deals with cases where the customer arrival is random; therefore, service rendered to them is also random. A service organization can reduce […]
Measurement Systems analysis is an integral part of the Six Sigma project. No matter what project is being conducted under the Six Sigma methodology, this part of the process can never be omitted out and the successful results still be obtained. Below is an explanation about what makes Measurement Systems Analysis such an integral part […]
Introduction Scheduling and workplace planning is the final step in operation planning and design. Operation’s scheduling and workplace planning is implemented during transformation of input to output. Scheduling deals with production of required quantity of product within the required time frame. Workplace planning deals with allocation of resources with priority to work job with first […]
The costing module is one of the important controlling modules which enables effective internal cost control and accounting. All functionalities regarding cost analysis and cost allocations are provided by this module. The cost accounting module is highly integrated with budget and general ledger modules as well as draws input and provides output to various logistics […]
In keeping with technological changes in IT sector as well as evolving business need, there are discernable changes in ERP market as well. The traditional strength of ERP in back office space such as basic manufacturing, financial management, procurement and distribution, is still unchallenged. But the mind set is changing rapidly and ERP system providers […]
The last decade has shown rapid development in the information technology and its application. This has helped changed the way we look at the world as well as the way business is conducted. Both business and trade have gained under the wave of information technology with improvement in efficiency, productivity and bottom line. Productivity improvement has facilitated speedy and accurate production in large volumes. Indian financial sector has also benefited from advancement in information technology.
Current global and competitive business environment constantly asks for innovation, existing knowledge base is getting obsolete, continuously thriving for advancement in process improvement. The learning curve is always put to test, and every company is striving to remain ahead of the curve. Due to this shift in the way business is getting conducted has thrown out new reality of ever shortening product and service life cycle. More and more companies are coming out with customized products and finding ways to differentiate from competition.
A recent survey conducted has highlighted that the change in the business environment can be summarized with following:
To understand business environment and drivers of change, it is first important to study its characteristics. They are as follows.
Business Process Outsourcing involves contracting one or many front end (customer related) or back end (finance, HR, accounting, etc.) activities within a company to a third party service provider. The number of jobs within BPO industry has increased exponentially in last decade. BPO is one of the new faces in business environment.
Outsourcing has help companies reduce their overhead expenses, improve productivity, shorten innovation cycles, encourage new market penetration and also improving customer experience. India has seen tremendous growth in BPO industry within function like customer care, finance/accounts, payroll, high end financial services, human-resource, etc.
The recent explosion of information technology has seen few but significant emerging trends, for example, mobile platform for doing business, cloud computing, technology to handle a large volume of data, etc.
These fresh technologies and platforms are offering numerous opportunities for companies to drive strategic business advantage and stay ahead of the competition. Companies need to work on new plans as to maintain flexibility and deliver customer satisfying products and services.
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