EMERGING MANAGERS

E-Procurement Tools and Their Benefits

E-PROCUREMENT- The process of purchasing goods and services electronically through an online platform is known as e-procurement, sometimes known as electronic procurement or online procurement. The procurement process is streamlined by the use of technology, from sourcing and purchasing to paying and delivery. By removing the need for paper-based processes and enabling businesses to bargain better prices with suppliers, e-procurement can also help to cut costs. The electronic recording of all transactions and communications can help promote transparency in the procurement process.

Why is E-procurement necessary?

Efficiency: The procurement process is automated and streamlined with the help of e-procurement solutions, which makes it quicker and more effective. They lessen the possibility of mistakes and delays by enabling real-time tracking of orders, invoices, and payments.

Cost savings: E-procurement technologies can assist in lowering expenses related to manual operations like printing, shipping, and data entry by automating the procurement process. Additionally, they make it simpler to compare costs and suppliers, facilitating better contract negotiations and lowering overall expenses.

Greater compliance: E-procurement solutions can guarantee that all procurement procedures are followed in line with all applicable laws, rules, and policies. This lessens the possibility of penalties and other legal repercussions.

More openness: E-procurement platforms give a detailed account of all procurement activity, including who made the purchase, what was acquired, and for how much. This openness contributes to the fairness and transparency of the procurement process.

Enhanced collaboration: Better communication and collaboration between procurement teams, suppliers, and other stakeholders are made possible by e-procurement solutions. This makes it easier to make sure that everyone is on the same page and pursuing the same objectives.

E-procurement tools

Request for quotation (RFQ) tools: These tools let businesses get prices from several suppliers for particular products or services. RFQ tools can save businesses time and effort by assisting them in determining the best value for their money.

E-sourcing tools: With the help of these tools, businesses can control the entire sourcing procedure, from the identification of possible suppliers to the choice of the best one. Organizations can use esourcing solutions to simplify the sourcing process and make sure they are receiving the best value for their money.

E-catalog tools: Employers can build and maintain user-friendly electronic catalogues of products and services using these tools. Organizations can standardise their procurement procedures and lower the risk of mistakes and omissions by using e-catalog solutions.

E-auction tools: By using these technologies, businesses may hold online auctions and obtain the best pricing forgoods and services. Organizations can savetimeand money by using e-auction tools, which can also increase the level of bidding competition.

E-invoicing tools: Using these tools, businesses may manage their invoices electronically from the time they are issued to when they are paid. Organizations can lower their administrative expenses and increase the effectiveness of their accounts payable procedures by using e-invoicing systems.

Benefits of E-procurement

Greater efficiency: E-procurement systems can significantly reduce the time and effort needed for procurement activities, including asking for quotes, issuing purchase orders, and monitoring delivery. As a result, businesses can concentrate on what they do best and increase productivity as a whole.

Greater accuracy: E-procurement solutions, which may enforce rules and norms and offer a clear audit trail of all transactions, can help decrease errors and omissions in procurement procedures.

Greater transparency: E-procurement solutions can offer real-time transparency into the whole procurement process, from the sourcing of products and services through the payment ofinvoices. This can assist organisations in tracking progress, identifying areas for development and ensuring that deadlines are met.

More transparency: E-procurement platforms enable for the sharing of information and documents amongst all parties involved, which can help promote transparency in the procurement process. This can lower the possibility of fraud and corruption and increase confidence between businesses and their suppliers.

Improved collaboration: E-procurement solutions can make it easier for teams and departments within an organization to work together as well as between the company and its suppliers. This may facilitate improved cooperation and communication, which may ultimately result in betterresults.

Increased cost savings: By streamlining procedures and automating manual chores, e-procurement technologies can assist businesses in lowering their procurement expenses. They can also assist businesses in negotiating better rates with suppliers because they can give a more precise and current picture of an organization's procurement needs.

Challenges in E-procurement

Complexity: Setting up and maintaining e-procurement systems can take a lot of time and effort due to their complexity.

Cost: Setting up an e-procurement system can be costly, particularly for smaller firms that might not have the funds to do so.

Security: Data breaches and hackers are two security risks that might affect e-procurement systems. To protect sensitive information, it is crucial to make sure that the proper security measures are in place.

User adoption: It can be difficult to convince staff members to utilize the e-procurement system, especially if they are accustomed to conventional procurement procedures. To guarantee that staff can utilize the system efficiently, it is crucial to give adequate training and assistance.

System integration: E-procurement platforms must be able to work with other platforms like accounting and inventory control software. It can be difficult to guarantee that these systems can operate in unison.

Vendor adoption: Some suppliers could feel uneasy utilising an e-procurement system and might prefer conventional ways of acquisition. It can be challenging to convince vendors to use the system.

Compliance with regulations: E-procurement systems must adhere to a number of laws and standards, including GDPR, PCI DSS, and ISO 27001. Obtaining compliance can be difficult.

Mr. Taranjeet Singh

MBA, 2022-2024

Great Lakes Institiute Of Management

Operations Management

Operations management is the control of a company's organizational structure, operational procedures, and financial goals. It describes the administration of tasks necessary for a company to operate successfully daily, such as:

• Directing several divisions and setting objectives

• Process supervision and streamlining

• Balancing income and expenses

• Formulating plans

Working on logistics and manufacturing

Everything a firm does, including its success and whether it makes a profit, is supported by its business operations. Operations management must make sure that procedures are effective, the correct people are hired, equipment is suitable for the job, and the physical locations of the firm are lucrative, morally sound, and safe since poor business operations might jeopardize its sustainability. The firm benefits from effective operations management. Being an operations manager, purchasing manager, or another comparable post in operations management is a leadership position. People in these positions manage several teams or departments, integrate managerial and administrative duties, and direct day-to-day activities inside the company. Depending on the firm and the exact function, duties might vary, but in general, a person involved in business operations is accountable for:

• analyzing, creating, and putting into practice business processes

• Managing supply chain and logistics procedures

• monitoring manufacturing, distribution, and quality control

• control and evaluation of financial budgets

• making strategic judgements and discussing corporate strategy with other senior staff members

• managing employees

• assisting HR with recruitment efforts

• establishing connections with customers and suppliers

Operations management is a discipline that originates from solving management problems in a factory environment, but since the mid-20th century, researchers, teachers and Practitioners begin to apply knowledge from the field to support service operations. A factory manager plays an important role in a company. Under the umbrella of Operations, he has five components.

Operational strategy, project management, people and team leadership, finance, and data analytics. The Ops Authority program develops an operations manager's expertise and teaches him to become an expert in five areas. Technical skills are taught, but there is also an emphasis on developing softer skills such asensuring a growth mindset and leadership skills, which are valuable to managers' operation management. These steps help students take the next step in their careers and leave them with marketable skills. How operation managers can increase the profitability of your business:

1. They improve organizational design

An operations manager integrates the vision of the CEO. Organizational design is about understanding where a company is going and who needs to be on the team to get them there and what those roles entail. By designing and documenting the business functions such as sales processes, IT management, project management, to name a few, the more streamlined the company.

2. Through operational strategy

Operations Managers deliver products or services to customers, whether they organize a specific project ormanagean entireoperations department. Anoperational strategyis guidanceforaparticular product or service, resulting in superior customer service delivery.

3. Through project management skills

All projects must be delivered on time and within budget, and strong organizational skills are partof an effective operations manager. There are many steps in the project and many parts that need to be adjusted. Having an experienced operations manager on your team ensures smooth delivery.

4. Monitoring KPI’s

Operations managers need to measure meaningful KPIs to measure efficiency, productivity, metrics related to the sales cycle, and other important things. Knowing the key KPIs you measure in your business and developing strategies to keep them at peak efficiency will help your business grow and move forward.

5. Have a solid financial sense

Operations managers need to understand the financial aspects of business operations. This includes monitoring the company's financial situation, including budgets. Projects carried out by companies must be profitable, and controlling that profitability is essential.

The bottom line is that good Operations Managers and Operations Directors are valuable assets to any organization that efficiently and effectively manages back office activities. Reduce waste by streamlining processes and procedures and effectively monitoring workflows. An integral member of the team, they make your business profitable and help your business run smoothly.

The growth of the service sector

In recent decades, firms in the third sector of the economy, i.e. services sectors, have increased their relative share in job creation and economic importance. Gallie (1991) pointed out that before World War I, about 80% of people were employed population is manual labour, but in 1987 non-manual workers accounted for half of the jobs. With the growing importance of service delivery, service operationsmanagement hasbecomeimportantinthepracticeoforganizations,andarelevantresearch topic in broader scope (Smith et al., 2007). According to Ricci and Rachid (2013), from 1994 to 2000 employment in the service sector increased by 141.3%, in addition to a decline in manufacturing. In 2007, according to the same author, 31.7% of formal employment was in the service sector.Heineke and Davis (2007) argue that the service sector has grown significantly by the end of the 20th century, to the point that 80% of jobs in the United States were provided by service companies. This rapid growth is caused by several factors, such as changes in people's lifestyles, deregulation and the availability of better infrastructure, based on new information and communication technologies. As Heineke also pointed out and Davis (2007), once the service sector exceeds 50% of the economy, occurred in the 1950s, researchers, especially economists, began to examine the characteristics of services andto adapt and applyoriginal conceptsto them developedtomanageproductionoperations.

A wave of outsourcing has continued to propel the movement in this direction, manufacturing companies are starting to use specialized companies with lower costs and better quality if it is done in-house. Activities such as property security, cleaning, construction maintenance, industrial canteens, and logistics have been entrusted to external service providers (Fitzsimmons and

Fitzsimmons, 2010). Almeida (2004) identified this trend, stating: that between 1977 and 2000, there was an increase of more than 15% in the service sector in Europe and Japan, and similar growth in the United States. Service activity increased accompanied by a 20% reduction in the manufacturing sector in Europe and the United States, and 11% in Japan. Mechanization, automation and standardization have also contributed to an increase in the relevance of service delivery (Almeida, 2004). Investigative studies related to the transition from an industrial society to a service society The company has been around for decades. Sullivan (1982) pointed out the challenges and requires research on service management according to certain characteristics service characteristics such as intangibility, inseparability, heterogeneity, and easily damaged. Machuka et al. (2007) conducted a detailed review of the service studies works in major operations management journals: International Activity Magazine & Production manager; Journal of International Production Economics; International Journal of Production Research; Operations Management Log (JOM); Produce and Inventory management; and the Journal of Operations and Production Management (POM). Surname found that 7.5% of articles published were related to service activities management. At the same time, Smith et al. (2007) conducted an empirical evaluation of the productivity of researchers and organizations in managing service activities in journalism published in 5 major scientific journals: Manufacturing and service activities Management; Management Science; Operational research; OJM; and Pom. They made a map 463 articles were published between 1990 and 006 and found that the proportion of service operation management increased from 7.0% in 1990 to 17.2% in 2006. Chase and Apte (2007) discuss the role of services in the national economy and the importance of scientific research on the subject, emphasizing the importance of teaching operations manager in universities to handle service operations. Recently, Jung et al. (2015) developed a theoretical study related to socially responsible service activities management (SRSOM), can be defined as service management activities related to social responsibility and legal, ethicaland environmental issues. Theauthors also referto otherstudies published inthe past 20 years thatdiscuss SRSOM demonstrate that interest in the topic has grown exponentially over the years.

Mr. Aftab Raza

MBA, 2022-2024

IBS Hyderabad

Global Supply Chain in a Post-Pandemic World

A plethora of factors including US-China trade wars and the demand-supply deficit due to the Covid19 crisis are forcing manufacturers across the globe to reassess and re-design their supply chain. There is a constant pressure to generate employment, increase production, reduce risk-dependent resources, and re-think lean inventories and just-in-time replenishment, which can be impeding in a global economy with the raw material shortage. There is a need to build a resilient supply chain without sacrificing competitiveness by determining potential disruption, assessing potential alternatives, and addressing vulnerabilities by diversifying your raw material procurement. Exploring technologies – automation, AI, 3-D printing, ERPswhich can streamline the process – decreasing cost and increasing flexibility.

Changing Global Landscape

The supply shortage that started in China due to Covid-19 and the global economic shut-down that followed exposed the vulnerabilities and shortcomings of supply chains across the globe as trade restrictions wereimposed. This coupledwith theUS-China trade warlead companies acrosstheglobe to implement lean strategies to minimize inventory containing global supply and implement just-intime principles. The challenge remains to continuously re-evolve the supply chain and maintain competitive customer-oriented pricing.

Strategies to a robust supply chain

To adapt to the ever-changing global landscape the firms should undertake the following suggestions to make their supply chain more robust meanwhile mitigating risk: Assemble-to-Order (ATO) in case of specialized products

Product manufacturing with emerging technologies often requires specialized technical skills and expertise; it’s not possible for a single supply chain to have the breadth of capabilities to produce everything itself. Hence, manufacturers turn to suppliers/subcontractors who are specialized in such products or components, providing flexibility according to customer needs and the ability to incorporate the latest technology. However, dependency on a single supplier may leave you vulnerable.

Accessing risk and vulnerabilities

The process involves mapping suppliers as a low, medium, and high risk going to the grass root levels – analyzing how quickly can you recover with an alternative in case of a supply shock, days of sustenance in case of raw material deficit. Overall it’s an assessment of flexibility and dependence of your firm’s supply side. It can be addressed by diversifying your sources or re-engineering your inventory management.

Diversification of supply base

Thewell-knownrisk-hedging techniqueis toadd moresources in locations not vulnerable tothesame risk i.e., diversifying the supply base across the globe, not just a single one. The US-China tradewar has inspired firms to implement the “China plus one” state. Firmsirms across the globe are looking for alternatives for production just in China; however, this will require considerable time and investment.

In general, firms should have a diverse portfolio of suppliers so that they can be averse to the risk of a supply crunch.

Enhanced inventory management

Firms across the globe should implement a lean inventory management technique implementing justin-time EOQ principles to avoid opportunity cost loss and obsolescence risk. However, firms should maintain an intermediate inventory or safety stock in order to avoid the risk of shutting down incase of a severe supply shock, like in the recent pandemic. Thus, firms should weigh between costs of storage and the risk of obsolescence with the advantages of maintaining a safe stock.

Incorporating technology

Companies with a global footprint have the advantage of implementing state-of-the-art production processes and manufacturing units whenever they decide to expand. These technologies help lower costs, increase the flexibility of production and provide economy of scale. The major technologies that help transform the supply chain are:

Automation: As automation comes into acceptance along with its decreasing costs, increasing amounts of processes in supply chin are being automated. It ensures precision, reduces labor requirements, and ensures quality control. The pandemic has enhanced prospects of automation as social distancing is not just a need but a necessity.

New processing technologies: Cutting-edge techniques and equipment require less raw materials, produce less waste, are less capital-intensive, and are less expensive t operate. They will require smaller batch sizes economically cutting costs and increasing output.

Additive Manufacturing: This process incorporates 3-D printing dramatically reducing steps required to produce complex metal shapes and blueprint models. Rapid advancement in this tech helps produce an array of items in much higher quantities.

Artificial Intelligence: AI is used across the globe to forecast demand for inventory management, increase efficiency, discover better- cost-effective ways of transportation, and in risk mitigation.

Enterprise Resource Planning: ERP provides a centralized platform for all operations of a supply chain. ERPs have now transformed to meet needs at global levels- SAP provides a platform for businesses across the globe to interact on its B2B integration further through ARIBA; it has streamlined the vendor system through e-procurement.

Conclusion

The global landscape is ever-changing, managers across the globe should introspect their respective supply chains making them more resilient and flexible, building a trusted base of suppliers and vendors that help mitigate supply disruption and support business continuity. Firms should incorporate emerging technology to make the entire supply chain more streamlined and resilient meanwhile gaining a competitive edge. We expect to see increased investment in digitization to enhance critical supply chain planning capabilities using AI-driven predictive analytics. The managers should leverage the existing capabilities across the globe while building a robust and riskevasive supply chain that tackles future disruptions bound to occur.

Asheer MBA, 2022-2024 IBS Hyderabad

Unlocking the Secrets of Samsung Group's Supply Chain and Operations Management

In recent years, Samsung has become a household name that has been integrated into every facet of people's everyday life. From televisions and smartphones to home appliances, the Samsung Group has become an integral part of our lives. But what lies behind the success of this global technology giant?Here are few insights that will be taking a closer look at the secrets of Samsung Group's supply chain and operations management over the past few decades.

Introduction to Samsung Group

The Samsung Group is a multinational conglomerate based in South Korea. Founded in 1938 by Lee Byung-Chul, the company has grown to become the world's largest technology company, with a presence in over 80 countries and a workforce of over 300,000 people. The Samsung Groupconsists of over 60 companies, including Samsung Electronics, the world's largest consumer electronics manufacturer, and Samsung Heavy Industries, the world's second-largest shipbuilder. The Samsung Group has seen tremendous success over the past few decades. In 2018, the company reported a revenue of $221 billion, making it the third-largest company in the world. Samsung has becomeanindustry leaderin theconsumerelectronicsmarket, andthecompanycontinues toinnovate and expand its product portfolio.

Understanding the Samsung Group's Supply Chain

The success of the Samsung Group is largely due to its efficient and effective supply chain. The company has a global network of suppliers and partners to ensure that its products are produced and delivered on time. The Samsung Group has a variety of supply chain strategies in place to manage its production and delivery process.

The Samsung Group has a centralised procurement system in place, which helps the company to obtain the best quality materials at the lowest possible cost. In addition, the company has a multi-tier supplychain, which enables it tosourcematerials from multiplesuppliersandensurethattheproducts are delivered on time.

The company also uses technology to manage its supply chain. The Samsung Group has invested heavily in automation and technology to improve its supply chain efficiency and reduce costs. The company uses advanced software systems to monitor and manage the entire supply chain process, from the procurement of raw materials to the delivery of products to customers.

Overview of Samsung Group’s Operations Management

The Samsung Group's operations management is akey factor in the company's success. The company has implemented a number of processes and systems to ensure that its operations are efficient and effective.

The company has a robust system of quality control in place, which helps to ensure that its products are of the highest quality. The Samsung Group also has a strong focus on cost control, which helps to keep production costs low and ensure that the company is able to offer competitive prices to its customers.

In addition, the Samsung Group has implemented an effective inventory management system. This system helps the company to ensure that its products are available when needed and that they are delivered on time. The company also uses advanced software systems to track inventory levels and ensure that products are delivered on time.

Examining Samsung Group's Global Strategy

The Samsung Group's success has been driven by its global strategy. The company has a presence in over 80 countries, which has allowed it to tap into new markets and reach more customers.The Samsung Group has implemented a number of strategies to expand its global presence. The company has invested heavily in research and development to ensure that its products are of the highest quality and are competitive in the global market. The company also focuses on innovation and customer service, which has helped it to build a loyal customer base.

The company has also implemented a number of strategies to ensure that its products are available in all countries. The Samsung Group has established a number of local offices and has partnered with local distributors to ensure that its products are available in different markets.

Benefits of Samsung Group's Supply Chain and Operations Management

The Samsung Group's supply chain and operations management has had a number of benefits for the company. The efficient and effective supply chain has enabled the company to source materials at the lowest cost and ensure that its products are delivered on time. The company's operations management has also enabled it to maintain high levels of quality control and ensure that its products are of the highest quality.

In addition, the company's global strategy has enabled it to tap into new markets and reach more customers. This has helped the company to expand its customer base and increase its revenues. The company has also been able to reduce costs and offer competitive prices to its customers, which has helped it to remain profitable.

Challenges Faced by Samsung Group

Despite its success, the Samsung Group has faced a number of challenges in recent years. The company has faced increasing competition from other technology giants, such as Apple and Huawei. This has led to increased pressure on the company to remain competitive in the market. In addition, the company has faced a number of challenges with its supply chain and operations management. The company has faced issues with sourcing materials and ensuring that its products aredelivered on time. The company has also faced challenges with its inventory management system, which has led to delays in product delivery.

Solutions to Challenges Faced by Samsung Group

The Samsung Group has implemented a number of solutions to address the challenges it has faced. The company has invested heavily in technology and automation to improve its supply chain and operations management. The company has also implemented a number of strategies to ensure that its products are available in all countries. The company has invested in research and development to ensure that its products remain competitive in the global market. In addition, the company has implemented a number of strategies to reduce costs and offer competitive prices to its customers.

The Impact of Samsung Group's Supply Chain and Operations Management

The impact of the Samsung Group's supply chain and operations management has been significant. The company's efficient and effective supply chain has enabled it to source materials at the lowest cost and ensure that its products are delivered on time. The company's operations management has also enabled it to maintain high levels of quality control and ensure that its products are of the highest quality.

In addition, the company's global strategy has enabled it to tap into new markets and reach more customers. This has helped the company to expand its customer base and increase its revenues. The company has also been able to reduce costs and offer competitive prices to its customers, which has helped it to remain profitable.

Conclusion

In conclusion, theSamsung Group's supply chain and operations management havebeen instrumental to its success over the past few decades. The company has implemented a number of strategies to ensure that its supply chain and operations are efficient and effective. The company has also invested in research and development to ensure that its products remain competitive in the global market. The company's global strategy has enabled it to tap into new markets and reach more customers, which has helped the company to expand its customer base and increase its revenues.

Mr. Dhruv Rami

MBA, 2022-2024

IBS Hyderabad

A Comprehensive Guide to Implementing Competition-oriented Dynamic Pricing in the E-commerce Industry

The e-commerce industry is highly competitive and dynamic, with businesses constantly looking for innovative ways to attract customers and generate higher profits. One of the most effective strategies to increase profits and gain a competitive edge is through competition-oriented dynamic pricing. This pricing strategy is focused on adapting to changing market conditions in order to maximize profits. This comprehensive guide will provide you with an in-depth look into what competitionoriented dynamic pricing is, why it is beneficial for your business, and how to successfully implement it. By the end of this guide, you will have a thorough understanding of how to use this powerful pricing strategy to increase your profits and gain a competitive edge.

Benefits of Competition-oriented Dynamic Pricing

Competition-oriented dynamic pricing allows you to constantly change your prices according to your competitors. This allows you to maximize profits during times when demand is high, and minimize the risk of losses when supply outweighs demand. In other words, competitive price monitoring allows you to set prices based on what your competitors are charging. This ensures that your prices don’t fall below the point at which you are making a profit. Competition-oriented dynamic pricing is a great strategy to adopt if you are competing in an industry where prices are constantly changing. Businesses that operate in industries like hotels, airlines, car rental services, clothing retail, and healthcare, can greatly benefit from this pricing strategy.

Analyzing the Competition

The first step when implementing competitive price monitoring is to analyze the competition. You can do this by monitoring your competitors’ prices, as well as their marketing activities, through tools like online scanners or price trackers. You can also use these tools to keep track of the demand of your products or services, as well as their inventory levels. Once you have an idea of how your competitors are pricing their products, you can use this information to determine the prices of your own products. You can then use automation tools to set up rules to automatically update the prices of your products in real time.

Developing a Pricing Model

Once you’ve analyzed your competitors, you can start developing a pricing model to help you determine the prices of your products. You can use a variety of factors to determine the prices of your products, such as the costs of production, the demand for your products, and the price at which your competitors areselling their products. You should consider adding a premium to yourproducts’ priceto account forthecosts ofmarketing andselling yourproducts. Whileit’simportant toconsider the variables mentioned above, you also need to take into account the seasonality of your industry. For example, if your industry is seasonal, you might want to consider adjusting your prices during off-peak seasons to maximize your profits.

Setting Prices in Real-time

Setting your prices in real-time is one of the most important parts of competition-oriented dynamic pricing. It helps you maximizeprofits by setting your prices above thepoint at which you are making a profit. You need to set your daily, weekly, or monthly average prices based on market conditions, inventory levels, and product demand. You should also consider adjusting your prices based on external factors like weather, holidays, and special events. You should provide discounts as an incentive to customers to buy your products, especially when they are in high demand. You can offer discounts on shipping fees, gift cards, or other incentives to attract customers and drive more sales. You should also consider raising your prices when demand is low and inventory is high, or when the season is over. For example, if you are a retailer selling winter clothing, you might want to lower the prices of your winter clothing during the summer, when demand is low and supply is high.

Monitoring Price Changes

While setting your prices in real-time is important, you also need to monitor price changes. You can do this bysetting a price threshold. For example, if thepriceof aproduct drops below a certain point, you can manually adjust the price of the product. You should also consider monitoring price changes in your industry. This will help you determine if your pricing strategy is working as expected. If you notice that a particular product is constantly falling below your price threshold, you can manually adjust the price of the product.

Strategies to Increase Profitability

In addition to changing your pricing model, you can also increase profitability by adjusting your inventory levels. You can do this manually or by automating the process. If a particular product is selling well and demand is high, you can increase the supply of the product by ordering more inventory. On the other hand, if a product is not selling well and has low demand, you can reduce the supply of the product by holding or canceling the order. Another strategy is to change your distribution channels. You can consider expanding your distribution channels or entering new markets where demand is high. You can also consider reducing your distribution channels if demand is low.

Adopting Automation & AI-based Tools

Competition-oriented dynamic pricing requires you to constantly monitor your pricing and change it accordingly. In addition to manually monitoring your pricing, you can also automate the process using automation and AI-based tools. There are a variety of pricing automation tools available, each of which has its own set of features and functionalities. This automated approach to changing your prices can save you a lot of time, allowing you to focus your attention on expanding your business. There are also automation tools for inventory management. This can help you avoid manual errors and keep track of your inventory levels.

Measures to Prevent Price Manipulation

You should always be aware of the risk of price manipulation. This is a risk that exists in almost every industry, especially when you are setting your prices in real-time. You can reduce the risk of price manipulation by adjusting your pricing model, such as adding a premium to the price of your products. You can also use price verification software to prevent price manipulation. This software can automatically detect price changes made by competitors, helping you respond quickly and eliminate the risk of price manipulation. You can also manually monitor your prices and competitors’ price changes. You can do this by logging into your online store and reviewing your competitors’ pricing. When you log in, you should keep an eye out for suspicious price changes, whether they are above or below your price range.

Conclusion

Competition-oriented dynamic pricing is an effective strategy that can help you maximize profits andgain acompetitiveedge.This strategyallowsyouto constantlymonitoryourcompetitors’prices, as well as the demand of your products. It also allows you to set your prices in real-time based on the above information. Competitive price monitoring can be challenging, especially when your competitors are also using this strategy. In such a scenario, you need to be vigilant and constantly adjust your prices.

MBA, 2022-2024

IBS Hyderabad

Airbus Company Systems and Operations Management

Systems and operations management's main goal is to ensure that an organization's business operations are carried out effectively and with the least amount of resources possible to support the achievement of business requirements. It is typically an illustration of a management approach that tries to transform available business resources into successful results with the goal of ensuring customer pleasure. Systems and operations management plays a vital role in Airbus and its integration into business in a variety of ways. Some of the management positions for systems and operations at Airbus are listed below.

The creation of a new ideology necessitates a successful strategy from the design stage through the execution stage. To ensure that Airbus continues functioning in an efficient manner without endangering the lives of the passengers, such an approach was necessary during development. The idea of management control and coordination is the first aspect of systems and operations management that is advantageous to Airbus. This seeks to guarantee the accomplishment of organizational objectives in a timely and effective manner without endangering the overall organizational operation. The rising delays experienced by Airbus during the Airbus launch areone of the most obvious issues.

Airbus experiences major production delays, which are demonstrated by things like delivery delays, a lack of a solid implementation strategy that leads to a deviance from the initial concept of developing huge aircraft, and finally a launch delay that lasted for roughly a full year. Customer discontent as a result may have been brought on by inefficient systems and operations management techniques. The goal of management coordination and control is to make sure that the organization has a methodical approach to what it wishes to develop. It is an essential part of the planning stage that Airbus needed to ensure the successful construction of their aircraft. The executive’s control and coordination involve sending different regulatory controls and assessments before a significant choice is made at the hierarchical level.

The second job of the frameworks and tasks of the executives inside Airbus is to guarantee that there is adaptability in the execution of the business activities. This is significant in reengineering the plan of an item to suit the necessities of an association's clients. Adaptability is basic for business firms to assess the item's adaptability and creation volume. With respect to this, Airbus didn't lead an inside and out needs investigation of its client necessities prior to setting up an arrangement to develop an enormous airplane. Afterward, it strayed from the first intention to focus on the plan of more modest jumbos. Frameworks and activities the executives guarantee that an association conveys the idea of adaptability during the execution of business cycles to oblige future changes, without expecting to return to the beginning stage.

The third job of tasks the executives at Airbus is that guarantees the upper hand of the firm. Creation delays and undiscovered expectations significantly influence how potential clients see a firm's viability. Thusly, Airbus ought to convey viable creation control ways to deal with wiping out client disappointment because of inadequate creation systems. This implies that the tasks methodology is an essential idea that Airbus needs to take care of for the firm to upgrade its seriousness in the ongoing carrier market. Richard Pursue, a noticeable business writing writer, contends that tasks the executives is a significant idea that endeavors ought to consider while undertaking their everyday business processes.

Coordinating frameworks and tasks the board with the business assumes a critical part in quality administration, execution of the executives, and the plan of hierarchical methods and strategies (Checkland and Poulter 2006). Subsequently, frameworks and activities the executives, through encouraging execution of the board, essentially influences the association's general achievement. Strategies and techniques guarantee that the execution of business processes is finished using negligible assets to foster a more beneficial item or resource. The acknowledgment of this is through a decrease of the above creation costs.

How the Airbus information systems and operations management should be updated to support and improve their business efficiency

Data frameworks are a significant part of the general business structure. This is on the grounds that they give roads through which the different faculty in the firm can approach data that is significant in the everyday running of the business. The data frameworks of a given business endeavor should be cutting-edge to work really in the ongoing industry climate. The Carrier business is one such model that requires a refreshed data framework because of the unique idea of the client base and the always-changing client necessities. The accompanying area frames how the Airbus dataought to be refreshed to offer the necessary help and upgrade generally speaking business effectiveness.

One of the critical methodologies to refresh the Airbus data framework is through utilizing Data Innovation. Incorporating IT with the business processes for the association is quite possibly the most valuable procedure that a firm can send to improve worker efficiency and work with the company's general proficiency. There are different benefits related to the improvement of the handling of flight information. This infers that airplane makers and firms managing flight administrations want to take on and incorporate new-age PC advancements to work with the control of the flight and the administration of aerodynamic information. The execution of a viable airplane data framework is a significant procedure in guaranteeing that the execution of business cycles of Airbus is compelling.

Thereconciliation of ITinto thedataframeworks and tasks theboard will cultivateproficiency, offer the expected help through upgrading the administration of airplane activities and give a road through which the firm can gather information connected with the airplane in a computerized structure in this manner working with simple information examination systems by the association. Moreover, sending new-age PC models will effectively make a stage through which the firm can robotize its basic creation processes, subsequently lessening potential blunders that might emerge during airplane production. The accompanying diagram shows how incorporating IT with business processes offers help and upgrades productivity.

One more technique in refreshing the data framework and the board processes is to convey the utilization of powerful choice emotionally supportive networks. Navigation is a significant part of the business firm, this suggests that viable dynamic methodologies are hence expected to make the firm a triumph. Thus, the consideration of choosing emotionally supportive networks in the frameworks and tasks the board arrangement for Airbus would kill a portion of the dangers related to unfortunate dynamic methodologies in the firm.

Choice Emotionally supportive networks can be executed in the framework utilizing suitable programming applications, with the target of the general acknowledgment of the association's objectives, in this way expanding the productivity of the firm and offering essential help in the dynamic cycle at the firm. Alan Pilkinton and Jack Meredith, conspicuous business diary donors challenge that compelling direction is a key achievement factor that a business venture should coordinate with its tasks; this suggests that Airbus likewise needs to refresh and execute successful dynamic methods utilizing Choice Emotionally supportive networks in its data and frameworks the board strategies.

Another technique that Airbus can convey in refreshing its data frameworks and activities the executives is through the coordination of the plan with the assembling system. This expects to guarantee the disposal of divided structures in the assembling processes at Airbus, which eventually brings about wiping out assembling deferrals of the airplane. For example, inner contentions and the need to keep harmony between its plants in France and Germany ought to be managed for the frameworks and tasks the board can bring about the company's proficiency and efficiency. Airbus ought to involve a similar plan and programming in assembling its airplane in both the assembling plants in France and Germany. The assembling system needs an update in a way that works with the smoothing out of the planning cycle with the assembling system through the end of transitory and wasteful assembling procedures.

This effectively kills postpones in the assembling of the airplane. It is basic that Airbus keeps a smoothed-out assembling process for the firm to end up successfully and boost key viewpoints like efficiency. As per configuration reports delivered by CNN travel, which is a free communicating organization possessed by Time Warner media, which named the 2010 Carrier Quality Rating, one of the critical reasons for defer in the production of airplanes via airbus is an assembling cycle that needs a mix of the plan with the assembling methods. Subsequently, this system assumes a critical part in the disposal of deferrals related to airplane makes. The diagram underneath portrays how coordinating the plan with the assembling system lessens creation delays at Airbus.

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The word “Kaizen”, where “Kai” = change, “Zen” = good, signifies change for the better. In its birthplace Japan, the word Kaizen is imbibed as a process that many small continuous changes in systems and policies bring effective results than few major changes. This methodology applies to every department across different sectors.

Kaizen–TheOfficialOperationsClubofIBSHyderabadhasalwaysbeenaspiring“ConstantChange ad Evolvement”. We, as an organization work to inspire and aspire to the student community for the betterment of the future.

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