[Name of the Writer]
[Name of the Institution]
Proper planning and execution of strategies is the key to the success of any business. Some of the primary strategies or the procedures that are used by the organizations to run its operations and processes smoothly are inventory management, supply chain management and Just in time Inventory (JIT) (Christopher, 2016). All these practices help a business to plan its products and inventories in a proper manner and forecast the needs and demands of the products and side products in a better way.
One of the excellent examples for the prediction of the need for products and raw material in a global business scenario can be seen in the form of the strategies adopted by Samsung. Samsung Technologies is one of the largest producers of technological products, including mobile phones, laptops, smartphones, tablets, and electronic appliances like TVs, etc. Taking the example of a specific product, the main or primary product produced by the technological giant is the smartphone, and the side products that support the functioning of this product are headphones, headsets, and chargers. There is a wide range of supporting products as well that is produced and sold by the tech giant, including wired and wireless headphones and headsets. In addition to this, Chargers are also available in a range of wired and wireless charging pods.
The company keeps a strict check and balance on the inventory of these supporting products, whether they are in raw form or in the shape of the finished product. Samsung has strict inventory management policy, and thus it keeps most of the raw material of its products in-house so that it does not have to keep waiting for its vendors or suppliers for the delivery of raw material. Only 20% of the raw material for the companies’ products comes from outside the company, which is handled by its vendors and suppliers (Mo Yang, et al., 2007). Hence the tech giant can be seen using the techniques of JIT, and SCM in a very smart manner.
Christopher, M. (2016). Logistics & supply chain management. Pearson UK.
Mo Yang, H., Seok Choi, B., Jin Park, H., Soo Suh, M., & Chae, B. (2007). Supply chain management six sigma: a management innovation methodology at the Samsung Group. Supply Chain Management: An International Journal, 12(2), 88-95.
Useful LinksFree Essays About Blog
If you have any queries please write to us
Join our mailing list
@ All Rights Reserved 2023 firstname.lastname@example.org