Efficient procurement practices are very important for every business to thrive and gain a competitive edge. Within the realm of procurement strategies, direct procurement stands out as a vital component in supply chain management. And focuses on acquiring goods and services directly related to a company’s core operations. and also offers numerous benefits and poses …
Procurement plays a significant role in every business organization, simply procurement can be defined as the process of acquiring goods and services to accomplish business goals and objectives. In this article, we discuss critical areas of procurement such as the meaning of procurement, the importance, procurement process, different types of procurement, procurement stages, and the …
The Procurement Journey: Navigating the Supply Chain Success Read More »
Meaning of Logistics Management Logistics management can be defined as one of the components of supply chain management which is consist of planning, implementing, and controlling the flow and storage of Goods & services and other information from origin to point of consumption to reach customer requirements. The logistics process starts with raw material accumulation …
The Meaning of Strategic Management Strategic management is a unique way of achieving desired goals and objectives. so strategic management is simply defined as the art and science of formulating, applying and assessing cross-functional decisions that allow an entity to accomplish its goals and objectives. this management process mainly involves three functional areas including understanding …
Simply, stakeholders mean, an individual or groups who care about the business organization. So stakeholders are so important to every business organization. Every business organization should care about their stakeholders just because stakeholders and the business organization heavily depends on each other. In this article, we briefly describe some important terms about stakeholders, this includes …
Stakeholder analysis; Meaning, importance, Types, and Stakeholder Mapping Read More »
Human resources are the most valuable asset for an organization. It is live and it has its unique characteristics. Human resources are significant to accomplish organizational goals and objectives. Therefore managing a better connection with employees is a necessity for every organization. This connection between organizations and employees can be defined as employee relations (ER). …
Employee Relations? – Things you need to know about Employee Relations Read More »
A strategy means, a smart way of determining and accomplishing goals and objectives. In this chapter, we discuss some key areas about strategies in the business context. This consists of, an introduction about strategy, elements of strategy, perspectives of strategies, and finally, levels of the strategies. What is a strategy? Simply a strategy can be defined as performing different activities, from competitors or performing the same activity in a unique way from the competitors. And also, Henry Mintzberg defines this as a form of a stream of decisions. According to Hitt, a strategy is a combined and synchronized set of commitments and activities designed to exploit fundamental competencies and increase a competitive advantage over others. Moreover, (Nicolaj, 2019) states strategy as a distinguishing array of interdependent choices that address certain questions.By considering all the above definitions about this term, there can be seen efforts to accomplish sustainable competitive advantage by preserving what is distinctive about an organization Elements of strategy There are mainly four elements and. It includes, An objective to achieve Where to compete (product, customer, Geography) Value proportion Source of competitive advantage Perspectives of strategies When considering about perspectives of strategies, there are the normative perspective and the descriptive perspective. From a normative perspective, the S is recognized as a science and developed purposefully step by step. And when it comes to descriptive perspective, it is recognized as an art. It emerges situational and does not develop purposefully. And also, creativity and imagination are used in descriptive perspective. Levels of strategy there are 3 levels such as corporate-strategy, Business-level …
Definition of management.!!! Many management students are very interested in management, usually looking for a specific definition of management. This chapter includes management definitions, the importance of management, management process, and some core concepts in management. After reading this, you will gain a good basic knowledge about management. when considering about definition of management There …