Business strategy consists of a group of choices that positions any business in industry to generate greater financial returns. Identifying right choices is not easy or an obvious decision to make, but decisions such as these need to be made and executed using the finite resources available. Strategic Business Management includes decisions and actions, which…
Tag: Business Management
Managerial Decision Making
What is a problem? Problem is a mismatch between the current output of existing processes and desired outcomes. What is the decision-making process? Decision-making process includes the following steps- Identifying the problem Setting objectives Evaluating the alternatives Choosing the best alternative Implementing the decision Assessing decision effectiveness Managerial decision-making Managers at all levels need to…
What is Enterprise Resource Planning (ERP) and why do you need it?
Enterprise Resource Planning (ERP) is an integrated process that helps an organisation to manage diverse functions. ERP manages financials, supply chain, operations, reporting, manufacturing, and human resource activities. ERP software integrates these functions into a complete system to streamline processes and information across the whole organisation. Effective ERP management allows various departments to communicate and…
Reconciliation in Sales and Operations Planning
Sales and Operations Planning (S&OP) is a methodology that provides a framework for organisations to regularly plan and review their demand, supply and inventory levels. It helps to improve productivity and customer satisfaction. Meaning of reconciliation The word ‘reconciliation’ literally means ‘the process of making consistence or compatible’. In accounting, it means comparing two accounts…
Supply Planning in Sales & Operations Planning
What is Supply Planning? Supply Planning is one of the most crucial steps in Sales & Operations Planning (S&OP) and supply chain management. It aims at achieving a plan that efficiently fulfils the demand for any product or service. Procurement, manufacturing, warehousing, distribution and logistics are the constituent parts of supply planning. Supply and demand…
What do you need for successful IBP implementation?
Integrated Business Planning (IBP) is a process that helps organisations achieve process excellence by identifying the gap between business targets and strategy (top-down) and the most likely outcomes (bottom-up). IBP is a cyclic monthly process that enables collaborative business planning and departmental alignment through cross-functional inputs, this ensures a higher degree of coordination to improve…
Assumptions and constraints in project management
Every project has certain assumptions and constraints that need to be considered while planning, these are inputs for many processes and they need to be identified and defined at the start. Assumptions Assumptions are the events or circumstances that are expected during a project’s lifecycle. For example, at the beginning of any project, we assume…
Sales and Operations Planning
Sales and Operations Planning (S&OP) is a business management process where organisations make efforts to balance demand and supply to improve inventory management. S&OP integrates sales, operations and finance to enable quick decision making and efficient business planning. Demand forecasting is one of the most crucial steps in S&OP. When an organisation understands the demand…
How does an end-to-end solution help in business management?
An end-to-end business management solution can be described as software that brings to your dashboard, all the key elements in a business. It is a centralised hub that enables collaborations between the departments from the beginning to the end. Effective management of supply chains and operations requires information sharing in real-time. The stakeholders and coordinators…