Business Finance Homework Help

I’m working on a supply chain discussion question and need support to help me understand better.

I 1-iDear Dr and classmates,

Procurement is a process that involves the acquisition of goods or services through the purchase, rental or exchange from any source. Some companies have a high cost that can be 50% or more of the company’s income from the purchase of raw materials, work in process, finished products, spare parts, services and other goods that are essential for operating organizations. The main objective of procurement is to be able to acquire materials and services at the lowest possible total cost, without affecting the quality standards required to satisfy the needs of both internal and external clients of the company (Bienhaus, & Haddud, 2018).

Procurement specializes into four areas that are: Contract management, Bid management, Vendor management and logistics management. These areas define the commercial departments of the companies where the purchase or acquisition of goods or services is made for the manufacture of a good or service (Bienhaus, & Haddud, 2018).

Information technology helps integration of suppliers through live bidding on purchase requisitioning and helps send them counter offers instantaneously to lower cycle time from purchase requisitioning to purchase order. It helps seamless connectivity and faster deal closure with transparency and ethics (Puschmann, 2005).

References

Bienhaus, F., & Haddud, A. (2018). Procurement 4.0: Factors influencing the digitisation of procurement and supply chains. Business Process Management Journal, 24(4), 965-984. doi:http://dx.doi.org/10.1108/BPMJ-06-2017-0139

Puschmann, T., & Alt, R. (2005). Successful use of e-procurement in supply chains. Supply Chain Management, 10(2), 122-133. doi:http://dx.doi.org/10.1108/13598540510589197

2-Hell,

The procurement of selected value-chain activities, including production of intermediate goods or finished products, from independent suppliers is a important part in the company strategy.

3-To adapt to a serious level of vulnerability and expanding production network hazard an organization needs to build up a vigorous, strong yet at the same time effective store network. Because of the solid rivalry organizations must be responsive, acquaint modified items rapidly with the market and continually work on their inner and outer tasks to acquire a serious advantage (Kexin & Mu, 2014). As supply chain activities are very data concentrated, information technology has been noted as an undeniably significant theme to assist endeavors with improving store network execution.

The conveyance of exact, great data can possibly uncover matchless differentiators against contenders, accordingly making long haul and generally speaking benefit and supportable serious advantages. Due to the increment of information concentrated exercises in numerous businesses not single organizations go up against one another any longer, yet rather entire supply chains. More extreme mix and joint effort that accompanies the shift from conventional market-based relations to key relations are fundamental in a quickly changing, worldwide climate and can make differential benefit and productivity (Bagchi, 2013). Organizations need to settle on complex choices concerning the significance of information technology on supply chain management. In this manner the effect of data innovation on store network execution is a subject worth to examine. The motivation behind this paper is to investigate the positive just as adverse consequence of information technology on supply chain performance.

Information technology has hugely adjusted items, measures just as foundations and the progression of data is the instrument that associates inventory network accomplices (Zhang, 2021)). Information technology besides gives new freedoms like the web to drive development and a higher capacity to rapidly dispatch new tweaked. Albeit each and every Data Innovation drives various benefits and the positive impacts contrast from one industry to another, significant likenesses with respect to the presentation results can be.

Reference:

Bagchi, P.K.. (2013), “Integration of Information Technology and Organizations in a Supply Chain”, The International Journal of Logistics Management, Vol. 14 No. 1, pp. 89-108. https://doi.org/10.1108/09574090310806477

Kexin Z., Mu X. (2014) Forming Interoperability Through Interorganizational Systems Standards. Journal of Management Information Systems 30:4, pages 269-298.

Zhang, Z.(J). (2021), “Impact of information technology on supply chain integration and company performance: evidence from cross-border e-commerce companies in China”, Journal of Enterprise Information Management, Vol. 34 No. 1, pp. 460-489. https://doi.org/10.1108/JEIM-03-2020-0101