All entries for January 2016

January 17, 2016

Partnering across the businesses

There are lot of ways to develop partnership with businesses in local or international markets. Among them are international joint venture(JVC) and strategic alliance. In JVC new entity is formed being independent from parent companies interms of finance, management but they still have influence either according to their stake or according to agreement. But in strategic alliance two or more then two organizations agree to share respective capabilities to gain mutual objectives interms of reducing competition, working together to develop something bigger which independently can't be developed due to scracity of resorces. There is nothing like good or bad, but it all depend on circumstance that which model works best in order to achive mutual goals effectively. If partnership is done to promote products of each other, share financial risk, taking help to enter new markets, sharing skills and technology then startegic alliance would ne better choice. And if a company wants to enter a market where there is condition for international businesses to have local investor, then in that situation JVC is the only way to enter market. JVC is also suitable where companies with high experties do combined efforts to achieve mutual agreement by sharing financial risk inorder to achive economis of scale and reduce production cost as well.

January 09, 2016

What is DMAIC ?

Continous improvement in products and serives is the best way to kepp the businesses competitive. But improvment needs to be done in a certain organized way through which it can be measured either the desired improvement have been done or not. For that it is important to define what needs to be improved, so efforts can be directed towards a particular target. Then it is important to meaure the point from where process of improvement is started. It is in order to determine in the end through measrurement that either the improvement have been done or not. After mearement phase comes the stage the analyse results. These results can be analysed through various formulas, models and comparison in order to understand the real cause of hurdles towards achieving targets. After understanding the hurdels its important for improve those areas by fixing those problems. Once desired results are achieved its neceassry to maintain improvements to have long term advantage from them. This can be done by errecting control systems which ensure those results. For that DMAIC is one of most suitable framework to do improvement in product and service in organized way.

January 05, 2016

Problem Solving

For a business to be successfull it is important to resolve the problem at timely basis. If problems are not resolved they will result in slower process, higher faults hence increasing costs and decreasing quality. These are all those things which are not favaourable for sustainability of business. But in order to solve the problem it is important to know what exactly the problem is, so that all energy and resources should be directed towards that particualr problem. Sometimes small problems are having huge impact on performance of business. In order to identify those problems business processes need to be analysed in much more detailed way. For that numbers can assist to study something in as lower fraction as possible. Numbers do speak, but in order to understand them they need to be anaylsed by putting them in some formula or model. There are some models like taguchi model and control charts which can help to idetify and understadnd problem in much better way. This will help to reduce variations in systems, if the problems are understood and resolved. Reduced variation helps to minimize cost of prduction in terms of less faulty products and low wastage of resources, and on other hand quality will improve. As product with very similar specification will be produced from processes everytime. Problem is always decreasing quality. And thast what customer pays premuim and help to branding of business. In order to resolve problem it is important to understand it in best possible manner.

Team work

It seems simple to work along with people from differnent backgrounds. Working together may make a team but not an effective one. Team and effective team are two different things. One major difference is of value addition into the product or process they are working for. Just a team wont add much value, where as effective team will add optimum value to the area where it will be working. Working with team doesnt just mean to spend the working hours with team members and then go back home. Effective team is something beyond that. They understand strengths and weakneses of each other and try to achieve the common objective by their strengths and complimet each other area of improvement with their strengths. They dont blame for errors by any member, instead they find a reason for that error and try to resolve that error. Finding best solutions on their own is another important characteristic for effective team. In effective team, goal is crystal clear to every team member, and they further communicate to clear if any problems. In order achieve all this a effective team needs to be psychilogically, emotionally and socially conected to each other. Thats what is called ''Effective team''. Taking these qualities out will make it just a "TEAM". Target should always be to make effective team.

January 2016

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