Compendium admissions 2023-25
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- ENTERPRISE RESOURCE PLANNING (ERP)
- QUALITY MANAGEMENT
| Types of inventories • Raw materials Materials typically bought but have not yet been used in production. • Work-in-progress (WIP): Goods or parts that aren't raw materials but aren't finished goods. • Finished goods inventory A finished good that is prepared for sale is nonetheless recorded as an asset by the business. • MRO (Maintenance, Repair, and Operations) supplies These materials are used in the production process but are not ultimately visible in the finished goods. 77 • Cycle Stock The quantity of inventory anticipated to be used over a specific time frame. The interval between orders (for raw materials) or between production cycles is frequently used to describe the period (for work in process and finished goods. • Decoupling stock When a process' input rate is higher than its predecessor's output rate, which could lead to a decoupling between them if stock is not maintained, this stock is held. • Anticipation Stock This inventory is retained in case demand spikes due to ambiguous consumer wants or unanticipated seasonal changes. ENTERPRISE RESOURCE PLANNING (ERP) An ERP system automates all company activities by establishing a uniform structure across the board. ERP handles links to external stakeholders and streamlines information flow between all corporate functions. Any firm that wants to collect precise data, including those that want to monitor areas like sales, inventories, or finances, can use ERP systems. ERP is increasingly being utilized in various industries, including healthcare, e-commerce, and nonprofit work. It is prevalent in manufacturing and production-based domains. Advantages of ERP system • Increased efficiency and automation • Increased accuracy • Better interdepartmental collaboration • Improved data security • Easier regulatory compliance QUALITY MANAGEMENT: Quality management oversees all activities and tasks that must be accomplished to maintain a desired level of excellence. This includes determining a quality policy, creating and implementing quality planning and assurance, and quality control and improvement. Digital transformation has become the hottest buzzword of this decade. New technologies and tools are supporting the transformation journey of companies, big and small as they compete to get a bigger slice of 78 business in a fast-paced competitive environment. Yetis it enough to smooth a company's transformative process Can a standalone technology implementation remove a bottleneck in the production processor support troubleshooting a service design flaw Although digital transformation fast-tracks a company's growth, it must be equally supported by quality control and business transformation management methods. Keeping in tune with emerging markets and processes, the American company Motorola developed anew concept of quality management process in 1986. Over the years, it has been refined and polished into a sound theory of principles and methods aimed at business transformation through a clearly defined process. This finished product is Six Sigma. Download 4.08 Mb. Share with your friends:
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