Supply Chain Management and Modern Technologies

Supply Chain Management and Modern Technologies Introduction The requirements of the marketplace when conducting supply chain management is largely dependent on whether an organisation is in need of pursuing either the lean or agile paradigms. The two supply chain parameters are distinctively different. For instance, in terms of the market winner, the agile paradigm is tagged on availability while the lean one is pegged on cost.Advertising We will write a custom report sample on Supply Chain Management and Modern Technologies specifically for you for only $16.05 $11/page Learn More In other words, nimbleness in a market that is overly sensitive works well in an agile supply chain contrary to the lean supply chain where waste definition is the clear cut line.  Another important parameter in supply chain management is the proper location of decoupling points. This is imperative bearing in mind that there is need to engineer a hybrid supply chain where both materials and information can flow smoothly form the point of production to consumption. When the latter is effectively implemented, it will enhance positive outcome associated with both types of supply chain. For example, efficiency will be visible in a lean system while the agile supply chain will encourage an effective supply downstream. There are quite a number of supply chain management technologies that have been adopted in the contemporary business spheres. One such technology is the use of RFID to track down materials or products from the point of production or sale to the end user. The only loophole in the application of RFID in supply chain management seems to be emanating from outside such as lack of specified standards, security and privacy considerations, false promises as well as marketing problems. This business report offers a succinct critique of Naylor et al article on the application of lean and agile (leagile) supply chain management. Additionally, the paper discusses how RFID and other modern supply chain tech nologies such as e-commerce, CPER and VMI can be used to mitigate against the bull-whip effect in supply chain performance. Critique / Literature Review Perhaps, it is pertinent to begin this literature review and critique by defining each of the supply chain paradigms. Although Naylor et al (1999) attempts to define agility simply as supply chain management processes that enhance effectiveness and performance in organizations, it is vital to emphasize that business enterprises that pursue this kind of supply have much more to encounter and implement.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Flexible Manufacturing Systems (FMS) is indeed the origin of this concept. Sometimes back, manufacturing flexibility was thought to be only possible through automation. This idea did not last for long since it was later extended to incorporate other important factors in business th at would influence rapid changes through product mix or volume. Hence, the concept of agility in supply chain management has taken a sharp turn especially in regard to its composition and functionality. Hence, Naylor et al (1999) ought to have incorporated all the supply chain elements that affect the agile paradigm. While the authors have thinly differentiated agility and leanness in supply chain management, the two paradigms have a visible difference both in terms of application and effect in supply chain management. When referring to leanness, a supply chain management focuses more to do with producing more using fewer resources. In fact, Naylor et al (1999) reiterate that the â€Å"just-in-time† approach or zero inventories is usually associated with leanness especially in manufacturing. Although the latter terms are precise to use, a more relevant philosophy to use is Minimum Reasonable Inventory (MRI) since it is rather practical bearing in mind that â€Å"leannessâ₠¬  refers to the most minimal use of available resources to produce more. On the other hand, it is quite impossible to separate the two paradigms, not to mention the fact that the agile supply chain is very common in business enterprises that have adopted lean manufacturing. This is paradoxical having highlighted the outstanding difference between the two supply chain tools. The point at which lean manufacturing starts can be practically traced by the Toyota Production System (TPS). (Heinrich, 2005). This company largely targeted at eliminating and reducing waste in its manufacturing portfolio as one way of boosting production and hence manufacturing in its manufacturing portfolio.  It is highly likely that the article by Naylor et al (1999) has laid much emphasis on the positive returns of lean thinking to factory production. In any case, it is worth to note that manufacturing practices among several business organizations across the globe have been improved due to the lessons g ained from TPS guidelines. Thus, restricting the benefits to factories per se may be myopic, so to speak. In connection to this, it is possible to encounter a situation whereby less working hours is spent against higher output in the production and supply of vehicles in a factory whereas the stock of finished vehicles may take up until three months to clear in terms of sale. Again, this is another paradox in the supply chain management when deliberating on both lean and agile paradigms at the same time. Therefore, leanness, as much as it is unique from agility, can still be integrated in a scenario whereby an organization wants to attain both efficiency and effectiveness simultaneously.Advertising We will write a custom report sample on Supply Chain Management and Modern Technologies specifically for you for only $16.05 $11/page Learn More The strategy used in supply chin and of course manufacturing should be that which fall between market winners and marke t qualifiers (Heinrich, 2005). The two concepts are well covered by Naylor et al (1999). In other descriptions, the two parameters have also been highlighted as order qualifiers and order winners. In retrospect, any organization entering a manufacturing field should deliberate on the requisite baselines to compete favourable in an open market economy as it is the case with the current effect brought about by globalization. These prior considerations are referred to as order qualifiers. On the other hand, gaining market strength and equitable share of the market demands certain unique flexibilities also referred to as order winners. Supposedly, the most appropriate manufacturing strategy can only be met when both the order winners and order qualifiers is brought into light. Unfortunately, Naylor et al (1999) does not explicitly underscore the two concepts that would prepare a ground for vibrant supply chain management. In real sense, companies do not compete; rather, it is the supply chains. Thus, it is quite tricky to elude the connection between agile and lean as well as winners and qualifiers. In a more simplistic term, the lean supply chain will carry the day if the element of cost is factored in the process. However, service value coupled with customer satisfaction is of critical importance when discussing agile paradigm. At this point, there is a lot of concurrence with the article by Naylor et al (1999).  In appendix I, the two paradigms have been illustrated in terms of their terse differences. Such a â€Å"compare and approach† approach is necessary in creating a clear cut difference as well as similarity between the supply chain paradigms (see appendix II). Product quality level is an equal requirement in both lean and agile supply chain contrary to what Naylor et al (1999) propose. Whilst leanness is overly concerned with reducing or alleviating the level of waste in course of supply, the quality of either goods or services produced cannot b e compromised. This also applies to lead-times especially between the times when a client places an order and when the delivery is finally effected. Agility too, demands that the total lead time be lowered to what may be referred to as the â€Å"irreducible minimum†. The only challenge when this requirement has to be applied in an agile supply chain is the difficulty in forecasting and the high level of volatile associated with predicting the total lead-time. Naylor et al (1999) also confirm that marketplace demand will be cumbersome to exploit if the end-to-end lead-time is extremely long and possibly wasteful in the supply process. The vertical distribution channel has been the supply chain art of Dell for long. It solely distributes its products. Through the use of internet or telephone, customers are able to start off the process of buying. Three modes of selling are applicable at Dell namely keyboard-to-server, ear-to-ear and face-to-face (Dell Fedman, 1999).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The lead-time is usually specified by the company representative although in practice, it takes a much shorter time to deliver the product than earlier specified in the inquiry. Computers at Dell are built according to customer’s specifications.  In order to satisfy the orders placed by customers, the company makes use of an agile supply chain paradigm. Additionally, the inventory is not finished while the entire business platform takes the form of a direct model. The component inventory is also kept to the lowest level possible as one way of beating the competition in terms of prices. Indeed, this is a clear cut example on how both the lean and agile supply chains can be incorporated in an organization in order to simultaneously boost efficiency and effectiveness. The lean approach at Dell is also evident when the company applies vertical integration in its supply chain management (Heinrich, 2005). Subsequently, the company has facilitated cost reduction as a way of reduci ng wastes. For instance, an agile supplier has been mandated to build relatively standard monitors. As such, the company may require as much as 9,547 pieces of monitors today from its agile supplier while in few days time, demand as low as 760. RFID for Supply Chain Performance Improvements Evolution, both socially and economically, is a daily experience that is encountered both at the individual and societal level. One of the visible fronts in evolution is the advances made in technology and especially in supply chain management. Technological sophistication has continually improved consumer experience not to mention the mammoth benefits to suppliers and manufacturers. In particular, the use of the Radio Frequency Identification Devices (RFID) has created real world awareness in the managing supply chain. This technology is used to track down the design or unique product characteristics right from the point of production throughout the supply chain. Additionally, RFID is capable of either actively or passively transmitting the product information regardless of space and time. Indeed, the technology has been used to minimize theft of goods alongside avoiding improper shipment sizes. By using RFID technology, it is possible to ensure that the products will arrive at their point of destination with minimum hitch in addition to giving a better forecast especially of the delivery time to consumers. An organization can also use this device for impose restrictions to entering certain points within a building. It can also be useful in assessing the exit and entry times for employees.  Modern business indeed requires the implementation of RFID technology and especially in regard to improving product awareness throughout the supply chain management. When variability in the demand order are overly increased or amplified as they progress through the chain of supply, it results into the bullwhip effect (Heinrich, 2005). In actual practice, the bullwhip effect is common when vital information is distorted as the supply chain is distorted. Worse still, such distortion is also a major cause of supply chain inefficiencies and failure experienced in some establishments. When companies thoroughly evaluate, assess and comprehend the latent causes of bullwhip effect, they can effectively counteract this scenario. To this end, can RFID technologies assist in reducing the bullwhip effect in any way? Currently, industry leaders are in the forefront of implementing strategies that are innovative in nature such as the use of RFID tracking tool to facilitate smooth and unrestricted flow of information. This has been covered under the integration of new information systems (Heinrich, 2005). Moreover, new measurement and incentive systems in addition to giving a better definition to organizational relationship have been applied to counter the bullwhip effect.  In respect to new information systems, RFID has played an integral role in supply chain management. Th e RFID passive tags contain vital information of the product. As part and parcel of reducing the bullwhip effect in its supply chain, Dell Inc. has embraced the use of RFID technology. Today, the company stands out as one of the well established computer and electronics manufacturer worldwide (Dell Fedman, 1999). The six manufacturing plants of the company employ over 50,000 employees spread across different locations in the world. As already mentioned, the company makes use of the idea on supply and demand depending on the orders placed by customers to drive sales. As the chairman and founder of Dell, Michael Dell confessed, the ability to obtain real-time data courtesy of RFID technology has indeed improved the working efficiency of the company in addition to boosting revenue growth of the company (Heinrich, 2005). Currently, the company is fast on plans to decommission the old techniques that have been used in its supply chain for long and embrace better RFID technologies that h ave proved to be both effective and efficient in manufacturing and service delivery portfolios. In practice, the RFID technology being used at Dell has enabled customers to keep a close vigil of their purchases and how everything is progress from the assembly time, shipment and eventually to delivery. In all of these processes, human beings are minimally involved thereby reducing the possible additional workforce that the company would require as part of customer support.  Realistically speaking, such an arrangement would significantly reduce or even completely eliminate the bullwhip effect. Furthermore, congestion in warehouses has been a thing of the past bearing in mind that Dell has fully engaged itself in the manufacture of most computer hardware and software being sold. The real world awareness created by RFID technology has greatly improved the supply chain management logistics leading to extreme success of the company.  The United States Department of Defence is also kee n in the implementation of RFID technologies especially in the handing and tracking down of its ammunitions, weapons and military rations. The department has realized that less time is spent when RFID is used as compared to the ordinary means of inventory processing. The maintenance of material, asset visibility, items management as well as improvement in data quality has been necessitated with the use of the RFID technology. Using RFID to Complement Existing Technologies Concepts There are quite a number of supply chain technologies. However, the use of RFID can indeed boost the viability of other technologies and concepts being used in supply chain management. For instance, supply chain management is currently employing E-commerce, Decentralized Software Service Protocol (DSSP), Electronic Data Interchange (EDI), internet, Vendor Managed Inventory (VMI) and Customer Premise Equipment (CPE). The lean and agile paradigms in supply chain are also important parameters when integratin g RFID technology since the latter is one of the success factors in supply chain IT. For example, the process of gathering information from the manufacturing to the delivery point requires a more real time data analysis and transmission (Attaran, 2007). This is in effect similar to the case scenario on how E-commerce is carried out at Dell inc. the use of RFID at this point is vital since all the parties engage in the transaction will be visible enough in the entire supply chain process. Additionally, RFID will improve E-commerce undertakings in the sense that it will be possible to expedite the assessment of orders by retailers as well as monitor possible delays.  Secondly, E-commerce that has integrated the use of RFID technologies will be able to put in place a standardization process that will be able to identify products across various industries and companies. A single contact point can be used to access data in the system since there is need for uniformity of the much neede d information by consumers. When old forms of technologies such as telephones are used, there can be slight differences in the information passed verbally and the actual specifications of the product being purchased. A robust RFID structure in internet use will also facilitate quick analysis of system data as well as improve planning that is needed in strategic decision making. Of utmost importance here is the Supplier Relationship Management (SRM) and Customer Relationship Management (CRM) whereby business processes can be integrated real time (Attaran, 2007).  In terms of lean and agile supply chain tools, a collaborative approach between companies and supplies has been found to highly beneficial and that companies that exercise this approach usually outperform their competitors. In order to boost profitability and innovation as well as maintain a high quality supply chain in the procurement and sourcing processes, the adoption and full implementation of RFID technologies alongs ide other supply chain management tools such as Customer Premise Equipment (CPE) and Vendor Managed Inventory (VMI) cannot be ignored or underestimated. A Supplier Relationship Management System (SRM) when well utilized alongside RFID will enable the smooth process of tracking down spending analysis by suppliers on a global basis. This can be implemented across different product categories. Moreover, SRM will permit comparison of supplier metrics and benchmarks. In other words, it will be possible for the manufacturer to outsource the most viable supplier through real time record. In the case of lean supply chain, the lead-time compression will be monitored with ease so long as the RFID technological platform has been fully integrated in the business cycle. Contract Management (CM) when used together with RFID technology will enhance the sharing of vital information among suppliers alongside enabling the establishment of web-based procurement process that are fast and convenient to the users. Contact Management will also permit the continual monitoring of supply chain and most importantly ensuring that the performance of suppliers is up to date and according to the earlier proposed agreements. Spend Management software such as Ariba, Statistical Analysis System (SAS) and Standard Assessment Procedure (SAP) to catch up with the implementation of RFID by most vendors in the supply chain. A case example is that of Xerox. The company ha s already installed and using the internet procurement system. The new system is intended to cut down on unnecessary costs associated with non-productive purchasing. Sincerely speaking, this is one way through which Xerox Corporation will be practicing lean manufacturing and hence lean supply chain paradigm (Heinrich, 2005). The net effect will be transformation of the supply chain system of the company from the one that is geared towards waste elimination to one that is consistent with an agile approach whereby efficiency will be improved significantly. In the long run, Xerox Corporation anticipates lowering down its expenditure on goods and services that have been deemed as less productive in the manufacturing and supply chain paradigm (Heinrich, 2005). The integration of SCM and Enterprise Resource Planning (ERP) systems alongside with RFID technology is also a vita practice in supply chain management since the latter may not be very fruitful its functionality is supported by other integral systems. Both the SCM and ERP play pertinent roles in shaping a vibrant supply chain. The main reason why the two tools were developed was to standardize and optimize internal SC processes (Attaran, 2007). This standardization mainly targeted the following supply chain domains namely distribution, production, procurement and finance. While the initial generation systems were largely sole-based and lacked a collaborative approach, the modern systems being used in supply chain management are open and component based as we ll as web enabled. As critical example is the application of modern ERP systems together with RFID technologies. Enterprise Resource Planning (ERP) has the potential of ensuring that data is centrally managed while at the same time facilitating the mobility of information from one point to another. This feature has enhanced consistency and visibility of data since it readily provides all information regarding customers, production needs, inventory, purchases as well as sales (Attaran, 2007). Conclusions In summing up, it is imperative to note that the lean paradigm demands the elimination of the unnecessary inputs that may not be directly proportional to the process of production. On the other hand, there is need to maintain a nimble approach to the agile paradigm. This is vital in supply chain management of this nature bearing in mind that the loss in sales can never be recovered. One outstanding difference between the two paradigms is that while level scheduling is more valued in lean supply, the reservation of capacity to be able to deal with unpredictable demand is a functionality of the agile paradigm. On the same note, it is worth to note that most supply chains are cyclic in nature and therefore prompting the concepts of market qualifiers and market winners. The two paradigms, though completely differentiated from each other, cannot be discussed in total isolation since companies which pursue lean approach in their supply chains still struggle to move towards an agile system while those undertaking the latter still require to minimize wastes in order to boost profitability and growth in revenue. Finally, the pursuit towards improving the management of supply chains has witnessed the adoption and implementation of RFID technology in tracking down supplies from the point of production to delivery to customers. Other supportive tools such as the internet, e-commerce, Decision Support Systems (DSS), Enterprise Resource Planning (ERP), Electronic Data Interc hange (EDI) and Customer Premise Equipment (CPE) have been integrated in the contemporary supply chain management. References Attaran, M. 2007. RFID: an enabler of supply chain operations. Supply Chain Management: An International Journal, 12(4): 249–257. Dell, M. Fedman, C.1999. Direct from Dell: Strategies that Revolutionised an Industry, London: Harper Collins. Heinrich, C.E. 2005. RFID and Beyond. Indianapolis: Wiley Sons. Naylor et al. 1999. Leagility: Integrating the lean and agile manufacturing paradigms in the total supply chain. International Journal of Production Economics, 62: 107- 118. Appendices An Agile versus lean supply chains for market qualifiers An agile supply chain based on information

The effect of economic crisis to the marketing strategy of Volkswagen Literature review - 3

The effect of economic crisis to the marketing strategy of Volkswagen in Asian market. The case of Vietnam - Literature review Example In addition to that, the report will also provide some recommendation regarding how the company can deal with the issue. According to Dicken (2007), the automobile industry is adjudged to be one of the most globalised industrial sectors in the world. Similarly, in Vietnam automobile sector is a booming. The major automobile companies operating in the market of Vietnam are Daewoo, Daihatsu, Ford/Mazda, Daimler Benz, Hino Motors, Isuzu, Mekong, Mitsubishi, Nissan, Toyota, Truong Hai and Volkswagen (Ohno and Cuong, 2004). These companies manufacture car of different shapes, sizes, designs and categories (Sturgeon, 1998). According to reports, Truong Hai is the market leader in the automobile sector of Vietnam with a market share of 28.9 %. Next to Truong Hai, Toyota holds 27 % of the market share. The report also pointed out that the overall sales of cars in Vietnam fell by 2 % in the year 2011 thereby reflecting a falling demand of vehicles (ResearchAndMarkets, 2012). In addition to this, due to the Thai flooding the manufacturing process had been also disrupted. Apart from the natural calamities, one o f the major reasons of reducing demand of commercial cars in Vietnam is the global economic crisis. As a result, companies are forced to cut down their operating cost and create a balance between the net income and net cost. Similarly, in case of Volkswagen, the demand of their cars in Vietnam has also reduced substantially. Due to the reducing demand for their cars, the company also reduced the costs pertaining to various operations. Moreover, the global economic downturn also had a substantial impact in the marketing strategy of the company (Volkswagen: Annual Report, 2011). Now in order to uncover, how and in what ways the economic downturn has affected the company, a primary research has been carried out. The findings from the study are presented below. The first research question of the study is related to the

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Drug abuse - Research Paper Example This research paper will seek to explore the above three topics in drug abuse so that by the end of the paper, the researcher will provide recommendations on how to reduce drug abuse in the American society. The commonly abused drugs are alcohol, cocaine, marijuana, heroin and tobacco. This research paper will analyze and examine the health effects it has on the user. Further, it will analyze the short term and long term effects of the drugs so as to give a clear understanding on the effects of drug abuse. The paper will also research on the effects of the drugs to the non-abusers. Non-abusers can be the family members of the abuser, the community around or even the whole country. The research paper will create more emphasis in knowing the different causes of drug abuse for different groups of people. After understanding the causes of drug abuse and the effect it has on the society, the paper will also seek to evaluate the effectiveness of the available control measures. A person begins to experience massive deterioration in health with the starting of use of illicit drugs. The different health costs that were incurred in America in the financial year 2007 lists the number of patients who had been admitted to the hospital and the reason or the cause of their admission. It was found out that the subtotaled health cost rounded up to $11,416,232. The detailed description when given was found to be specialty treatment included $3,723,338. The specialty treatments included a huge population undergoing detoxification, residential, outpatient whose primary abused substance is an illicit drug. It was also noted that most of the people who were the patients of drug abuse were found out to be affected by diseases such as HIV, hepatitis C, hepatitis B, tuberculosis, poisoning and the likes. The latest census reports that about one million of the people of America are living affected by HIV and AIDS due to drug

Consumer Buying Behavior - Marketing to teenagers Essay Example for Free

Consumer Buying Behavior Marketing to teenagers Essay Topic: Consumer Buying Behavior Marketing to teenagers Article Summary: This article states that although only two percent of teenagers are smokers; fifty percent of tobacco companies marketing monies go to targeting teenagers. The author feels that the big tobacco companies target teenagers to help make up for those who ultimately die from tobacco related illnesses or realize on later in life that they need to stop smoking. It goes on to say that for every one person who dies from tobacco-related causes, two new smokers under the age of twenty-six start the habit. Although the Joe Camel cartoon advertising has since been removed, when that particular character was created the sales of Camel increased thirty-four percent in kids showing that campaign had an impact on who they were targeting and who began to purchase their product. The author goes on to say how impressionable teenagers and children are, as opposed to adults, and how stopping the tobacco use is not easy to do. Once someone starts it is a hard habit to break. Many of those who start smoking at an early age become addicted to the product before they are even of legal age to purchase the product. Even the warnings on the boxes are not enough to keep the young consumers from purchasing the product. Class Application: Cigarette companies need to market to the proper consumer market. A consumer market is purchasers and household members who intend to consume or benefit from the purchased product. By Camel advertising in  magazines, using â€Å"fun† cartoon characters, and also making tobacco use look cool, they are not targeting the proper market. Being sure to market cigarettes to those who are legally allowed to use the product is a must. They can still use a differentiated targeting strategy and market to those in different demographics, but they need to be sure to leave out those who are not legal to use the product. Cigarette companies should be using demographic segmentation variables to come up with ad campaigns geared towards the proper segments. With cigarettes, the companies have to focus on age since there is a legal age for smoking. Also, since cigarettes have been proven to be unhealthy and cause of cancer, among other things, they are not something that sho uld be advertised to children or teenagers; no matter what.

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Gregory Goodwin Pincus created the birth control pill stimulating a new tidal wave of women's rights movements. From one small pill, new channels that had been dammed down to a trickle became a mighty flood again. With the ability to prevent pregnancy without risking a dangerous abortion women found the strength to fight against male-dominated areas that were still left untouched from the first series of movements by their predecessors. From how long they stayed in the workforce to the freedom of their sexuality to changing laws and stepping up for their rights, women came alive again with renewed ferocity. Women and the workforce met in few places, for only brief time and very rarely in the general public eye. If seen in the public eye they were with their male counterpart, their husbands or fathers. In the 1960s because it was legal and acceptable within society, companies openly discriminated against women based on their sex. â€Å"In 1961 there were 454 federal civil-service-job categories for college graduates, and more than 200 of them were restricted to male candidates† (Collin 7). Women were not doctors, if they were so inclined even after counseling they were advised and directed to towards taking a position as pediatrician. They were not lawyers and even those that were legally lawyers infrequently practiced because of the extreme lack of hiring firms, instead they would become clerks and secretaries. Their jobs only consisted of labor, only if a farmer's wife or daughter (Collin 6) or when the country was at war and all the men were unavailable and not wanting for the position. â€Å"There was, for all practical purposes, a national consensus that women could not be airplane pilots, firefights, television news anchors, c... ...950s† (17). Women, especially single women, found uncharted freedom of being able to find pleasure in their sexual activity that twenty, even five years ago would have been thought of as absurd and unlikely (MacLean 17). In 1966, the National Organization for Women (NOW) a civil rights group for women formed (MacLean 14) started with just one thousand members but its size grew to an incredible four hundred thousand by 1974 (MacLean 16). NOW originally was mainly focused on equal opportunity for women in the workplace but they also fought for â€Å"maternity leave and child care; equal education; a woman's rights to control her own fertility; and passage of the Equal Rights Amendment (ERA)...† MacLean 16). A new generation of activists was born and much like the women before them they began to realize the the abundance of â€Å"'sexism' (a word they coined)'† (MacLean 16).

Unleashing India’s Innovation and Entrepreneurship Potential

Unleashing India’s Innovation and Entrepreneurship Potential India has been one of the best performers in the world economy in recent years. Indian economy has been one of the stars of global economics growing 9. 6% in 2006 and 9. 2% in 2007. Growth had been supported by market reforms, capital inflows of FDI, rising foreign exchange reserves, both an IT and real estate boom, and a flourishing capital market. Like rest of the world, however, India is also facing testing economic times (economic recessesion) with inflation running at 11%, the highest level seen in a decade . The Indian stock market has fallen more than 40% in six months from its January 2008 high. $6 billion of foreign funds have flowed out of the country in that period, reacting both to slowdown in economic growth and perceptions that the market was over-valued. It’s high time we recognize the growing significance and visible impact of Entrepreneurship and innovation on wealth-creation and employment-generation in India. INNOVATON: Innovation is a process to achieve measurable value enhancement in any commercial activity, through introduction of new or improved goods, services, operational and organizational processes. It is a significant factor in fostering competitiveness, improvement in market share and quality. It reduces costs . Innovation is a key driver of economic growth. It is both creation, commercialization of new knowledge and diffusion and absorption of existing knowledge in new locations. Growth, accompanied by innovations, has been associated with rising living standards and a reduced number of poor people. India is increasingly becoming a top global innovator for high-tech products and services. Still, the country is under performing compared to its innovation potential which has direct implications for long-term industrial competitiveness and economic growth. About 90 % of Indian workforce is employed in the informal sector. This sector is often characterized by underemployment, low-productivity and low-skill activities. Although India has the benefit of a dynamic young population , with more than half of the country’s population under 25 years old, only 17 percent of people in their id-20s and older have a secondary education. To uphold rapid growth and help alleviate poverty, India needs to aggressively exploit its innovation potential, relying on innovation-led, rapid and inclusive growth to achieve economic & social transformation . According to one of the findings the output of economy could increase more than five folds if each enterprise could absorb knowledge existing in India and achieve the level of productivity of top enterprises in their sector. By applying knowledge in new ways to production processes, better and new products can be produced with the same or fewer inputs to meet the needs of all sections of Indian society. The very popular â€Å"Dabbawala† system is an innovative business process which allows 4,500–5,000 semiliterate Dabbawalas to deliver almost 200,000 lunches to workers every day in Mumbai. The Dabbawalas reportedly make one mistake per 6 million deliveries. So remarkable is this delivery network that international business schools have studied the work flows of the Dabbawala system to understand the key to its stellar performance rating. To unleash its innovation potential, India needs to develop following strategies: > > Increasing level of competition to improve the investment climate, supported by stronger skills, better information infrastructure and more public and private finance. Recommended actions to raise competition include removing regulations which are not essential and applying essential ones more transparently in product, land, labor, capital, and infrastructure services markets—for example, easing limits on small industries, restrictions on foreign direct investment (FDI) etc. Limited skills and training are a major bottleneck. Only 16 percent of Indian manufacturing firms offer in-service training, compared with 92 percent in China . The Indian firms that provide in-service training are 23–28 percent more productive than those that do not. This bottleneck could be overcome (i) by providing public matching funds for firms to invest in training and (ii) increasing the fiscal and managerial autonomy of universities and colleges, and increasing private participation in higher education. Better information flows are needed: high-speed national research and education networks accelerate the pace of new discoveries and the expansion of knowledge. Information-related actions could include expediting the allocation of radio and wireless broadband spectrums, increasing targeted subsidies for rolling out rural mobile and broadband, and agreeing on an organizational structure to deploy and manage a national research and education network. gt;> India can benefi t from supporting efforts to create and commercialize knowledge, help in diffusing existing global and local knowledge and by increasing the capacity of smaller enterprises to engross it. Private enterprises need to increase R&D spending. Between 1998 and 2003, multinational corporations spent $1. 3 billion on R&D in India—showing that its valuable assets could be exploited more effectively. Measures to spur private R&D could include consolidating and expanding early-stage technology development programs as well as developing a policy and action plan to use public procurement to promote innovation. New domestic knowledge needs to be converted to commercial use. Of the top50 applicants for patents in India between 1995 and 2005, 44 were foreign firms. Only six were Indian. Actions to promote commercialization and strengthen links among industry, universities and public laboratories could include providing support to technology transfer offices, creating a patent management corporation, developing technology parks and incubators and improving India’s regime for intellectual property rights. India should also consider enhancing support for higher-risk technology R&D and commercialization by strengthening its New Millennium Indian Technology Leadership Initiative and by opening the program to international collaboration and giving grants to both research institutions and private enterprises, with sharing of any resulting royalties. The Diaspora needs to be tapped more effectively. About 20 million people i. e. 2 percent India’s population earn the equivalent of two-third of India’s GDP. Steps to tap more efficiently tap India’s overseas talent could include supporting a larger Diaspora network, building on existing groups that aggregate this population’s (NRIs’) talent and capital for use in India. >> India would benefit from fostering more inclusive innovation—by promoting more formal R&D efforts for poor people and more creative proletariat efforts by them, by improving the ability of informal enterprises to exploit existing knowledge. Inclusive innovation can play a critical role in lowering the costs of goods and services and in creating income-earning opportunities for poor people. The Council of Scientific and Industrial Research has developed technology applications for rural India, university and formal private initiatives e. g. e-Choupal. To leverage traditional knowledge into revenue, a policy-oriented intellectual property rights think tank could propose how to implement a cheaper intellectual property regime. Finally, successful technology upgrading programs could be extended to help informal and rural enterprises make better use of existing knowledge. ENTREPRENEURSHIP: Entrepreneurship represents a mindset. It is the skill of finding creative, innovative and profitable solutions to problems and to be paradigm pliant. An entrepreneur is someone who assumes the financial risk of the initiation, operation and management of a business. They aren't generally high-risk takers when they can't affect the outcome of the situation. They tend to set realistic and achievable goals, and when they do take risks, they're usually calculated ones based on facts and experience, rather than instincts. Entrepreneurs are participants not observers, players not fans. And to be an entrepreneur is to be an optimist, to believe that with the right amount of time and resources, you can do anything. Why is the US more prosperous than India? Is it because we Indians are less smart than Americans? No, Indians are universally known for their intelligence. Is it because they have greater resources? No, India is as much if not more rich in natural resources. Then, why is the US more prosperous than India? The US is more prosperous simply because they have more entrepreneurs. Entrepreneurs have a big role to play in driving India’s growth. With a slower economy, it is vital that government; academic world and regulatory bodies create a favourable environment for entrepreneurs to flourish. Entrepreneurship is a critical element of a growth economy and India is poised to unlock a Silicon Valley like entrepreneurial boom through the next 10 years. If India needs to eradicate poverty, we have to grow. To grow, we have to employ the unemployed. NASSCOM and CII have estimated that if India wants to be a developed country by 2020, it needs to create 10 million jobs. The million-dollar question is how these jobs are going to be created. Neither the Army nor the police force can soak up such a large number, nor can the Railways or the government. They can only be engrossed by the private sector. The industrial set-up is expanding, but not at the rate that can employ such large numbers. Is there any solution to this grave problem? Fortunately, YES, the answer is entrepreneurship. As per TiE (The IndUS Entrepreneurs- a non-profit organization, promoting entrepreneurship) each entrepreneur creates 30 jobs. An entrepreneur creates jobs, setting stage for a flourishing economy. Over 30% of Microsoft employees are Indians. The NASA relies on Indian brains for its various missions. IIT graduates are considered the worlds brightest. Why do these people flock to the US, simply because the US has more opportunities? What can we do to stop this self-ruining brain drain? The answer lies in promoting entrepreneurship. The beginnings are already in place, steps have been taken in the right direction. There is an overall shortage of start-up entrepreneurs in India compared to the rest of the world. One of the most significant deficiencies an Indian entrepreneur may face revolves around capital. Although there is ample willingness to invest capital in a well-established enterprise, there is little willingness to fund start-ups. The quality and quantity of venture capital in India is low. The benefits of entrepreneurship to the society and the economy as a whole are enormous. Entrepreneurship helps in avoidance of monopolies and cartels and help in checking large corporations and MNCs. Entrepreneurs realize the tremendous demand for goods abroad and help to market the surplus. This will make the Indian market export competitive and at the same time, the MADE IN INIDIA brand more acceptable. The surplus footstock which would have been otherwise rotting in the government storehouse, can be exported, thus earning foreign exchange. The government gets rid of the excess stock while the exporter earns revenue, leading to a win-win situation. An important factor influencing FDI, from developed nations to developing nations is the concentration of entrepreneurship. FDI is directly proportional to entrepreneurship. The highest contributor of FDI is the US. The US readily welcomes Indian exports and also lists Indian companies on American exchanges. No wonder NASDAQ rocks on the beats of Infosys Chairman, NR Narayan Murthy. So, the message is clear; we need more entrepreneurs. It is high time, the government realizes that only and only ntrepreneurship can help it grow at the high rate and rethinks its policies. To unleash its entrepreneurship potential, India needs to develop the following strategies Nurture early stage entrepreneurial ventures based on technology and innovation. Create physical infrastructure and support systems necessary for business incubation activities. Facilitate networking with professional resources that include mentors, experts, consultants and advisors for the incubated companies. Identify technologies/ innovations which have potential for commercial ventures. Promote and foster the spirit of entrepreneurship. Carry out activities that facilitate knowledge creation, innovation and entrepreneurship activities.

How Adolescence Should Be Given Opportunities For...

The purpose of this study is to discuss the idea that adolescence should be given the opportunity to communicate and form bonds with individuals from another culture so that they may form intercultural friendships in a nation that continues to grow increasingly diverse. This paper explores five published articles pertaining to communication among individuals from different cultures. More specifically focusing on intercultural friendships and the importance of creating opportunities for communication across cultures in adolescents. This paper recognizes a study by the University of Wisconsin, Madison Institute for Research on Poverty that focuses on the effects of communication among children that attend culturally diverse schools versus homogenous schools. The article leaves the audience with the suggestion that the way to better the future of our world is to encourage and allow for opportunities for our adolescence to create intercultural friendships. Thus, turning our cultural ene mies into friends through the use of communication among adolescence. Turing Enemies of another Culture into Friends through Communication Turning our enemies into friends can be beneficial. In his essay, â€Å"Turning Enemies into Friends,† Stewart (2012) suggest that â€Å"If I defeat you, I win and you lose. But in truth, I also lose, because by diminishing you, I diminish myself. However, in a friendship instead, of fighting one another, we can fight together the problems we share. WeShow MoreRelatedGender Segments And Sex Groups During Childhood And Early Adolescence1475 Words   |  6 PagesThis phenomenon appears to be a primary factor influencing social and cognitive development during childhood and early adolescence. The peer-reviewed article discussed in this paper focuses on gender cleavage in addition to age-related variances and sex differences during middle childhood. 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