A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Joo Koon may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Joo Koon can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
Digitization Challenges And The Importance Of Branding
Supply Chain Management (SCM) as defined by Tom McGuffog is "Maximising added value and reducing total cost across the entire trading process through focusing on speed and certainty of response to the market." Due to globalization and ICT, SCM has become a tool for companies to compete effectively either at a local level or at a global scale. SCM has become a necessity especially for manufacturing industry when it comes to deliver products at a competitive cost and at a higher quality than their competitors. Here are some of the reason SCM has become important to today's manufacturing industry:-
Competitive Edge through Core Competencies
Today's business climate has rapidly changed and has become more competitive as ever in nature. Businesses now not only need to operate at a lower cost to compete, it must also develop its own core competencies to distinguish itself from competitors and stand out in the market. In creating the competitive edge, companies need to divert its resources to focus on what they do best and outsource the process and task that is not important to the overall objective of the company. SCM has allowed company to rethink their entire operation and restructure it so that they can focus on its core competencies and outsource processes that are not within the core competencies of the company. Due to the current competitive market, it is the only way for a company to survive. The strategy on applying SCM will not only impact their market positioning but also strategic decision on choosing the right partners, resources and manpower. By focusing on core competencies also will allow the company to create niches and specialization of core areas. As stated in the Blue Ocean Strategy outlined by Chan Kim, in order to create a niche for competitive advantage, companies must look at the big picture of the whole process, and figuring out which process can be reduce, eliminate, raise and create.
As an example stated by Chan Kim, the Japanese automotive industries capitalise on its resources to build small and efficient cars. The Japanese automotive industries gain competitive edge by utilising their supply chain to maximise their core competencies and position itself in a niche market. The strategy works and now Toyota Motor Corporation, a Japanese company, is considered to be the number one auto car maker in the world beating Ford and General Motors of the United States.
SCM has allowed business nowadays to not just have productivity advantage alone but also on value advantage. As Martin Christopher in his book, Logistics and Supply Chain Management: Strategies for Reducing Cost and Improving Service' states, 'Productivity advantage gives a lower cost profile and the value advantage gives the product or offering a differential 'plus' over competitive offerings.' Through maximizing added value and also reduce the cost in the same time, more innovation can be added to the product and process. Mass manufacturing offers productivity advantage but through effective supply chain management, mass customization can be achieved. With mass customization, customers are given the value advantage through flexible manufacturing and customized adaptation. Product life cycles also can be improved through effective use of SCM. Value advantage also changes the norm of traditional offerings that is 'one-size-fits-all.' Through SCM, the more accepted offerings by the industry to the consumers would be a variety of products catered to different market segments and customers preferences.
As an example, the Toyota Production System practiced in Toyota, evaluates its supply chain and determines what is value added activities and what is not value added activities. Non added value activities are considered to be 'Muda' or waste and therefore must be eliminated. Such non added value activities are overproduction, waiting, unnecessary transport, over processing, excess inventory, unnecessary movement, defects and unused employee creativity. The steps taken to eliminate waste are through Kaizen, Kanban, Just-in-time and also push-pull production to meet actual customer's demands. The Toyota Production System revolutionise the Supply Chain Management towards becoming a leaner supply chain system that is more agile and flexible towards meeting the end users demands.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Joo Koon are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Joo Koon? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Emerging Technologies In Supply Chain Management
One of the most misunderstood terms in technology is artificial intelligence. There have been several arguments of how this could result into a very disturbing concept for the human race. However, without knowing, the cognitive system is already in use and even appreciated by all who fear its effect. Some argue that it will cause several distortion especially unemployment. However, artificial intelligence are managed, maintained and even coded by humans. This is an employment means, instead of unemployment.
What this simply means is that artificial intelligence can help to improve human life and reduce stress. Here are the benefits of artificial intelligence.
Insight in Marketing and Business
Data is probably the most important raw material for the transformation of an economy to a digital economy. However, this raw data are hovering in the air untapped, unprocessed, and useless. It can be deployed for data mining, and processing of big data in a few minutes to provide information on business insights.
One of the movies that displayed to a high extent what Artificial Intelligence can really do is the 2012 BattleShip. Artificial intelligence can be deployed in the detection of fraud by data analysis of several fraudulent behaviors. The system can trace out links and possible direction, which a fraud is most likely to take through the application of artificial intelligence, which involves Data analysis of previous record deployed in a cognitive system to track, trace, and even be totally be aware of possible fraudulent action before they occur.
Speedy Input and Management of New Information
Over the years, companies are constantly seeking ways to manage date, speedily input them and also recover them when needed. This has go through different series of improvement from introduction of filing to several other storage methods. However, data can be imputed at a faster rate and also be fast in recovery, and arranging every single file accordingly without time wastage by the use of artificial intelligence.
Big Data Analysis
For every company, organization and even the government, decision-making is a very vital role to play. A single error could cost a lot or possible bring the organization to a ruin. There are possible millions of data that need to be analyzed to make sure that every single aspect have been viewed before decisions are taken. Big data analysis helps to extract, analyze and compress raw information to assist in decision-making.
Since the evolution of the industrial sector, the improvement of technology has always recognized and work along side automated systems to improve works. Introductions of artificial intelligence in hotel bookings, tractors and factory machine are all speedily becoming automated with a lot of advantages as to minimizing waste, decreasing errors and improving production.
As business, begin to plan their improvement and growth; it has become paramount to introduce different measure that will assist in achieving this goal. Artificial intelligence has come to play that very pressing role that can transform the face of a business, a government and even an entire economy from just a regular way of getting things done to a more sophisticated means.
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.