Question

How can managers create value by establishing important relationships among the value chain activities; within the firm and between the firm and its customers and/or suppliers?

Answer 1

It is essentially the manager's job to provide a network/interface between all the different values in a company's supply chain or its interaction with the customers and the suppliers. This relationship needs to be built between all the involved parties in any form of business that is conducting in order to enable the companies to conduct business in a much easier since. To create value between all the entities, the manager can utilize concepts such as perfect orders which means providing the right order at the right time and right location without damaging it. Managers can also utilize a collaboration with the customers to create an I formation sharing partnership which is beneficial. For both the parties. There is also optimization to the supply chain which includes implementing lean processes and allows a company to share the knowledge with and from the spy chains and allow the company to be able to interact with the suppliers better. By utilizing such techniques a manager can build better relationships with the supply chain as well as result in the satisfaction of the end user.