To: Centennial Faculty Instructor- C.E. - “Sabaratnam Siveswaran”
From:Patel Kirti (Leader); Sharma Manu; Pathman Balasignam; Mehra Pratibha and Khan Ashifa
Subject: Case study presentation and Submission on “Industrial Robots”
➢ ISSUES IDENTIFICATION :
This article looks at a simple approach to start up a business. All though it has potential to become a successful business, it is important to identify some critical issues or problematic decisions made regarding the operation. Besides money or knowledge, there are many other elements to be considered. In business, we’re paid to take raw inputs and to add value to them by turning them into useful goods for people. This is easy to see in manufacturing, where the manufacturer adds value by taking a raw material and converts them into goods that an end user is will to pay for. This is where the “Value chain Analysis” tool is useful. Value chain Analysis helps you identify the ways in which you create value for your customers, and then helps you think through how you can maximize this value whether through superb products, great services, or jobs well done.
The customer or the end user of the product should receive the greatest value of the product which can be achieved by conducting tests such as activity analysis, value analysis and evaluation and planning. This seems to be missing in this article. A benefit of a value chain analysis is that it would help make decision quicker and allow the company to produce a quality service or product. In most cases, the more value you create, the more people will be prepared to pay a good price for your product or service, and the more they will keep on buying from you. On a personal level, if you add a lot of value to your team, you will excel in what you do. You should then expect to be rewarded in line with your contribution.
Prior to any implementation, a market study should be conducted as to where to sell the product and who is willing to move forward with the new technology. Marketing and advertising is important for new entrance as it will introduce the product to the market where it is wanted. A wrong noise will also harm the sales of the product.
Out sourcing helps to reduce cost but creates problems in value chain. Cultural back ground such as language can be a burier. Time difference also a sensitive issue. It can impact the quality of the product. Finding skilled resources is one of the biggest challenges faced by companies today, not to mention the investment required to train employees and the attendant infrastructure required, which can rapidly drain funds. Outsourcing frees companies from these hassles by providing access to skilled resources at lower costs, with the additional benefit of not having the burden of managing them directly. In most cases, the overhead cost can be cut substantially that can increase the product margin. Before deciding to outsource, it is important to define what specific goals are to be met. One should also be aware of the risks that outsourcing carries. All said and done, outsourcing is definitely part of many companies’ decision making process.
Keep up-to-date with the most efficient and effective techniques. It is important to develop the technologies that give you the edge through the research and development. When there is high demand due to the very few competitors, there is more potential for new entrance with more technology.
The company is thinking of hiring relatives or family members to operate the business. It is absolutely a bad decision to make. It is most important to be diversified in employment specially, in Countries like Canada. How you recruit people with the skills to give the best service, motivate yourself or your team to perform well. When recruiting, choosing people who will work well with the team and helping new team members become effective as quickly as possible, and helping team...