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- Inventory:
Raw materials, work-in-process goods, and complete goods that are considered part of a business’s assets that the business holds for the purpose of selling.
To increase profitability of organization, you have to improve productivity within the workplace of the business.
- Inventory management:
“Activities employed in maintaining the optimum number or amount of each inventory item”. It is the process of efficiently supervising the constant flow of goods and raw materials into and out of a company’s existing inventory.
Productivity and production management is the art of conducting and directing, through the application of frameworks and techniques, all aspects and operations of developing, creating, and innovating products.
* Technology:
The use of technology is required in the production process
* Labor aspect:
Human labor or capital has huge contribution in the improvement of an organization's productivity
* Training, skills, and education:
Continues training, good levels of education and skill of workers may also be a solution on how to improve productivity
* Motivation and Working conditions:
When an employee is motivated and happy in his work, chances for him being productive is essentially high.
*Forecasting:
To improve productivity and production management, organizations should use forecasts on demand to prepare production plans.
* Standardization:
A necessary foundation on which innovations can be focused.
* Collaboration:
Another way to improve productivity and production management is keeping managers with workers awake to the factors that constitute problems regarding quality, cost and time in the production area
Productivity and production management ultimate goal is to enhance the organization efficiency and to maximize the quality and quantity of goods and services produced.
reducing the cost of delivering service is often the main driver for improving operational efficiency !
The basic principle of business is essentially quite simple, if you deliver services or products which meet your customer’s needs at an acceptable cost.
Efficiency isn’t just about reducing costs; other business objectives, including service quality, still have to be achieved in order to keep existing customers and revenue.
1. Choosing Your Vendors Wisely.
1. Vendor Selection.
2.Scrutinize the Prospects.
3.Remain Flexible.
4.Monitor Performance.
5.Communicate Constantly.