Business

What is Total Quality Management (TQM)? Total Quality Management (TQM) involves an ongoing procedure of identifying and minimising mistakes in manufacturing, aiming to streamline supply chain operations, enhance customer satisfaction, and maintain employee proficiency through consistent training. The primary goal…

What Are Raw Materials? Raw materials are the fundamental elements used in the manufacturing of goods or the provision of services. These materials are typically in their natural, unprocessed state and serve as the building blocks for the production process.…

What is Inventory? Inventory encompasses both the raw materials employed in manufacturing and the finished products ready for sale. It stands as a crucial asset for a company since the flow and management of inventory serve as a fundamental driver…

What is Supply Chain Management (SCM)? Supply Chain Management (SCM) refers to the strategic coordination of these activities to optimise the flow of goods, information, and finances across the entire supply chain network. It involves collaboration among suppliers, manufacturers, distributors,…

Operations management impacts every aspect of company operations — production, monitoring and improvement, and its contribution to overall profitability. It propels the effectiveness of workforces, processes, and supply chains. What is Operations Management? Operations management involves managing daily business operations…

What is Competitive Intelligence? Competitive intelligence (CI), also known as corporate intelligence, denotes the capacity to gather, scrutinise, and leverage information obtained on rivals, clientele, and additional market elements that influence a company's competitive edge. Its significance lies in aiding…

What is the Product Life Cycle? The product life cycle denotes the duration between a product's introduction to the market and its eventual removal from shelves. This principle serves as a crucial factor for management and marketing experts when determining…

Developing positive business relationships isn't as challenging as commonly perceived. Despite significant focus on sophisticated sales tactics and advanced negotiation strategies, fostering strong business connections remains a cornerstone for enhancing a company's prospects. There's an interesting aspect to this: the…

This article highlights the operational expenses that are frequently forgotten or overlooked by business owners, and why it’s important to account for them to maintain accurate financial records and comply with tax regulations. Running a business involves managing various expenses…

This article explores the need for companies to hire workers with generative AI skills. Companies are consistently striving to stay ahead of the competition. Consequently, hiring workers with artificial intelligence (AI) development skills has become a strategic imperative for companies…