You are required to write an essay that captures your thoughts following a critical reflection on your experience whilst completing this subject.
What major learning on managing the value chain could you apply in practice as a manager in your organisation? Your essay should also capture your learning experience from participating in the group project and presentation, your individual assignment, your discussions in the tutorials and workshops, and any other issues you consider relevant in your study of managing the value chain. This list of questions below may be useful in your critical reflection. These are suggestions only. You can certainly address issues that are not in this list:
• How has your understanding of managing the value chain changed as you progressed through the subject?
• Has what you have learned in this subject created an increased awareness of the importance of managing the value chain? Explain your reasons.
• You have participated in a number of group activities and discussions. How have these discussions influenced your views and/or knowledge on managing the value chain?
• How you will use your learning from the subject in your workplace?
• Are there any other aspects you have reflected on that are not included above? This assessment will be graded based on evidence of critical thought development and a detailed marking rubric is available to you. Feedback: Comments and a mark will be returned to you within two weeks of submission
We always seek to understand the social and economic impact of the digital communication and global dynamics that are reshaping our industries, business, and ecosystems. For businesses to have a competitive edge, certain aspects must be considered for it to succeed. These aspects comprise a concept that was developed by Michael Porter in 1985 called the value chain analysis. Porter showed that companies increase their value while managing production flow and sales from inbound and outbound logistics of the operation, marketing, sales, and services (D’heur, 2015, p. 5).
My understanding on value chain management changed a lot as I progressed with my course on managing the value chain. I came to understand that a successful value chain management is always part of a given business or company’s strategic planning initiative. Value chain management is a very powerful tool that can help a business in its operation to contain costs and succeed in the current ultra-competitive business environment (D’heur 2015, p. 5). Throughout the study, I came to learn of six fundamental aspects that come with value chain management.
The first importance of value chain management that I came across was that it reduces the delivery time (D’heur 2015, p. 5). Every supply chain member can benefit from a reduced time of delivery. A manufacturer will strengthen ties with both wholesalers and retailers by delivering the products on time. Resellers on the other hand benefits since they are able to coordinate the buying and selling activities easily, and this subsequently benefits the end users due to faster and consistency on delivery time. The second benefit of value chain management is….