Question

Determine and describe ten best practices to control the interrelatedness of key business areas, the value-chain, operations, and finances. Support your best practices with Internet research and your personal experience.

Answer 1

Ten best practices to control the interrelatedness of key business areas, the value-chain, operations, and finances, can be adopted are –

• Should establish a governance model I place to give direction and help in aligning the business overall strategy
• Align all the business functions or workforce in such a way to maximize the effectiveness of the business
• Usage of technology to get interconnected among business, operations, value chain and finances
• Have robust business processes which support the day to day business and aim for continuous improvements
• Have a greater supplier partnership or establish alliances with the potential suppliers
• To improve on the profit and reducing the supply chain instability , it is always good to segment the supply chain in more collaborative form
• Maintain greater work relationship with the competitors in the market which helps sustaining during the times of trouble.
• Maintain transparent and continuous employee communication
• Focus towards total cost of ownership (TCO) rather price
• Optimization of organization owned inventory