Time-based Competition In Supply Chain Sample Essay
This sample essay is on the topic of Time-based competition. In this essay, we will discuss what time-based competition is, how does time-based competition work, and what are steps of implementing it.
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What is the Time-Based Competition In Supply Chain?
Time-based competition is the strategy used to gain an advantage by making the order and delivery cycle less time-consuming and more cost-efficient. This means saving time in supply processes where ever possible without compromising with quality.
As it depends on the cost, responsiveness, and quality the management’ that tries to compress time out of work process or supply-chains knows that the total cost is consisting of the materials, labor, handling, and logistics, and interest.
Sometimes, the company may intentionally use more time during sensitive processes that may affect the product’s quality which in turn has an impact on the consumer base.
However, in some cases shortening the cycle can affect the process negatively and hamper company’s competitive advantage.
Nevertheless, relocating multinational’s production houses has made supply chains with slower response times.
Supply chains are facing issues employing time-based competition, as faster manufacturing and quicker delivery cost don’t always justify the savings made in inventory and sales revenues’ increase.
How does the Time-Based Competition work?
We read what time-based management is and now let us discuss the main points that are involved in the time-based competition field.
In order to become a time-based competitor, companies have to focus on the following areas.
- Sales – distribution
- Innovation – product development
The companies produce a competitive advantage over the competition by reducing and eliminating time delays in the business cycle and supply chain.
Companies employ just-in-time production methods also known as JIT and also use the flexible factory technique. This helps in reducing production time and cost while using a lesser workforce as compared to the conventional method.
2. Sales and Distribution
After saving time and capital in production it is required that this time advantage is not lost in the supply, sale, and distribution process.
This means that the time must be saved in distribution processes and sales. In order to achieve this supply chain must be optimized and use less time and capital-consuming methods.
Therefore, companies should only ship or supply what they sell the most as there is no need to maintain an inventory. It is both time-saving and lesser space-consuming than cargo.
3. Innovation and Product Development
Lastly, the companies competing in time-based competition needs to introduce more innovative and latest products without taking a long process, to gain a time-based advantage. Because the smaller cycle is larger the advantage will be.
The time-based competition focuses on saving time hence wherever a company can save time from production and supply to innovation, it must. After all the time saved provides a company advantage in the market.
Implementation of the Time-Based Competition Strategy
The implementation of any method is a difficult task and requires a lot of effort and capital. Therefore, we shall discuss ten points that may help while implementing a time-based strategy.
- Use a proper process analysis to understand present business operations.
- Develop a time-based measurement system to keep track of all the activities.
- Concurrent engineering and cross-functional teams should be employed to help with smaller product development cycle and help innovation.
- Look at all decisions of management while keeping time-saving as a priority.
- Encourage changes and promote change-oriented management to increase innovation.
- The importance of support from higher management for development must be recognized.
- The company should every opportunity to learn instead of treating it as a setback.
- Use a system that rewards employees for their time-saving methods to encourage time efficiency.
- Involve the employees in the process of time management; this will help them understand their work better hence improving better.
- The company should prioritize customer satisfaction.
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