Benefits Of Turning Supply Chain Into Revenue Chain In Production Companies

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Benefits Of Turning Supply Chain Into Revenue Chain In Production Companies


Abstract


This study the benefits of turning supply chain into revenue chain in production companies, is very important using Nestle Nigeria plc as case study. Companies need to understand the business impact of supply chain decisions on their own organizations. However, to what extend do business leaders and supply chain managers understand the impact on the external world. In this work we found out that there are benefits of turning supply chain into a revenue chain in production companies, and there are challenges that deter turning supply chain into a revenue chain in production companies.


Chapter One


Introduction

1.1 Background of the Study

Revenue growth is a top priority on corporate agendas today. Companies are grappling with challenges such as learning how to enter new markets and attract new customers, identifying which new channels to tap in each segment and geography, and determining how to penetrate deeper and wider into the existing customer bases. Retailers are experimenting with novel store formats and fostering new, more intimate relationships with consumers.

Additionally, manufacturers are interacting with consumers and discovering new prospects via mobile apps and social media. Identifying the most profitable approach and determining the most loyal/productive customers and the most advantageous products are important supply chain-related tasks.

The supply chain development of production companies can impact both the environment and local economies, especially in emerging markets. This impact can be positive or negative depending on factors including: market pressure to lower costs and the extent to which companies are focused on responsible supply chains. Changing market dynamics and emerging technologies enable players across the consumer goods value chain to revisit their supply chain strategies to propel growth and gain operational efficiencies. A truly adaptive supply chain requires a shift in approach. For most organizations, this means:

Rethinking supply chain strategies to accommodate new and varied market forces to grow revenues.

Reinventing supply chain operations to achieve or retain optimal cost efficiency and create new business capabilities.

Rewiring supply chain systems to leverage technological advancements that help organizations deal with ever-changing market dynamics reflected by spikes in volume and information variety — while boosting productivity.

This project seeks to determine the benefits of turning supply chain in production companies.


1.2 Problem Statement

The last several years have been challenging for companies across the manufacturing, retail and consumer goods industries. But despite relentless and continuing cost pressures, companies in these sectors are now shifting focus to innovations that fuel revenue growth and maintain, if not extend, hard-earned productivity gains. To do this, these companies need to revisit and reformulate their supply chain strategies. It is in light of this that this project seeks to determine the benefits of turning supply chain in production companies using nestle Nigeria plc as case study.


1.3 Objectives of the Study

The main purpose of this study was to examine the benefits of turning supply chain into a revenue chain in production companies. The specific objectives are to;

Have a general overview on supply chain and revenue chain in production companies.

Determine if there are benefits of turning supply chain into a revenue chain in production companies.

Identify challenges that deter turning supply chain into a revenue chain in production companies.


1.4 Research Hypothesis

Hypothesis One
  • Ho: There are benefits of turning supply chain into a revenue chain in production companies.
  • Hi: There are no benefits of turning supply chain into a revenue chain in production companies.
Hypothesis Two
  • Ho: There are challenges that deter turning supply chain into a revenue chain in production companies.
  • Hi: There are no challenges that deter turning supply chain into a revenue chain in production companies.

1.5 Significance of the Study

Companies need to understand the business impact of supply chain decisions on their own organizations. However, to what extent do business leaders and supply chain managers understand the impact on the external world? This project highlights the Benefits of turning Supply Chains into a revenue chain in production companies and to provide guidance in making better decisions to drive shared value.

It is our goal that the results of this project would guide future supply chain decisions towards creating more responsible supply chains for tomorrow’s customers and consumers.


1.6 Scope and Delimitation of the Study

The scope of this study is focused on the benefits of turning supply chain in production companies using Nestle Nigeria plc as case study. The researcher encountered some constraints, which limited the scope of the study. These constraints include but are not limited to the following.

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.


1.7 Definition of Terms

Supply Chain:

The end-to-end system of processes and activities required to deliver product from the supplier’s supplier to the consumer’s shelf.

Supply Chain Organization:

The holistic resources and teams required to deliver products and services to the consumer with excellence. This includes, but is not limited to, procurement, manufacturing, engineering, process control, quality, safety/environmental, innovation program management, logistics (warehousing, transportation, inventory management, order fulfillment), customer service, and planning (materials, production, inventory, and category/customer).


1.8 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows:

  • Chapter one is concerned with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
  • Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
  • Chapter three deals on the research design and methodology adopted in the study.
  • Chapter four concentrate on the data collection and analysis and presentation of finding.
  • Chapter five gives summary, conclusion, and recommendations made of the study.

Chapter Five


Summary, Conclusions and Recommendations:

5.1 Introduction

This chapter summarizes the findings on the benefits of turning supply chain into revenue chain in production companies, Nestle Nigeria Plc as case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was on the benefits of turning supply chain into revenue chain in production companies, Nestle Nigeria Plc as case study. The study is was specifically focused on having a general overview on supply chain and revenue chain in production companies; Determining if there are benefits of turning supply chain into a revenue chain in production companies and identifying challenges that deter turning supply chain into a revenue chain in production companies.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are staff ofNestle Nigeria Plc.


5.3 Conclusions

With respect to the analysis and the findings of this study, the following conclusions emerged;

Based on findings, the study concludes that supply chain management practices are strongly related to profitability where adoption of superior practices leads to increased profitability. This is due to the fact that disruption in the supply chain in terms of delivery of products to the customers due to supply chain disruptions would have potential downstream implications for brand reputation, regulatory compliance, product safety, and other risks. Further, efficient supply chain management reduces financing costs and saves company distribution costs hence increasing profitability.

The study also concludes that having competent and more qualified staff leads to increase in profitability as well as streamlining supply chain. Therefore investment in employees through education and training leads better supply chain management practices and further increases profitability. Competent, experienced employees and systems to ensure continued staff growth lead to increase in human productivity, which in turn leads to a high firm’s profitability. This further ensures excellent and efficient supply chain management practices.

The study also concludes that automation of supply chain management and adoption of innovative strategies has positive effect on profitability. Even though the relationship was found to be minimal and statistically insignificant, companies in low margins industries cannot afford to miss out any opportunities that may lead to increase in profitability. The positive effect of automation of supply chain management on profitability is due to the elimination of inefficiencies in supply chain in addition to ensure that the products reach consumers on timely basis.


5.4 Recommendation

Based on the findings the researcher recommends that;

Supply chain management practices are strongly related to profitability where adoption of superior practices leads to increased profitability. Therefore, the study recommends that the management to continuously improve their supply chain management practices, benchmark the same and ensure that the practices remain relevant. By maximizing the benefits of efficient supply chain, the company can save on financing costs in addition to achieving competitive advantage over the competitors.

The study also recommends the standards of the company in recruiting and retaining qualified staff. This is based on the finding that having competent and qualified staff leads to increase in profitability as well as streamlining supply chain. Therefore investment in employees through education and training leads should always be management main concern since an organization cannot exist without people.

Competent, experienced employees and systems ensure continued staff growth leading to high firm’s profitability.
Finally, the study recommends adoption of innovative technology in management of supply chains to ensure that the systems are optimized and product dry out will be avoided. On the same note, Nestle deals with consumer product that requires huge cash flow and dry outs cannot be eliminated without adequate cash flows to finance the products. Therefore, the study recommends measures to ensure that the company is not out of cash flows to finance the products. Without resources to acquire the required products, supply chains cannot be optimized.


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