Question
Explain the requirements for value chain management.
✓
Answer
Following are the six requirements for effective value chain management:
- Coordination and collaboration Between management and employees and between the various departments of an enterprise, coordination and collaboration helps to increase the efficiency and effectiveness and it also helps in value chain management.
- Technology investment By increasing its investment in procuring new and advanced technology, an organisation gains a competitive edge which adds to its value chain.
- Organisational process In value chain management, each and every aspect of organisation's process is taken care of. Improvement in processes through better technology and better procedural knowledge contributes to the present and future success of the company.
- Leadership Strong leaders avoid conflict and motivate and direct their employees. This leads to success in value chain management. Conflict management, motivation and direction are traits that strong leaders display.
- Employee/ Human resources A content and satisfied workforce is essential for proper management of value chain and a knowledgeable and active human resource department ensures just that by acting as a liaisoning force between management and workers.
- Organisational culture and attitudes Organisations that maintain a strong cultural identity with positive attitudes tend to attract and retain top employees which is essential for effective value chain management.
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