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A supply chain, sometimes expressed as a "supply-chain", is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them to end consumers or end customers. Meanwhile, supply chain management deals with the flow of goods within the supply chain in the most efficient manner.
A value chain is a progression of activities that a firm operating in a specific industry performs in order to deliver a valuable product to the end customer. The concept comes through business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
The idea of the value chain is based on the process view of organizations, the idea of seeing a manufacturing organization as a system, made up of subsystems each with inputs, transformation processes and outputs. Inputs, transformation processes, and outputs involve the acquisition and consumption of resources – money, labour, materials, equipment, buildings, land, administration and management. How value chain activities are carried out determines costs and affects profits.
Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done. When a government agency buys goods or services through this practice, it is referred to as government procurement or public procurement.
The Chartered Institute of Management Accountants (CIMA) is the global professional management accounting body based in the UK. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.
Purchasing is the procurement process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.
A management contract is an arrangement under which operational control of an enterprise is vested by contract in a separate enterprise that performs the necessary managerial functions in return for a fee. Management contracts involve not just selling a method of doing things but actually doing them. A management contract can involve a wide range of functions such as technical operation of a production facility, management of personnel, accounting, marketing services, and training.
The Chartered Institute of Public Finance and Accountancy (CIPFA) is a UK based organisation for accountants who work in the public sector, accounting firms and other professional bodies where management of public funds are required. CIPFA are the only UK professional accountancy organisation who are dedicated to public financial management and they currently have approximately 14,000 members. They offer qualifications including a professional qualification for public sector accountants as well as a postgraduate diploma for people already working in management.
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the value realized through those interactions. The focus of supplier relationship management is the development of two-way, mutually beneficial relationships with strategic supply partners to deliver greater levels of innovation and competitive advantage than could be achieved by operating independently or through a traditional, transactional purchasing arrangement. Underpinning disciplines which support effective SRM include supplier information management, compliance, risk management and performance management.
Carillion plc was a British multinational construction and facilities management services company headquartered in Wolverhampton in the United Kingdom, prior to its liquidation in January 2018.
Unipart Group is a British multinational logistics, supply chain, manufacturing and consultancy company headquartered in Cowley, Oxfordshire, England. It has operations in Europe, North America, Australia and Japan and works across a variety of sectors that include automotive, retail, technology and rail.
A supply-chain network (SCN) is an evolution of the basic supply chain. Due to rapid technological advancement, organizations with a basic supply chain can develop this chain into a more complex structure involving a higher level of interdependence and connectivity between more organizations, this constitutes a supply-chain network.
Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses. A profitable business can fail if it does not generate adequate cash flow to meet expenses.
Forward Commitment Procurement (FCP) is a procurement model designed to be used to deliver cost-effective environmental products and services to the public sector and help to create the market conditions in which the environmental goods and services sector can thrive.
An invitation to tender is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ).
Ecodesk is a cloud based data platform used by corporate businesses to track, monitor and report their ESG data.
A product defect is any characteristic of a product which hinders its usability for the purpose for which it was designed and manufactured.
Category management is an approach to the organisation of purchasing within a business organisation. Applying category management to purchasing activity benefits organisations by providing an approach to reduce the cost of buying goods and services, reduce risk in the supply chain, increase overall value from the supply base and gain access to more innovation from suppliers. It is a strategic approach which focuses on the vast majority of organisational spend. If applied effectively throughout an entire organisation, the results can be significantly greater than traditional transactional based purchasing negotiations, however the discipline of category management is sorely misunderstood.
Boohoo Group plc is a British online fast-fashion retailer, aimed at 16–30 year olds. The business was founded in 2006, and had sales in 2019 of £856.9 million.
A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. This type of contract requires a full and complete set of plans and specifications and includes all the indirect costs plus the profit and the contractor will receive progress payments each month minus retention. The flexibility of this contract is very minimal and changes in design or deviation from the original plans would require a change order paid by the owner. In this contract the payment is made according to the percentage of work completed. The lump sum contract is different from guaranteed maximum price in a sense that the contractor is responsible for additional costs beyond the agreed price, however, if the final price is less than the agreed price then the contractor will gain and benefit from the savings.
At around £290 billion every year, public sector procurement accounts for around a third of all public expenditure in the UK. EU-based laws continue to apply to government procurement: procurement is governed by the Public Contracts Regulations 2015, Part 3 of the Small Business, Enterprise and Employment Act 2015, and the Public Contracts (Scotland) Regulations of 2015 and 2016. These regulations implement EU law, which applied in the UK prior to Brexit, and also contain rules known as the "Lord Young Rules" promoting access for small and medium enterprise (SMEs) to public sector contracts, based on Lord Young's Review Growing Your Business, published in 2013.
References
- 1 2 Romano, Pietro; Formentini, Marco (2012-05-01). "Designing and implementing open book accounting in buyer–supplier dyads: A framework for supplier selection and motivation". International Journal of Production Economics. 137 (1): 68–83. doi:10.1016/j.ijpe.2012.01.013.
- ↑ "Open book accounting - Designing Buildings Wiki". www.designingbuildings.co.uk. Retrieved 2016-08-10.
- ↑ "Open book accounting - Designing books of accounts. Wiki". www.designingbuildings.co.uk. Retrieved 2016-08-10.
- ↑ "Open book accounting - Designing Buildings Wiki". www.designingbuildings.co.uk. Retrieved 2016-08-10.
- ↑ Dunne, L., Them, not us: why open book accounting is still in its infancy, CIPFA , published 24 February 2014, accessed 25 November 2023
- ↑ CIPFA in partnership with Stradia, Open Book Accounting, n.d.
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