Source Selection and Ethical standards Applied on the Supply Chain Essay

Source Selection and Ethical standards Applied on the Supply Chain Performance - Essay Example This generally involves having a budget for the items needed, selecting the supplies intended in this bandages, needles, medical equipment etc. This is followed by the bidding process where the bidders are invited to tender for the supplies. The selection of the most viable and convenient supplier is chosen, implementation is done and further follow up is carried out. Triage approach is one the suggested ways that thoroughly looks at a systematic evaluation of individual suppliers then gives them categorical differences (Robert et al, 2008). This process enables you to get the best deal in inventory management process by assessing the suppliers’ dealings. It also customizes the product needs according to specifications let alone the strategic location that is convenient for you. The opportunity presented here is in product specification delivery. There is often a team that is liable to undertake the whole process. The sales lead oversees everything to the customers’ fin al detail. The procurement team and the technological advancement team plus the consultant team work hand in hand to meet the customers’ target. The team will always be ready to make any amendments and give suggestions towards vital changes that would be beneficial to the hospital. The location as well the timing is all put in consideration. The price at which the customer is willing to pay is negotiated and the fairest price reached. This saves on time as well the costs involved in other modes of procurement. This is because a shortage of inventory is not felt as well as the stock levels are maintained at the recommended levels. No one time will you experience out of stock of your supplies since your target is at the core of the supplier chain manager. The whole source selection caters for production, delivery, inventory management, locality aspects, and providing information where need be. The advantages of the source selection are so beneficial to the hospital. Insourcing is recommended than outsourcing. Outsourcing of the source needs would and might incorporate all the clientele needs. The small details that are vital in such a process may be overlooked leading to failure of the whole process. The cost involved in getting a consultant to outsource may also be quite high as the work is tedious. On the contrary the outsourcing of the source needs may be beneficial in that it will not consume time for the management. The whole process is left to the consulting company. The final decision however rests with the management. Insourcing of the source needs is recommended due to the fact that the needs are clarified along the way. Any changes that need to be made are done quickly saving on time. The best opportunity can easily be identified as the direct involvement is between the supplier and the hospital. A thorough analysis can be made before the selection process is reached for clarity and the way forward needed without further consultations. Ethics po licy for the purchasing department: Personal integrity and professionalism – each and every individual who will be involved in the supply chain should be honest, have due diligence and be caring. Respects should be portrayed towards the clientele as well as to their colleagues. The entire group should maintain confidentiality in their work. Information shared to the public should not be outside the context that is allowed by the hospital management. Accountability and transparency –

Managing Growth Assignment Essay Example | Topics and Well Written Essays - 500 words

Managing Growth Assignment - Essay Example apitalizing on supplier discount and reducing the inventory because most of long-term assets are inflexible and may â€Å"lock in† small companies operations in terms of finance and this has serious consequences on the company’s returns considering their small working capital. Considering that income statement basically looks at revenue, expenses and profit or loss made, balance sheet will assist in tracking changes in sales revenue and expenses along the three phases in a simulation of 10 years and indicate the financial condition of the company in each phase. This will help business managers to explain to the business lenders and every investors interested to have their shares in the company how adapted new mechanisms such as effectiveness of advertising methods to attract new customers, increase in customers discounts such as after-sale services has changed sales and expenses that reciprocate a change in assets and liabilities of the business. This information once put in inventory records will help business lenders and shareowners understand the effects in order to assess the health of the business. Therefore, when the company has a positive financial statement, there is an expectation of increase in working capital resulting from increase in net wort h of the company that attract more business lenders and shareowners who become confident of going deep into their pockets to invest to a company with favorable net worth. This will help to optimize on external credit provided by business lenders and shareowners to expand business operations in order to increase profit which is the core objective of every business enterprise (Scott, 2005). The purpose of considering taking opportunities that will enable a small business to win many new customers, capitalize on suppliers discount and reducing inventory is because these are transactions that often affects the cash flow of a business and are neither reported in the income statement nor balance sheet but are