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Why SWOT Analysis important With the help of SWOT analysis you can uncover opportunities that you can capitalize on and you can learn and understand about the weaknesses of your business. It also help you detect potential threats and allows you to manage it well in advance and eliminate it. Furthermore, it enables you to formulate a strategy that gives you an edge over your competitor. SWOT analysis can be used in a simple way or as a Strategy tool. Strengths and weaknesses are often internal to your organization, while opportunities and threats generally relate to external factors.SWOT is sometimes called Internal-External Analysis and SWOT Matrix also called an IE Matrix. Strengths Important questions to be considered: ·          What advantages does your organization have? ·          What do you do better than anyone else? ·          What u...

The world is headed toward a new era of globalization, marked by increased political fragmentation but stronger global digital connection. This challenging environment presents many risks which supply chain managers must carefully plan for and navigate. The nature of present day globalization is changing. Global trade agreements are being reconsidered; new trade restrictions are being introduced, unrestricted flows of capital are becoming regionalized, and political alliances are being reshaped. At the same time, however, society is trending towards greater global connection. Internet usage continues to increase; use of digital devices continues to grow; global data flows more freely than ever, and global travel increases each year. There are five key risk management tools to deploy: 1. Scenario Planning . We live in a volatile, uncertain, changing, and ambiguous world. The future cannot be predicted. Supply chain managers must plan for multiple scenarios to determine w...

Supply chain management encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third-party service providers, and customers. In essence, supply chain management integrates supply and demand management within and across companies. Supply chain management is an integrating function with primary responsibility for linking major business functions and business processes within and across companies into a cohesive and high-performing business model. It includes all of the logistics management activities, as well as manufacturing operations, and it drives coordination of processes and activities with and across marketing, sales, product design, finance and information technology. We can say that Supply chain management has following three major functions: 1-Suppl...

The interview process is the most commonly used gateway to a new hire, but it’s often highly scripted, insincere and as useful as a coin toss. Following are important interview questions to be asked from a potential candidate while making hiring decisions; 1. Suitability. The question:  What were the best six months you have spent working in your career? You want to determine what makes a person tick at work. Does the individual like a collaborative or autonomous environment? Or does he or she prefer thinking, managing or doing? Rarely is anyone good at all three. You need to make sure what the person is happiest doing in his or her career and see if the job description and the work environment aligns with this. Otherwise, there's a problem from Day 1.  2. Grit. The question:  Would you be willing to tell a joke or sing a song? Some people think it’s a manager’s job to motivate employees, but self-determination is hardwired ...

To be happy at work, a greater understanding of one's own nature cannot help but get you into the right workplace. You should certainly be clear about what you enjoy doing, and whether you can incorporate that into your career. But  what  you do is only one element in the equation. Consider also the work context within which you work and the importance or relative unimportance to you of high professional achievement. These may be more important than what that leads you at work. Where do you stand on two dimensions? Do you have a high drive for achievement and career success? Most people would automatically say ‘Yes’, but then not be prepared to go that extra mile or do serious reflection upon how to achieve far more than their colleagues. It’s a crucial question, worth a thoughtful and honest answer. There’s no shame in realizing that vast ambition is not for you -- if it’s true...

Multitasking helps you get more done faster. The only thing is, it doesn't. When you perform multiple tasks that each require some of the same channels of processing, conflicts will arise between the tasks, and you're going to have to pick and choose which task you're going to focus on and devote a channel of processing to it. David Meyer, a cognitive scientist has been at the forefront of research for several decades on how the brain processes information and copes with multitasking. He has investigated the brain's speed, accuracy and memory in information processing. Meyer's work has helped demonstrate that humans have distinct bandwidth challenges, which can make multitasking problematic. It turns out the brain's ability to process information is limited in a variety of ways -- from processing channels to limits on data volume, velocity and working memory -- that confound true, simultaneous task actions. Counter to common belief, you can't do two c...