Concept of Supply Chain Management

Logistic may be defined as a complex movement of employees, products, and services. With the increasing competition and dynamism in the business environment, every business organization should develop a communicative supply chain management system. This will enable the business to fight against the growing competition. 

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Distribution chain management is a critical area to deal with in the context of financial performance of a business. It is important for the top management to look into the pros and cons of developing the supply chain and product distribution network.

Defining Logistics

Logistic refers to the function of storage and movement of products from the place of business to the final consumer, the place of production to the place of packaging or from the wholesaler to the retailer. Logistic as a concept comprises of every item related to business namely finished products, employees, machinery, etc. Logistics can be termed as a complex process to meet the transportation needs of the customer on a timely basis.

The concept of Logistics & Supply Management

There is a basic difference between the concept of logistics and supply chain management. When the area of concern is internal movement within the organization, like the movement of raw material and finished products, it comes under the purview of logistics, while the movement outside the premises of the organization that are external to the business is known as supply chain management. It includes distribution of products from suppliers to wholesalers to retailers. 

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Importance of Logistics

Logistics management may look into many areas in a business; namely distribution, the order of raw material, the supply of finished goods, etc; but the main area of service is the customer management. If the business is unable to maintain and grow its customer base, the basic purpose of supply chain management is dissolved.

However, it is necessary to carry out a cost-benefit analysis before the implementation of Logistic management. If the expenses of implementation of logistics management is more than the value it will be able to create, then it should not be implemented.

Process of Transportation

The area of utmost importance in the operations and logistics management is the transportation process. The capability of the transportation process to ensure that the goods are delivered to the final consumer on a timely basis is a major task. Due to the implementation of logistic management in an organization, business expenses like transportation cost, weight control, power and electricity expenses are reduced. Thus, one can say that transportation plays an important role in logistic management.

The effectiveness and efficiency in an organization can be improved by implementing a reliable transportation network with the help of logistic management system. 

Logistics help the business to improve its transportation time, reduce the cost involved and help manage the transportation network better.

E-Commerce in Supply chain management

With dynamic business environment, combining supply chain management and E-commerce has become the need of the hour. The interaction between the final consumer and business with the help of the world wide web has helped business create more value for the consumer at a comparatively lower cost. The combination of the internet with supply chain management has helped the business as well as the final consumer keep a check on the movement of goods with the help of live tracking systems, and this has reduced the cost of maintaining call centers to attend to such queries.

The meaning and functions of management accounting

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All students enrolled in business management courses in different universities and colleges necessarily need to study management accounting as a compulsory subject. So what exactly is management accounting?

Management accounting is the process of identifying, analyzing, interpreting and then representing the financial information of a firm. This financial information is obtained from the cost accounting and other related reports of an organization, and with the help of the management accounting reports that are prepared from these, managers of the company are able to provide timely and accurate statistical information, that helps them in the decision making process. Thus, management accounting is a really important tool for measuring the performance of any business organization.

Management accounting, however, is different from financial accounting, since financial reports are prepared on annual basis for the external stakeholders of a company, while management accounting reports can be prepared weekly or monthly, for an internal audience, such as the CEO or the departmental managers.

Management accounting plays four basic roles in an organization, which are as follows:

1.     Planning

The manager, using management accounting, is able to think about future plans for the organization. This is because budgets are prepared under management accounting, and then these budgets are used to appropriate decisions for the future profitability of the business, based on the current position of the company.

2.     Organizing

Management accounting also helps to effectively organize, regulate and make adjustments in the existing operations of the business and also helps to organize other business activities that will help the organization to achieve its goals.

3.     Controlling

The performance reports, variance reports and other related reports that are prepared under management accounting help to control and regulate business performance. This is done with the help of variance analysis, that helps to highlight the difference between the expected and the actual performance of the firm.

4.     Decision making

Managers are able to make proper decisions that assist them in future financial forecasting. These decisions are made by analyzing the present financial and cost information that gives useful results for the management and thus helps in making accurate decisions.

The role of management accounting in an organization’s success

Management accounting is believed to play an important role in the success of an organization since it enables the management to undertake competitive decision making. Thus, the management is able to gather, process, and communicate information, which is helpful in planning, controlling, and evaluating the strategies of the organization. Additionally, unlike financial accounting that focuses on the future through the financial results of the past, management accounting is futuristic and focuses on developing projection, on the basis of budgets and other financial projections.

Thus, management accounting utilizes past financial results of the past period and appropriately presents the predictions for the coming year. This is done by anticipating a list of revenues and expenses that will be incurred in the future.