ISCOM 383 Week 1 DQ 2

a. What are some benefits of value chain management? b. How do these benefits add value to various stakeholders? How can these benefits be enhanced? What are some benefits of value chain management?

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According to Michael Haines, 2005, value chain management has several benefits. “Value chains are formal linkages of businesses that can foster cost reductions, improve market efficiencies, enhance customer service, and ultimately improve financial and competitive positions for the organizations participating in the value-chain relationship” (Haines, 2005 para 1). Creating a value chain can enhance the competitive advantage. The elements of the value chain include “creating activities that includes elements such as logistics, operations, marketing and sales, and service. For the buyer, value chains among suppliers can foster improvements in both the solutions they have available to them and the value they can realize from those solutions” (Haines, 2005 para 1).

A stakeholder is all individuals associated with the business. From employee, CEO, customer, vendor and environment; all are stakeholders with a company. Cost reduction can increase profits for a business and possibly give the company an opportunity to increase benefits or provide bonuses for employees. Enhancing customer service is the key to a successful business because without the customer, the company has no business.

Our readings this week describes ways that these benefits can be enhanced. The following is an excerpt by Michael Haines that describes these functions: Strategize new opportunities. The ability to build an effective and comprehensive strategy for the business is critical to success. The strategy process must include the ability to regularly assess emerging technologies, markets and trends, resulting in a well- documented business plan. Crystallize value propositions. Determine what you want to be known for, how your value propositions remain sustainable over time and how it distinguishes you in the market. Build partnering competencies. This requires a commitment of resources and budget, as

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