In this article you will learn: What is a quality management system? What are the benefits of a good quality system? Why is data important in quality management? What is a challenge in implementing a quality management system? How does a good quality management system impact decision-making? What is a quality management system?

In a perfect world for your import/export business, you could select a product you’d like to deal in and identify a great supplier, and customers would fall over each other to do business with you. Unfortunately, the real world is far more complex and unpredictable. Doing business no longer involves just making and selling a product.

When you know the details about your employees’ withholding allowances and their benefit costs, you can then calculate the final payroll for your business and post it to the books. Calculating payroll for hourly employees When you’re ready to prepare payroll for nonexempt employees, the first thing you need to do is collect time records from each person being paid hourly.

This portion of your business efficiency project's execution plan involves identifying individual milestones and assigning them to the right team members. Here is a sample plan from a real-life scenario. List all required work and deliverables Compiling a master list of steps in a project requires thinking critically and in detail about the project.

A supply chain is a complex system made up of people, processes, and technologies that deliver value to a customer. Supply chains connect the functional departments within a company, and they connect every company to its customers and suppliers. Supply chain management involves coordinating all the work that is required to profitably deliver a product or service to your customer.

Material requirements planning (MRP) led to the development of enterprise resource planning (ERP). As the name implies, ERP integrates an entire company into one information system that operates on real-time data it receives from throughout the organization. The shared database ensures that every location and department can access the most reliable and up-to-date information.

Once your company becomes comfortable with its global logistics operations, it is highly likely that at some point in time you may be asked to provide humanitarian and disaster relief logistics support services. Your options could be donating funds, providing needed material, or the more complex task of providing logistics personnel in direct support of the disaster relief effort.

In this article, we look at some business types in more detail to see how traditional financial firms are being shaken up — and improved — by FinTech disruptions. © wutzkohphoto/Shutterstock.comWhat is FinTech? FinTech is an overarching term for the combination of finance and technology. However, within FinTech, many subcategories apply to specific sectors of the financial world.

The process of making anything starts when you decide what to make, how much to make, and when to make it. In a manufacturing company, this process is (conveniently) called production planning and scheduling. Service companies often make life more complicated by finding creative names for this process, but most of them sound a lot like “service planning and scheduling.