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Describe Samsung Inventory Management History Assignment Writing Help

Inventory management

Notably, many notable companies are progressively growing their interest in managing their mobile inventory. Indeed, over the last twenty-six years, Samsung has continually and drastically reformed its policies to improve its strategies for managing its inventory. However, the company has discovered that keeping their inventory of the mobile manufacturing field in stores can be regarded as a huge liability and ultimately results in losses.

Summarizing the various tactics or approaches that Samsung uses in managing its inventory, the first is that the company strives to reduce cycle time. Considering this approach, Samsung has recently discovered that producing Silicon wafers takes up much ‘unproductive’ time, which in turn increases the time taken in the entire production cycle. However, to address this issue, Samsung introduced the SLIM model, which is a collection of scheduling methodologies and applications essential for facilitating the management of production cycle time, particularly in semi-conductor production. However, based on the fact that SLIM helps Samsung reduce the amount of time taken in the production cycle during the design of dynamic random access memory devices from over 80 days to below 30 days (Leachman et al., 2002). The reduced cost of production ultimately brought a decrease in the selling price of these devices, which led to a revenue increase of about $1 billion in sales since the supply of devices was increased. The selling price now became friendly and affordable, which attracted many customers who wanted to have Samsung mobile devices before but could not since they were highly or heavily priced.

 

Approaches that Samsung uses in managing its inventory ap world history homework help: ap world history homework help

Summarizing the various tactics or approaches that Samsung uses in managing its inventory, the first is that the company strives to reduce cycle time. Considering this approach, Samsung has recently discovered that producing Silicon wafers takes up much ‘unproductive’ time, which in turn increases the time taken in the entire production cycle. However, to address this issue, Samsung introduced the SLIM model, which is a collection of scheduling methodologies and applications essential for facilitating the management of production cycle time, particularly in semi-conductor production. However, based on the fact that SLIM helps Samsung reduce the amount of time taken in the production cycle during the design of dynamic random access memory devices from over 80 days to below 30 days (Leachman et al., 2002). The reduced cost of production ultimately brought a decrease in the selling price of these devices, which led to a revenue increase of about $1 billion in sales since the supply of devices was increased. The selling price now became friendly and affordable, which attracted many customers who wanted to have Samsung mobile devices before but could not since they were highly or heavily priced.

Next, much of Samsung’s inventory is produced in the third quarter of every fiscal year. By this time, the company is already aware of the exact demand for particular products throughout the year. Since during the end of a year mobile products and luxurious stuff are highly demanded, the company now takes this advantage to know the kind of product lines they should focus on, and produce as much stock as possible. For instance, according to Statista (2021), in the 4th quarter of 2020, the mobile communications field topped all other fields in terms of revenue generated by earning up to $19.8 billion. This way, it implies that the company’s strategy or policy of manufacturing during the 3rd quarter helps since their stock or provisions are demanded during the end of the year.

Describe possible changes in market demand summary history assignment help online

The last approach is investing heavily into in-house (within the company) manufacturing of inventory to ease the process of regulating the amount to be produced following possible changes in market demand to avoid incurring a loss. Essentially, over 90 percent of Samsung products are manufactured internally, and the basic stuff the company orders or buys externally are handset cases, feature phones and various components. Notably, in-house production facilitates easy communication with this strategy, which reduces chances of misunderstandings on product specifics, thus eliminating possibilities of product failures that negatively affect the brand. Again, as stated earlier, it enables the company to move on or react to the market rapidly whenever demand shifts to another product or such; this ultimately makes it very cost-effective since products are produced considering the market demand to reduce chances of keeping obsolete stock. Furthermore, with in-house manufacturing, customizing products is easier than for outsourcing since whenever a customer requires their device to be modified, it is done immediately rather than having to take it to the manufacturer (Park & Nam, 2020). All these imply that Samsung’s idea of managing inventory is superb.

Describe Samsung Layout or Process cycle history homework help: history homework help

Layout or Process cycle

Based on Samsung’s commitment to making their distinctive products in the electronics industry, the manufacturing or production process is a critical aspect of their daily operations. However, this section discusses the cycle or steps followed during the entire production process of the Samsung Electronics company. Notably, the company uses several well-organized phases or steps to effectively process and complete the whole development cycle for its electronic products. Noticeably, these phases are arranged in a way that the production process is cost- and time-effective. The prime phases are;

Conceptualization – Samsung progressively strives to frame an innovative idea of its electronics products as per the continually advancing technology. However, before doing any production operation or activity, be it for a new product or not, the company intellectualizes the product requirements as per the market and also reviews if there is a way some technology can be used to differentiate it from the existing products.
Research – during this phase, the company already has the idea of the kind of product they need to make; therefore, what follows is doing in-depth exploration of technologies to identify appropriate technological aspects or tactics which can be used in designing and producing the product, and can be mounted in the product to make it very unique (Park & Gil, 2006).
Circuit design – Samsung utilizes a wide range of software for computer drafting to design a schematic illustration. Additionally, the company creates a list of preliminary parts for use in costing and prototyping the product. The main activity that takes place in this phase is packaging and printed circuit design which is meant for creating a presentable enclosure plan and selection. What follows is designing the outline of the printed circuits; however, this process involves selecting a package form, designing visuals and language, determining the necessities of the printed circuit drawing, and processing the printed circuit representation on a film.
Prototype development – here, the company creates a prototype product for trial purposes; nevertheless, the prototype is crafted manually without any mechanical instrument.
Design audit – the company widely underscores the evaluation of the outlook, functioning, probable advancements and the build cost of both initial units and the prototype products to see if it fully meets requirements.
Test setup – while aiming at ensuring the end products are of the right quality, Samsung puts down the devices, fixtures, comprehensive guidelines for assembly, and test procedures.
Documentation – notably, this phase is purposed to provide deliverables of the project, such as assembly drawings, software source code, mechanical drawings, master printed circuit artwork, parts sources, and a list of all parts in the circuit drawing.
Agency compliance – following the various regulations and laws in the present world, Samsung must obtain numerous agency compliances on the manufacturing process of their products.
Follow-ups – this is the final step and entails operational audits of the products’ support information, user responses and experience of the production facility to help balance quality, value and cost.

Describe Samsung Product designing process history assignment help in uk

Product designing process

This section describes the process which Samsung uses when designing or developing its products with huge consideration of the level of technology since it is the driver of the acceptance of new products in the market. However, the diagram below summarizes the steps which Samsung follows when designing or developing a product.

Idea generation – essentially, coming up with a product starts with an idea, and in this phase, many ideas are brought up, and the most feasible ideas are considered or selected. However, Samsung measures the feasibility as per market needs and the product’s ability to solve a customers’ problem.
Evaluation and screening the idea – here, the Samsung innovation team screens the viability of every idea with technology, market needs and cost as the prime determinants.
Development of a concept – after eliminating less feasible and profitable ideas, the company now engages in thorough research to help get enough relevant information about the chosen ideas. The basic research frameworks that Samsung applies are PESTEL and SWOT analyses of the company, the customers’ demand, and how products of the same brand or type have been received in the market to get a true picture of their product’s perceived success or failure.
Business examination – this phase entails focusing on the building process of the product to check if the time taken during the process matches with the approximated time in the project timeline (Garkavenko, 2013). This is an essential factor that Samsung highly considers to ensure faster manufacture or building of the product to evade the risk of being obsolete when it reaches the market since everything today is changing hastily due to technological advances.
Beta tests – this involves creating sample products for testing purposes to check if the research information regarding the product gives satisfactory outcomes.
Product development and promotion – actual development of the product is done in this stage, and the research evidence or data gathered in earlier steps is applied here. This is truly the step where the company spends a lot since resources like raw materials are acquired here. All fabrication and assembly operations are performed here to develop the final product that meets all requirements.
Post-launch audit – it is the last step in this process and incorporates checking how consumers react to the product, notably when customers like it, it means that the development process has been a success, and if not, the company should rectify the issue or error faster to uphold its reputation. To ensure this, Samsung has a committed group of experts who closely review consumers’ feedback online and offline and make the necessary adjustments.