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Time -Based Competition - Assignment

Added on - 08 Dec 2020

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TIME-BASED COMPETITION
Table of ContentsIntroduction.................................................................................................................................3Overview of Time -Based Competition......................................................................................3Time Based Competition........................................................................................................3Identify the key elements required to be successful in delivering.............................................5Key element required to be successful in achieving good quality in time sensitiveoperations:..............................................................................................................................6Implementation of Time -based competition in the organization for the effectiveness..............8Critically evaluate the effectiveness and compare with the industry standard...........................9Conclusion................................................................................................................................11REFERENCES..........................................................................................................................12
IntroductionOperation management is the business practice, which increase the possibility ofefficiency in the organization. It will include the process where raw material converted intofinished goods, which increase the productivity or profitability of the organization(Chen,Sohal and Prajogo, 2013). Operations management control the operation function, which helpthe business to achieve their goals & objectives. Supply chain is the activity where individual,functions, information or resources move from supplier to customer. Tesco Plc choose for thebetter understanding of these concepts. It is UK based multinational company, which deals ingrocery and general merchant items. Company founded in 1911 and founder of the companyis John Cohlen. This report include the overview of the of the time based competition andhow they increase the supply chain process faster. Along with this, key elements, whichrequired for the successful delivery of quality on time. In addition, it includes howorganization deliver their products or services by using time-based competition concepts.Overview of Time -Based CompetitionTime Based CompetitionAccording to time based competition concept, time is a resource and organization haveto use it in effective way and acquire for the competitive advantage(Damgaard and Weiner,2017). Time based competition is the extension of Just in Time. This concept include theproduct delivery cycle, market research, distribution of products and marketing of finalproducts. Quality is the major issue to maintain because it is the base, which provide thecompetitive advantage. This strategy come into force in 1988 by George Stalk (Dubey,Gunasekaran and Ali, 2015). Time based competitive strategy emphasizes the time as a majorfactor, which help the Tesco to maintain their achievement and provide sustainablecompetitive advantage. It will be classified into two forms such as fast to market or fast toproduce. Organizations have ability to reduce the time to deliverer new product in the marketor rapidly change the design of the product for the customers. Two type of time basedcompetition will be mentioned below:Fast to market:Time based competition reduce the time of product life cycle orintroduction of new product. In result market dominator provide the advance learningwhich became barrier to the new entry(Hugos, 2018).
Fast to product:In this form of time based competition, it reduce the production loadtime as well as increase the delivery speed. It will provide the lower inventory inwarehouses and increase the revenue of the company.In Tesco Plc, company follow the fast to product form in their organization, where theyreduce the production load time and deliver their orders to the customer in fully speed. Whichprovide the higher efficiency to load their production in minimum time, reduce the cost ofcarrying and increase the revenue of the company. Tesco apply this concept in theiroperational functions, which increase the efficiency of supply chain. Company implement thisconcepts within the organization, where manager of the company analyse or understand thecurrent business operation. After analysis, Tesco focus to reduce the time to deliver theproducts from production to the stores or stores to the customer’s doorsteps.Manager of Tesco, build various strategy regarding reducing time but before that, they have tounderstand the importance of top management to support and provide sustainable change forit. Company have to provide various reward and incentives to the employees to reduce thetime of their work. Organization have to provide the understanding of their job which help theworkers to reduce their time to compete their task(Turker and Altuntas, 2014).Identify the key elements required to be successful in deliveringgreat quality in time sensitive operations.According to Stalk 2012, time based competition provide the central idea, whichreduce the time of each step of general cycle of production. It helps to reduce the time ofplanning, product creation, innovation, production, supply marketing distribution etc. Withthe help of these concepts, organization reduce the time, which they acquire to deliver theirservices to the customers. Every organization can achieve or reduce time with the help ofeliminating non-valuable activities and reduce the taken time for the valuable activities, whichincrease the productivity or profitability of the company. This is the way where organization
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