Effective Material Research Strategies for Sustainable Business Operations
Dive into the crucial aspects of material research and e-material management, exploring the significance, need, and strategic importance in optimizing company assets. Discover insights on long-term material requirements, sourcing, technology updates, estimated material needs, price trends, and governmental roles in material management.
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Presentation Transcript
Welcome to all for the PSK Online lecture Chapter 2 Material Research and E-Material Management By Dr. Dhiraj Ovhal HOD of Commerce
Q.1 :- Explain Material Research and Need/Importance? Meaning:- Material Research means systematic, formal and continuous analysis of all factors affecting the material management functions. Material is essential part and consists of 50% to 85 % share in the total asset of the organization 1/3 total assets of the company is in the form of material management. Sugar Industry- Sugarcane Petrol Industry Crude oil Raw material Raw material
Need/Importance of material research (Shortcut to remember ) Long SUPER Short 1) Long term requirement of material Long 2) Source of Material 3) Updated Technology 4) Estimated of material SUPER 5) Price trend 6) Role of Government policy 7) Short range requirement of material Short
1. Long term requirement of material :- Long-range requirements of material: Materials research helps in determining the best source of supply and helps in deciding company's long-range requirements of material in proper way.
2. Source of material:- Material research helps to find out the Likely sources of supply and their capacities over the next 10 years and develop new sources and vendor development
3 Updated technology :- The technological change expected in the markets from which materials are purchased.
4. Estimated of material :- Research helps to anticipate the material requirement. It helps to carry out production in smooth manner.
5. Price trend :- To find out the likely price trends and select the best price for placing an order. It helps in pricing policy,
6. Role of Government policy :- The expected changes in the Government policy in the related areas and adjust the policy according to it.
7. Short range requirement of material :- Materials research department not only find out best source of supply but also get information about short-range and long-range requirement at material in future time period.
Need/Importance of material research (Shortcut to remember ) Long SUPER Short 1) Long term requirement of material Long 2) Source of Material 3) Updated Technology 4) Estimated of material SUPER 5) Price trend 6) Role of Government policy 7) Short range requirement of material Short
Attendance Link https://forms.gle/Xqvykv5vfEi1zpyF7 (Mention date at last point)
