Business Process and Systems Research Paper Example | Topics and Well Written Essays - 1000 words

Business Process and Systems - Research Paper Example NBK is one of the most successful banks in Kuwait and since they started in the banking industry and they became more experienced in it than other banks. They can be found everywhere around the country, so everyone can reach them when they need to and their Headquarter is located in Sharq. Their website helps their customers to get some of the things that they want such as transferring money between accounts even if the accounts are not owned by NBK. Since the bank is private and owned by shareholders it is classified as an investment for the bank, they also help individuals to invest their money in trust funds in profitable way. The bank gives loans to both companies and individuals to help them with what they need and they get interest rate in when the loan is paid off. They give sponsorships to some practical activities as a marketing way for the bank. There is a variety of offers that they provide to attract and avoid losing customers. Some of the offers they provide are Alwaha m aster card which gives customers mileage each time they purchase something with it and they can use those mileage to go anywhere they like around the world in Kuwait airlines. Another offer is people that have bank accounts with NBK they get half price on movies tickets during the weekends. There is also fifteen percent discount for New Smile dental clinic. The bank strategic plan is to maintain strong position against their rivals in the banking industry specially in Islamic banking segment and to increase their relationship both in Kuwait and around the world. Securing resources is a priority for the bank such resources are investors, cash, and interest rates. Investors help the bank to get its capital and return equity to them as well as profits depending the number of shares each investor has in the bank. On the other hand, cash is an important resource for the bank since it is

How Can Health Care Professionals Effectively Deal Sociologically With Essay

How Can Health Care Professionals Effectively Deal Sociologically With Issues Of Domestic Violence In Pregnancy - Essay Example This essay stresses that surprisingly, and in contrast to previous research on women residing in domestic violence shelters, emotional support was not a significant predictor of mental health when severity of violence was controlled. Practical aid, however, predicted both anxiety and self-esteem. This finding is consistent with the only shelter study that compared emotional and practical supports. This paper makes a conclusion that there are several important intervention implications from this study. First, critical support plays a key role in the mental health of women who have violent partners. Thus, support for women in violent relationships must avoid criticism of their lives and decisions. Clearly, the ability to talk about the abuse in an empathic, non-critical environment is an important key to positive mental health for these women. Because homophily was related to criticism in this study, it may be that advocates, rather than homophilous peer support groups, provide the most effective interventions. In addition, practical aid, rather than emotional support, was related to positive mental health. Thus, concrete assistance with daily life hassles and challenges should be a high priority for agencies serving battered women. Finally, the positive relationship between nonhomophilous supporters and mental health suggests that agencies might assist battered women in locatin g new sources of support in order to develop a social network composed of more women who have not been battered

Business Ratio Essay Example for Free

Business Ratio Essay The profit margin is mostly used for internal comparison. Individual businesses operating and financing arrangements vary so much that different entities are bound to have different levels of expenditure, so that comparison of one with another can have little meaning. Digi has a highest net profit margin ratio among the 3 company which is 21.03%, while Axiata and YTL have 14.26% and 7.87%. YTL with a lowest profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss. Profit margin is an indicator of a companys pricing strategies and how well it controls costs. Differences in competitive strategy and product mix cause the profit margin to vary among different companies. Liquidity ratio (current ratio) The current ratio is an indication of a firms market liquidity and ability to meet creditors demands. Acceptable current ratios vary from industry to industry and are generally between 1.5 and 3 for healthy businesses. Axiata and YTL have a current ratio that is 1.1632 and 1.3149 is near to this range, it generally indicates moderate short-term financial strength. Digi has a current ratio that below 1, the current liabilities exceed current assets. Digi may have problems meeting its short-term obligations. Low values for the current ratios indicate that Digi may have difficulty meeting current obligations. But if inventory turns over much more rapidly than the accounts payable become due, then the current ratio will be less than one. This can allow Digi to operate with a low current ratio. Leverage ratio (Debt ratio) YTL debt ratio is 0.7403 which is higher than Axiata and Digi which is 0.4826 and 0.7098. The higher the ratio means the greater risk will be associated with the firms operation. In addition, high debt to assets ratio may indicate low borrowing capacity of a firm, which in turn will lower the firms financial flexibility. The debt ratio shows the proportion of a companys assets which are financed through debt. The ratio of Axiata is less than 0.5, most of the companys assets are financed through equity. Companies with high debt ratios are said to be highly leveraged, not highly liquid as stated above. Digi and YTL with a high debt ratio could be in danger if creditors start to demand repayment of debt. Activity Ratio (Total assets turn over) Asset turnover is a financial ratio that measures the efficiency of a companys use of its assets in generating sales revenue or sales income to the company. Companies with low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover. Digi has a profit margins which is 1.193times is much higher than Axiata and YTL, 0.4182times and 0.3892times. These show that Digi has a high asset turnover while Axiata and YTL have low asset turnover. Companies in the retail industry tend to have a very high turnover ratio due mainly to cutthroat and competitive pricing. Market Ratio (Earnings per Share ratio) Earnings per share are the amount of earnings per each outstanding share of a companys stock. In the United States, the Financial Accounting Standards Board (FASB) requires companies income statements to report EPS for each of the major categories of the income statement: continuing operations, discontinued operations, extraordinary items, and net income. Axita has the highest market ratio which is 28sen out of every ordinary share. Digi and YTL have lower market ratio, 16.1sen and 11.53sen. Compare with Digi and YTL, Axiata has the highest market value. Axiata earn 28sen out of every ordinary share. Days Sales Outstanding (DSO) Ratio Day sales outstanding are a calculation used by a company to estimate their average collection period. It is a financial ratio that illustrates how well a companys accounts receivables are being managed. The day’s sales outstanding analysis provides general information about the number of days on average that customers take to pay invoices. YTL has higher DSO ratio, 72.72days can indicate a customer base with credit problems and is deficient in its collections activity. Digi and Axiata which have a lower ratio, 27.96days and 46.74days may indicate that firms credit policy is too rigorous, which may be hampering sales.

Lasting Effects of Childhood Trauma

Lasting Effects of Childhood Trauma Dave Pelzer is the victim of the third-worst child abuse case in the history of California. In his book A Child Called â€Å"It†, he says, â€Å"I knew I was never meant to be loved. I knew I would never live a life like my brothers. Worst of all, I knew it was only a matter of time until Kevin [his baby brother] would hate me, just like the others did† (Pelzer 145; ch.7). In this quote, Pelzer demonstrates just the emotional aspect of the effects of childhood trauma. He was so abused by his mother that he thought he was never meant to be loved. According to ER Nurse Lynda Gibbons, â€Å"Domestic violence [child abuse/trauma] refers to the use or threat of physical, sexual or emotional force by spouses, partners, relatives, or anyone else with a close relationship with their victims.† Childhood trauma can have many lasting emotional, psychological, and physical effects. As a method of abuse, Pelzer’s mother would tell him that she had received a letter from the North Pole, or the Principle (which was a lie; Pelzer was a good student) saying Pelzer had been a â€Å"bad boy,† and would then proceed to punish him for it. The continued abuse left Pelzer feeling worthless and like everything was his fault. This form of abuse is called emotional abuse, and its effects are precursors of more serious effects. Emotional abuse can affect many areas of your life, with the most frequently affected being relations with family members. Women who were abused as children will most likely have an extremely difficult time raising a child. To feel like they are still in control (because control is frequently essential in the daily lives of previously abused women), they will enact measures of aggression, submission, or any number of different â€Å"extremes† that are unique to the individual (Prescott). These measures are necessary to them because of the traumatic experiences of their youth. As a result, the child will feel like his or her mother has lost her mind and will distance himself or herself from her. This distance can have the same emotional detriment as neglect, a form of emotional abuse, and can leave lasting effects on the child’s mind. Adults who experienced CPA (Childhood Physical Abuse) and CSA (Childhood Sexual Abuse) may be over- or under-protective of their child, resulting in an unhealthy relationship or one the child perceives as â€Å"unloving† (Prescott). Adults who were abused as children may have a hard time connecting with their friends and family. The victim’s friends fade away in many cases, as they are too afraid of other people to spend time with them. The victim may also have an extremely difficult time forming new relationships, since that would require reaching out to strangers, which is hard for someone with that kind of emotional damage to do. Most victims of emotional abuse do not know how to handle themselves around people they are not familiar with and lack the understanding of people required to form lasting emotional bonds. Victims of abuse may also suffer from a lack or absence of self-esteem. Dave Pelzer experienced many forms of abuse, but there was one instance that damaged his self-esteem more than others. In an effort to destroy his self-respect, Pelzer’s mother attempted to make him eat his baby brother’s defecation (Pelzer 55-57). This disgusting example of abuse threw Pelzer into a well of despair and self-destructive thoughts. Damaging a child’s self-esteem is a nearly sure-fire way to damage them emotionally, because the way we view ourselves is essential to how we react to different things that occur. For example, if a child who had been previously abused and punched by an adult, he or she may believe it is his or her fault because the abuse lowered hi or her self-esteem to such a point that he or she has no sense of self-worth. Low self-esteem and continued abuse can lead to self-destructive behavior later in life. To back this up, a study was done in 1994 on previously abused women; 65-70% of women who suffered abuse as children were considered â€Å"permanently damaged† by professional psychiatrist. In an effort to recover, the women had to sit in with a psychiatrist and be told, repeatedly, that it was not their faults they were abused; it was the abusers’ (Prescott). Childhood sexual abuse (CSA) can be even more detrimental to a person’s self-esteem. In a recent article on dealing with the effects of CSA, Andrya Prescott says that â€Å"some [people] may find it very emotionally traumatic, some may be in denial.† Denial is a coping mechanism that prevents someone from consciously experiencing the pain or trauma from an event by making the person believe it did not actually happen (even though they subconsciously know it did). Another factor in the amount of perceived damage to a person’s emotional state is how early in life the trauma occurs. If the trauma occurs earlier in life, it has a far more powerful ef fect on the victim. This extends to even prenatal trauma, experienced by the mother and then the fetus has the same biochemical, and therefore emotional, response. This feeling of distress is â€Å"imprinted† on the child’s subconscious, and can go on to cause anxiety and low self-esteem (Harris). This â€Å"imprinted† trauma acts like a trigger, and, when detonated by CPA or CSA, can result in severe psychiatric disorders (Jovanovic et al.). Victims of CPA and CSA are nearly always affected by their former abuse later on in life. They often develop phobias, which are defined as fears with no rationale behind them, or â€Å"irrational fears.† Just for example, women who were abused as children often have a large phobia of needles and men (Prescott). These fears can go on to disrupt their everyday lives as adults, and their interactions with other people. Parents who experienced child abuse will often distance themselves from their children, because they fear their child â€Å"being abused† and often even fear themselves abusing their child (Prescott). While some may see this as foolish, it is sensible. The adult was abused, so they fear they will turn into their parents and start abusing their kids. This is referred to as the â€Å"cycle of abuse.† Another common fear that some survivors of abuse experience is the fear of being strapped down or held (Prescott). Some of these fears make more sense than others, but they all can have a serious effect on a person’s life. People who were abused often have â€Å"latent fears,† or fears that stick around subconsciously. A major sign of latent fears is flashbacks. People who experience CPA or CSA may have extreme reactions and flashbacks triggered by everyday items or occurrences: i.e. kitchen utensils or alarm clocks going off (Prescott). Flashbacks occur when someone is reminded of a traumatic experience, and he or she remembers that experience in vivid detail, in a way that is comparable to living it a second time. These flashbacks can be very hard on someone who is already suffering emotionally, and can even compound the trauma that is already there and undo any therapy the victim has received since the incident. Latent fears are especially prevalent in women when they are raising a child. Giving birth can be extremely traumatic for a woman who has experienced CSA and can do lasting harm to the relationship between herself and her child. The mother does not show love to the child, for fear of growing close to anyone, and the child does not show love to her child, etc. This is part of the cycle of abuse, but is more based on neglect than actual abuse (Prescott). Psychological effects are a step up from emotional effects. The emotional injuries that accumulate from abuse often hide deep inside a person’s subconscious, causing them to develop nearly-permanent psychological issues. Studies have shown that women are â€Å"more vulnerable† to the effects of CPA and are affected for far longer periods of time than men (Haatainen et al.).Usually the first thing that is affected psychologically is a person’s stress response. When one experiences something that his or her body recognizes as â€Å"stressful,† it initiates the HPA (Hypothalamic-pituitary-adrenal) axis. This axis controls the amount of hormones that are circulating through his or her body at any given time. When one experiences stress, it releases cortisol, also called the â€Å"stress hormone.† Cortisol, along with epinephrine and a few other hormones, activates one’s â€Å"fight-or-flight† response. The heart will beat faster, blood flo w to the brain increases, and the muscles receive more oxygen, all to prepare one to react to whatever the stressful stimulus is. When a child experiences trauma or stress repeatedly over a long period of time, his/her body loses the ability to â€Å"calm down†; essentially, he or she is always in a fight-or-flight response. This can lead to the development of phobias and an increased or decreased base cortisol level (Simkin). Penny Simkin, discussing this inability to â€Å"calm down,† says: During trauma, an individual reacts with one or two basic survival responses: a sympathetic nervous system response –‘fight or flight’—or a parasympathetic nervous system response—‘freezing’ [. . . .] If the trauma is repeated frequently, the child learns to never let her guard down, which leads to an inability to turn off these adaptive responses when there is no danger. A recent test done on people who experienced early life stress (ELS) showed that ELS has extreme neurobiological effects. These effects include an overbalance of cortisol, which can lead to a number of illnesses and conditions (Jovanovic et al.). According to Tanja Jovanovic, ELS can have a long lasting effect on the human mind. She says, â€Å"early-life stress (ELS) is a predictor of adult MDD [Major depressive disorder], whereas ELS and adult trauma are both predictors of PTSD [Post-traumatic stress disorder]† (Jovanovic et al.). This suggests that ELS acts like a fuse, and the adult trauma is the trigger that sets the fuse off, ending in a psychiatric disorder such as PTSD (Jovanovic et al.). A childhood of physical and sexual abuse can also lead people to seek other means of release, such as drugs or alcohol. Dr. Rebecca Reeve, in an article on the long-term effects of child abuse, says, â€Å"Among men, the probability of drug abuse rose from 7.5 per cent generally to 2 5.8 per cent for those who had suffered combined [CPA and CSA] abuse.† This is saying that people who experienced child abuse develop a dependency on alcohol often because they need to be relieved of the emotional stress of their trauma (Reeve). Another major psychological effect from child abuse is developmental problems. In fact, children who are abused frequently lose memories of their childhood, as a coping mechanism in their subconscious. In this way, they lost an essential portion of their development, causing them to be behind others in speech, intellect, or social ability (Simkin). Children need a constant positive parental influence to develop correctly. Without a guiding hand, children are much more likely to develop extreme behavioral problems, when accompanied by instability in the household (Bakker et al.). Early trauma can also have a direct influence on the development of a child’s brain. Trauma during childhood could result in halted growth of the hippocampus, the part of the brain that is used to learn and store memories. It could also damage the prefrontal cortex, which â€Å"regulates† behavior (Suyaga et al.). Stress plays a large role in this halted development as well. If a child is subjec ted to long periods of heightened stress, it increases the amount of CBGs (corticosteroid-binding globulin) that are produced. This change can often be permanent. As more CBGs are produced than there are at normal levels, it binds to cortisol, neutralizing it. Since there is less free cortisol in the blood, there is more perceived stress. This overbalance causes extended periods of stress in which more cortisol and CBGs are produced in a vicious cycle, leading to the development of PTSD, Chronic Fatigue Syndrome, and other psychiatric disorders (â€Å"Childhood Trauma†). In a test conducted by ISTSS (International Society for Traumatic Stress Studies), it was found that people who were victims of CPA had a much higher percentage of at least one psychiatric disorder and a higher suicide attempt rate than people who did not experience CPA (Suyaga et al.). Childhood trauma also has a lasting effect on one’s internal body systems. According to a recent study on the effects of early life stress, ELS that stems from child abuse (CPA or CSA) can result in neurohormonal development issues, which can cause permanent hormonal dysfunction disorders[ i.e. dwarfism] (Carpenter et al.). Adults who were abused as children may also be damaged in such a way that they abuse their children. They were accustomed to beatings and being maltreated, and it became commonplace and in some wrong way, right. When they are parents (if they are ever able to overcome the trauma and have children), they treat their children in the same way, because of some subconscious compulsion. The history of CPA in adults is greatly related to the number of physically abuse children. In other words, adults who were abused are much more likely to abuse their children (Haatainen et al.). Childhood abuse and trauma can have many serious effects, but the most serious of those are most likely the physical effects. In a way, physical effects are all the other effects compounded. Emotional effects are formed primarily, based on responses to stimuli in the womb or in early formative years. These effects are the longest lasting, and contribute to the production of negative thoughts, which mutate into psychological effects. These psychological effects are buried in the subconscious, which conflicts with the victim’s rational thinking later in life. This conflict produces physical effects, such as a lowered immune system, and the development of long-term conditions, such as asthma and cancer. One of the biggest effectors is cortisol. Cortisol is produced as a result of the stressful stimuli. In large amounts, cortisol can damage the body by decreasing bone formation, breaking down necessary fat, and dissolving muscle. This can lead to a lack of immune support, weight l oss, and other symptoms associated with stress. This is called a â€Å"psychosomatic response†Ã¢â‚¬â€when the thoughts or emotions of the brain evolve to physically effect the body. Another psychosomatic response is insomnia. Boston University Medical Center, on the subject of insomnia, states, â€Å"unexplainable lifelong insomnia is usually attributed to a neurological abnormality, according to sleep disorders specialist Sanford Auerbach, M.D., but he found that in nine of his patients insomnia was tied to previous sexual abuse† (qtd. in â€Å"Adult†). The victims in another study done by Boston University said that they could not sleep because when they tried to, they experienced fear and stress. This also prevented them from relaxing on vacation, when their symptoms actually worsened (â€Å"Adult†). They could not sleep simply from fear of abuse. In a study that occurred in 1982, psychologists did psych profiles on women who came to the hospital for a breast biopsy. Using only psychological factors, they were able to determine which women had breast cancer with a 94% success rate (Harris). A big part of physical effects is actual injury from the abuse. Victims of CPA may be left with poorly-working joints or muscles, as well are permanent tissue damage to areas such as the brain (Gibbons). David Kissen, a prominent British surgeon in the 1960’s, did some research in Scotland on the relationship between emotional repression and cancer caused by smoking cigarettes. He found that smokers who repressed emotions were five times more likely to develop cancer than those who shared their emotions openly (Harris). This study shows that if someone â€Å"bottles up† his or her emotions, it damages the body. This occurs from the buildup of cortisol, which lowers the immune system and can even upset cellular biology in some cases, leading to cancer (Harris). As a general observation, it seems that cortisol, the â€Å"stress hormone,† is at the center of all of these effects. Perhaps it plays a more prominent role than most doctors realize? In any case, stress levels are the key to how child abuse affects people later in life, resulting in a near-inability to love, lowered immunity, psychiatric disorders, and, in some major cases, cancer. Child abuse certainly has a much larger effect on its victims than we were previously aware of. Works Cited â€Å"Adult Insomnia and Childhood Sexual Abuse.† Total Health 15.5(1993): n.pag. Alt  Healthwatch. Web. 16 Jan. 2014. Bakker, Martin P., et al. â€Å"Childhood Family Instability and Mental Health Problems During Late  Adolescence: A Test of Two Mediation Models.† Journal of Clinical Child and  Adolecent Psychology 41.2(2012): 166-176. Psychology and Behavioral Sciences  Collection. Web. 26 Jan. 2014. Carpenter, Linda L., et al. â€Å"Effects of Child Physical Abuse on Cortisol Stress Response.† Psychopharmacology 214.1(2011):367-375. Psychology and Behavioral Sciences  Collection. Web. 8 Feb. 2014. â€Å"Childhood Trauma Linked to Chronic Fatigue Syndrome.† Massage Magazine 54  (2009):23. Alt Healthwatch. Web. 16 Jan. 2014. Gibbons, Lynda. â€Å"Dealing with the Effects of Domestic Violence.† Emergency Nurse 19.4  (2011): 12-17. Health Source: Nursing/Academic Edition. Web. 20 Jan. 2014. Haatainen, K.M., et al. â€Å"Gender Differences in the Association of Adult Hopelessness with  Adverse Childhood Experiences.† Social Psychiatry and Psychiatric Epidemiology  38.1(2003): 12. Psychology and Behavioral Sciences Collection. Web. 20 Jan. 2014. Harris, Gerald A. â€Å"Early Childhood Emotional Trauma: An Important Factor in the Aetiology of  Cancer and other Diseases.† European Journal of Clinical Hypnosis 7.2(2006): 2-10.  Alt Healthwatch. Web. 16 Jan. 2014. Jovanovic, Tanja, et al. â€Å"Child Abuse is Associated with Increased Startle Reactivity in  Adulthood.† Depression and Anxiety 26.11(2009): 1018-1026. Psychology and  Behavioral Sciences Collection. Web. 16 Jan. 2014. Pelzer, Dave. A Child Called â€Å"It†. Omaha: Omaha, 1995. Print. Prescott, Andrya. â€Å"Childhood Sexual Abuse and the Potential Impact on Maternity.†Ã‚  Midwifery Matters 92(2002): 17-20. Alt Healthwatch. Web. 15 Jan. 2014. Reeve, Rebecca. â€Å"The Truth is That the Effects of Child Abuse are Long-Lasting.† Editorial.  The Sydney Morning Herald 07 Oct. 2013: 18. EBSCO. Web. 20 Jan. 2014. Simkin, Penny. â€Å"Child Abuse as Loss.† International Journal of Childbirth Education 20.3  (2005): 38-40. Alt Healthwatch. Web. 16 Jan. 2014. Suyaga, Louisa, et al. â€Å"Child Physical Abuse and Adult Mental Health: A National Study.†Ã‚  Journal of Traumatic Stress 25.4 (2012): 384-392. Psychology and Behavioral Sciences  Collection. Web. 13 Jan. 2014.

Marxist Cultural Theory Essay -- Film Review, Adorno on Cinema

This chapter examines two forms of practice that communicate messages from a group or an individual to the public, cultural production and political public speaking in the light of Marxist cultural theories. The review of writings about the practice of art by mid-20th century Marxist thinkers makes one thing clear - aesthetic utterances by artists and cultural figures fulfil a role in the political and social discourse and the importance of this role within the context of class struggle must not be ignored. The role of aesthetics as viewed by Marxist theorists such as Adorno and Horkheimer is to educate and inspire the public to live a life more worthy of living. (Adorno, 2006, p. 39) This chapter argues that cultural practitioners have a responsibility to encourage the public to confront their social and political conflicts. Two methods of assuming this responsibility are discussed. First is the claim that a political message in an artwork is to be communicated without attempting to create an emotional anchor for the public to identify with. This method, primarily expounded by Brecht, sees the political message as the most important aspect of the work; thus it is crucial that the public receives it and does not get distracted. The second approach, as envisaged by Lukà ¡cs, supports a representation of reality which allows an audience to relate to and identify with the political messages. The emotional connection is presented in this concept as essential to the successful transmission of an idea, as human beings relate more easily to topics they can connect to emotionally. These two methods are discussed in the chapter in relation to the conveyance of political messages through aesthetics, not strictly in the art world, but also ... ... also art which is popular and pleasurable, not just art which has a politically 'correct' line. Indeed to be politically correct, art must be pleasurable and accessible.' (Lovell, 1980, p. 77) Brecht saw art as a verb. He saw a social revolution as inevitable and believed art should be more than affirming to the current state of affairs. The artist's role is to bring social change through pushing the public into a critical thought process, and that is achieved by producing daring, experimental and confrontational work, not only in the subject matter but in the form as well. Brecht viewed the existing form of art practice as supporting the social status quo rather than revolution. He developed his model of the Epic Theatre following his analysis of the bourgeois theatre and singling out the elements in this form that were not serving revolutionary enough messages.

Employee Theft Essay -- GCSE Business Marketing Coursework

Employee Theft The following memorandum written by a director of a security and safety consulting service discusses a critical issue effecting business in our economy today, that of employee theft. "Our research indicated that, over past six years, no incident of employee theft have been reported within ten of the companies that have been our clients. In analyzing the security practices of these ten companies, we have further learned that each of them requires its employees to wear photo identification badges while at work. In the future, we should recommend the uses of such identification badges to all of our clients." The issue of employee theft is a broad problem and has different labels to identify it, shrinkage for the retail industry and hidden profit loss in the technology sector are serval examples of common terms used for employee theft. The author of this memorandum presents several data points and suggests one recommendation to effect the issue of employee theft based on a sampling of th e client population. The overall recommendation of "†¦the use of such identification badges to all of our clients." sounds reasonible. A closer look at the conclusion that identification badges alone will resolve the greater issue of employee theft is difficult to support with the amount and type of data given. In today's complex business environment, an identification badge would not address much greater corporate assets and their protection. To the technology industry for ...

Shortening Lead-Times to Create an Agile

1. Introduction The last decade has witnessed a significant transformation that fast fashion has become a key feature in current fashion industry. Although it was regarded as a niche concept offered by a few winners such as Zara and H&M, fast fashion has now been adopted as a key operation mode by many brands in the fashion market (Baker, 2008), using advanced and more efficient supply chains to be more responsive to changing trends towards customer demand. Hence, Fast fashion brands perform relatively better than other fashion brands in various aspects. (Mattila et al. 002: 340 – 351) Esprit is a fashion brand owned by Esprit Holding Ltd. , manufacturing apparel, accessories, footwear and housewares under the Esprit label. In the previous fashion market, Esprit is generally recognized as the originator of fast fashion. As one of the pioneers in the fashion industry, however, Esprit has lost its way in recent years. (Best Retail Brands, 2012) â€Å"In essence, Esprit is a str ong and profitable brand, but the brand has gradually lost its soul over the past few years,† Ronald Van Der Vis – chief executive of Esprit admitted. News. com. au, 2011) The company is now focused on a brand revival with significant investment planned for marketing and the retail experience, as well as plans to exit some European markets and sell off the U. S. business. (Best Retail Brands, 2012) The most notable action is that the company has appointed Jose Manuel Martinez Gutierrez, who was group director of distribution and operations at Zara, as the CEO position in September 2012. This evidence shows that Esprit is going to struggle with fast fashion leaders like Zara and H&M.From an operational perspective, agile supply chain strategies have been relatively well studied, and can yield significant value to firms through faster supply chain. (Fisher and Raman 1996) Esprit has started realizing that how to make its products and services to reach customers in the sho rtest time is most important in today’s fashion market. As a result, rapidly changing competitive fashion market and dynamic customer expectations require Esprit to seek agility in its whole supply chain. This paper focuses on the brand reformation in the aspect of creating agile upply chain for Esprit, with an analysis of the key problem that Esprit is currently facing and provide three solutions, which are: 1. Designing new products following fashion shows 2. Establishing smaller-scale operational mode 3. Using quick response strategy 2. Literature Review 2. 1 The conception of fast fashion Fast fashion is a contemporary term used by fashion retailers to acknowledge that designs move from catwalk to store in the fastest time to capture current trends in the market. (Bruce et al. 001) In an operational level, Barnes and Lea-Greenwood (2006) defined â€Å"Fast fashion† as a business strategy which aims to reduce the processes involved in the buying cycle and lead times to get fresh fashion product into stores, in order to satisfy consumer demand. 2. 2 Agile supply chain in fast fashion The supply chain is central to the creation of fast fashion. If suppliers cannot respond quickly enough, inefficiency will occur, and clothing will be unsalable and finally result in the increase of inventory.Fashion market has been defined that it has four characteristics which are short life-cycles, high volatility, low predictability and high impulse purchasing (Martin et al. 2004), as a result, building up agile supply chain is highly essential in today’s fashion market. Bruce et al. (2004) has described agile supply chain that it is shorter, more flexible and demand driven than the normal supply chain. Christopher et al. (2004) pointed out that agile supply chain is driven by information such as market demand and information sharing between businesses in the supply chain. 2. 3 Three critical lead-timesAccording to Martin et al (2004), retailers should c oncentrate on using different ways to improve the quality of forecast to cope with various uncertainties from the market. However, because the vitality of market demands, the prediction of forecast will always be accurate in fashion market. As a result, the way of reducing lead-time should be found rather than just relying on the market forecasting. 2. 3. 1 Time-to-market In the highly changeable fashion industry, life cycles of fashion products have been reduced, which means that there is a need for firms to reduce the time-to-market of new products to get market at the fasted speed.Time-to-market is defined as the length of time taken in product development process from product idea to the finished product. (Garel, 2003) Griffin (2002) used time-to-market to analyze its relationship with the degree of product complexity and originality. In which product complexity and originality were found be related with multifunctional teams and the use of formal process. Sherman et al. (2002) presented that the quantity of people, such as suppliers, top management people and multi-functional teams who involved in the process is highly associated with time-to-market. It is also important to point out that Martin et al. 2004) has drawn a figure presenting the risk that companies will confront if slow to market. 2. 3. 2 Time-to-serve According to Martin et al. (2004), time-to-serve could be understood as the time to capture customer’s order and deliver the product to retail stores. Time-to-serve applies both principles of lean thinking and just-in-time process to time compression. However, it also inspects the incurring of costs and adding of value with proceeding time. This offers enterprises with a more comprehensive perception where progress can be made in order to reach a higher service levels concerning availability. Marcelo, 2011) Bergvall-Forsberg and Towers (2007) suggest that sourcing garments closer to consumer markets, particularly in Europe, could shorten the time-to-serve. 2. 3. 3 Time-to-react Time-to-react is one of the lead-times given by Martin et al. (2004), which means the time to adjust the output of the business in response to volatile demand. Because most supply chains are driven by ordering, understanding what customer actually request and do the quick response is a challenge that many fashion retailers are facing. (Martin et al. 2004) Forza and Vinelli 1997:125) has defined that â€Å"Quick response strategy acts on the single phases/activities throughout the entire chain-right from the producers of yarn up to the sales outlets-with the aim of reducing the time spans that elapse from the textile design stage to the purchasing of the garments by the final consumers†. Time-to-react can be accelerated through the tenet of quick response strategy, which has been divided into three parts: reducing excess stock from raw material to market, declining the risk of new product forecasting and speeding up the delivery. Birtw istle et al. , 2003) 3. Problem After decades of development, Esprit has become a mature, well-known and international fashion brand that offers customers various kinds of fashion products. However, as showed in the annual report of Esprit in 2011, the net profit of Esprit Holding Ltd. was 79 millions, has slumped sharply by 98%, compared with the same period last year. Moreover, Esprit has closed more than 100 physicals stores in the most areas of North America and some areas of Europe and China because its meager sales. (News. com. au, 2011)These situations directly result in the loss of customers and the damage of its brand image. In the current dilemma of Esprit, Weixiong Cheng, the executive vice-president of ME&CITY, considered that speed and flexibility are the most essential factors in this changeable fashion market, however, with conservative design and sluggish supply chain, Esprit failed to response to ever-changing market needs, whereas the leading fast fashion retailer such as Zara and H&M is struggling to continuously bring fresh fashion goods to customers, which have brought unprecedented competitive pressure to Esprit.Stephen and Aikaterini (2011) point out that because the fashion industry is characterized by intense and dynamic competition, participants are obliged to develop innovative structures and processes supporting market growth, maintaining competitive advantage and exploiting new product sectors and consumers. Martin et al. (2004) consider that the big gap between traditional fashion and fast fashion is the agility of the supply chain. Esprit puts too much emphasis on unique brand’s image, while ignoring the speed and flexibility in the market. The low-speed of updating new products can’t meet consumers demand.So it not only misses the best sales opportunities but also increases the risk of inventory. In this context, Esprit must find some ways to recover. 4. Solutions Martin et al (2004) explain that through effectivel y manage three critical lead-times; the competitive advantage of enterprises can be improved. They are time-to-market, time-to-serve and time-to-react. The speed of Esprit’s supply chain could be improved through these three aspects. 4. 1 Design new products following fashion shows The first solution is designing new products following recent fashion shows.A successful supply chain should be sensitive to the market and response to the product design as soon as possible. Compared with copy the design from other fast fashion brands, depending on fashion shows to design new products will be faster. So the time to design new products will affect the speed of fashion supply chain directly. Yinyin (2010) consider that â€Å"fast fashion† is a new term used to describe clothing collections that are based on the most recent fashion trends. It means the popular fashion factors will change rapidly which lead to the short life-circle of fashion products. The product is often ephe meral, designed to capture the mood of the moment: consequently, the period in which it will be saleable is likely to be very short and seasonal, measured in months or even weeks†(Martin et al. 2004). It requires that suppliers should grasp the fashion trends and design new products in short time. Fast fashion companies employ a large number of designers and buyers; they are responsible for collecting a complete range of fashion information and getting inspiration from fashion shows. Also, Hines and Bruce (2001:123) state that, the-term trend is closely related to future designs.The right decision should be made on the design and style of the clothing (Forza and Vinelli, 1997). If a company can catch the first opportunity to reach new market, it would be succeed in sales. With the advances in mass communication, consumers can easily keep up with the latest fashion trends (Liz and Gaynor, 2006:260). Mass consumers not just like â€Å"cheap†; in fact, they are more intere sted in â€Å"trendy and inexpensive. † For instance, easy chic, and short-term trend is often associated with the popular elements in a particular season, such as a particular color.Minxun (2012) points out that Esprit makes transition to be a fast fashion brand; the key point is product design that is not only new but also fast. It means Esprit should follow the fashion trends and meets the consumers’ demand to design products soon. In order to forecast the consumers taste, the Esprit designers should refer to some famous shows that contain the fashion ideas, trends and colors for the new season’s textile designs (David et al. , 2006). Esprit should not following other fashion brands, being the first one to entry new market. 4. Establish smaller-scale operational mode In traditional fashion companies, the total time in manufacture process is considerable which enormously lengthen the order to delivery cycle. The underpinning reason for this long manufacturing time largely lies in the batch-based production and shipping methods. Companies want to pursue cost-minimization and every step is quantities-processed separate from each other in the total manufacturing process. In previous years, about 80 percent of Esprit’s business in Europe is the wholesale rather than retail (Kailath T, 2002).This led to the European headquarters inclined resources to order-placing meetings. Esprit’s order-placing conferences from beginning two times a year became four times a year, until the final 12 times a year, and each time there was three months for lead-time (Kailath T, 2002). The traditional economic batch-quantities methods could truly minimize their costs of manufacturing as well as the costs of shipping. But this viewpoint of cost is too narrow and enterprises would ultimately lose their advantage competitiveness compared with those fast-fashion brands.Esprit needs to change its existing manufacture and shipping patterns urgently if th e company attempts to transform its existing operational system. It must abandon its conventional economies of scale principle both in manufacturing stage and shipping stage. Fast changing, small amount and a high variety of products are commonplace for fast fashion brands. The successful fast fashion brand ZARA, it remains about 30 percent of spare capacity rather than maximizing the use of its productivity (Andres M, 2003).ZARA gives up the pursuit of economies of scale and takes small quantities of production and distribution methods. Whether ZARA and H & M, an artificially created shortage of supply, not only helps cutting down products’ lead-times but also encourages consumers to buy the commodities quickly. Also, small-scale production increased flexibility of the production line in order to better respond to changes of customer needs. If Esprit wants to transform into a fast fashion brand, it must abandon its conventional bulk production style which just pursuing econo mies of scale.The company should cut down its outputs and increase the diversity of products. The adoption of lower output and higher variety of production could help Esprit drive higher service levels in terms of availability within the shortest possible time. Another critical problem in Esprit’s supply chain is its shipping time that largely delayed the time-to-serve. Company’s former underpinning philosophy of pursuing the economies of scale kept the costs of shipping down to some extent, but may ultimately self-defeating for missing the best sales opportunities and increasing the risk of inventory.The best way to solve this problem is to accelerate the commodities’ transport speed even though sacrifice some cost consideration. Fashion represents to be fast. Take successful fast fashion brand ZARA for example, for the sake that products can be shipped to regions outside of Europe within 48 hours. The company is willing to pay two percent of high airfreight co st price. In France, Germany, Italy, Spain and other EU countries, ZARA transport its products mainly by truck with an average of 36 hours to the chain stores.The sales in these areas occupy 70 percent of company’s total sales. As for the remaining 30 percent of sales, the company sends its products through airway to distant countries and regions such as Asia for the sake of improving the transport speed (Marcelo R, 2011). ZARA’s chain stores in China have their separate order rights the same as other stores all over the world, even a section only book one piece of clothing, ZARA could also guarantee to send it to the store within 48 hours (Marcelo R, 2011). If Esprit wants to reform ts operational system and earn much more profits in fashion market, the company must make efforts to curtail the products’ shipping time to gain competitive advantages compared with other fashion brands. What’s more, the shorter transporting time could help Esprit lower its s upply chain risk. 4. 3 Lead-time reduction by â€Å"Quick response† strategy Quick response strategy has been adopted by a growing number of fashion retailers in order to improve the company’s competitive advantage. Esprit makes sales forecast and then outsources to third parties half a year in advance.However, the market environment may change during this period; therefore, the lead-time must be shortened in order to risk reduction. Figure 1 Merchandise, data and financial transfer with quick response Source: taken from Quick response in retailing: components and implementation (1995, P. 13) As we can see from figure 1, Customers go to the store to purchase the products or services they need. The purchasing information will be collected, such as style, color, and number. Then this buying information would be sent to vendor for analyzing.Fernie (1994) suggests that the development of IT technology can ensure the implementation of the quick response strategy. For instan ce electronic data interchange (EDI). Suppliers manufacture products in accordance with the order requirements, transportation to retail stores through distribution channels. Esprit would be suggested to use the designs of their offshore suppliers. And Esprit buyers will make ultimate selects from these designs. Furthermore, the ultimate decisions making are based on analyzing historical sales data.In practice, celebrities, pop stars and fashion events have affected the design of the products. In this way, a large amount of money and time will be saved. Quick response strategy gives close attention to an effective and efficient delivery process of goods from suppliers to customers with minimum lead-time. It aims at the high profits, low risk, changing demand and attractive products. The short product life cycle, demand uncertainty and fierce competition are the characteristic of fashion industry. In this environment, market mediation is becoming more and more important. Fisher (1997 , P. 07) point out that an accurate prediction makes a good match between the demand and supply of the products. The ultimate goal of the implementation of the quick response strategy is to meet the customers demand. Therefore, Esprit Buyers and sales staffs should track and analyze recent sales data promptly, so as to recognize the best-selling styles and slow-moving style. For these best-selling items, buyers could inform the supplier’s design team to produce similar styles as quick as possible. For those slow-moving items, managers could take markdown or discount strategy, which could relieve the inventory pressures.In addition, when fashion companies choosing suppliers, the speed and flexibility should be taken into account, not just low cost (Fisher, 1997, P. 108). Esprit could combine local manufacturers with outsourcing to low-cost producers. More specifically, the high-tech products and core products could be manufactured in local factories. As for basic products, the y could be produced in low-cost regions. For example, the suppliers of North Africa provide trendy clothing within three weeks at a low price (Birtwistle et al. , 2003) Indeed, multi-sourcing is a good way to outsource.Furthermore, the relationships among stakeholders influence the effect of the implementation of quick response strategy. On one hand, they are independent of each other; on the other hand, they share information and support each other. Figure 2 Physically Efficient Versus Market-Responsive Supply Chains Physically Efficient ProcessMarket-Responsive Process Primary purpose Supply predictable demand efficiently at the lowest possible costRespond quickly to unpredictable demand in order to minimize stock outs, forced markdowns, and obsolete inventory Manufacturing focusMaintain high average utilization rateDeploy excess buffer capacity Inventory trategyGenerate high turns and minimize inventory throughout the chain Deploy significant buffer stocks of parts or finished go ods Lead-time focusShorten lead time as long as it doesn’t increase costInvest aggressively in ways to reduce lead time Approach choosing suppliersSelect primarily for cost and qualitySelect primarily for speed, flexibility, and quality Product-design strategyMaximize performance and minimize costUse modular design in order postpones product differentiation Source: taken from What is the right supply chain for your product? (Fisher, 1997, P. 08) It can be seen from this chart, buyers concerned about the procurement budgets, discount management and increased margins. Manufactures pay more attention to the volume of orders, production scale, as well as timing. For distributors, the new products must be picked and delivered to consumer precisely, cheaply and as quickly as possible (Birtwistle et al. , 2003). By this way, Esprit would achieve the purpose of inventory reduction and short lead-time, as well as fewer forecast errors. 5. Advantages and disadvantages AdvantagesDisadva ntages Design new products1.Occupy market share firstly and make profits 2. To be the market leader of fast fashion and gain consumer loyalty. 1. New products are risky because of the uncertain forecast. 2. The complex clothing manufacture lead to the high cost Establish smaller-scale operational mode 1. Decrease the lead-time in supply chain 2. Win more competitive advantages for the company 3. Decrease the risk of supply chain1. Lose the cost advantages that bought by the economies of scale 2. Lose part of the profits 3. Increased product ranges lead to the rising of cost Lead-time reduction by â€Å"Quick response† strategy . Reduce inaccurate forecasts 3. Helping to keep a safety stock 4. Sales and profits will be boost by quick response strategy 5. Consumers’ satisfaction will be improved1. To some extent, the product quality is ignored. 5. 1 Advantages 5. 1. 1 Advantages of designing new products First of all, short time-to-market leads to the sales increase. If a company can catch the first opportunity to reach new market, it would occupy the market share in the first time and be successful. Martin et al. (2004) consider that the supplier make the new products early will make greater profits than later.Otherwise, the early entrant makes much less obsolescent stock. Secondly, early entrant can to be the market leader and gain consumer loyalty. Gabszewicz et al. (1992) indicated that brand loyalty does confer considerable first-mover advantage, consistent with â€Å"hard to follow† results. If the Esprit can design the popular fashion clothing faster than others, it will be stand out in various fast fashion brands. After consumers admiring the fantastic design and amazing speed, it will replace Zara and become the leader of fast fashion. In long term, consumer loyalty is very important to against the strong competition. . 1. 2 Advantages of establishing smaller-scale operational mode In manufacturing stage, the company should cut down its outputs and increase the types of products. This practice could fundamentally decreases the lead-time in supply chain and wins competitive advantages in this rapidly changing fashion market. While in shipping stage, the adoption of some faster transporting ways such as airways and the establishment of a much quicker delivery system could not only shorten the lead-time but also improve delivery flexibility to cope with various changes.The shipping system will inevitably occur transportation breakdown due to some unexpected situations such as bad weather conditions. The traditional bulk transportation would unavoidably suffer huge losses when facing such cases. However, the smaller-amount modes of transportation can minimize such losses to a certain extent. 5. 1. 3 Advantages of quick response strategy Esprit will benefit lot from quick response strategy. Firstly, it can reduce inaccurate forecasts base on the previous sales data. Secondly, it could be very helpful to keep a safe ty stock. Thirdly, sales and profits will be boost by this strategy.Last but not least, consumer satisfaction will be improved. These benefits will enhance the competitive advantage. 5. 2 Disadvantages 5. 2. 1 Disadvantages of designing new products following fashion shows Shelby, H (2011) consider that the new product innovation is risky comes from the observation that only a fraction of new products become commercial success. Even though the new products are design depending on the consumers demand, it is hard to collect all the consumers’ hobby. On the other word, sometimes the survey data shows only represent a part of consumers’ taste.It is very difficult to make sure that others are willing to buy the new products. â€Å"It has been estimated, for instance, that between 60 and 90 percent of new products end their totally withdrawn or left unsupported† (Booz et al, 1968). So it has a high risk to be the number one or the fastest one which produce the new de sign clothing. Yen et al (2011) points that with the increasing number of new products introduced more frequently as well as the smaller volumes per product, the pool of skills required for clothing manufacturing is becoming more complex. It leads to high-cost as the result.For the different new design clothing, suppliers should change the supply chain frequently. That will cost a lot and can’t sell in high price that result in making little profit. 5. 2. 2 Disadvantages of establishing smaller-scale operational mode The solutions showed above in time-to-serve part are not without their inherent shortcomings. First of all, the company would lose its cost advantage that bought by the economies of scale. Then, because of the lower yields, company's production may not be able to meet the demand of the market. As a result, Esprit may lose this part of profits.Last but not least, company has to invest much more money to diversify company’s product range as well as create a much quicker transportation system. All these innovations would average up products’ costs ultimately. 5. 2. 3 Disadvantage of quick response strategy Quick response strategy emphasizes particularly on fast and effective. To some extent, the product quality is ignored. For instance, the multi-sourcing is difficult to guarantee uniform quality, and inevitably rejects into the market, that would lead to customer dissatisfaction and the frequently returns. 6. ComparisonSimilaritiesDifferences Design new products VS Establish smaller-scale operational mode 1. Shorten the lead-times 2. Average up the cost of products Different influence on risk Establish smaller-scale operational mode VS â€Å"Quick response† strategy 1. Speed up the distribution cycle 2. Improve consumers’ satisfaction 3. Decrease inventory risk Different influence on cost Design new products VS â€Å"Quick response† strategy 1. Boost sales and margins 2. Enhance the brand loyalty Different i nfluence on risk 6. 1Design new products VS Establish smaller-scale operational mode There are ome similarities between these two solutions. On the one hand, both of them aim at shorten the lead-times in the supply chain. On the other hand, the two solutions would average up the cost of products. The obvious difference between these two solutions is the influence on risk. The solution proposed in time-to-market part would increase the products’ risk, while in another solution, supply chain’s risk would be reduced. 6. 2Establish smaller-scale operational mode VS â€Å"Quick response† strategy The similarities between Time-to-serve and Time-to-react can be presented in three aspects.Fundamentally, these two solutions all speed up the distribution cycle that from manufacturing to the end-customers. Next, consumers’ satisfaction would be improved. Last, they all could help Esprit to decrease inventory risk. Their main difference lies in cost. Solution propose d in Time-to-serve section would cut down company’s cost while another one would increase it. 6. 3Design new products VS â€Å"Quick response† strategy The brand loyalty would be enhanced by these two methods. In addition to this, the sales and margins would be boosted. These advantages would make the company stand out in various fashion brands.As the mentioned former solution above that there is a hazard about the risky new products. Nevertheless, the later one lowers the risk of products management. 7. Conclusion In this paper, fashion supply systems are characterized by three critical lead-times: time-to-market, time-to-serve and time-to-react, which are highly essential to building up an agile supply chain. 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