Explain the role of the following processes: a) Human Capital Management, b) Supply Chain Management, Supplier Relationship Management c) Product Life Cycle Management, Customer Relationship Management.
Human Capital Management
- Human capital management plays a huge considerable role in managing the recruitment of employee’s whose contribution is significant for the organization.
- It hires, trains, supervises, and retains employees who are super performers and also the most talented ones in the field.
Supply Chain Management
- It is required to plan and control all the activities from the purchase of raw material, to production, inventory, and finally, distribution of the final product to the customer in a customized and streamlined way.
- It results in lowering the costs, efficient production, and best customer service.
Supplier Relationship Management
- Its role is to create awareness among the individuals about what is happening between the organization and the supplier. It helps us to understand their expectations to keep the supplier on board and happy to end in a long term benefit for the organization.
- It creates a mutual interest for the organization and also the supplier with an increased success rate that further establishes a decrease in the risk rate.
Product Life cycle Management
- Role of product life cycle management involves, supporting the development of product throughout the life cycle by meeting the challenges at all the stages. Therefore increasing the rate of sales.
- It is used to analyze and check the quality of the product at every step. It also further creates necessary changes if possible.
Customer Relationship Management
- Its role is to create strategies and technologies to manage and maintain customer relationship by improving the service. This further helps to bring the sales under a better picture.
- It increases the loyalty of the customer to the organization, which results in the net growth of the business.