Business Plan for SMEs

Introduction:

A business plan should be required to execute a business. In the last two decades, there are many changes in business operations. Mostly, all the changes are based on the technologies. Thus, we are searching about the basic processes to manage our internal and external business processes. Many businesses face issues in customer satisfaction and staff management (Pane et al., 2018). The warehouse is required for managing several things in a company. Thus, many small and medium-sized enterprises (SMEs) are facing issues in warehouse management. The main issue is warehouse management. This report will provide a technical solution to resolve challenges of customer satisfaction as well as cost issues.

Plan of work:

In addition to that, a company should focus on the problem and its solutions. Thus, warehouse and distribution is a huge issue in front of a company because of staff and lack of technologies. Moreover, it is necessary to understand the problem. A company should identify their challenges based on the analysis to resolve them. Thus, a common issue in front of most companies is warehouse management. Thus, they should plan for resolving the issues based the different ways including technology and strategic management (Žunić et at., 2020). There are a few technical solutions for warehouse management, which are as:

Internet of Things (IoT) based System:

The company should include IoT to resolve warehouse management problems such as supplier management, picking, loading, and product arrangements. Moreover, an IoT-based system can provide better information to managers and other staff members about each order to be delivered or packed (Lee et al., 2018). It makes things easier using monitoring and sensing. Staff can manage storage in an easy way which is automated using an IoT-based system. Thus, it should be managed in a proper way to improve the speed and efficiency of work as well.

Besides, RFID-based monitoring makes it more easily in identify as well. Thus, it should be based on RFID-based marketing in products. IoT will show all the data about the package as well. IoT makes a huge change in the performance of the company. IT system will be improved based on that change as well. Moreover, it should be based on a number of things as well. However, it should be managed in different ways based on the technology. RFID-based monitoring can be merged with the IoT-based system of warehousing. Thus, the company should manage the same things using implementing the IoT-based system that will provide proper information for managing the products and services at a proper time.

Challenges:

A business plan is used to manage the challenges of a company. Costing is a main financial issue in most of companies thus it can be reduced using technologies. However, an IoT-based system is costly as compared to other systems. Besides, there are many benefits of IoT-based systems in decision-making and problem-solving.  Therefore, the company should adopt the IoT-based system to manage their technical or non-technical issues as well. Moreover, there are some important factors behind the changing in working processes (Fauzan et al., 2020). Thus, the company can reduce the budget issues as well as other related issues in the warehouse. The distribution process is also not easy to manage. Thus, the solution should be based on automation as well (Torabizadeh et al., 2020).

Furthermore, the company should adopt emerging technologies to reduce warehouse management problems. However, an IoT-based system is a costly process but it will give huge benefits in the long term. Moreover, it can be merged with other technologies as well (Baruffaldi et al., 2019).

Conclusions and Recommendations:

In conclusion, warehouse management is a critical issue in front of a company thus it should be managed using a proper channel as well. This business plan can be used for managing issues and challenges of the company as well. This report has provided a better solution based on the problem as well. Technologies provide a better solution to such types of issues in a company as well. However, it should be used for developing several things in a company as well. Monitoring is easier with this solution as well. Finally, the company should implement an IoT-based solution including an RFID-based identification system to manage warehouse management.

References

Baruffaldi, G., Accorsi, R., & Manzini, R. (2019). Warehouse management system customization and information availability in 3pl companies: A decision-support tool. Industrial Management & Data Systems.

Fauzan, R., Shiddiq, M. F., & Raddlya, N. R. (2020, July). The designing of a warehouse management information system. In IOP Conference Series: Materials Science and Engineering (Vol. 879, No. 1, p. 012054). IOP Publishing.

Lee, C. K., Lv, Y., Ng, K. K. H., Ho, W., & Choy, K. L. (2018). Design and application of Internet of things-based warehouse management system for smart logistics. International Journal of Production Research, 56(8), 2753-2768.

Pane, S. F., Awangga, R. M., & Azhari, B. R. (2018). Qualitative evaluation of RFID implementation on the warehouse management system. Telkomnika, 16(3), 1303-1308.

Torabizadeh, M., Yusof, N. M., Ma’aram, A., & Shaharoun, A. M. (2020). Identifying sustainable warehouse management system indicators and proposing new weighting method. Journal of Cleaner Production, 248, 119190.

Žunić, E., Delalić, S., Hodžić, K., Beširević, A., & Hindija, H. (2018, November). Smart warehouse management system concept with implementation. In 2018 14th Symposium on Neural Networks and Applications (NEUREL) (pp. 1-5). IEEE.

For jobs  Click here