Supply chain may be defined as a network of facilities enabling Material flows from suppliers at all levels, transformation of materials into semi=finished/finished products and the distribution of products to customers at all levels.
From the above simple definition, one can conclude that a typical Supply Chain should facilitate the flow of materials, payments and services from raw materials suppliers, through factory/warehouse to the end users (customers); including the processes that create and deliver these products, information and services (Supply Chain Management)
Effective and successful Supply Chain Management should provide solutions with sophisticated software, using Web interfaces to enable the oversight of products/materials, information and finances as they move in the process from supplies to manufacturer to wholesaler to retailer and finally, to the customer.
The Product Flow; includes the movement of goods from a supplier to a customer as well as any returns of products or services by customers.
The Information Flow; transmit orders and updating of delivery status and the best way to fill an order, while;
The Financial Flow; consists of credit terms, invoice out, payment schedules, consignment, title ownership arrangements, tracking of physical status of products, the management of materials and other financial information involving all parties.
Effective application of Supply Chain Management support the sharing of data residing in database systems or File Server; both inside and outside extended organization for strategic decision making.
Security Implication and Privacy
No E-business operation is considered 100% safe. It evenly involves various stages of real time transactions carried online; search for products, price negotiation, product delivery and internet payments using credit and debit cards (electronic currency).
Once data pertaining to payments is transmitted electronically, from one computer to another over a communication channel, security breaches are common. This include;
- Virus Infection;
- Privacy Violation;
- Hacking attacks;
- Legal problems/negligence;
- other intrusive actions that might shutdown the network;
- Computer crime and abuse involving security threats to information system/assets, impersonation, interruption, interception, modification, fabrication
Security Requirements of a Typical Computer Network
This should address;
- Confidentiality; which requires that information in a computer system be accessible by authorized personnel only.
- Integrity; which requires that computer assets and data modification such as writing, changing status, deleting or creating, can be carried out by authorized parties only.
- Availability: which requires that computer system resources are available to the right authorized personnel as and when they are needed.
- Training; which requires educating employees about how to avoid major security risks; frequent reminder about the security risks and the steps to mitigate them.
Do You Need Accounting Help?
Consistent up to date and cleaning of accounting records for sound business decision making, may be posing some difficulties when you are preoccupied with other business functions. Is it time to consider independent professionals because of certain technical complications that could occur along the line? It could also be daunting, time-consuming procedures. Not recording correctly and poor monitoring can cause complications and confusion.
we @Fritznoble Consulting assist our clients on the best available options that suit their businesses...Reach out/ Outsource With Us… If Accounting works are bothering you, then it’s time you outsourced your accounting and bookkeeping requirements, this will help you concentrate more on other core activities of your business; with a team of professionals to help.
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