Value Chain Analysis Business World s Most Valuable...

If you are searching for a way to gain an edge on your competition, consider one of the business world s most valuable tools: the value chain analysis. Value chain analysis relies on the basic economic principle of advantage — companies are best served by operating in sectors where they have a relative productive advantage compared to their competitors. Simultaneously, companies should ask themselves where they can deliver the best value to their customers. To conduct a value chain analysis, the company begins by identifying each part of its production process and identifying where steps can be eliminated or improvements can be made. These improvements can result in either cost savings or improved productive capacity. The end result is that customers derive the most benefit from the product for the cheapest cost, which improves the company s bottom line in the long run. I work with FITC, Financial InstitutionsTraining Centre. It is owned by the Bankers Committee, which comprises the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, all licensed banks and Discount Houses in Nigeria. FITC is Nigeria s apex human capacity building institution in the Financial SERVICE Sector. It provides solutions to the needs of its numerous clients through Training, Consulting and Research intervention and collaboration with renowned international training outfits to address perceived training gaps in the Public and Private Sectors. FITC Consulting activities include; eShow MoreRelatedGlobalization And The Global Economy1720 Words   |  7 Pagesof production and exchange, value chain analysis provides a valuable methodological tool for explaining these developments. Generally speaking, â€Å"Value† is defined as â€Å"any activity that increases the market form or function of the product or service.† And in today’s business climate, you need to maximize the value of every process in your business. 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