Products & Services: What’s the Difference and How Do We Maximise Their Value?

What’s the difference between a product and a service?  A product is an item of value that benefits a user.  A service is an activity that leads to the benefits for those availing of it.           Products are tangible, i.e., as in solid, liquid, gas, or energy, or as virtual (e.g. software, streaming videos, speeches,Continue reading “Products & Services: What’s the Difference and How Do We Maximise Their Value?”

Weather Forecasting vs. Demand Forecasting: A Case of Different Expectations

Meteorologists predict what the weather will be like, whether it be tomorrow or the next few hours.  Demand forecasters predict what customers will buy and how much, whether it be next week, next month or next year.  When a weather forecast is wrong, we don’t hold the meteorologist accountable.  We may grumble about the inconvenienceContinue reading “Weather Forecasting vs. Demand Forecasting: A Case of Different Expectations”

The Importance of Making Available What We Promise

I ordered a box of latex gloves from a 3rd party seller on a popular e-commerce website.  The seller confirmed my order by email and after 24 hours, the order status on the website was that the box of gloves was being prepared for shipment.  One week later, the order status said it was atContinue reading “The Importance of Making Available What We Promise”

What Collaboration Is and Is Not

Collaboration denotes a cooperative working relationship between parties which leads to mutual benefits.  It’s not commonly observed in industries and supply chains despite the potential benefits it can bring.  This is because it’s not easy to do and in the first place, many business executives don’t think it’s worth the trouble.  Many enterprises, small businessesContinue reading “What Collaboration Is and Is Not”