Wall Street Journal Article: “Best of CES 2021: The (Virtual) Tech Show’s Weirdest and Most Wondrous Gadgets,” Link: https://www.wsj.com/articles/best-of-ces-2021-the-virtual-tech-shows-weirdest-and-most-wondrous-gadgets-11610719200 (Links to an external site.)
Questions ———————————————————————–
- New products and product concepts are announced each year at the Consumer Electronics Show (CES). New products often require new suppliers. Please select one product from the Wall Street article to develop a weighted scorecard to evaluate new suppliers. (See example in Exhibit 7.7 of the textbook). What would be the top five categories of your scorecard, and how would they be weighted? Why?
- Describe how an organization could use the 7-step supplier selection process (Exhibit 7.6) to identify and manage new suppliers for the product you selected in the previous question.
- Deming identified 14 Principles of Total Quality Management. Which five principles of Total Quality Management would be most important for working with suppliers that provide components for the product you selected in the first question? Why?
- Please provide an insightful question about the new gadgets in the Wall Street Article.
The first discussion:
New products do require new suppliers specially to something I never seen before like the Cold snap rapid freeze machine.
This is how I would evaulate potenial suppliers with 5 categories.
Category Weight
Quality Systems 40
Delievery Preformances 20
Technical/process Capability 30
Cost structure 10
I would do this because I believe quality is the most important. Especially when picking between a few to mulitple suppliers. I want what can give me the best quality. This is a new product that atleast I have never heard of so I would want to make sure the have the technical capability to make it. I feel as there should be atleast a few that can make it, that why quality is weighed more. Lastly delievery is good and is very important and same with cost. I just rather have more on time delevery than cheaper cost for a suppliers that why delievery is weighed more than cost structure.
2)
For starters coldsnap benefits from using evaluation categories so that they can find what they are looking for. Picking what supplier is best for your company is hard, and can be very stressful. Having a evaulation card already determind can make the process alot smoother.
Assigning weights as well just give the extra jump to knowing what you want. Ya this one business may be cheaper and never been late on delveries but it also doesnt have the technical capabilites to make componets for the freeze machine. That why the technical capabilities will be weighted more in the score.
Now what makes someone have a better delivery score or technical score versus another supplier. Can look at the subcategories. Lead time and responsiviness for delvery and product innovation , and R&D for techinal are all evaulated. Lets say Supplier A takes responsiveness they have good R&D but they lack innovation in product and process and there lead times arent so good. While Supplier B, Lead times and innovatio are good, but not their R&D and lack responsiveness. Looks like a tough choice but with the Score card can see the supplier B has a higher score and should be picked over supplier A.
3)
I would have to say, for Coldsnap rapid freeze machine, my top five would have to be :
-Create a Vision and Demonstrate commintment.
-Understanding Inspection
-Improve constantly and Forever
-Remove barriers to pride in workmanship
– Take action
These are good for Coldsnap because they have a mission. Looking at their website they seem to want most family to be able to have fun making ice cream together like they have. Wholesome mission and if that the vision stay comminted because at 500$, many families wont be able to afford to put that in their homes.
Also inspections and defects are just apart of business. Constantly improving your systems to ensure mimial defects is good. One reason to keep improving. Always something new to add. Right now can do ice cream and martigritas. Maybe next is slushie, ice cubes, and any other frozen desert one may want to make at home. Also if keep improving more availbility to reach different markets. Right now it is expensive and is for high end clients maybe if keep improving can find a way to lower price to allow average everyday people to get one.
Next, in order to make these innovation within Cold snap have to remove barriers. Keep the management and workers happy. Give them some sense of work life balance so that ideas can flow. Keeping them happy specially the higher up positions will keep productivity and quality up.
Lastly, take action. Take any and all action that can improve something little or big. Taking action on the above things to improve all aspect of the company. With out action nothing will be done.
4) my question is, any of the products off of the wall st. Journal article will cause any change in our normal daily lives near or atleast in our lifetimes?
E.G the Rapid freeze machine may take frozen yogurt/ nice ice cream places out of business. Why buy a fancy ice cream with crazy toping when you can do it at home, or maybe the prices for ice cream places will increase.
The second one:
1. What would be the top five categories of your scorecard, and how would they be weighted? Why?
Top five categories of my scorecard for Product (Filo Tata Pad and Tata Band)?Quality systems with a weight of 30 because this is the most important factor, supplier must be committed to providing quality materials and always have a process for verifying defects. With a product like the Fill tata pad and band, it is crucial that the quality is top notch to avoid unnecessary incidence.
Technical/Process Capability – weight of 25, supplier must have technical requirements and meet key performance parameters, they must have optimized design, analysis and documentation resulting in an exceptional product. Also, suppler should be flexible in adjusting their product to make room for innovation initiatives.
Cost structure- Weight of 20, Pricing the product is vital because item must not be too low or too high, supplier requires to understand the industry and cost relatively. Suppliers must manage and cost and expenditures consistently, timely and accurately.
Delivery Performance- Score of 15, Supplier capable of managing end to end supply chain needs like inventory and transportation is important to supplier selection, it provides a way of knowing how efficiently the end user will be satisfied. Also, supplier utilizing effective systems to meet procure to pay needs can be a requirement.
Management Capability- score of 10, it might be the least scored but without management capability a supplier will not yield efficient results, supplier should provide effective and timely communication regarding changes, respond to request in a timely and effective manner.
1. Describe how an organization could use the 7-step supplier selection process (Exhibit 7.6) to identify and manage new suppliers for the product you selected in the previous question
Identify supplier evaluation categories- this step will identify supplier evaluation criteria, organization needs to determine the cost, quality and OTD. They would like to know what their overall workforce capabilities are, what TQM system supplier has in place, how technological savvy are they.
Assign Weight to Evaluation Category – Next step is to assign weight to each category and the total must equal 100, this helps management during the supplier selection and evaluation process.
Identify and weigh subcategories-The organization will first identify performance subcategories within broader category in which the total sum of the subcategory weight must be equal to the total weight of the performance category.
Define scoring system for categories and subcategories- Organization should set up a scoring system to develop a quantitative scale for measurement. Scoring system is effective if individuals infer and score the same performance categories under assessment.
Evaluate supplier directly- To manage the new product, the organization can compare scores of different suppliers and select one based on the evaluation score. The company should have minimum acceptable performance necessities that suppliers must assure before they can become part of the supply base.
Review evaluation results- Next step is for the organization to evaluate suppliers who were interested in the product, the intention of the evaluation is to qualify potential suppliers for business requirements
Review supplier performances constantly- After selecting a supplier, the supplier must perform as per company’s requirements to fulfill their needs. The important shifts from the initial evaluation and selection of suppliers to continuous improvements by suppliers into their process and product to fulfill requirement.
1. Which five principles of Total Quality Management would be mostimportant for working with suppliers that provide components for the product you selected in the first question? Why?
Below are the five principles of Total Quality Management would be most important for working with supplier of Filo Tata Pad and Tata Band
1. Create a vision and demonstrate commitment
2. Improve constantly and forever
3. Learn the new philosophy
4. Understand inspection
5. Encourage education and self-improvement
These qualities will enhance the quality of the product, suppliers need to understand the vision of the item and be committed to making the vision come to reality. Customer satisfaction is one of the main goals of producing the item, so quality should reflect that, and to further the growth, supplier must understand defects happen so regular inspection is needed. These TQM activities will help this item be a success in the market
1. Which of the 14 Deming’s philosophy will be challenging when implementing TQM with the suppliers producing the new gadgets?
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