The modern approach towards business management is one that has gone beyond the boundaries of the organization. A successful business is no longer established by carrying out internal redevelopment measures and continuously tweaking internal process to achieve optimization. The equation has grown far more complex and it has become imperative to realize the need to optimize external business operations as well. Core assets and processes have to be beyond merely accessible and need to be adjustable and adaptable to changing business needs. These business needs are no longer identified by the consumer alone but are also influenced by other corporate and non-corporate organizations/entities with which they interact during the execution of their business functions.
Modern day business require considering all associated business entities as partners in the business. While this consideration is not one that is taken in literal terms, it is considered to be of key relevance and has evolved into the formalized management philosophy commonly referred to as Value Chain Management.
“The value chain has been the business model that has predominated large firms in developed economies since the industrial revolution until the last decade or so” (Burgman, Roos, Ballow, & Thomas, 2005).
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