| Keywords [eng] |
Textile Industry, WIC MIC, Divalto infinity, Navision, Cost optimization, ERP systems ,5S system , Kanban, 6SIGMA, Just in time, JIT, Supply chain, Cost Management,Lean Manufacturing , Kaizen, Gemba, KPI, ERP, PDCA |
| Abstract [eng] |
Global manufacturing relies heavily on the textile industry for the clothing, furnishings, and household products it produces. However, this industry faces a great deal of cost inefficiency due to continual shifts in the market, such as spikes in the price of materials, labour costs, and increased demands for sustainability. Factors like the complex supply chain and constantly changing fashion trends lead to the need for flexibility in production. To illustrate, it is common that at any given time there are trends that result in a surge in demand but consumers are not willing to pay a high cost for the fabric or product. This research will examine some of the cost inefficiencies in the textile industry and evaluate strategies to improve efficiency and enhance competitiveness. to understand why costs are inefficient and learn how the current cost cut practices are effectively applied. This study adopts both qualitative and quantitative approaches to conduct data analysis. In particular, a major case will focus on a fast-growing and leading textile company, so called WIC MIC. This company has made brave moves on cost management via procurement, production and supply chain management. Hence, its experience is expected to benefit other firms facing the same dilemma of how to better manage cost effectively. The findings of the study provide useful guidelines for rationalising cost within textile sector, like the use of only latest technological inventions and adoption of best practices in management. It does also contribute to the general theory of rationalisation of cost within textile sector and present a model for companies wishing to maintain their competitiveness in a growing competitive market. |
