FAMILIARITY OF THE “PRODUCT AUDIT”
FAMILIARITY OF THE “PRODUCT AUDIT”
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Home Page > Business > Customer Service > FAMILIARITY OF THE “PRODUCT AUDIT”
FAMILIARITY OF THE “PRODUCT AUDIT”
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FAMILIARITY OF THE “PRODUCT AUDIT”
By: MOHAMMAD WAHID ABDULLAH KHAN
About the Author
MHOHAMMAD WAHID ABDULLAH KHAN
S/O MOHAMMAD SAADULLAH KHAN
Dhaka, Bangladesh
Objective
Researched company and its industry, compared company’s financial status with the industry through ratio analysis.
Profile
Solid background in financial analysis and marketing, with strong emphasis in telecommunications account management. Consistently exceed sales goals and customer service expectations. Experienced in handling international accounts and in presenting results of consortium operations. Skilled in developing and implementing standardized policies and procedures.
Work History
• MAX textile > Project director (January 2010 – present)
• Chief Cost Accountant >Meridian Fashion Wear ltd (December 2007- December 2009)
• General Manager (Accounts & Audit) > Mawla Wings (October 2003 -September 2007)
• Manager (Accounts & Finance) > Help line cab (pvt) ltd (February 2000- September 2003)
• Financial Auditor> Amim sweaters ltd (March 1999- December 2000)
.FREELANCE CONSULTANT:
• Finance & Auditing
(From 2003 to 2010 Approx: 08 years)
Skills Summary
Skilled manager with creative, innovative approach to managing staff, generating teamwork, and improving customer service. Proven track record of low turnover, low overtime, high retention rate, and high profit
PERSONAL STATEMENT:
I believe I am very capable of organizing people and managing the logistics properly which would run a company smoothly and earn more profit. I am keen on all aspects of business, but I am particularly interested in “Financial Consulting”. I feel I am a good communicator and wish to develop my consulting business day by day.
My goal as a consultant is to play an enabling role — not to simply parachute in and intervene in a crisis, but to encourage and enable people to learn to prevent and solve future crises on their own. My biggest challenge is to stay current, accessible and human in this fast-changing world.
Education:
• Master’s of commerce (Management)
• Master’s of business administration (MBA)
Proof of additional skill:
•Complete various certified & training courses in Finance, Financial risk management, Accounting, Auditing, & Project Management based
(ArticlesBase SC #3310724)Article Source: http://www.articlesbase.com/ – FAMILIARITY OF THE “PRODUCT AUDIT”
When to pull a product from the line is as important as knowing when to introduce a new one. Consider such internal requirements as profitability, available resources and new growth opportunities. Examine external factors of sales-force coverage, dealer commitment and customers’ needs to determine if a comprehensive line is required.
The first step in establishing a regular product evaluation program is to create a Product Audit Committee. The committee may consist of members of the planning team or a separate group. This core group comprised of the top people in the marketing, finance, engineering and purchasing departments, should control decision-making authority about the design of the company’s product mix. Depending upon the dimensions of the product mix and the significance of the products, the Product Audit Committee should meet monthly and every product should have at least an annual review
What is a product?
A product is a problem-solver, in the sense that it solves the customers’ problems, and is also the means by which the company achieves its objectives. And since it is what customers actually get for what they pay, it is clearly a subject of great importance.
The clue to what constitutes a product can be found in an examination of what it is that customers appear to buy. Customers have needs, and they buy products to satisfy them. On market segmentation. At its simplest level, someone who needs a hole may buy a drill. But if a better way of making a hole is invented say a pocket laser – demand for drills may fall. The important point about this is that a company which fails to think of its business in terms of customer benefits rather than in terms of physical products or services is in danger of losing its competitive position in the market.
In Additional: When a customer buys a product, even as an industrial buyer purchasing a piece of equipment for a company, he or she is still buying a particular bundle of benefits perceived as satisfying Their own particular needs and wants.
What is a product audit?
A product audit is an objective description of the current state of your product. The simplest audit I have seen consisted of an inbound and outbound Strengths Weaknesses Opportunities Threats (SWOT) analysis.
ABOUT the Product Audit
One easy-to-install procedure with direct impact on profitability is the product audit. Just as regular physical examinations are essential to maintain the body’s good health, likewise, products require regular examination to determine whether they are healthy, need re-promotion, or should be allowed to phase out.
Begin your product audit by setting up a Product Audit Committee The product audit can assist the following:
1. Determine your product’s long-term market potential.
2. Assess the advantages and disadvantages of adding value to the product.
3. Alter your product’s market position compared to that of a competitor’s comparable product.
4. Evaluate the chances of your product being displaced by another product or technology.
5. Calculate the product’s contribution to your company’s financial goals.
6. Judge if the product line is filled out sufficiently to prevent your customers from shopping elsewhere.
In addition to the above criterion, consider such issues as availability of money and human resources, assessment of new product and market growth opportunities, and even the effective use of your executives’ time. Also, add such factors as your firm’s willingness to sustain sales-force coverage, dealer commitment and ongoing eagerness to respond to changing customers’ needs.
Product audit criteria
I. Operational/functional: Verify that sub-assembly or final product conforms to the Functional/operational test criteria.
II. Dimensional: Compare actual recorded measurement(s) of the selected characteristic with the approved design data. Verify characteristics are inspected using the correct calibrated tooling, gauging, fixtures, etc., surface finish dimensions and radius meet drawing tolerances, inspections are performed in proper sequence,
III. Visual: Inspect part for obvious external defects; (e.g., corrosion burrs, handling damage, and scratches)
IV. Identification: Compare actual identification plates, tags, markings etc. with approved design data or purchase order requirements and verify that identification is maintained throughout the product line;.
V. Documentation: Verify the latest revision level or changes, proper work instructions, completed operations, proper authorizations; proper use of statistical sampling;
VI. Special Processes: Verify special processes are in accordance with approved process specifications. Verify operator qualification/certification;
VII. Material: Verify that incoming raw material meets its specification requirements.
Product Audit Program:
How does such a committee operate? To do justice to each product and to have an objective basis for product comparisons, a common rating form
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