Abstract
Stock or inventory management needs the attention of a skilled human resource manager who displays high dedication levels towards work. While Halstead Property offers real estate services to New York and New Jersey, among other places in the US, Genco Insights offers third party logistics services. The services include the provision of outsourcing and auditing services to hospitals and other institutions in the private and public sectors in the US. Ordinarily, the US expects different organizations to undergo audits through the Office of the Inspector General, but they lack the requisite knowledge to perform such functions. The paper further identifies loopholes in inventories management while providing long-term solutions to the arising problems.
Introduction
Genco offers help while receiving payment from the outsourcing or the contracting firm. In inventory management, the most important duty to ensure is the completion of the supply chain. Halstead Property also has the responsibility of providing real estate services through direct sales or brokerage. Banks, individuals, and microfinance institutions, among other businesses that contract Halstead for the real estate services, have to experience returns before trusting the institution with additional responsibilities in the future. The purpose of this paper is to explain how Genco Insights and Halstead Property manage inventory in the service industry (Kieso, Warfield, Weygandt, Young, & Wiecek, 2007).
Halstead Property
Halstead Property offers real estate brokerage services to Americans. Its headquarters are in Manhattan, a luxurious estate in New York. The Company has the capability to give mortgage services through targeted banks within and outside New York. To date, the company accounts for over 1,100 house sales while renting several other outlets in America. It franchises within New York and currently has about 27 offices. In Connecticut, the company has offices catering for middle-income earners targeting houses between $39,000 and $65,000 (Halstead Property, 2014). Thirteen years ago, Terra Holdings acquired Halstead Property, providing it with real estate management services alongside its brokerage activities. Customers also have the ability to consult real estate experts at Halstead Property. Besides, it carries out banking services, construction, inspection, and credit facilities. People in need of housing facilities and excellent living spaces can contact Halstead through offices or other virtual networks such as Realtor.com, Facebook, KS, and Houselogic, among other services.
Genco Insights
Genco Insight offers logistics services at third party levels. Companies that undergo liquidity, including hospitals and organizations in the transport sector, can also acquire consultation services from Genco. Companies dealing in parcel delivery, research, and damaged products in various institutions seek the services of Genco Insights (Genco Insights: Insights from the Leaders of Product Lifecycle Logistics, 2014). Besides retail firms, government agencies, and product manufacturers, Genco Insights get tenders from individuals in the larger North America who provide warehouse services to the country.
Inventory characteristics and service integration
The processes used in designing service delivery depend on the types of clients that the companies target within a rival environment. Few people are yet to understand how third-party logistics operates. In order for hospitals to get supplies from pharmaceuticals and other services, Genco Insights has to provide requisite chains of completing the entire process. Genco offers a link between government agencies, procurement offices, and customers. The greatest advantage of involving the organization in the supply chain is the ability to provide audits that undergo proper scrutiny by the office of the Inspector General of the US (Sobottka, Leitner, & Sihn, 2012). Proper accounting systems and excellent inventory services make the company stand out from other competitors offering similar services to the people of North America (Kieso et al., 2007). Procurement and tendering is not a service unique to the health department since schools also need supplies, and so are the social amenities within and outside America. With the help of intermediaries such as Tina Vatanka Murphy and others, Genco Insights has the capability of reaching out to its target populations within a limited period.
Supplies include health equipment, stationary, and delivery for government tenders (Tambovcevs, 2012). Genco Insights also deals in the provision of accounting consultancy services. Third-party inventories follow different chains of supply, including the manufacturer, the shipment organization, and the stocking unit (Tarun, 2012). A final stage is the delivery of the supplies, but it depends on the type of order made to the product manufacturer. In most cases, Genco Insights deals with excess stock, but Halstead manages immediate stock. In essence, Halstead only deals with customers that require its services upfront. A country house in Texas cannot compare to a Condo in Miami. Factors considered before setting prices for the real estate business include the location of the house, the material used to build the house, and the value the house adds to the consumer. Some apartments add aesthetic value to the targeted customer (Collier & Evans, 2013).
Customer service
Inventory management is physical science, which assists companies in dealing with loss and assets. Genco Insights has to ensure high levels of customer satisfaction by providing services in an efficient and effective manner. Company performance largely depends on consumer satisfaction and the reputation held by the public over the services provided by Genco Insights. When consulting for government agencies in the health department, Genco Insights managers maintain close contact with the US Inspector General. The intention is to provide adequate time for refill lead-time and management of company assets through technological software such as QuickBooks Pro (Loke, Downe, Sambasivan, Khalid, & Ooi, 2012). For product valuation, automated programs assist in time-saving because the company is capable of calculating gains and losses easily.
Halstead has the capability of satisfying customers by understanding their demands and translating the same to consumer benefits. East Hampton residences can cost up to $2.1 million, but a mobile house in Manhattan would cost half the price. The neighborhoods have consumers with relatively the same income levels, but the houses they require are of different tastes. Taste and preference are very important for service providers. For the real estate industry, a single-family unit, a business enterprise, and a large family unit require different materials to build. Since Halstead does not construct houses, it approaches various banks, institutions, and individuals that require real estate brokers (Sobottka et al., 2012). Today, the fulfillment of the sentimental needs of customers remains very significant for customer retention. A house in a good neighborhood, excellent finishing, insurance cover, and high-security levels is the most attractive for the 21st-century real estate customer.
Company layouts
Layouts refer to master plans that organizations use for product or service design and processing. Genco Insights and Halstead use diverse approaches in communicating to the target customers. Both companies have the intention of waste reduction, use of the least resources, and increase in productivity. While fixed position and cellular layouts apply to both Halstead Property and Genco Insights, office layout is unique to Halstead and process layout is unique to Genco Insights.
Process layout
Genco Insights carries out third party logistics for different industries and it has to commit to different workstations. Process layouts permit such organizations to carry out sequence operations through the technique. Genco insights coordinate supplies for different industries daily. Hospitals, schools, social amenities, and recreational centers among other service-oriented organizations require the attention of Genco daily. As such, the process layout is the most effective because it supports organizations that produce large volumes of work daily. The layout does not prejudice over the customer or the service provider since the needs of the customer remain very significant to Genco Insights. However, there is an ardent need for proper organization to deal with arising confusions (Kieso et al., 2007).
Fixed position layout
Fixed position layouts help companies dealing with immovable products and services to design and process the commodities (Stevenson, 2005). Halstead Property provides services to consumers from different parts of America through an established website. Both Genco Insights and Halstead have company websites that are easy to navigate. They have company quotes, proposals, and images of company profile. Halstead has images of the houses offered by the firm in order to increase consumer appeal towards the products offered by the real estate brokerage firm.
Cellular layout
Halstead and Genco incorporate cellular layouts because they have machinery that unique deal with different services. The healthcare system cannot use similar devices as an accounting firm that contracts the auditor at Genco. Similarly, banks and real estate business people provide diverse services to different customers. Largely, the customers depend on different forms of communication, designs, service delivery, and materials of construction. Genco and Halstead both depend on automated flexible management system to increase efficiency in service delivery (Stevenson, 2005).
Office layout
Halstead has an office with a physical address in New York. The ability to carry out operations from an identifiable office gives an opportunity for companies to carry out paperwork even in a service-oriented industry. Largely, physical location provides an assurance for tracing an organization especially when there is need to make follow ups, submit invoices, and submit proposals (Ingram, n.d). Halstead carries out many transactions with banks, microfinance facilities, individual homeowners, and other businesses in the real estate industry.
Metrics of supply chain performance evaluation
Increase in profits and company reputation are the two greatest metrics of performance measurement. When people begin taking an interest in the firm after advertisement and establishment of an excellent website for communication, it means the layout is successful as in the case of Genco Insights. In order to increase profit and improve the company’s reputation, Genco Insights has to reduce wastage by automating most of its systems. Automation should also include home and office deliveries by electric trains instead of using intermediaries. For Halstead to continue building its good reputation as well as register high profits, it should provide effective and efficient services through virtual networks (Janvier-James, 2012). The intention is to build an interconnected supply chain that cannot fail even when interfered with from other sources.
Inventory improvement
The two companies operate in overly competitive service oriented industries. In order to improve Genco without interference with other operations, it is important to focus on the marketing mix. Genco Insights displays limited interest in promotion and place of marketing since most focus is in the US. Halstead displays a similar weakness. Improvements of its website and extensive marketing through the most recent social networks have the ability to brand position the two entities in the world (Tambovcevs, 2012). Social networks are ubiquitous, cost effective, and efficient, which provide an excellent opportunity for the two companies to create awareness about their services.
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