Enhancing Stakeholder Value: Managerial Activities in the Value Creation Process for Suppliers and Buyer—Evidence from Slovak Enterprises
Abstract
:1. Introduction
- Inconsistency in Processes: There is a notable inconsistency in how enterprises approach and implement value-creation processes for suppliers and buyers. This variability can lead to inefficiencies and missed opportunities for establishing strong partnerships.
- Lack of Defined Techniques and Procedures: Many enterprises struggle with the absence of clearly defined techniques and procedures that are essential for executing value creation strategies effectively. Without these guidelines, enterprises may find it difficult to standardize and optimize their approach.
- Unclear Importance and Usage: The significance and practical application of value creation processes often remain unclear. This ambiguity can result in underutilization or misalignment of strategies with the actual needs of suppliers and buyers.
- Undefined Steps in the Process: The steps involved in the value creation process are frequently undefined or poorly articulated, which complicates efforts to implement best practices and achieve desired outcomes.
2. Literature Review
2.1. Value and Stakeholders
- Internal stakeholders are stakeholders within the enterprise or project that are part of the enterprise or work directly on the project (owners, employees, managers).
- External stakeholders are stakeholders that do not work within the enterprise but are influenced by the enterprise or the ongoing project (suppliers, customers, buyers, society, government, competitors, and creditors).
2.2. Managerial Activities
2.3. Value Creation for Suppliers and Buyers
3. Material and Methods
4. Results
4.1. Managerial Activities in the Value Creation Process for Suppliers and Buyers
- Long-term cooperation (12; 60%)
- Better price offers (11; 55%)
- The loyalty of suppliers and buyers (9; 45%)
- More favorable business conditions (9; 45%)
4.2. Diversification of Suppliers and Buyers (Section 1)
4.3. Securing the Communication Channel (Section 2)
- Business conditions
- Troubleshooting
- Placing orders
- Handling complaints
- Providing and receiving feedback (demand/supply)
- Conducting satisfaction surveys (demand/supply)
- Sharing information about new products
- Resolving misunderstandings, changes, and requirements (see Figure 7)
4.4. Value Identification (Section 3)
- Interviews with suppliers/buyers
- Feedback mechanisms
- Surveys and questionnaires
- Content analysis of documents (e.g., emails, telephone records, internal regulations)
4.5. Determination of Value Creation Variants (Section 4)
- Appropriate framework
- Creative alternatives
- Relevant and reliable information
- Clear values and trade-offs
- Correct justification
- Commitment to act
4.6. Perception and Feedback (Section 5)
- Communication with suppliers/buyers
- Hotline or sales department
- Complaints and information systems
- Satisfaction surveys
- Identifying the problem
- Returning to the relevant step based on the issue:
- ◦
- Securing the communication channel
- ◦
- Value identification
- ◦
- Determination of value creation variants
4.7. Evaluation of Achieved Results (Section 6)
5. Discussion and Contribution
- Diversification of suppliers and buyers (see Section 4.2).
- Securing the communication channel (see Section 4.3).
- Value identification (see Section 4.4).
- Determination of value creation variants (see Section 4.5).
- Perception and feedback (see Section 4.6).
- Evaluation of achieved results (see Section 4.7).
- Q1: Do enterprises engage in managerial activities and adhere to the sections of the value creation process as defined in the paper?
- Q2: Which managerial activities (sections) are considered most important by managers?
- Diversification of suppliers and buyers (14; 70%)
- Securing the communication channel (14; 70%)
- Determination of value creation variants (13; 65%)
- Perception and feedback (13; 65%)
- Evaluation of achieved results (11; 55%)
6. Conclusions
- Diversification of Suppliers and Buyers: Emphasizes focusing on key partners and segmenting them using a modified Power-Interest Matrix.
- Securing the Communication Channel: Highlights the importance of effective communication with buyers and suppliers.
- Value Identification: Explains how to identify needs, preferences, and goals to create value for suppliers and buyers.
- Determination of Value Creation Variants: Summarizes techniques like the 5W’s and H for generating and evaluating value creation options.
- Perception and Feedback: Describes methods for gathering feedback and assessing value from the perspectives of buyers and suppliers.
- Evaluation of Achieved Results: Focuses on evaluating outcomes and refining strategies based on whether goals are met.
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A. Interview
Questions |
What is the primary goal of your enterprise in building relationships with suppliers and buyers? |
What is the main criterion for diversifying your suppliers and buyers? |
On a scale from 1 to 10, how important is communication in the value-creation process? |
What methods does your enterprise use to obtain necessary information from suppliers and buyers? |
What are the most commonly provided value-creation indicators for suppliers in your enterprise? |
What are the most commonly provided value-creation indicators for buyers in your enterprise? |
Does your enterprise follow the sections of the value creation process as defined in the paper? |
On a scale from 1 to 5, where 1 indicates “no importance” and 5 indicates “high importance”, how would you rate the significance of each of the six sections of managerial activities? |
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Buyers | Suppliers |
---|---|
Price of the products. | The regularity of orders. |
Product quality. | Terms and conditions. |
Speed of order fulfillment. | Payment of invoices by the due date. |
Delivery time. | Financial stability. |
Complaint conditions. | Friendships. |
Additional services (service, repairs). |
Stakeholders | Identified Value | Value Creation Variant (Indicator) | Capabilities of the Enterprise |
---|---|---|---|
Supplier | Orders | -More frequent orders -Regular orders | Does the enterprise need to order more often? Does it have sufficient storage conditions? Is the enterprise able to consume the purchased goods? |
Buyer | Orders | Shorter order processing time | Is the enterprise able to produce faster? Does the enterprise have sufficient logistical and administrative possibilities? |
5W’s and H | Answers | Interpretation |
---|---|---|
WHO—Who is responsible for the deliveries? | The enterprise | The enterprise should make arrangements to resolve the supply issue with the buyer. |
WHY—Why are the deliveries important to the buyer? | They are needed to finalize the product. | Buyer’s need for delivery |
WHAT—What does happen if the delivery is delayed? | The buyer is forced to suspend production, and thus he generates lost profit. | Buyer’s need for delivery on time |
WHEN—When does the buyer need to start the production? | Within one day of ordering from the final customer. | Buyer’s need for a sufficient number of deliveries |
WHERE—Where does the problem arise? | The problem arises in the finalization process when the production has no components. | Buyer’s need for delivery of deliveries |
HOW—How could the enterprise solve this issue? | The enterprise can reduce the number of delivery days; the enterprise can promise extraordinary deliveries if necessary. | The enterprise is looking for ways to meet the buyer’s needs regarding the deliveries, thus creating value for the buyer. |
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© 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
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Kusnirova, D.; Durisova, M.; Bubeliny, O. Enhancing Stakeholder Value: Managerial Activities in the Value Creation Process for Suppliers and Buyer—Evidence from Slovak Enterprises. Adm. Sci. 2024, 14, 186. https://doi.org/10.3390/admsci14080186
Kusnirova D, Durisova M, Bubeliny O. Enhancing Stakeholder Value: Managerial Activities in the Value Creation Process for Suppliers and Buyer—Evidence from Slovak Enterprises. Administrative Sciences. 2024; 14(8):186. https://doi.org/10.3390/admsci14080186
Chicago/Turabian StyleKusnirova, Dana, Maria Durisova, and Oliver Bubeliny. 2024. "Enhancing Stakeholder Value: Managerial Activities in the Value Creation Process for Suppliers and Buyer—Evidence from Slovak Enterprises" Administrative Sciences 14, no. 8: 186. https://doi.org/10.3390/admsci14080186