Value chain analysis
The concepts of value chain analysis and activity-based costing emerged as issues of interest in the readings (Blocher, Stout, Juras & Smith, 2019). Value chain analysis entails the process of identifying the elements that can add value to the customer. A company identifies the activities that can be used to improve the inputs for a product or service and lead to better outputs for the clients. In the process, a firm looks at every step of production that is utilized for the creation of a product or service. It comes up with ways to improve the parts that are found to be rather inefficient. Companies use value chain analysis to identify ways to improve their competitive advantages. Thus, this concept affects the allocation of financial resources.
The relationship between the concept of value chain analysis and allocation of financial resources
The relationship between the concept of value chain analysis and allocation of financial resources is that allocation becomes more effective following a successful value chain analysis. Notably, by conducting a value chain analysis, an organization focuses on the actual value that each component of manufacturing adds for the final product (De Figueirêdo Junior, Meuwissen & Oude Lansink, 2014). The elements include the labor and raw materials among others. The results of the analysis can be used to guide the allocation of financial resources. For instance, if an element of production needs improving, more financial resources are allocated to facilitate the improvement. On the same note, a company gets the chance to identify the parts of production that are more valuable. This guides decision making as well. The management of the firm can determine its future using this data.
Financial resources are normally channeled towards the activities that add a competitive advantage for a business. Value chain analysis helps in identifying these activities. The activity also identifies the parts of production that can be improved to increase the competitive advantage. The ones that do not add any value are eliminated or converted. It helps in allocating financial resources appropriately, avoiding unnecessary expenses and costs.
The strategic allocation of financial resources
The other concept of activity-based costing relates to the strategic allocation of financial resources in that it identifies the costs of all the activities that are utilized in production. In essence, activity-based costing is a way of improving the determination of costs of products or services (Balakrishnan, Labro & Soderstrom, 2014). A company uses this concept to analyze the cost of each component of production and assigns the price of its products based on these costs.
It is worth noting that costs can be direct or indirect in the process of production. Activity-based costing helps a firm to identify how much each component of production contributes to the indirect costs (Blocher, Stout, Juras & Smith, 2019). Due to this, it creates a relationship between overhead activities, the costs of production, and the final product. A company can forecast the expected revenue from each product as a result of this. This helps in creating a plan for the short-term as well as the long-term future of the firm.
In a setup where a company produces many different products, activity-based costing helps the firm in identifying the cost of production for each product (Balakrishnan, Labro & Soderstrom, 2014). Therefore, the company can allocate appropriate prices for the items. Apart from that, the firm can identify the loopholes that lead to higher costs of production, and address them accordingly. Also, an organization uses this concept in identifying the areas where financial resources are wasted in less profitable products. Certain products may be responsible for higher or lower costs of production. Identifying these activities makes it easier for a business to determine the cost of producing each product, as opposed to the total cost of producing all products. It is a more accurate way of determining the allocation of financial resources as well as the projection of expected revenue for a firm.
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