Authors :
Poturi Chandra Shekar; Suryateja Perla
Volume/Issue :
Volume 9 - 2024, Issue 5 - May
Google Scholar :
https://tinyurl.com/5yw993ep
Scribd :
https://tinyurl.com/ynmsw4p5
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24MAY1609
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
The concept of lean manufacturing, initially
developed to maximize resource utilization by
minimizing waste, has evolved to address the needs of a
rapidly changing and competitive business environment.
Footwear industries face significant challenges and
complexities that require a systematic and continuous
response to maintain and enhance product value.
Implementing lean manufacturing practices has become
essential for these organizations to sustain and thrive in
such a dynamic landscape. However, successful
implementation is not solely dependent on operational
adjustments but also on strategic financial management.
This research examines the financial management
strategies necessary for the effective implementation of
lean manufacturing in the footwear industry. It
emphasizes the importance of integrating financial
planning with lean principles to ensure comprehensive
and sustainable improvements. Key lean elements such
as Value Stream Mapping (VSM), Cellular
Manufacturing (CM), U-line systems, Line Balancing,
Inventory Control, Single Minute Exchange of Dies
(SMED), Pull Systems, Kanban, and Production
Levelling are explored in detail. The study demonstrates
how a focused approach to financial management can
support these lean elements, enabling footwear
companies to optimize resource allocation, reduce costs,
and improve efficiency. By aligning financial strategies
with lean manufacturing goals, organizations can
achieve significant economic and operational benefits.
This includes better cash flow management, investment
in continuous improvement initiatives, and a robust
framework for measuring the financial impact of lean
practices. Through a comprehensive analysis of these
financial strategies, the research provides valuable
insights for footwear companies aiming to implement
lean manufacturing successfully. It highlights the need
for an integrated approach that combines financial
acumen with lean methodologies to drive value creation,
enhance competitiveness, and ensure long-term
sustainability in the industry.
Keywords :
Financial Management, Strategies, Lean Manufacturing, Footwear Industry, Implementation.
References :
- T. Loganathan; T. Loganathan. "Optimizing Revolution Development of Low Cost Sustainable Glide Shoe in Biodegradability Study in Compost Environment." Volume. 8 Issue. 1, January - 2023 , International Journal of Innovative Science and Research Technology (IJISRT), www.ijisrt.com. ISSN - 2456-2165, PP :- 188-192. https://doi.org/10.5281/zenodo.7554150
- Marques, C. S., Leal, C., Marques, C. P., & Cardoso, A. R. (2016). Strategic knowledge management, innovation and performance: a qualitative study of the footwear industry. Journal of the Knowledge Economy, 7, 659-675.
- Boër, C. R., & Dulio, S. (2007). Mass customization and footwear (pp. 5-65). Springer London.
- Fisher, M. L. (1997). What is the right supply chain for your product?. Harvard business review, 75, 105-117.
- Mukherjee, M., Loganathan, T., Mandal, S., & Saraswathy, G. (2021). Biodegradability Study of Footwear Soling Materials in Simulated Compost Environment. Journal of the American Leather Chemists Association, 116(2).
- Ruffa, S. A. (2008). Going lean: How the best companies apply lean manufacturing principles to shatter uncertainty, drive innovation, and maximize profits. Amacom.
- Arshad Ali, A., Mahmood, A., Ikram, A., & Ahmad, A. (2020). Configuring the drivers and carriers of process innovation in manufacturing organizations. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 154.
- Schonberger, R. J. (2007). Best practices in lean six sigma process improvement: A deeper look. John Wiley & Sons.
- Santos, E., Lima, T. M., & Gaspar, P. D. (2023). Optimization of the production management of an upholstery manufacturing process using lean tools: a case study. Applied Sciences, 13(17), 9974.
- Du, L. (2007). Acquiring competitive advantage in industry through supply chain integration: a case study of Yue Yuen Industrial Holdings Ltd. Journal of Enterprise Information Management, 20(5), 527-543.
- Gonzales, E. L. A., Gonzales, E. T. B., & Mercado, E. N. P. PRODUCTIVITY IMPROVEMENT THROUGH VALUE STREAM MAPPING IN JARVY’S FOOTWEAR COMPANY.
- Hussain, D., & Figueiredo, M. C. (2023). Improving the time-based performance of the preparatory stage in textile manufacturing process with value stream mapping. Business Process Management Journal, 29(3), 801-837.
- Richards, G. (2017). Warehouse management: a complete guide to improving efficiency and minimizing costs in the modern warehouse. Kogan Page Publishers.
- Mia, M. A. S., MA, N. E., Alam, M., Ahmad, F., & Uddin, K. (2017). Implementation of Lean Manufacturing Tools in Footwear Industry of Bangladesh. Leather and Footwear Journal, 1(1).
- Alvarez, K., Aldas, D., & Reyes, J. (2017, June). Towards lean manufacturing from theory of constraints: a case study in footwear industry. In 2017 International conference on industrial engineering, management science and application (ICIMSA) (pp. 1-8). IEEE.
- Mia, S., MA, N. E., Alam, M., Rahman, M. L., & Uddin, M. K. (2017). Footwear industry in bangladesh: reduction of lead time by using lean tools. Journal of Environmental Science, Computer Science and Engineering & Technology, 6(3), 251-259.
- Liu, Q., & Yang, H. (2017, May). Lean implementation through value stream mapping: A case study of a footwear manufacturer. In 2017 29th Chinese control and decision conference (CCDC) (pp. 3390-3395). IEEE.
- S. Jaiganesh; Loganathan.T; Vishva Kumar; K. Elayaraja. (Volume. 7 Issue. April 4, - 2022) "Investigating Grip Study of Different Types of Footwear Soling Materials in SATRA Std.", International Journal of Innovative Science and Research Technology (IJISRT), www.ijisrt.com. ISSN - 2456-2165 , PP :- 1527-1529. https://doi.org/10.5281/zenodo.6827368
- Loganathan. T, K. Elayaraja, M. Vishva kumar (2024), Eco-Friendly Leather: Durable and Crack-Resistant Shoe Uppers. International Journal of Innovative Science and Research Technology (IJISRT) IJISRT24MAR035, 861-864. DOI: 10.38124/ijisrt/IJISRT24MAR035. https://www.ijisrt.com/ecofriendly-leather-durable-and-crackresistant-shoe-uppers
- Loganathan. T; Anila Sasi; Ruchi Singh. "Review of Biomechanics in Footwear Design and Development: An Exploration of Key Concepts and Innovations.” Volume. 9 Issue.4, April - 2024 International Journal of Innovative Science and Research Technology (IJISRT), www.ijisrt.com. ISSN - 2456-2165, PP :-653-657:-https://doi.org/10.38124/ijisrt/IJISRT24APR807
- Gao, X. (2018). Corporate cash hoarding: The role of just-in-time adoption. Management Science, 64(10), 4858-4876.
- Alvarez, K., Aldas, D., & Reyes, J. (2017, June). Towards lean manufacturing from theory of constraints: a case study in footwear industry. In 2017 International conference on industrial engineering, management science and application (ICIMSA) (pp. 1-8). IEEE.
- Mia, S., MA, N. E., Alam, M., Rahman, M. L., & Uddin, M. K. (2017). Footwear industry in bangladesh: reduction of lead time by using lean tools. Journal of Environmental Science, Computer Science and Engineering & Technology, 6(3), 251-259.
- Liu, Q., & Yang, H. (2017, May). Lean implementation through value stream mapping: A case study of a footwear manufacturer. In 2017 29th Chinese control and decision conference (CCDC) (pp. 3390-3395). IEEE.
- Antonio, B. T., & Kusumastuti, R. D. (2019). Lean operations implementation at an indonesian shoe producer. The South East Asian Journal of Management, 13(1), 6.
The concept of lean manufacturing, initially
developed to maximize resource utilization by
minimizing waste, has evolved to address the needs of a
rapidly changing and competitive business environment.
Footwear industries face significant challenges and
complexities that require a systematic and continuous
response to maintain and enhance product value.
Implementing lean manufacturing practices has become
essential for these organizations to sustain and thrive in
such a dynamic landscape. However, successful
implementation is not solely dependent on operational
adjustments but also on strategic financial management.
This research examines the financial management
strategies necessary for the effective implementation of
lean manufacturing in the footwear industry. It
emphasizes the importance of integrating financial
planning with lean principles to ensure comprehensive
and sustainable improvements. Key lean elements such
as Value Stream Mapping (VSM), Cellular
Manufacturing (CM), U-line systems, Line Balancing,
Inventory Control, Single Minute Exchange of Dies
(SMED), Pull Systems, Kanban, and Production
Levelling are explored in detail. The study demonstrates
how a focused approach to financial management can
support these lean elements, enabling footwear
companies to optimize resource allocation, reduce costs,
and improve efficiency. By aligning financial strategies
with lean manufacturing goals, organizations can
achieve significant economic and operational benefits.
This includes better cash flow management, investment
in continuous improvement initiatives, and a robust
framework for measuring the financial impact of lean
practices. Through a comprehensive analysis of these
financial strategies, the research provides valuable
insights for footwear companies aiming to implement
lean manufacturing successfully. It highlights the need
for an integrated approach that combines financial
acumen with lean methodologies to drive value creation,
enhance competitiveness, and ensure long-term
sustainability in the industry.
Keywords :
Financial Management, Strategies, Lean Manufacturing, Footwear Industry, Implementation.