Chapter 1

Introduction
Modern small and medium manufacturing businesses (SMEs) are enhancing their operational
performance by managing the supply chain more effectively. To maintain constant
competitiveness and sustainability in a global market, many businesses are innovating their
internal processes. The supply chain is a key component influencing the performance of firms
since it comprises the businesses and activities involved in every phase, from the creation of
goods or services to their consumption. By enhancing the interactions between its businesses
to enhance revenue for all, the supply chain performs at its best. The goal of supply chain
management (SCM) is to increase business performance and competitiveness through these
strategic linkages. In other words, the success of the supply chain and the business depends
on the tactics developed within it. The creation and implementation of supply chain strategies
are essential to promote the sustainability of SMEs since they are crucial to the development
of the national economy. These businesses, however, frequently have poorer production
efficiency ratios than big businesses. In the supply chain, a number of solutions have been
proposed for balancing supply and demand. These include vendor-managed inventory (VMI),
cooperative planning, forecasting, and replenishment (CPFR), warehouse management
systems (WMS), outsourcing tactics, and organizational capabilities.
1.1 Background of the Study:
1.1.1 Supply Chain Strategy:
It is challenging for a business to gain a competitive edge through internal development
alone. Businesses must find strategies to create new capabilities to adapt to changing
environmental conditions and escalating global competition. According to Hong and Jeong ,
corporate supply chain strategies are important tools for fostering innovation and
performance, and they may help businesses expand and adapt to environmental changes.
Therefore, an SCM strategy can aid businesses in overcoming these obstacles. The Saleheen
et al. approach of demand and supply planning has been utilized in a variety of organizational
interactions in the supply chain and is an important part of VMI, ERP, CPFR, WMS, and
outsourcing strategies, which are factors that facilitate factors that enhance corporate
performance.
1.1.2 Organizational Competence
Supply chain integration competencies refer to significant organizational strengths that can
maximize the collaborative management of intra- and inter-organizational operations. By
effectively connecting internal departments to SCM within an enterprise, they boost
competitiveness. Numerous research on organizational competences have been conducted in
relation to the supply chain. Internal integration, supplier integration, and customer
integration are the three levels on which internal skills have been conceptualized in recent
studies. Organizational competences have a favorable impact on the operational performance
of SMEs, according to a Shin et al. study. As a result, this study looks into company
capabilities such as R&D, technology commercialization, production, and marketing as
organizational competencies in order to learn more about the relationship between internal
integration and other variables.
1.1.3 Business Operational Performance

1|Page
Performance is defined as the business' operational performance, which is primarily gauged
by looking at costs, quality, flexibility, and delivery. According to Mentzer et al.,
performance is impacted by each firm's improved overall operational efficiency as well as
higher organizational competences among enterprises in the supply chain. Additionally,
businesses are focusing on several metrics to fully comprehend how supply chain integration
has changed their performance. Kim affirms that the degree of SCM practice, competitive
capability, and integration has a beneficial impact on performance. Narasimhan and Kim
suggest that corporate supply chain integration has a considerable impact on business
performance. Furthermore, additional research has demonstrated that supply chain integration
tactics have a considerable impact on operational and development success, and that these
aspects also have an indirect impact on financial performance. These studies suggest that
SCM has a positive, independent impact on business performance. However, operational
performance is also influenced by operational and financial factors. SCM and business
performance together are anticipated to have a positive impact on financial performance,
including higher sales and profits. As a result, these elements are reflected in our study as
dependent variables of total business performance.

1.2 Objectives of the study:

 To identify the effects of supply chain management (SCM) on the operational
performance of in Bangladeshi company, specifically considering organizational
competencies.
 To develop relationships between the variables and this will be analyzed through
structural equation modeling.
 To show that specific SCM strategies and organizational competencies had a
significant effect on overall business performance.
1.3 Outline of Methodology

 To analyzes the effect of SCM strategy on organizational competence and operational

performance, and draws conclusions through the congruence analysis between the
result and SCM strategy to explore directions for change.
 To show that introducing SCM strategies directly improves business performance and
is closely related to competencies such as research and development, technology
commercialization, production capability, and marketing capabilities.

2|Page
Chapter 2
Literature Review

Supply chain management can be defined as “the design and management of seamless value-
added process across organizational boundaries to meet the real needs of the end customer"
(Fawcett et al (2007). As noted by Gansler, Luby and Kornberg (2004), SCM is the
management and control of all materials, funds and related information in the logistics
process from the acquisition of raw materials to the delivery of finished products to the end
user. More so, Hugo et.al (2004) defines "SCM as the management philosophy aimed at
integrating a network of upstream linkages (sources of supply), internal linkages inside the
organization and downstream linkages (distribution and ultimate customer) in performing
specific processes and activities that will ultimately create and optimize value for the
customer in the form of products and service which are specifically aimed at satisfying
customer demands". Generally, SCM involves relationships and managing the inflow and
outflow of goods, service and information (network) between and within producers,
manufacturers and the consumers (Samaranayake, 2005). Although the definitions of SCM
differ across authors, it exists in all organizational types and can be classified into three
categories: a management philosophy, implementation of a management philosophy and as a
set of management processes (Klemencic, 2006; Lambert, 2006). Successful SCM requires a
change from managing individual functions to integrating activities into SCM processes. The
SCM processes identified by members of The Global Supply Chain Forum are (Lambert,
2006) customer relation management: customer service management; demand management;
order fulfillment; manufacturing flow management; supplier relationship management; and
returns management. A supply chain includes all activities, functions and facilities (directly
or indirectly) in the flow and transformation of goods and services from the material stage to
the end user (Sherer-. 2005). It is conceptualized a network of companies from suppliers to
end-users, with the intention of integrating supply and demand through coordinated company
efforts. A supply chain links organizations in the upstream as well as the downstream flows
of materials and information (Monczka Trent and Handfield, 2005). It comprises of a
physical element and an information element. It is viewed as the formation of a value chain
network consisting of individual functional entities committed to the controlled sharing of
business data and processes. It consists of an upstream supplier network and downstream
channel (Klemencic, 2006). Today many organizations have become part of at least one
supply chain. They have to perform equally well in order to achieve better performance. The
objective of SCM is to maximize value in the supply chain. The value a supply chain
generates is the differences between that the final product is worth to the customer and cost
the supply chain wills in-cure to fulfill the customers' request (Chopra and Meindl, 2010).
SCM is about competing on value, collaborating with customers and suppliers to create a
position of strength in the marketplace based on value derived from end consumer (Chopra
and Meindl. 2007). Within an organization, customer value is created through collaboration
and cooperation to improve efficiency (lower cost) or market effectiveness (added benefits)
in ways that are most valuable to key customers. Value is not inherent in products or services,
but rather is perceived or experienced by the customer (Handfield, Monczka, Giunipero and

3|Page
Petterson, 2009). The ultimate goal of a SCM process is to create customer and shareholder
value, thus often called a value delivery system.

Beamon (1999) identified three types of performance measures in a supply chain that were
resource, output and flexibility. Gunasekaran(2001)emphasized on suppliers, delivery
performance, customer service, inventory, and logistics cost as supply chain performance
measurements. Ohdar and Ray (2004) developed an algorithm-based methodology with fuzzy
approach to measure the performance of suppliers in the supply chain. Hoek(1998) gave a
preliminary framework based on customer service, integration, cost effectiveness, and
strategic sophistication to measure the supply chain performance.

Chan, Felix and Qi(2003) produced a model using fuzzy set theory for measuring supply
chain performance. Wickramatillake,Koh, Gunasekaran, and Arunachalam(2007) found eight
key areas of concerns relating to supply chain performance measurement of a large-scale
project. Wong and Wong (2007) proposed a supply chain performance measurement system
using DEA (Data Envelopment Analysis) modeling. Sharma and Bhagwat (2007) developed
an integrated Balanced Scorecard (BSC), Analytic Hierarchy Process (AHP) approach for
Supply Chain Management (SCM) evaluation, and also proposed a method for setting
priorities of different performance levels in an organization using AHP methodology.

Theeranuphattana and Tang (2008) gave a conceptual model by combining Chan and Qi’s
model and the Supply Chain Operations Reference (SCOR) and concluded that these models
complement each other while measuring supply chain performance. Varma,Wadhwa and
Deshmukh (2008) found purity of product, market share, and steady supply of raw material
and use of information technology to be most important factors in that order for measuring
supply chain performance. Soni and Kodali (2010) explained the importance of internal
benchmarking in evaluation of supply chain performance. Chia, Goh and Hum, (2009);
Bigliardi and Bottani, (2010); and Bhagwat and Sharma (2007) advocated the use of balanced
scorecard approach to measure the supply chain performance.

Wu Dong, Fan and Liu (2012) suggested keeping assembly structure in mind while doing the
performance evaluation of supply chain networks. Cho Lee, Ahn and Hwang(2012) discussed
different measures and metrics and developed a framework of service supply chain
performance measurement, based on the strategic, tactical and operational level performance.
Lai,Ngai, and Cheng (2002) developed a 26 item measurement instrument for supply chain
performance in transport logistics based on the Supply Chain Operations Reference
Model(SCOR) and other measures. Baiman, Fischer and Rajan(2001) highlighted the
interaction between the performance metrics in the supply chain, the architecture of the
product and the incentive efficiency of the chain.

Gloria and Talavera (2010) studied the measurement system of supply chain performance of
Philippine manufacturing companies and found that they measure supply chain performance
through measures like order to delivery time, order fulfillment performance etc. Baç and
Erkan(2011) proposed a mathematical model to evaluate supply chain performance by using
some key performance indicators and described its scope extended to the evaluation of the

4|Page
flexibility characteristics of logistic, market, supplier, machine, labor, information system,
and routing of the supply chain.

Berry, Evans, Mason and Towill (1999) advocated BPR to improve the performance of
supply chain. Collaborative forecasting and planning yields a significant increase in the
supply chain performance which also leads to increased responsiveness, product availability
assurance, optimized inventory and associated costs and increased revenue and earnings
(McCarthy and Golicic, 2002;Thron, Nagy and Wassan,2006;Forslund and Jonsson, 2007;
Aviv, 2001). Interacting with suppliers and with customers on quality management issues, the
organization would improve its time performances indirectly (Salvador, 2001).

LockamyandMcCormack(2004) in their study that was based on the four decision areas
provided in SCOR Model Version 4.0 viz. Plan, Source, Make and Deliver, found that
collaboration is the most important in the Plan, Source and Make areas whereas process
integration, and information technology were found to be most critical in supporting the
Deliver planning decision areas. Cadden, Marshall and Cao (2013) in their study, approved
the significant influence of organizational culture on performance of supply chain based on
six dimensions of organizational culture. Information systems of an organization play an
important role in determining the performance level of its supply chain, and information
sharing substantially raises the level of supply chain performance (Lyons, Coleman, Kehoe
and Coronado,2004;Zhao, Xie and Jhang,2002;Fawcett, Osterhaus, Magnan, Brau and
McCarter, 2007;Stewart, 1995)

Agrawal and Shankar (2002) proposed an Analytic Network Process (ANP)-based model
providing framework for analyzing and prioritizing the alternatives affecting supply chain
performance.

Stewart(1995) identified four key operational areas to improve the supply chain performance
viz. delivery performance, flexibility, logistics cost, and assets management. Partner
relationships, information sharing, and supply chain integration can represent the processes
through which e-procurement contributes to supply chain performance (Chang, Tsai and
Hsu,2013;Fabbe-Costes, and Jahre,2007).Kotzab (1999)advocated critically the improvement
of supply chain through Efficient Consumer Response (ECR). Zhao, Xie and Jhang,
(2002);Zelbst, Green, Sower and Baker,(2010); and Thonemann, (2002) found that
information sharing significantly impacts the supply chain performance in terms of both total
cost and service level.

Lau, Xie and Zhao(2008) found that the inventory policy used by the retailers, information
sharing, and early order commitment can significantly influence the performance of the
supply chain. There is a positive and significant relationship between ERP system i.e.
(integration, material management, production planning, ,/and controlling), and SCM
performance(Shatat and Mohamed, 2012). Yang, and Su, (2009); Forslund, (2010); Forslund,
and Jonsson, (2010);Jonsson, Seth and Gunnarsson, (2005) advocated the use of internet
technology to improve supply chain performance. Zailani, S. and Rajagopal (2005) identified
the need to react to market changes and integrating the supply chain for improved
performance. Gimenez, Vaart and Donk (2012) concluded that supply chain integration
5|Page
increases performance if supply complexity is high, but for low complex supply chain,
integration has little or no impact on performance. Oosterhuis, Vaart and Molleman (2012)
explained the importance of operational communication between upstream and downstream
partners of supply chain. Ritchie and Brindley (2007) presented a framework for integrating
the dimensions of risk and performance in supply chains.Bartlett, Julien Baines (2007)
andCaridi, Crippa, PeregoSianesi and Tumino (2010) considered visibility in the supply to be
an important factor for its performance.

Jeong and Hong (2007) advocated the importance of customer orientation in the context of
value chain framework. Sezen (2008) found the supply chain design to be the most important
factor in determining the performance of supply chain and also concluded that integration and
information sharing impact performance in considerable low measure than supply chain
design. Fabbe-Costes and Jahre (2008) did a literature review and found that more Supply
Chain Integration(SCI) does not always improve performance. Lin and Ho (2009) and Visich,
Li, Khumawala and Reyes(2009) found a positive association between the willingness to
adopt RFID technology and supply chain performance and suggested use of RFID to improve
supply chain performance. But in the views of Zelbst, Green, Sower and Baker (2010) RFID
technology utilization does not directly impact supply chain performance. Adoption of RFID
technology, however, leads to improved information sharing among supply chain members,
which in turn leads to improved supply chain performance. Jones and Towill(1999)
advocated the use of information decoupling point to improve supply chain performance.
Zhang, Dong and Vaart (2011) did a literature review and concluded that papers reviewed by
themshow that generally there is a positive direct or indirect effect of Information and
Communication Technology(ICT) on performance of SCM.Whitten, Green and Zelbst(2012)
concluded that triple-A(agility, adaptability, and alignment) supply chain strategy positively
impacts supply chain performance. Green, Whitten and Inman(2012) indicated that alignment
of the marketing strategies by the partners through out he supply chain is positively
associated with supply chain performance. Panayides and Lun (2009) supported the positive
effects of trust and innovativeness as prerequisites to higher performance in the supply chain..
Trkman, Mc Cormack, Oliveira and Ladeira (2010) found the moderation effect of
information systems support much stronger than the effect of business process orientation on
supply chain performance. Thonemann and Bradley (2002) supported the positive impact of
product variety on supply chain performance. Chen, Yang and Li(2007) described
Collaborative Planning, Forecasting and Replenishment (CPFR), as an important factor in
supply chains which deepens the partnerships and increases its performance. Kim (2007)
concluded that a dynamic and extensive approach in reaching the best organization type for
SCM performance is necessary. Jammernegg and Reiner (2007) showed that a coordinated
inventory management and capacity management will result in improved performance of
supply chain. Lin, Wang and Yu (2010) found asignificant relationship between market
orientation and supply chain performance. Paulraj, Chen and Flynn (2006) concluded that
strategic purchasing can have a profound impact on supply chain performance for both buyer
and supplier firms. Ainapur, Singh and Vittal (2011) applied Theory of Constraint (TOC)
management philosophy to develop the constraints, and suggested that on improving those
constraints supply chain performance can be enhanced. Ganeshan, Boone and Stenger (2001)

6|Page
studied the sensitivity of supply chain performance on three parameters of inventory planning
viz. the forecast error, the mode of communication between echelons, and the planning
frequency and concluded that all the three parameters have a significant effect on supply
chain performance.

7|Page
Chapter 3

Theoretical Key Concept

3.1 Factors Considered for this Research.

The factors including main elements are:

For Finance:
 Product
 Share
 Profit
 Sales
For Operation:
 Flexibility
 Quality
 Cost
 Inventory

1. Product Cost refers to the costs used to create a product. These costs include direct
labor, direct materials, consumable production supplies, and factory overhead.
2. Product Quality refers to the ability of a product or service to consistently meet or
exceed customer requirements or expectations. (As this research is for raw material so
company is the customer)
3. Inventory Management, Inventory management is the supervision of non-capitalized
assets (inventory) and stock items.

3.1.1 Product Cost

Product cost refers to the cost used to create a product. Those costs include direct labor, direct
materials, consumable production supplies and factory overhead.

Product cost can also be considered the cost of the labor required to deliver a service to a
consumer. In the latter case product should include all costs related to a service, such as
compensation, payroll, taxes, and employee benefits.

3.1.2 Product Quality

In business, engineering and manufacturing quality has a pragmatic interpretation as the non-
inferiority or superiority of something; it is also defined as fitness for purpose. Quality is a
perceptual, conditional, and somewhat subjective attribute and may be understood differently
by different people. Consumers may focus on the specification quality of a product/service, or
how it compares to competitors in the marketplace. Producers might measure
the conformance quality, or degree to which the product/service was produced correctly.

8|Page
Broadly defined, quality refers to the ability of a product or service to consistently meet or
exceed customer requirements or expectations. Different customers will have different
expectations, so a working definition of quality is customer dependent.

Factors considered in this research which affect product quality:

1. Performance: Performance refers to a product's primary operating characteristics.

This dimension of quality involves measurable attributes; brands can usually be
ranked objectively on individual aspects of performance.
2. Reliability: Reliability is the likelihood that a product will not fail within a specific
time. This is a key element for users who need the product to work without fail.
3. Conformance: Conformance is the precision with which the product or service meets
the specified standards.
4. Durability: Durability measures the length of a product’s life. When the product can
be repaired, estimating durability is more complicated. The item will be used until it is
no longer economical to operate it. This happens when the repair rate and the
associated costs increase significantly.

3.1.3 Inventory

Inventory or stock refers to the goods and materials that a business holds for the ultimate
purpose of resale or further using.

Inventory management is a science primarily about specifying the shape and placement of
stocked goods. It is required at different locations within a facility or within many locations
of a supply network to precede the regular and planned course of production and stock of
materials. There are three components typically classified under the inventory account: raw
materials, work in progress and finished goods. This research only includes raw material
inventory. Raw materials represent goods that are used in the production as a source material.
Examples of raw materials are metal bought by car manufacturers, food ingredients held by
food preparation companies and crude oil held by refineries.
Factors considered in this research which affect inventory:
1. Average Inventory: Average inventory is a calculation comparing the value or number
of a particular good or set of goods during two or more specified time
periods. Average inventory is the mean value of an inventory throughout a certain
time period, which may vary from the median value of the same data set.
2. Inventory Turns: Inventory turnover is a measure of the number of times inventory is
sold or used in a time period such as a year
3. Average Safety Inventory: Average safety inventory (also called buffer stock) is a
term used by logisticians to describe an average level of extra stock that is maintained
to mitigate risk of stock outs (shortfall in raw material or packaging) due to
uncertainties in supply and demand.
4. Safety Requirements: It defines what types of safety is required to handle a product in

9|Page
 inventory.
3.2 Concepts of Artificial Neural Network
Artificial Neural Network (ANNs) was designed as a simplified model of the biological
neurons. In an attempt to capture "intelligence," it was theorized that since the human brain
was constructed. Balanced Scorecards of several similarly constructed neural cells, a
simulation constructed using these neural models should have similar capabilities. Using the
mathematical model, a "neural network" can be designed by putting a number of these
mathematical "neurons" together in various configurations. On the other hand, ANNs are, as
their name indicates, computational networks which attempt to simulate, in a gross manner,
the networks of nerve cell (neurons) of the biological (human or animal) central nervous
system. This simulation is a gross cell-by-cell (neuron-by-neuron. element-by-element)
simulation. It borrows from the neuro-physiological knowledge of biological neurons and of
networks of such biological neurons. It thus differs from conventional (digital Ofanalog)
computing machines that serve to replace enhance or speed-up human brain computation
without regard to organization of the computing elements and of their networking. Still, we
emphasize that the simulation afforded by neural networks is very gross. There is a wide
variety of application and several structures for ANNs in literature of engineering and
management science.
3.3 Concepts of Fuzzy
Our understanding of most physical processes is based largely on imprecise human reasoning.
This imprecision (when compared to the precise quantities required by computers) is
nonetheless a form of information that can be quite useful to humans. The ability to embed
such reasoning in complex problems is the criteria by which the efficiency of fuzzy logic is
judged. Undoubtedly this ability cannot solve problems that require precision. But not many
human problems require such precision. Fuzzy logic provides an effective means of dealing
with problems involving imprecise and vague phenomena. Fuzzy concepts enable assessors to
use linguistic terms to assess indicators in natural language expressions and each linguistic
term can be associated with a membership function. Furthermore, fuzzy logic has found
significant applications in management sciences (Lin and Chen. 2004)
3.4 Fuzzy Logic Based Algorithms
The pivotal contribution of fuzzy logic is a methodology for computing with words which can
deal with imprecision and granularity. The human brain can interpret and process imprecise
and incomplete sensor information which arc received from the perceptive organs.
Analogously the fuzzy set theory can also provide a systematic approach to deal with such
information linguistically. It can also perform numerical computation by using membership
function for the stipulated linguistic labels. The Fuzzy inference system (FIS) is based on the
concepts of fuzzy set – theory, fuzzy IF-THEN rules and fuzzy reasoning. The framing of the
fuzzy IF-THEN rules forms the key component in FIS. FIS is a very popular technique and
has been widely applied in different fields like data classification, automatic control, expert
system, decision making, robotics, time series analysis, pattern classification, system
identification etc. The basic structure if a fuzzy inference system consists of three principal

10 | P a g e
components via a rule base comprising of the selected fuzzy rules, a database defining the
membership functions of the fuzzy rules and a reasoning mechanism which performs a fuzzy
reasoning inference with respect to the rules to derive iii reasonable output or conclusion.
3.5 Adaptive Network Based Fuzzy Inference System (ANFIS)
The adaptive network based fuzzy inference system (ANFLS) is a data driven procedure
representing a neural network approach for the solution of function approximation problems.
Data driven procedures for the synthesis or ANFIS network, are typically based on clustering
a training set of numerical samples of the unknown function to be approximated. Since
introduction, ANFIS networks have been successfully applied to classification tasks rule-
based process control, pattern recognition and similar problems. Here a fuzzy inference
system comprises of the fuzzy model proposed by Takagi, Sugcno and Kang to formalize a
systematic approach to generate fuzzy rules from input output data set.
3.6 Membership Function

The membership function of a fuzzy set is a generalization of the indicator function in

classical sets. In fuzzy logic. it represents the degree of truth as an extension A valuation. A
generalized bell MF for Bell-shaped Function) is specified by three parameters (a, b, c):

1
= ,
x−c 2 b
1+| |
a
bell(x; a, b, c)

Where the parameter b is usually positive. (If b is negative. the shape of this MF becomes an
upside-down bell.) Note that this MF is a direct generalization of the Cauchy distribution
used in probability theory, so it is also referred to as the Cauchy MF. Because of their
smoothness and concise notation. Gaussian and bell MFs arc becoming increasingly popular
for specifying fuzzy sets. Gaussian functions are well known in probability and statistics and
they possess useful properties such as invariance under multiplication (the product of two
Gaussians is a Gaussian with a scaling factor) and Fourier transform (the Fourier transform of
a Gaussian is still a Gaussian). The bell MF has one more parameter than the Gaussian MF.
so it has one more degree of freedom to adjust the steepness at the crossover points.

3.7 Training

It is a learning process of the developed model. The model is trained fill the results arc
obtained with minimum error. To design an ANFIS system for real world problems, it is
essential to select the parameter for the training process. It is essential to have proper training

11 | P a g e
and testing data sets. If the data sets are not selected properly, then the testing data set will
not validate the model. If the testing data set is completely different from the training dataset,
then the model cannot capture any of the features of the testing data. Then, the minimum
testing error can be achieved in the first epoch. For the proper data set, the test error
decreases with the training proceeding until a jump point. Over fitting occurs when the
training passes that point. The optimization methods are used to learn about the training data.
During the learning process, the parameters of the memberships arc updated. In MATLAB,
the two ANFIS parameter optimization methods are hybrid (the default. mixed least squares
and back propagation) and backpropa (back propagation). Error tolerance is used training
stopping criterion, which is related to the error size. The training will stop after the training
data error remains within this tolerance.

3.8 Hybrid learning

The hybrid optimization method is a combination of least-squares and back propagation

gradient descent method. There are two steps in Hybrid I.mi, algorithm. They are 1. Forward
pass 2, Backward pass In the forward pass, premise parameters are fixed and Is square
estimation is used to update AT consequent parameters, In As backwanl pass, consequent
parameters arc fixed and back propagation gradient descent method is used to update As
premise parameters. By repeating the forward .d backward pasus, the premise and consequent
parameters are identified for the FIB systern. For this ANFIS model, the number of training
epochs is around 150 and training error tolerance is set to zero. The training process stops
whenever the maximum epoch number is reached or the training error goal is achieved. In the
training part, hybrid optimization method is faster and has closest results than As back
propagation gradient descent optimization method. Each combination of these forward and
backward propagations is called an epoch.

3.9 Trial and Error Method (TEM)

Trial and Error Method is a fundamental method of solving problems. It is characterized by

repeated, varied attempts which are continued until success, or until the agent stops trying.
Trial and error is also a heuristic method of problem solving, repair, tuning or obtaining
knowledge. In the field of computer science, the method is called generate and test. In
elementary algebra, when solving equations, it is 'guess and check". This approach can be

12 | P a g e
seen as one of the two basic approaches to problem solving, contrasted with an approach
using insight and theory.

Chapter 4

Research Model
As previously mentioned, the purpose of this study was to determine the empirical effects of
supply chain management strategy on the operational and financial performance of SMEs,
based on constructs from previous studies. The independent variables are the VMI, , CPFR,
WMS, and outsourcing; the mediating effect variables are R&D, technology
commercialization, production, and marketing capabilities, which are also components of the
supply chain management and organizational competence, while the dependent variable is
represented by operational performance and financial performance. These variables were
analyzed using a structural equation model

4.1 Hypotheses Development:

13 | P a g e
Hypothesis 1. The SCM strategy will have a positive effect on overall business performance
in SMEs.

Hypothesis 1.1. The SCM strategy will have a positive effect on operational performance in
more than financial performance.

4.2 Company overview:

Rangs Group: Rangs Group of Companies (RGC)is one of the most reputed organizations in
Bangladesh. The group has always been known as a pioneer in the field of Electronics &
Electrical products in the country. The group enjoys the number one position in assembling,
manufacturing, importing, exporting, repairing, exchanging dealing and marketing all sorts of
electronics and electric goods.

DBL Group:DBL Group is a family owned business which started in 1991. The first company
was named as Dulal Brothers Limited. Over the years, the organization evolved into a
diversified conglomerate in Bangladesh. The businesses include Apparels, Textiles, Textile
Printing, Washing, Garments Accessories, Packaging, Ceramic Tiles, Pharmaceuticals,
Dredging, ICT, and Telecommunications. With a dedicated workforce of 44, 000 employees,
the annual turnover for the year 2021-2022 was $870 Million. The organization has financial
investments from IFC of the World Bank, DEG-KfW (Germany), and Swedfund (Sweden).
DBL engaged in its first offshore business in Ethiopia for Apparels and Textiles, creating
employment opportunities for 4,500 people. DBL is well reputed locally and globally for its
diverse set of sustainability activities, working with international development organizations
such as CARE, DEG, IFC, GIZ, ILO, and UNICEF.

ESKAYEF Pharmaceuticals: Eskayef Pharmaceuticals Limited, one of the top leading

pharmaceuticals in Bangladesh, started its glorious journey back in 1990, when Bangladesh
operation of SK&F, USA was acquired by Transcom Group, country’s reputed business
conglomerate. Over the past 31 years, Eskayef has established its name as the epitome of
premium quality through providing world class medicines for Bangladesh and across the
world.

MUSASHI BANGLADESH JAPAN:

A 100 % subsidies Japanese company MBJ is your best partner for your project. Musashi
Bangladesh Japan Ltd (MBJ) was founded in 2017. With the motto SERVE THE BEST, BE
THE BEST” MBJ provides you a one-stop solution for your project providing all kinds of
Construction Heavy Equipment Rental, Maintenance Service of machinery, Supplying
Construction Materials as well as Man power also & so on.

Energypack Bangladesh LTD

Established in the year of 1982 and led by its Director and CEO, Engr. Rabiul Alam,
Energypac Engineering Limited is Bangladesh’s stand-alone leader in the design and
manufacture of power products as well as the leading turnkey substation provider with over

14 | P a g e
500 projects delivered successfully in the 33kV, 132kV, 230kV, and 400kV range. The
company has introduced many new product lines including Bangladesh’s largest power
transformer, the 230/132kV, 300 MVA Autotransformer tailor-built for the Power Grid
Company of Bangladesh.

4.3 Sample, Data Collection and Measurements:

For this study, a questionnaire along with Weightage factor sheet served as the primary data
collection tool.Potential respondents were identified through a number of channels, including
networking, the "FMM directory of Bangladeshi Manufacturers 2012," and a list of
businesses from the SME Corporation Bangladeshi website. The firms received the
questionnaire along with weightage factor sheet by mail and by hand. The intended
respondents were largely the Chief Executive Officer (CEO), Managing Director, firm owner,
or senior officer/executive in charge of supply chain operations in the firm. The findings
showed that top management from the firms made up the bulk of the responders.

4.4 Data Overview:

For Operation:
 Flexibility
 Quality
 Cost
 Inventory
For Finance:
 Product
 Share
 Profit
 Sales
For justifying the model the corresponding input data and Weightage value in percentage are
taken according to expert judgment. The qualitative data according to company’s feature are
converted into quantitative ratings with their corresponding percentage are shown in the
following table

15 | P a g e
Chapter 5
Data Analysis and Research Findings

After collection of data, the data is analyzed according to different company. The analysis
performed in MATLAB software. A value equal to 70% of these data was used for training
the ANFIS and the rest applied for testing and validation of the model shows an overview of
the main ANFIS for deriving data analysis index by inserting ANFIS output to the system we
can derive the operation and financial performance comparison level. Also, the results of an
analysis about the trend of training error and checking error have been plotted. We continued
the training process to different number of epochs because the trend of testig error started to
increase afterward and over fitting occurred. Average testing errors of training, testing,
checking data set & surface generated the three-dimensional relationship between various
input and output and the evaluated output are shown in the following table ANFIS model of
overview appears in the Appendix B.

5.1 Data Analysis and Research Findings according to company:

Rangs Group:

Factor Analysis: From the data of Rangs group and doing data simulation it is noticed that
supply chain creates a major impact on company operation and financial performance.

A graphical representation is given below:

16 | P a g e
 Anfis output of Rangs Group

4
3.5
3
2.5
2
1.5
1
0.5
0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypotheses Analysis:

From the data analysis according to Rangs group data and simulation of MATLAB The SCM
strategy will have a positive effect on operational performance more than financial
performance. A graphical presentation is given below.

Chart Title
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
VMI Outsourcing CPFR WMS

Operation Finance

DBL Group:

Factor Analysis: From the data of DBL group and doing data simulation it is noticed that
supply chain create a major impact on company operation and financial performance

17 | P a g e
 Anfis output of DBL Group

4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypotheses Analysis:

From the data analysis according to DBL group data and simulation of MATLAB The SCM
strategy will have a positive effect on operational performance more than financial
performance. A graphical presentation is given below.

Chart Title
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
VMI Outsourcing CPFR WMS

Operation Finance

Energy Pack LTD:

Factor Analysis: From the data of Energy Pack and doing data simulation it is noticed that
supply chain creates a major impact on company operation and financial performance

18 | P a g e
 Anfis output of Energypack LTD

4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypotheses Analysis:

From the data analysis according to Energy Pack Ltd data and simulation of MATLAB, The
SCM strategy will have a positive effect on operational performance more than financial
performance. A graphical presentation is given below.

Chart Title
3.5
3
2.5
2
1.5
1
0.5
0
VMI Outsourcing CPFR WMS

Operation Finance

Mushi Mushi Japan:

Factor Analysis: From the data of Mushi Mushi Japan and doing data simulation it is
noticed that supply chain create a major impact on company operation and financial
performance

19 | P a g e
 Anfis Output of Mushi Mushi Japan

3.5

2.5

1.5

0.5

0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypotheses Analysis:

From the data analysis according to Mushi Mushi Japan data and simulation of MATLAB
The SCM strategy will have a positive effect on operational performance more than financial
performance. A graphical presentation is given below.

Chart Title
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
VMI Outsourcing CPFR WMS

Operation Finance

Eskayef Pharmaceutical Ltd:

Factor Analysis: From the data of Eskayef Pharmaceutical Ltd and doing data simulation
it is noticed that supply chain creates a major impact on company operation and financial
performance

20 | P a g e
 Anfis output of Eskyef Pharna LTD

4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypotheses Analysis:

From the data analysis according to Eskayef Pharmaceutical Ltd data and simulation of
MATLAB The SCM strategy will have a positive effect on operational performance more
than financial performance. A graphical presentation is given below.

Chart Title
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
VMI Outsourcing CPFR WMS

Operation Finance

5.2 Simulation Final output of All Company:

21 | P a g e
 Anfis output
4
3.5
3
2.5
2
1.5
1
0.5
0
Flexibility Quality Cost Inventory Product Share Profit Sale
Operation Finance

Hypothesis:

From the data analysis according to all company data and simulation of MATLAB The SCM
strategy will have a positive effect on operational performance more than financial
performance. A graphical presentation is given below.

4
3.5
3
2.5
2 Operation
1.5 Finance
1
0.5
0
VMI Outsourcing CPFR WMS

5.3 Findings and Discussion:

As a result of our analysis, we discovered the following correlations between the variables.
The operational and financial performance of the surveyed organization was significantly
impacted by SCM tactics in the first place. The effectiveness of organizational competency
was also significantly impacted by SCM strategies. This demonstrates that companies using
SCM techniques performed operationally and had organizational capabilities that were on par
with or even somewhat higher than those of companies not using SCM strategies. Second, the
SCM strategy only had an impact on operational performance; the hypothesis that it would
also have an impact on financial performance was disproved. Organizational competency was
a key mediator in this relationship. However, because other factors, such as interest rates, oil
prices, and the economy, all had an impact on the financial performance of these companies,

22 | P a g e
there was no direct correlation between their relatively high organizational competencies and
their financial performance.

The findings here confirm those of Min et al. who claimed that strategic initiatives like
supply chain partnerships and cooperative partnerships have a big impact on corporate
performance.

The study performed quantitative analysis of various strategic changes and performances in
the growth process of global logistics companies. This analysis established the direction in
which domestic manufacturing logistics companies should change through a comparison with
major domestic logistics companies, and its value is as industrial research to support them in
a policy manner.

Chapter 6
Conclusions

Our findings demonstrate the direct relationship between SCM tactics like VMI, ERP, CPFR,
WMS, and outsourcing and SMEs' ability to operate better financially and operationally. In
addition, improving an organization's R&D, production, marketing, and other capabilities has
a favorable impact on both operational and financial success.The operational and financial
performance of these manufacturing enterprises will therefore be improved by integrating
SCM tactics and organizational competences. As a chain of producers and manufacturers
engaged in the process of making, distributing, and selling different parts and raw materials,
businesses operate in the supply chain in interdependent relationships. As a result, SMEs can
support SCM by increasing their organizational competency and thereby improving their
corporate financial performance. SMEs can strengthen their core skills to improve the
performance of the supply chain and consequently boost it's performance, which will increase
its competitiveness in an environment where supply chain rivalry is garnering attention.
Companies can also find new opportunities by building new supply chains over the long run
and, in the short term, enhancing their current supply chains.

Limitations of the Research

23 | P a g e
In the recent supply chain environment, competition among supply chains is gradually
attracting attention, and the way companies use their own resources can improve the
performance of the supply chain and continuously strengthen the competitiveness. This
means that SMEs should also pay more attention to the use of supply chain strategy along
with strengthening their internal core competency. In other words, efforts are required to
discover efficiency and strengthening by improving existing supply chains in the short term
and new opportunities by exploring and developing new supply chains in the long term.
Companies will improve their financial performance by maximizing organizational
competency as a strategy for bolstering the SCM competency of small and medium-sized
manufacturing industry, in that they are not operated independently, but operate in an
interdependent relationship with producers and assemblers in the production, distribution and
sales processes of various parts and raw materials through the formation of supply chains and
interaction. This study is closely related to SMEs as a way of exploring SCM strategy and
policy improvement for small and medium-sized manufacturing companies in Bangladesh,
through analysis of the relationship between SCM strategy change, organizational
competency and operational performance in shippers and logistics companies. Since case
analysis for the characteristics of the SCM strategy change in manufacturing companies has
not been expanded to the world market including Europe, the United States, and Japan, policy
analysis and improvement alternatives using the results are limited to Bangladesh. Finally,
this study has some limitations. As the sample was specific to Bangladesh and to
manufacturing firms, the results may not be generalized to other countries or industries.
Future research should apply the approach of this study to different countries and industries.

Chapter 7

References

1. Zhou, H.; Shou, Y.; Zhai, X.; Li, L.; Wood, C.; Wu, X. Supply chain practice and
information quality: A supply chain strategstudy. Int. J. Prod. Econ. 2014, 147, 624–633.
[CrossRef]

2. Liu, C.-L.; Lee, M.-Y. Integration, supply chain resilience, and service performance in
third-party logistics providers. Int. J. Logist.Manag. 2018, 29, 5–21. [CrossRef]

3. Jermsittiparsert, K.; Sutduean, J.; Sriyakul, T.; Khumboon, R. The role of customer
responsiveness in improving the externalperformance of an agile supply chain. Pol. J. Manag.
Stud. 2019, 19, 206–217.

4. Stevenson, W.J.; Sum, C.C. Operations Management; McGraw-Hill/Irwin: New York, NY,
USA, 2014.

5. Bendoly, E.; Jacobs, F.R. Strategic ERP Extension and Use; Stanford University Press:
Stanford, CA, USA, 2005.

24 | P a g e
6. Tajbakhsh, A.; Hassini, E. Performance measurement of sustainable supply chains: A
review and research questions. Int. J. Prod.Perform. Manag. 2015, 64, 744–783. [CrossRef]

7. Disney, S.M.; Towill, D.R. The effect of vendor managed inventory (VMI) dynamics on
the Bullwhip Effect in supply chains. Int. JProd. Econ. 2003, 85, 199–215. [CrossRef]

8. Claassen, M.J.; Van Weele, A.J.; Van Raaij, E.M. Performance outcomes and success
factors of vendor managed inventory (VMI).Supply Chain Manag. 2008, 13, 406–414.
[CrossRef]

9. Sherman, R.J. Collaborative planning, forecasting & replenishment (CPFR): Realizing the
promise of efficient consumer responsethrough collaborative technology. J Market. Theory
Pract. 1998, 6, 6–9. [CrossRef]

10. Mentzer, J.T.; DeWitt, W.; Keebler, J.S.; Min, S.H.; Nix, N.W.; Smith, C.D.; Zacharia,
Z.G. Defining Supply Chain Management. J.Bus. Logist. 2001, 22, 1–25. [CrossRef]

11. Alfalla-Luque, R.; Marin-Garcia, J.A.; Medina-Lopez, C. An analysis of the direct and
mediated effects of employee commitmentand supply chain integration on organisational
performance. Int. J. Prod. Econ. 2015, 162, 242–257. [CrossRef]

12. Closs, D.J.; Stank, T.P.; Keller, S.B. Performance Benefits of Supply Chain Logistical
Integration. Transport. J. 2001, 41, 32–46.

13. Lee, H.L. Aligning supply chain strategies with product uncertainties. Calif. Manag. Rev.
2002, 44, 105–119. [CrossRef]

14. Meixell, M.J.; Gargeya, V.B. Global supply chain design: A literature review and
critique. Transport. Res. Part E Logist. Transp. Rev.2005, 41, 531–550. [CrossRef]

15. Fynes, B.; De Búrca, S.; Marshall, D. Environmental uncertainty, supply chain
relationship quality and performance. J. Purch.Supply Manag. 2004, 10, 179–190. [CrossRef]

16. Attia, A.; Eldin, I.E. Organizational Learning, Knowledge Management Capability and
Supply Chain Management Practices inthe Saudi Food Industry. J. Knowl. Manag. 2018, 22,
1217–1242. [CrossRef]

17. Tseng, S.-M. The Impact of Knowledge Management Capabilities and Supplier
Relationship Management on Corporate Perfor-mance. Int. J. Prod. Econ. 2014, 154, 39–47.
[CrossRef]Sustainability 2021, 13, 5138 17 of 18

18. Wang, J.; Dai, J. Sustainable Supply Chain Management Practices and Performance. Ind.
Manag. Data Syst. 2018, 118, 2–21.[CrossRef]

19. Park, C.S. The relationship between supply chain integration and business performance:
The moderating effects of firm size.Korean Manag. Rev. 2012, 41, 1501–1527.

25 | P a g e
20. Lee, S.H.; Han, K.S.; Kim, K.S. The effects of the introduction of RFID technology on
SCM competitive advantage: Focusing ondefense industry. J. Strateg. Manag. 2013, 16, 1–
27.

21. Lee, C.-B.; Lee, J.-C. A classification of logistics outsourcing in the global automotive
industry. Korea Logist. Rev. 2019, 91, 163–174.[CrossRef]

22. Yu, K.; Luo, B.N.; Feng, X.; Liu, J. Supply chain information integration, flexibility, and
operational performance: An archivalsearch and content analysis. Int. J. Logist. Manag. 2018,
29, 340–364. [CrossRef]

23. Moon, S.M.; Huh, M.G. Duet of exploitation and exploration: The multi-dimensional
approach of organizational ambilaterality.Korean Manag. Rev. 2013, 42, 293–320.

24. Hong, P.; Jeong, J. Supply chain management practices of SMEs: From a business growth
perspective. J. Enterprise Inform. Manag.2006, 19, 292–302. [CrossRef]

25. Saleheen, F.; Habib, M.M.; Pathik, B.B.; Hanafi, Z. Demand and supply planning in retail
operations. Int. J. Bus. Econ. Res. 2014, 3,51–56. [CrossRef]

26. Kwak, D.-W.; Seo, Y.-J.; Mason, R. Investigating the relationship between supply chain
innovation, risk management capabilitiesand competitive advantage in global supply chains.
Int. J. Oper. Prod. Manag. 2018, 38, 2–21. [CrossRef]

27. Klaus, H.; Rosemann, M.; Gable, G.G. What is ERP? Inform. Syst. Frontiers 2000, 2,
141–162. [CrossRef]

28. Ireland, R.; Bruce, R. CPFR. Supply Chain Manag. Rev. 2000, 1, 80–88.

29. Yang, T.; Fan, W. Information management strategies and supply chain performance
under demand disruptions. Int. J. Prod. Res.2016, 54, 8–27. [CrossRef]

30. Lieb, R.C.; Randall, H.L. A comparison of the use of third-party logistics services by
large American manufacturers, 1991, 1994,and 1995. J. Bus. Logist. 1996, 17, 305.

31. Sink, H.L.; Langley, C.J. A Managerial Framework for the Acquisition of Third-Party
Logistics Service. J. Bus. Logist. 1997, 18,163–189.

32. Leuschner, R.; Rogers, D.S.; Charvet, F.F. A meta-analysis of supply chain integration
and firm performance. J. Supply ChainManag. 2013, 49, 34–57. [CrossRef]

33. Flynn, B.B.; Huo, B.; Zhao, X. The impact of supply chain integration on performance: A
contingency and configuration approach.J. Oper. Manag. 2010, 28, 58–71. [CrossRef]

34. Zhao, X.; Huo, B.; Flynn, B.B.; Yeung, J.H.Y. The impact of power and relationship
commitment on the integration betweenmanufacturers and customers in a supply chain. J.
Oper. Manag. 2008, 26, 368–388. [CrossRef]

26 | P a g e
35. Park, S.W.; Kim, S.W. The establishment of SC integration architecture. J. Korean Prod.
Oper. Manag. Soc. 2007, 18, 173–200.

36. Schoenherra, T.; Swink, M. Revisiting the arcs of integration: Cross-validations and
extensions. J. Oper. Manag. 2012, 30, 99–115.[CrossRef]

37. Gunasekaran, A.; Ngai, E.W. Information systems in supply chain integration and
management. Eur. J. Oper. Res. 2004, 159,269–295. [CrossRef]

38. Rai, A.; Patnayakuni, R.; Seth, N. Firm performance impacts of digitally enabled supply
chain integration capabilities. MIS Q.2006, 30, 225–246. [CrossRef]

39. Huh, D.S.; Kim, K.S.; Choi, J.W. An exploratory comparison of supply chain integration
practices of Korean and internationalmanufacturing plants in automotive, electronics, and
machinery industries. Korean Manag. Sci. Rev. 2008, 33, 101–118.

40. Shin, H.J.; Lee, J.-N.; Kim, D.-S.; Rhim, H. Strategic agility of Korean small and medium
enterprises and its influence onoperational and firm performance. Int. J. Prod. Econ. 2015,
168, 181–196. [CrossRef]

41. Narasimhan, R.; Kim, S.W. Effect of supply chain integration on the relationship between
diversification and performance:Evidence from Japanese and Korean firms. J. Oper. Manag.
2002, 20, 303–323. [CrossRef]

42. Kim, S.W. An investigation on the direct and indirect effect of supply chain integration
on firm performance. Int. J. Prod. Econ.2009, 119, 328–346. [CrossRef]

43. O’Leary-Kelly, S.W.; Flores, B.E. The integration of manufacturing and marketing/ sales
decisions: Impact on organizationalperformance. J. Oper. Manag. 2002, 20, 221–240.
[CrossRef]

Appendix A:

Questionnaire Development:

General characteristics

1. Which industry sectors do you belong to?

o Auto Parts

o Marine Engine Parts

o Aircraft Parts

o Heavy Equipment Parts

o Other

27 | P a g e
2. What is your position?

o Employee

o Deputy Section Head

o Section Head

o Deputy Department Head/Department Head

o Executive

o Chief Executive Officer

3. How many years of work experience do you have?

o Under 2 Years

o Years to 5 Years

o 5 Years to 8 Years

o 8 Years to 10 Years

o Over 10 Years

4. How many employees does your company have?

o Less Than 50 Persons

o 51 Persons to 100 Persons

o 101 Persons to 200 Persons

o More Than 201 Persons

Corresponding input data taking format for the factor taken from company:

Person 1 Person 2 Person 3

Operation VMI

28 | P a g e
 Outsourcing

CPFR

WMS

Person 1 Person 2 Person 3

VMI

Outsourcing
Finance
CPFR

WMS

Table Percentage of Weightage data according to Expert Judgment for the raw Factor
name: Flexibility

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Quality

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Cost

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI

29 | P a g e
Outsourcing
CPFR
WMS

Factor name: Inventory

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Product

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Share

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Profit

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI
Outsourcing
CPFR
WMS

Factor name: Sale

Factor Weightage from Weightage from Weightage from Average

person 1 person 2 person 3 weightage
VMI

30 | P a g e
Outsourcing
CPFR
WMS

Appendix B:

Matlab Analysis & Output:

Rangs Group

31 | P a g e
Rangs
Group
Outpu
t

Rang
Group
Data
Test

Rang
Group
Data
surfac
e View

DBL Group

32 | P a g e
DBL
Group
Outpu
t

DBL
Group
Data
Test

DBL
Group
Data
surfac
e View

Energy Pack Bangladesh Ltd

33 | P a g e
Energy
pack
Ltd
Outpu
t

Energy
pack
Ltd
Data
Test

Energy
pack
Ltd
Data
surfac
e View

Mushi Mushi Bangladesh

34 | P a g e
Mushi
Mushi
Banglades
h
Output

Mushi
Mushi
Banglades
h
Data Test

Mushi
Mushi
Banglades
h
Data
surface
View

Eskyef Pharma Ltd

35 | P a g e
Eskyef
Pharm
a Ltd
Output

Eskyef
Pharm
a Ltd
Data
Test

Eskyef
Pharm
a Ltd
Data
surface
View

36 | P a g e
37 | P a g e