Define virtual corporation and virtual factory.
|NU Year||Set: 5.(a) Marks: 4 Year: 2012 Set: 4.(a) Marks: 5 Year: 2013|
The online collaboration activities of today's business world have led to an environment where multiple firms can come together to meet customer demands, forming temporary partnerships known as virtual corporations (often called “virtual organizations” or “virtual enterprises”). These hyper-agile entities move through the business world, dissolving and reforming as necessary to complete supply or production chains and to market products to consumers. Instead of operating by the formal contracts and carefully constructed procedures traditional companies use in partnerships, virtual corporations are brought together by specialization and efficiency, working on a customer by customer basis without using long-term contracts.
It refers to an integrated model that includes a variety of software, tools, and methodologies in order to solve any real-time problem of the manufacturing system. This model sees a real factory as a combination of various sub-systems and includes them. In manufacturing, it creates a virtual simulation exercise that helps in replicating the real-life scenario and helps in designing and implementation.