Yesterday was a nice day! We visited an SME(Small and Medium Enterprise). We are doing a project on a silk saree manufacturing firm as part of the Managerial Accounting course. After years, I visited a factory. It was amazing to see how a saree in created from raw silk. I felt software coding is easy :)
Its a good experience that we can see all that we learn in production and management accounting classes even if it is at a micro level enterprise. I was astonished when I heard the facts on margins the actual manufactures take and what the so called 'middle men' like whole sales and retailers take. No wonder the middle men are called a necessary evil in the value chain!
We are planning to apply some of the concepts we learnt so far in the Management Accounting classes and hopefully will suggest some useful improvements to the firm :)
Its 100% true that you cannot learn all from texts, you have to experience it! Not only we try to apply the learning in the class, we are understanding a new industry. I never thought making sarees in this process oriented :) or rather I would have never thought in such terms...we just buy...right? ;)