Glencore plc is a multinational company that specialises in commodity trading and mining. The firm's headquarters is located in Baar, Switzerland. The business was founded in the year 1974 by Marc Rich who was a famous commodity trader and banker (Smith 2014). During that time the firm was known as Marc Rich & Company AG. The company was renamed in 1994 after Rich sold out 51 percent of his business. Its name Glencore stands for global energy commodities and resources. The business current CEO is called Ivan Glasenberg, and as of 2016, it had assets worth $ 128.49 billion.
The different functional activities and concepts of Glencore plc play various key roles and responsibility in ensuring that the organisation attains its operational objectives. Inventory management makes ensure that the firm's different departments acquire all the resources they need to carry out their duties appropriately. Inventory management has, for instance, ensured that the company's project management and research team has all the resources they need in conducting research on the firm's areas of interest like agriculture. The understanding of the business marketing environment has enabled the organisation's marketing team to know how to attract potential investors to invest in the firm's activities. This knowledge has also allowed the firm marketers to tailor make marketing programs that have been beneficial to its different clients since the organisation also offers marketing services (Schlegelmilch 2016). The programs have enabled their customers to be more competitive in their various their industry. This has allowed the firms attract more customers thus increasing their sales by creating awareness of how their products and services are better as compared to the once in the market.
The preparation and use of budgets as a method of control has ensured that the firm accounts for how it will utilise its finances. The budget reports for the enterprise mining projects, for example, enables the company's stakeholders to know of the projects that the firm intends to invest in, how much money they will spend and the expected returns from the investment (Brown et al. 2017). Employee retention is paramount to the organisation since Glencore spends a lot of resources on its workers. The organization, for instance, pays for educational and training programs for its employees since they know having a team of highly skilled employees would increase the business competitiveness in the market. Retention of employees is also important since it reduces the workload of the firm's human resource department and wastage of resources because they would not have to spend time looking for new employees to replace those leaving the company.
Systems and technology are important in the management of the organisation's information. Systems and technology ensure that the organisation's stakeholders' information such as their bank account details is safely guarded. They make sure that the business keeps an up to date account for the business vital documents, for instance, the firm's list of assets, financial records, investment plans, and its income records. They have facilitated the safeguarding of some the secrets of the organisation like their investment tactic and plans. The systems and technology have also enabled the firm to collect and store useful information that relates to its area of interest such as mining, agriculture, and energy production. This has allowed the company to create an effective analysis on the possible trends concerning these industries thus creating strategies and operational programs that ensure they are well equipped for the possible future.
Brown, T. J., Idoine, N. E., Raycraft, E. R., Shaw, R. A., Deady, E. A., Hobbs, S. F., & Bide, T. (2017). World Mineral Production 2011-15.
Schlegelmilch, B. B. (2016). The Future of Global Marketing Strategy. In Global Marketing Strategy (pp. 221-249). Springer International Publishing.
Smith, P., Fewings, M., Morniroli, E., & Watenphul, C. (2014). Investor.
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