Question 1- The Resource Audit
A Resource Audit is a process by which a company or personal managers go through all properties available for the organization (Singh, 2016). Well, these available resources take various forms. They are not only limited to cash or inventories as perceived by many people. Each organization has its unique resource audit since it is based on particular needs that are due to experience and knowledge in particular business field. As well, the entire process takes sometimes an effort to accomplish it (Singh, 2016). Without prior knowledge about resources available at your disposal, it might hard to make right and informed decision on how to maximize opportunities while minimizing the risks. This is a crucial balance in which all business must partake.
Besides, before an organization makes the final decision regarding whether to proceed with a certain strategy, it is significant to conduct a resource audit of its available resources (Singh, 2016). Some resources such as machinery assets, number of skilled workforces, finance, and plant assets are easy to define, measure, and identify. In contrary, resources such as management expertise, the culture of the organization, technical competence and beyond are hard to measure, define, and even identify. Resources are grouped into many categories. Additionally, it also comprises of potential limiting factors that the organization is likely to face.
In the first place, money is the primary resource in every organization. It entails sources of finance gearing such as loans. On the hand, the organization ought to understand the cash positions as well as the investments (Singh, 2016). As well, methods are great resources too and involve processes by which the firm adopts such as just-in-time, outsourcing and beyond. When it comes to materials, it entails anything owned by the company that is tangible. Materials comprise of cost and quality, security of supply and supplier relationship. Besides, management information guarantees the presence of relevant and excellent information systems that translates to reliable data. It is almost impossible for the organization to run without human resources (Singh, 2016). Skills of the workforce, experience, and morale as well motivation is of great importance.
When it comes to management, the firm must understand the level of experience, skills, and vision to which the management team has. Machinery is tangible asserts that a company possesses. Age of machinery, capacity, and efficiency must be accounted for. They should also consider the market segment (Singh, 2016). For instance, the organization must understand the market they are serving well. Product range, positioning as well as quality plays a critical role as well. Last but not least, we have the make-up and this resource comprise the structure as well as the culture of the organization regarding brand patents.
Question 2 - Using the M's table, conduct a resource audit of your organization
The M's table stands for materials, machinery, make-up, management, management information, market, men and women, methods and money (Iftekhar & Pannell, 2015). My organization resource audit strategy depends on these nine resources. Well, our organization is called PP Beverage Company and deals with a natural beverage.
Availability of suppliers and the organizations have good relationship with them. Most noteworthy, they are readily available and responsive especially in crisis times. Furthermore, they provide quality products at affordable costs (Iftekhar & Pannell, 2015). As well, they are located not far from our organization. Sadly, they do have spare products unless you order them prior the actual purchase.
Our organizations have range of tangible equipment and assets that enable faster and efficient processing. Most of our equipment's have lasted more than three years and still functioning the right condition.
We product high grade finished products. However, some of them are technologically up to date. Replacing might cost more than $1 million, which seems expensive.
It is the company's will to produce quality and nutritious drinks to all customers.
Our company employs highly trained personnel from the top management to low level management. Almost all staff are loyal to the organization, they posse's relevant skills and experience. Management information We also have an ability to collect and analyze information especially based on customer's needs. These information as well helps in decision making. On the other hand, the ability to generate and share information is still developing.
We serve most of the countries all over the world. Nevertheless, we face a competition from highly established companies such as Coca Cola.
Men and women We employ both men and women based on the level of education in the respective field, However, they are many more menthan women.More Women need to partake courses related to technology.
We encourage most of the workers by paying extra money when they accomplish a given tasks. We also pay for overtime works.
Luckily, the company is done with credit period now. Currently, we are self-governing organization. Most of our revenues are generated from profits.At times we rub on loans as well.
Question 3 - What were the strategic benefits and costs of outsourcing these 300 roles?
For six years earlier, John Finch worked at Experian particularly as a client-facing person in product development as well as delivery and within the credit services of the organization (Parker et al., 2014). Credit service is a wide division of any commercial activity. Also, it includes credit checking amenities, digital advertising, and list processing as well as motor insurance bureau. To deliver excellently, John Finch did outsource 300 roles in Experian to Perot systems, currently referred as Dell rather than offshore development. Outsourcing 300 roles guarantee various benefits (Parker et al., 2014).
First, 300 roles allow efficient and reliable means of handling clients. Most importantly, career development of the stay is of great concern when it concerns this strategy. This is because its technology heightens the Experian's services (Parker et al., 2014). That is to say; the strategy is a means of fostering the deliberate supplier relationships. In his interview, Finch responds that he spends most of the times with clients. Besides, he organizes for face-to-face gatherings with the customers, particularly on weekly basis.
Secondly, it plays a critical role in driving the commercial activity. For instance, the Experian organizations serve as both software as well as service venture. This is witnessed when Finch claimed that the company he is running is a product as well as the technology business because IT is the core of every business. Through this strategy, almost all clients are motivated that translates to heavy integration in the business (Parker et al., 2014). Furthermore, the strategy ensures faster delivery of products
Also, 300 roles strategy ensures supplier consolidation. Running on different IT environments foster the growth of the business through supplier's association. Generally speaking, Experian internally utilizes Oracle eBusiness Suite majorly for billing, human resource, and accounting. Power-of-one is the major strategy in which Finch uses to simplify the supplier's relationships. On the other side, the strategy ensures strong and profound focus on workforce management. As well, in his interview, Finch revealed that his main role is to unleash people's talent, develop them and equip them into diverse roles to run the business in the right manner (Parker et al., 2014). That is to say; career development should be the topmost agenda not only for Finch nut also everyone in management.
Moreover, outsourcing ensures swiftness and expertise. Often, outsourcing strategies ensure most jobs are completed faster and high-quality output. It also guarantees to focus on major processes. This gives the company time to reinforce their major vision and goal. Most noteworthy, it guarantees less risk to the company, therefore, reducing liabilities. Last but very important, it reduces the operational costs as well as recruitment charges. Nonetheless, there is a risk of synchronizing the deliverables especially if you do not choose the most trustworthy partner. There is also the risk of exposing secrets of the company.
Question 4 - SWOT analysis
An overview of both internal and external environment is the essential part when dealing with the strategic planning process. Internal environment factors are categorized as strengths or weakness. On the other hand, the external factors are considered as opportunities or weakness. Analysis of all these strategic environments is denoted as SWOT analysis (Renz & Vogel, 2016). The analysis gives relevant information that is essential in comparing the company's resources as well as capabilities to its competitive environment. To understand these aspects more, TOWS Matrix is formulated and evaluated.
When analyzing TOWS matrix, there is S-O strategies, W-O strategies, S-T strategies and W-T strategies where S, W, O, T represents strengths, weakness, opportunities, and threats respectively. Comparatively, S-O strategies analyze the opportunities that work best with organizational strengths. On the other side, W-O tries to analyses ways of overcoming weaknesses to pursue opportunities while S-T strategies recognize the way in which the company can use the strengths to minimize its susceptibility to external threats (Renz & Vogel, 2016). Lastly, the W-T strategies pursue the best defensive plan that protects the company's weakness from susceptible to external threats.
Let's consider SWOT analysis for Coca-Cola Company. In the current marketplace, Coca-Cola is among high-profit making companies all over the world. When it comes to its strengths, Coca-Cola Company has won the larger beverage market precisely when it concerns its brand awareness together with its robust distribution network (Renz & Vogel, 2016). The company has a unique logo that corporate red and white colors make it most famous beverage among people of all ages. Additionally, the company understands the need to meets the customers' needs for satisfaction. This is the main reason why the clients would not choose other beverage brands. Besides, they make their products available in more than 200 countries and at an affordable price, and this marks the world's chief robust distribution network.
Although the company thrives well in the market, the company also has some weakness. Its major weaknesses include water management and foreign currency variation. Relatively, water is the major content in company's product. However, water is a limited resource in most of the countries. Beyond, they are faced with foreign currency exploration. This is because the company not only earns the revenue and own assets but also pay revenue and incur liabilities using a range of currencies (Renz & Vogel, 2016). When it concerns opportunities, the Coca-Cola Company have diversified and known for extended reach. That is to say; they produce many types of beverages. To accomplish extended reach, they have focused on encouraging a range of commercial lines. The primary threats to the company are the nutritional selection. Of late, people have opted for nutritional waters, smoothies and beyond in preference to soft drinks. High amounts of sugar, artificial sweaters are likely to might cause cancer, obesity and even raise the blood pressure.
Question 5- Customer Relationship Management
It is essential to understand what Customer Relationship Management is. Well, CRM...
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