In an effort to streamline and improve processes, Mr. Hugh McCauley, COO has requested the development of specific system changes that will improve the inventory and manufacturing process. It has long been said that the Information Revolution will change the way organizations do business. In a world where time and information is money, information technology is critical to an organization's success and longevity. In order for Riordan Manufacturing to establish the organization as a leader and provide added value to customers, Riordan needs to evaluate their current business processes and learn how technology can scale operations in a cost effective manner at the same time focusing on using technology in areas that would provide immediate results.
Importance of Metrics Establishing metrics is crucial to any organization, especially in technology related company projects. Metrics can be defined as a system of parameters or ways of quantitative and periodic assess of a process that is to be measured, along with procedures to carry out such measurement and the procedures for the interpretation of the assessment in the light of previous or comparable assessments. The results of the metrics can be used to record trends, efficiency, capital, and etcetera. Metrics permit organizations to measure its performance against industry sectors to determine how well the company is doing. Metrics allow organizations to optimize its productivity.
Management structures and corporate cultures have also been impacted by ERP. ERP is software that manages information for all departments within a company. Its objective is to get the right information to the right person at the right time. ERP software is typically modular but integrated. It consists of multiple modules that are connected to each other so there is a communication flow.
(Aaker, Kumar, & Day, 2001). Overall, market research provides a planned approach to achieving company goals and objectives. Understanding the differences in primary and secondary research when using qualitative and quantitative approaches will help any organization gain a better perspective of the various ways market research can be applied to meet company goals. Secondary Research It is important to assess the current situation prior to jumping straight into market research because it can be both timely and costly. The first step in market research is to use a cost-benefit analysis and decide if the cost of the research is worth more than the value of the data retrieved.
Today, companies are re-engineering their operations and investing in enhanced IT infrastructures, which enable them to provide customized, personalized, information-rich products and services. The new objective for marketers and business developers involves understanding the needs of their clients and the markets that they serve. This new focus on providing customer value is redefining business processes. Professionals, who understand and anticipate this shift, are positioning themselves ahead of the competition. The Impact of Technology Enabled Business Processes There is no denying the effect that technology has had on the way we conduct business.
It involves maximizing use of existing resources and understanding cots of components of running and maintenance of systems. It must also identify existing resources and tracking them at a detailed level. Risk assessment, planning for change and best decision making processes calls for well documented processes in addition to documentation of previous changes. As such it promote learning of collective IT operations experience that adds up to internal knowledge of the competencies and cost of running the corporate business. This comes in handy during the process of building on the experiences of distributed and virtual teams.
Part B. Comparison of the ISO 27002, COBIT, NIST, and ITIL frameworks. 1. Common Usage of the Framework ISO 27002: This framework is commonly used by organizations that are interested in deploying and managing an information security management system (ISMS) based on best practices. COBIT: This business framework is often used as a comprehensive IT management and governance framework.
Output is the meaningful and useful information which is provided by the system. Processes, data are processes using computers to produce useful and meaningful information. Other components include goals and objectives where every system is designed to achieve a goal or more. Data storage, data must be stored internally for processing in addition to the external data entered. Users are people who will use the information produced by the system and who use the system also.
Business and HR strategy According to Schuler and Jackson (1987), “Business strategy entails a series of systematic and related decisions that provide a business a competitive advantage compared to other business”(Lee et al., 2010, pp. 1354) . The major business strategies of Tata steel are to enhance its quality, reducing cost and creating innovations. Conforming to Baird and Meshoulam (1988), “SHRM includes designing and executing a set of internally dependable policies and practices that assure a firm’s human capital adds to the achievement of its business goals. Guest(2001) stated that, business strategy of a firm regulates the SHRM practices, SHRM practices are designed to gain best HR Outcomes, which provide better organizational performance (Odrakiewicz, 2012) .
It comprises fast changing customer demands, technologies and product life cycles etc. To be successful, every company needs an efficient management of business processes to cooperate with their business strategies. Business Process Management (BPM) is a management discipline to improving a company’s operational agility and operational performance (Jeston & Nelis 2014, p.4). It is a structured approach that uses methods, policies, software tools to manage and optimise an organisation’s activities and business processes. The key purpose of BPM is to make the organisation’s business processes more efficient and effective which ensures the firm is capable of meeting customer requirements and gaining sustain competitive advantage in a highly changing business environment.