Discuss about the Accounting Information Systems of Australian edition.
Business Activities of Telstra
Telstra is a company located in Australia whose main business activity is to provide telecommunication services to the citizens of Australia. This media company operates telecommunication business activities in various networks and markets. It provides mobile services, television services and internet access along with other entertainment services and products. In fact, it is the biggest telecommunication company in Australia. It also provides technological services thereby making the company one of the most competitive telecommunication companies in the world (Daft, 2015). It is estimated that the company provides over 17.4 million mobile services, 3.5 million retail fixed broadband services, and over 6.8 million fixed voice services in Australia. This is a wide business platform.
Organisational Chart of Telstra Company
Source:rphrm.curtin.edu.au
The progress of Telstra Company is propelled by mission and vision that govern the company towards telecommunication service delivery all over Australia.
Vision: Telstra Company focuses on improving the way people live and work.
Mission: Telstra Company focuses on building technology and content solutions that are simple, easy to use and valued by customers. The company also strive to serve and know customers better than anyone else.
The company is guided by certain principles towards achieving vision and mission. Some of these values include teamwork, accountability, service, respect, trust, and integrity.
The company has many stakeholders who directly or indirectly dictate how the company should carry out business activities. These stakeholders include the Australian government, shareholders, mobile service customers, television customers, investors and employees of the company. The level of impact to this stakeholder on business decisions made by the company may not have the equal capacity (Thomas, 2009). Decisions made by the company may affect the Australian government in terms of revenue collection through corporation tax. For shareholders, business decisions affect share prices thus putting shareholders on track. Television and mobile customers depend on business decisions made by the company to determine subscription charges. In addition, investors depend on business decisions to determine the most appropriate time to invest their resources in the company. Lastly, employees depend on business decisions to determine salaries, allowances, remunerations and other matters affecting their working environment.
Stakeholders are very important in business operations in the company. It is important to consult them because their opinions matter in the wider market. Basically, stakeholders are usually distributed all over Australia. Thus, they relate to people on the ground. For that reason, their contributions are just a representation of what customers require in the market (Fletcher, 2012). Strategies are empowered through stakeholders because they are in a position to determine what the company can do to achieve goals and objectives. Some of them are experienced in other companies thereby becoming fully equipped on the implementation of strategies.
There are several strategies that the company can apply to involve stakeholders. First, employees of the company are the immediate stakeholders involved in the routine running of business operations. The company can apply delegation of power as a strategy to make employees feel appreciated. Employees can be allocated some powers to make a decision on working culture in the company (Ryan & Deci, 2017). The government can also be involved in revising regulation and legislative procedures that would enable the company to be more productive. Again, vetting opinions from stakeholders can be used as a strategy to determine the most appropriate approach to be applied in making business decisions.
Strategies refer to plans used by the company to achieve long-term targets, goals, and objectives. These mechanisms are applied to achieve the overall aim of the company. Telstra Company has formulated strategies to improve productivity, profitability, sustainability and service delivery. The company has set several strategies to achieve vision and mission. The first strategy is improving customer satisfaction through provision of quality services and products. Second, the company aims at retaining and growing the number of customers through enlarging the market venture (Kotler et al, 2010). Again, the company focus on simplifying the business so as to attract customers from all areas of telecommunication portfolio. Lastly, the company has set future outlook so as to manage risks of uncertainty in the telecommunication industry.
Telstra Company is strategically positioned in the market structure. This is because there are several items offered by the company in the market. These include television pay services, internet access, mobile network services and other entertainment products and services. Again, there has been an upward trend in market performance. According to Telstra Company annual report, the company provides over 17.4 million mobile services, 3.5 million retail fixed broadband services, and over 6.8 million fixed voice services in Australia (Hausman, 2007). This is a remarkable market trend.
There are a number of telecommunication service and product providers in Australia. Although Telstra Company is the largest telecommunication company in Australia, there are other companies that bring competition in the market. The market structure for telecommunication industry is based on monopolistic market competition. There is direct competition because companies have differentiated products and services in telecommunication industry thereby sharing customers in the market (Holmes et al, 2015). This market structure is different from monopoly market structure when companies have full control of the market.
|
Strengths 1. Competitors have equally managed to attract customers in the market. 2. They have managed to produce products that still attract customers in the market. 3. They have managed to study Telstra weaknesses to exploit the market. |
Weaknesses 1. The team of workers is not aggressive as compared to Telstra. 2. Their services and products are not fully reliable in the market. 3. They don’t have adequate resources to fully exploit their potential. |
Telstra Company formulated several strategies to achieve sustainability, productivity, competitive advantage, and innovation. The first strategy is improving customer satisfaction through provision of quality services and products. This strategy has been set to enable the company to face direct competition. Second, the company aims at retaining and growing the number of customers through enlarging the market venture. The company put this strategy in place so as to widen the market venture. This will enhance the company to operate globally. Again, the company focus on simplifying the business so as to attract customers from all areas of telecommunication fraternity (Reece & Walker, 2007). In addition, the company is developing new growth business through product and technological innovations. Lastly, the company has set future outlook so as to manage risks of uncertainty in the telecommunication industry.
The two main strategies to be implemented by Telstra are the provision of quality products and services together with managing risks. For the first strategy, the company focuses on quality products and services so as to gain trust from customers (Marshall, 2013). This will enable the company to attract potential customers thereby achieving competitive advantage in the long-run. The strategy on management of risk is vested in technological innovation. Due to technological advancement, the company needs to mitigate risks of uncertainty so as to remain relevant in the market.
|
Strategic action |
Responsible Parties |
Expected outcome |
Timeframe |
|
1. Provision of quality products and services. |
Production and human resource management team. |
Quality products and services will enable Telstra to gain trust from customers. This will enable the company to attract potential customers thereby achieving competitive advantage in the long-run. |
2 years |
|
2. Management of risks. |
Risk assessors and time series analyst. |
The company will be able to mitigate risks of uncertainty so as to remain relevant in the market. |
1 year |
Formulating strategies is one thing and implementing is another. Therefore, the company needs to set monitoring and control criteria. The company will create two committees to deal with the quality provision and risk mitigation. These committees will be meeting monthly or quarterly to review implementation process. Reports should be submitted to top management indicating how these strategies are implemented (Krugman et al, 2012). Additional resources required to implement these strategies must be indicated in the report. This process will monitor and control implementation plan for these strategies.
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Strengths 1. These strategies will enable the company to be sustainable. 2. They will increase profit margin. |
Weaknesses 1. Resources will be stretched to achieve these strategies. 2. They will take a longer time to implement. |
|
Opportunities 1. The company will achieve competitive advantage. 2. Chances of business growth and development are high. |
Threats 1. Competitors may manipulate these strategies. 2. Legal frameworks may delay implementation phase. |
Telstra Company has potential in the telecommunication industry in Australia due to several factors. First, the company has managed to offer a number of services and products to customers thereby filling market gaps (Dann & Dann, 2007). Again, the company has managed to employ over 154,000 employees as per the data collected in 2015. Such a company has full potential to operate globally.
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Strengths 1. The company has engaged many people in Australia hence reduce the rate of unemployment. 2. The company has done a lot of innovation in telecommunication services to satisfy demands in the market. |
Weaknesses 1. Resources are stretched to realize full potential. 2. The company has set some long-term objectives that may delay realization of full potential. |
|
Risks |
Likelihood |
Impact |
Mitigation Action |
Responsibility |
Timeframe |
|
Data Leakage |
Medium |
Very high |
Security codes/Confidentiality agreement |
IT/ Project Manager |
30th APRIL 2018 |
|
Manipulation of strategies by competitors |
Medium |
High |
To enhance the confidentiality of Telstra from access by competitors |
Strategic manager |
25th APRIL 2018 |
|
Item |
Details |
Cost |
Benefit |
Estimated Revenue |
|
Licensing fee |
Use of brand on all cards |
$2M Yearly |
An Increase of 60% in credit card application |
An average of $50 per customer monthly |
|
Conducting innovation in telecommunication products and services |
Use of new technology and trends in the telecommunication sector |
$4M Yearly |
Increase ranges of products and services in the market |
An average of $70 per stakeholder monthly |
Telstar is a telecommunication company whose business activities are regulated by The Australian Communications and Media Authority (ACMA). This body is an Australia Government statutory authority whose focus is to oversee the compliance of all telecommunication portfolios (Dann & Dann, 2004). Again, telecommunication laws are applied to monitor and control Telstra Company. Some of these laws include Consumer Protection and Service Standards and Telecommunication Act 1999. They ensure the company establishes a universal obligation in the provision of telephone services in Australia.
7.1 Legislation Impact on Telestra
This has enabled the company to comply with various policies and standards thus achieving data protection and privacy. It has also facilitated the company to maintain appropriate data interception and metadata retention. The legislation has also enabled Telstra to access NBN services and law enforcement standards.
References
Daft, R.L. (2015) Management. South-Western College Pub. Pp. 79-85.
Dann, S., & Dann, S. (2004) Strategic Internet marketing. Brisbane: John Wiley & Sons. Pp. 23-54
Dann, S., & Dann, S. (2007) Competitive marketing strategy. French’s Forest, NSW: Pearson Education. Pp. 28-65
Fletcher, F. (2012) Business Problem Solving. Routledge. Pp. 29-45
Hausman, D. M. (2007) The philosophy of economics: An anthology. 3rd ed. Cambridge: Cambridge University Press. Pp. 129-145
Holmes, K, Hughes, M, Mair, J & Carlsen, J. (2015) Events and sustainability.1st ed. Abingdon: Routledge. Pp. 39-46
Kotler, P, Bowen, J & Makens, J. (2010) Marketing for hospitality and tourism. 5th ed. Pearson, Upper Saddle River: NJ. Pp. 33-45
Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2012) International economics: Theory & policy. 9th ed. Harlow: Pearson Education. Pp. 9-25
Marshall, B. (2013) Accounting Information Systems. Australian edition. French’s Forest, NSW: Pearson Australia. Pp. 19-55
Reece, I. & Walker, S. (2007) Teaching, training & learning: a practical guide. 6th ed. London: Business Education Publishers Limited. Pp. 24-34
Ryan, R.M., & Deci, EL. (2017) Self-Determination Theory: Basic Psychological Need in Motivation, development, and Wellness. The Guilford Press. Pp. 93-112.
Thomas, K.W. (2009) Intrinsic Motivation: What Really Drives Employees Engagement. Berret-Koehler publishers. Pp. 67-82.
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