Question:
Discuss About The Business Mechanisms With Strategic Planning?
On the basis of the below-conducted research, it has been observed that merging of the business mechanisms with the strategic planning so as to develop an organizational structure. This all is done for attaining the organizational objectives and targets. This mechanism will also bring enhancements in the responses to changing market conditions. Moreover, it has also been observed that this system is also concerned with the modifications done in the organizational structure after the introduction of the notions of information technology. Long term strategizing and planning for the above-mentioned concept have been the Top most priority for the management of any of the business entity is to strategize for a long term and also to develop the plans for the same. Amrollahi, Ghapanchi and Najaftorkaman, (2014), have stated that the main objective of the mechanism of the strategic information system is the attainment of the competitive advantage and the same is the outcome of the initiatives implemented business entity. Further, the term has also been referred as a salient feature of the variables of information technology system. Moreover, this system has been defined as the mechanism which has been created and designed for aiding the business corporation in the procedure of dividing the varied functionalities. These activities are associated with the sections such as store management and modification of the information received and generated.
According to the survey executed by Greenblat, E, (2015), it has been inferred that Wesfarmers has been operating the business exercises according to the conglomerate structure which has been received by the association. The adopted structure has been framed by joining at least two business companies and that too in a solitary corporate structure. This amalgamation has built up a gathering of substances, which include a solitary parent entity and distinctive subsidiaries of the same. However, according to the organizational structure embraced by Wesfarmers, it has been expressed that the idea of expansion has been considered as a typical practice, and furthermore a multi-industry corporate structure has been introduced and furthermore these hierarchical structures are eluded as multinational one. As Wesfarmers has been canny – holding up placidly to purchase quality associations at connecting with costs consistently and in the process influencing a stone solid total to structure (Cassidy, 2016). Adoption of this hierarchical structure has helped the business entity by getting a decrease in the risks and in addition, a capital market will be produced inside the business partnership which will be bringing improvement and development for the business entity.
On the basis of the conducted research by Treadgold, T, (2016) it has been concluded that the business entity has been confronting an emergency which influenced the investors to worry. The business corporation was depending exceptionally on the retail divisions particularly on the food and alcohol divisions of Coles, and the same was under hazard from different directions. Besides, the author also observed that there are a few issues because of the adoption of the previously mentioned organizational structure. Implementation of this structure has made an expansion in the size of the group and due to which the number of positive impacts and developments were observed. For instance, enhancements were observed in the managerial and operational expenses. Further, the business entity has been confronting various operational issues, for example, it can be identified with the bookkeeping operations. For example, the business entity will be confronting an issue of reduction in development and innovations and this is due to inertia (Galliers and Leidner, 2014). Also, tax assessment of gathering structure will acquire a reduction in the tax collection benefits. The workforce will be having a less level of focus and furthermore, it will be troublesome for the administrative group to deal with an unrelated and all around enhanced business viable.
The mechanism Enterprise resource planning (ERP) is the tool which is termed as a business process management software. The same can be adopted by the business entity so as to enable them with a mechanism which will aid the entity in utilizing the system which is formed by combining the various sets of applications (Morecroft, 2015). This application can be adopted by the business entity and also can be considered as The system can be considered as one of the best and most likely used mechanisms for acquisition method and will be proven beneficial for the same if adopted. Moreover, this system will also allow the firm in Automation of a number of operations and functionalities will be made possible which are linked with back office and technology and human resources will be allowed to the business entity by an adoption of this mechanism.
The first stage in the flow chart is finding the customers, conducting the investigation over their necessities and the prerequisites (Pearlson, Saunders and Galletta, 2016). After this the introduction of the request sheet of the customers is done and which involves the visions about the items which have been considered as the primary requirement for the customers while considering the request.
The next stage comprises of the approach which is required to be initiated by the company towards the consumers. Achievement of the business procedure will be decided through a decent approach made by the firm. The sales representative ought to have a decent learning about the products which are to be sold.
The assessment should be made arrangements for a demand to choose the necessities of the purchasers. This will help the sales delegate in organizing the attempts which are to be made to pitch the products to be concentrated on the client.
After this point onward, the products are required to be presented in-front the customers. This will help in working up the will to buy the products or services. A strong and engaging presentation will ensure a positive response from the buyer towards the thing.
Most of the business technique slumps as the business delegate fails to close the strategy sufficiently. This has been considered as impelling the system towards getting an outrageous demand (Peppard and Ward, 2016).
The last step in the process is spent taking the advancement, an extraordinary follow-up wills twofold the achievement of closing extent.
The first task to be done by the warehousing supervisor is updating and managing the ledger and other accounting records.
Managers also do the duty of determining the orders
The below presented are the frauds which are possible in the above scenario:
The supplier of the raw materials is selected by the warehousing managers in most of the scenarios and after this orders are placed (Peppard and Ward, 2016). There can be an order of such inventory which will be of no use or it may be ordered at higher prices as compared to the market price.
The supplier or the dealer cans also one of the reasons for occurrence of fraud in this scenario, where authority rest with the manager for ordering and receiving the inventory. Moreover, fraud can occur due to the miss-presentation did by the manager, as a process in-charge.
Accounting software is the applications which can be implemented and utilized by the business corporations so as to measure and record and process the accounting transactions and operations which are executed within the functional areas. For instance, accounts payable and accounts receivable trial balance and general ledgers are some of the operational divisions where the business entity can make use of these applications and systems. As presented in the above scenario, Realitysoftware, (2017), noted that these accounting applications are the mechanisms which involve bifurcation of accounting section within Wesfarmers Limited. These accounting applications have been offering a number of advantages to the business entity and the same has been experienced by the author. Moreover, planning, maintaining and implementation of the accounting mechanisms will aid the business entity (Rainer et al., 2013). This approach of accounting systems has been established by merging the unique models and the same are dealing with some specific segments of accounting operations which are as follows:
Accounts payable: Money owed will be transacted by Wesfarmers
General ledger: Recording of all the company’s transactions is done
Current size of market
The following is the analysis which has been conducted for extracting the financial data of Wesfarmers Ltd. This is required to be done for developing awareness about the current market size and the trends experienced by the markets of Wesfarmers Limited. On the basis of the survey, which has been executed from au.finance.yahoo, (2017), it has been noted that the business entity has been enjoying top position in the industry and is also a multinational corporation. The below presented are the key aspects variables of the financial data of the business corporation:
A hike has been observed in the revenue of 4.3% to $34.9 billion
The Profit increased to $1.6 billion
A half year fully franked dividend of $1.03 was declared, up 13.2%
Wesfarmers (Coles) and Woolworths are Australia’s are the business entities which has been ranked at the top. These corporations also stimulate and rule the retail and supermarket sector in the economy (Sarker, Xiao, and Beaulieu, 2013). The past five decades has been considered as the witness of the benefits which the business corporation attained in the form of a number of sustainable developments. It has also been recorded that the total market share of the business entity is 35%.
According to the survey conducted it has been noted that Richard Goyder which is the current CEO of the Wesfarmers Limited and moreover, he was also designated as the Managing Director in 1993 and in 2005. Moreover, he was raised as the most noteworthy expert of the business corporation. Richard’s took some great initiative which was considered as one of a kind and compelling. Further, his advancement can be considered relevant for the proof of his feasible authority styles and techniques used. Alongside Richard Goyder, Rob Scott, current Deputy Chief Executive Officer of the Wesfarmers Limited (Kavanagh and Johnson, 2017). Apart from these mentioned leaders, the business entity has numerous of pioneers present and are associated with Wesfarmers limited (Morecroft, 2015). A viable position in the international market has been built by the initiative methodologies embraced by these identities which have also aided the Wesfarmers Limited. In the working environment of Wesfarmers drilling of fundamentally present day quality hypothesis of authority and a behavioral hypothesis of an initiative has been done.
Holding ability and key workers have been considered as the most suitable and dependable approach which has been utilized by Richard Goyder (Kecmanovic et al., 2014). Maintenance of key employee is the greatest track for each business organization since they comprehend the circumstance of the association and the working strategies know about them.
ERP framework and the execution of the same in the business organization tough task and every one which is associated with the procedures and the task performed in the entity does get stimulated by the usage of ERP system (Sarker, Xiao and Beaulieu, 2013). The initial test would be done so as to utilize the new and contemporary mechanism for its customers. Wesfarmers employed and designate a designer or an expert who could be held responsible for monitoring the workforce from the business corporation with the objective that appropriate outcomes could be gotten for which ERP framework was executed.
In the limelight of the above-executed analysis, it has been inferred that Wesfarmers Ltd is well-established brand equity in the region of Western Australia and is a leading name in the diversified sectors of supermarkets, liquor, convenience stores, and hotels; improvement; office supplies, department stores. The above presented is the review of the current organizational structure which has been adopted by the business entity and also the report comprises of the acquisition methods which can be adopted by the business corporation.
References
.au.finance.yahoo, 2017, Yahoo finance, Assessed on 12th September 2017, https://au.finance.yahoo.com/quote/WES.AX/analysts?p=WES.AX.
Cassidy, A., 2016. A practical guide to information systems strategic planning. CRC press.
Cecez-Kecmanovic, D., Galliers, R.D., Henfridsson, O., Newell, S. and Vidgen, R., 2014. The sociomateriality of information systems: current status, future directions. Mis Quarterly, 38(3), pp.809-830.
Galliers, R.D. and Leidner, D.E. eds., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.
Greenblat, E, 2015, Wesfarmers restructure to streamline operations, Assessed on 12th September 2017, https://www.theaustralian.com.au/business/wesfarmers-restructure-to-streamline-operations/news-story/415bab7720bb6d61ade215957048d276.
Kavanagh, M.J. and Johnson, R.D. eds., 2017. Human resource information systems: Basics, applications, and future directions. Sage Publications.
Morecroft, J. D. 2015. Strategic modelling and business dynamics: a feedback systems approach. John Wiley & Sons.
Morecroft, J.D., 2015. Strategic modelling and business dynamics: a feedback systems approach. John Wiley & Sons.
Pearlson, K.E., Saunders, C.S. and Galletta, D.F., 2016. Managing and Using Information Systems, Binder Ready Version: A Strategic Approach. John Wiley & Sons.
Peppard, J. and Ward, J., 2016. The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
Peppard, J., & Ward, J. 2016. The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
Rainer, R.K., Cegielski, C.G., Splettstoesser-Hogeterp, I. and Sanchez-Rodriguez, C., 2013. Introduction to information systems. John Wiley & Sons.
Readyratios, 2017, Conglomerate, Assessed on 12th September 2017, https://www.readyratios.com/reference/accounting/conglomerate.html.
Realitysoftware, 2017, Accounting software development, Assessed on 12th September 2017, https://www.realitysoftware.ca/services/software-development/accounting/
Sarker, S., Xiao, X. and Beaulieu, T., 2013. Qualitative studies in information systems: a critical review and some guiding principles. MIS quarterly, 37(4), pp.iii-xviii.
Sarker, S., Xiao, X., & Beaulieu, T. 2013. Qualitative studies in information systems: a critical review and some guiding principles. MIS quarterly, 37(4), iii-xviii.
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