Information And Communication Technology In Management – Meeting For Increasing Profitability

Preparation for the Meeting

Discuss about the Information And Communication Technology In Management.

Meeting name:

The Profitability Meeting

Meeting Purpose:

The purpose of the meeting was to increase the profit of the company (The Ideal Enterprises) which had been continually declining for the past two years. This meeting was, therefore, a problem-solving meeting.

The company recorded a loss for the past two years in a row, and there was a need to determine ways in which organizational activities could be changed to increase the firm’s revenue and therefore its profit.

The different meeting participants included the CEO, members of the board, managers, and two guests from consulting firms to brainstorm and come up with ways in which The Ideal Enterprises could increase its profitability. Each of the participants was provided with the materials that would be used in the meeting earlier on in soft copy to ensure that they had sufficient time to go through all the material before the meeting. This would ensure that they developed arguments that they could use during the meeting on how the company could increase its profitability.

Participant Name	Reason for Participation
1. James Yusuf	CEO of The Ideal Enterprises; Has a lot of insight into the business and controls business operation with the aim of increasing the value of the company by improving the performance of the company.
2. Mary Jane	Chairman of the board of directors; Has high levels of experience working in the corporate world over the years and has a track record of improving the performance of failing companies.
3. Lucy Mayer	Chief company accountant; Has a deep level of understanding the company’s finances and can, therefore, shed light on areas that may require any clarification.
4. Ann Louise	Human Resource Manager; works with the company’s employees on a daily basis and can, therefore, provide input on how the employees can be motivated to work more efficiently and hence produce higher quality results.
5. Jack Miller	Head of the Risk Assessment and Analysis Department; carries out data analysis to determine the level of risk that the company will bear by carrying out specific operations such as launching a new product, entering new markets, as well as increasing or lowering the prices of different commodities.
6. Anthony Cosby	Head of the productions department; provide input on the costs incurred in production in a bid to determine if there are ways in which the production costs can be minimized.
7. Elias Cana	Head of the sales and marketing department; provide input on the sales and marketing process to find out if there is a way to optimize the process.
8. Eunice Mohammed	Head of the supplies and logistics department; provide input on how the supplies and logistics are impacting the company’s revenue and profitability.
9. Dennis Osteen	Head of the public relations department; provide input on ways in which the company is perceived by its customers and the community around it and how this is affecting the company’s profitability.
10. Ruth Parker	Secretary of the board; organizes the meeting and writes minutes. The secretary also has experience in the corporate world and can, therefore, provide high levels of input to the discussion.
11. Grace Taylor	Treasurer of the board; keeps records of the funds brought in by the board members and takes funds in cases of fines.
12. Janet Buffy	Member of the board; provide input on how to increase profitability from past experiences.
13. Mike Hannigan	Member of the board; provide input on how to increase profitability from past experiences
14. Jeff Palin	Member of the board; provide input on how to increase profitability from past experiences
15. Alice Markel	Member of the board; provide input on how to increase profitability from past experiences
16. Phoebe George	Member of the board; provide input on how to increase profitability from past experiences
17. Kevin Netanyahu	Member of the board; provide input on how to increase profitability from past experiences
18. Jack Washington	Member of the board; provide input on how to increase profitability from past experiences
19. Lynn Trump	Guest; works in a consulting agency where they perform data and analytics and can, therefore, analyze the relevant data to find ways in which the company is losing money.
20. Yvonne Jackson	Guest; works in an organization that specializes in human relations and behavioral psychology. The guest can hence provide input on the likely manner in which the different stakeholders will respond to the various suggestions made by the other participants in a bid to come up with the best solution.

The format chosen for this meeting is an internal conference meeting with a U-shaped table and chair setup and microphones in front of the chairs. This format was selected because the company needs to discuss the various ways in which it can improve its profitability with the different participants either agreeing with the opinions of their fellow participants or stating reasons why they did not agree with them. The meeting was, therefore, going to involve discussions from the different participants who would voice their opinions on ways in which increased profitability for The Ideal Enterprises could be achieved. The roundtable discussion allowed for all participants to communicate their thoughts and ideas freely and effectively (Dillion, 2015).

The invitation used the format of an email to abide by company policies that require all invitations and acceptances of meetings to be carried using the company’s email address. Below is a sample email used in the invitation process.

To:

Cc:

Bcc:

Subject: Invitation to a meeting on 20^th April 2018 on increasing the profitability of The Ideal Enterprises

Dear Jack Miller

You are invited to a meeting on 20^th April 2018 at the InterContinental Melbourne the Roalto. The meeting is aimed at coming up with ways in which The Ideal Enterprises can increase its profitability. The meeting will take place for the entire day, and therefore the transport to and from the hotel will be provided. Additionally, the company will cater for the accommodation for two nights on 19^th April 2018 and 20^th April 2018. The meeting will consist of the company’s CEO, heads of departments in the company, board members, and two guest speakers.

Attached to this email is a copy of the company’s income statements for the past five years, the statements of financial position, and the cash flow statements. Moreover, there are similar financial statements from four of our main competitors. Kindly go through them to ensure that you are well prepared for the meeting.

As is company policy, kindly confirm our attendance three days before the set date of the meeting.

Kind Regards.

The meeting papers were distributed in soft copy format initially for all the meeting participants to go through them before the meeting. During the meeting, the same materials were then distributed in hard copy format to ensure accuracy and to be used for reference during the meeting. The meeting papers included the company’s cash flow statements, its income statements, and its balance sheets. There were also similar papers from the four main competitors.

The different activities that were to be carried out during the meeting were delegated to varying participants as shown in the table below. The people who were assigned the various tasks have a track record of being effective in their jobs, and they all carried out their roles efficiently and promptly. Therefore, we were able to achieve the goals of the action plan and the meeting also run smoothly throughout the day.

Name	Role
Grace Taylor	Distribute the hard copy documents to all the meeting participants
Mike Hannigan	Set up the recorder before the start of the meeting to ensure that all information discussed during the meeting is on record.
Phoebe George	Take care of the catering activities and ensure that the budgeted amount for catering ($1,000) is not exceeded.
Janet Buffy	Find out the unique needs of all the participants and ensure that they are all taken care of.
Alice Markel	Set up the microphones, video and data projector, and ensure that there is a white board in place for any demonstrations that may take place during the meeting.
Dennis Osteen	Communicate with the management of the InterContinental Melbourne the Roalto hotel to ensure that the venue is well prepared for the meeting.

Meeting requirements questionnaire
Chairperson/host	(student’s name)	Department	Finance department
Meeting name	The profitability meting
Meeting details
Date	20^th April 2018	Time	8:00 am – 4:00 pm
Location	the InterContinental Melbourne the Roalto hotel	Budget	$5,000
Meeting format
Purpose	To determine ways in which the profitability of the Ideal Enterprises can be improved.
Agenda	1. Ways to increase the profitability of the firm. 2. Ways to increase efficiency in operations. 3. Ways to optimize sales and marketing activities.
Participants	Internal	External
Speakers	The heads of all the company departments.	1. Lynn Trump	2. Yvonne Jackson
seating arrangements		Phoebe George
video or teleconference requirements	Alice Markel
hospitality requirements
catering requirements	Phoebe George	Phoebe George	Phoebe George
accommodation requirements	Dennis Osteen
other requirements
special needs of attendees	Janet Buffy
other specific requirements	Janet Buffy

Meeting name	The Profitability Meeting
Date:	20^th April 2018
Time:	8:00 am – 4:00 pm
Location:	the InterContinental Melbourne the Roalto hotel
Purpose statement	To determine ways in which the profitability of the Ideal Enterprises can be improved which will be stated by the chairperson of the meeting.
Welcome statement	Provided by the chairperson after all members arrive.

Meeting Name

The Social Media marketing meeting.

Date

20^th March 2018

Time

8:00 am – 12:00 pm

Attendees

James Yusuf

Mary Jane

Lucy Mayer

Ann Louise

Jack Miller

Anthony Cosby

Elias Cana

Eunice Mohamed

Dennis Osteen

Ruth Parker

Grace Taylor

Janet Buffy

Mike Hannigan

Jeff Palin

Jack Washington

Apologies

1. Phoebe George

2. Kevin Netanyahu

Item

Actions

Use of Facebook

Use Facebook in advertising by paying to put up advertisements

Use of Twitter

Use the company’s Twitter account more optimally by posting regularly

Use of Instagram

Open an Instagram account which will be used in showcasing the company’s products.

Use of integrated marketing communications

Provide a similar message on all the social media platforms to enhance the levels of trust of the potential and existing customers.

Connecting with customers through social media

Communicating with the target customers and helping them in solving different problems.

Depicting corporate social responsibility in the different social media platforms

By carrying out ethical practices, and working within the country’s legislation, and carrying out charitable acts to the benefit of the community.

Attendees
1. Lucy Mayer	2. Ann Louise	3. Jack Miller
4. Anthony Cosby	5. Elias Cana	6. Eunice Mohamed
7. Dennis Osteen	8. Ruth Parker	9. Grace Taylor
10. Janet Buffy	11. Mike Hannigan	12. Jeff Palin
13. James Yusuf
Dial-in attendees
1. Mary Jane
Apologies
1. Alice Markel
Guests
1. Lynn Trump	2. Yvonne Jackson

no.	agenda item	pre-read?	Presenter	Time	Duration
1.	The opening of the meeting after the chairperson declares quorum and apologies from those who did not attend.		Chairperson	8:00 am	5 minutes
2.	Statement of the primary purpose of the meeting.		Chairperson	8:05 am	10 minutes
3.	The distribution of meeting materials.		Grace Taylor	8:15 am	15 minutes
4.	The reading of the previous minutes and discussion of any business arising from the last meeting.		Secretary (Ruth Parker)	8:30 am	30 minutes
5.	Input from participants on ways to increase company profitability.		All participants	9:00 am	2 hours
6.	Break			11:00 am	30 minutes
7.	Input from the guests on the implications of the different suggestions		Guests	11: 30 am	1 hour
8.	The conclusion from all the participants on how company profitability can be improved.		All participants	12:30 pm	1 hour 30 minutes
9.	Break			2:00 pm	30 minutes
10.	Statements of the course of actions for the different departments and all stakeholders		All participants, then chairperson.	2:30 pm	1 hour 30 minutes
11.	Meeting Adjournment		Chairperson	4:00 pm	5 minutes

The meeting was opened by the chairperson who acknowledged that the necessary quorum of two-thirds of the total participants had attended the meeting. The chairperson then stated the primary purpose of the meeting which was to identify ways in which the profitability of the Ideal Enterprises company can be improved.

Grace Taylor then distributed the financial statements of the company as well as those of the company’s closest competitors that were going to be used in the discussions. These include the statement of financial position, income statements, and cash flow statements for the past four years.

Meeting Participants and their Roles

The secretary Ruth Parker then read the minutes of the previous meeting and seconded by Grace Taylor. The issue that was discussed in regards to the minutes of the last meeting was the use of LinkedIn in marketing, and it was agreed in unison that the head of marketing had the duty of creating a LinkedIn profile for the company.

The participants then embarked on the matter of the day which involved discussing ways in which the company’s profitability could be improved. James Yusuf the company CEO suggested that the company increase its product variety and then sell them in both existing and new markets. Lucy Mayer indicated that the company should take advantage of tax deferring policies in a bid to increase the amount of money for company expansion both internally and externally. Ann Louise, the human resource manager, suggested that the company hire more effective employees and fire those who did not add value to the company. This was refuted by Anthony Cosby and Janet Buffy who said that this could lead to lawsuits from the fired employees who could increase the company’s expenses.

Anthony Cosby suggested that the company should incorporate more efficient production processes by using more technological innovations in the production process to save on costs and increase output. Elias Cana aid that the company needed to improve its website to be able to serve its customers better who use their online platform. Dennis Osteen then said that it was crucial for the company to enhance its customer service experience to retain its existing customers. After thorough data analysis and comments from the guests, the participants decided that they need to improve their customer service experience, develop the website, carry out branding practices, increase product variety to sell in both existing and new markets. Finally, the chairperson adjourned the meeting.

Next meeting: Company conference room to review the results of the action plan

Date: 20^th May 2018

Meeting Action Plan

Meeting name:	The Profitability Meeting
Meeting date:	20^thApril 2018
Chairperson/host
Action required	by whom	by when
Enhanced customer service experience	Dennis Osteen	1^st July 2018
Website development	Eunice Mohammed	20^th June 2018
Branding activities	Ann Louise	20^thJune 2018
Increase product variety	Anthony Cosby	1^st June 2018
The market in the new markets	Elias Cana	15^th June 2018
Product sale in the new markets	Elias Cana	1^st July 2018

There was a challenge when some of the participants took more time than prescribed and this caused the other participants to complain.

To resolve this issue, I restated the problem as a question where I asked the people who were taking up a lot of time if they were aware of their time limit. They stated the limit and refrained from using too much time to say their points. I suggested that they can write down their statements and then summarize them to make use of the least number of words but still retain all the necessary information.

Meeting format

This technique assisted in solving the problem because all the participants were mindful of the time which helped us to cover more ground in the meeting.

Meeting participant evaluation form	strongly agree	agree	neutral	disagree	strongly disagree
The meeting started on time	X
The meeting purpose was clear	X
The chairperson kept discussions focused on achieving the purpose of the meeting	X
The chairperson ensured that all participants were involved in discussions		X
The chairperson facilitated the problem-solving activity to resolve any issues		X
The chairperson maintained control of the meeting throughout the duration	X
The chairperson facilitated the problem-solving activity to resolve any issues	X
The chairperson facilitated decision-making to ensure required decisions were made	X
The meeting followed the agenda	X
The desired outcome of the meeting was achieved	X
The meeting concluded on time	X

The meeting was conducted by the agenda. Additionally, it ended on time. There was ample time allocated to the primary topic of discussion, and the participants provided their suggestions on ways to increase profitability. Finally, the course of action was stated, and different people were allocated the role of overseeing the achievement of the set goals.

	strongly agree	agree	neutral	disagree	strongly disagree
The chairperson clearly explained the meeting purpose and the expected outcomes	X
I was provided with a list of the attendees and their roles before the meeting	X
I was provided a copy of a minute template to use to record the meeting discussions		X
The chairperson explained any organizational requirements/ conventions for recording the meeting minutes		X
The chairperson explained the required method for recording meeting notes and their expectations with regards to the level of detail of information recorded		X
I was provided with examples of previous minutes to assist me with understanding what was required		X
It was clear to me what was expected	X

The chairperson stated what was expected in providing minutes. The minutes were supposed to include all the activities that went on in the meeting and all discussions from the different participants.

To ensure that the minutes provide the accurate record of the different activities that took place in the meeting include; first, I look at the minutes against the agenda to ensure that all the information provided in the programme are contained in the minutes. Second, I look at the members present as stated in the minutes and compare to the members who had confirmed and accepted to attend the meeting. Third, I create a checklist before and during the session which I then compare against the minutes.

Area	Review Summary
Accuracy of information	The information in the minutes provided an accurate representation of the activities that occurred during the meeting.
Spelling and grammar	The minutes made use of the correct grammar.
Correct use of the template	The template was used correctly.

The meeting minutes are distributed in soft copy to all the participants because this method is efficient and saves costs (Leshan et al., 2017).

The minutes of the meeting were stored using different methods. First, the minutes are typed, and a soft copy is stored in the secretary’s computer. The secretary also sends one copy to the chairperson. The minutes are stored under a name which contains the date of the meeting and the name of the meeting. A company’s online document storage device is also used to back up the information that the secretary and chairperson have. Finally, the minutes are stored in hard copy which is well labeled with the meeting name and date.

The Profitability meeting was very effective and efficient in addressing the various issues that were causing the company to make losses. The agreed upon courses of action included the improvement of the company’s customer service experience, development of the website, branding activities, and product diversification to sell in both the existing and new markets. The different individuals who were allocated the different roles worked hard to achieve the projected levels of success and within a month, the company’s revenue was already increasing and the company was profitable within the first quarter after the meeting.

References

Dillion, J. (2015). Research on Questioning and Discussion. Education and Leadership.

Leshan, J., He, L., Ying, L. and Dan, D. (2017). A case study on the use of Information and Communication Technology in the management of rural groundwater in China. Food and agriculture organizations of the united nations; China Agricultural University. [online] Available at: https://www.fao.org/3/a-i7082e.pdf [Accessed 11 May 2018].

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