Describe about the Service Management for Todays Business Environment.
Today’s business environment is often observed to be complex as well as critical that drives the IT companies to monitor and manage the application service levels at high standards of availability. However, it has been observed that organization RELX group faced some issues that include service failure, competitors and performance degradation. The senior management of the organization should provide a comprehensive monitoring solution that could help to manage the services effectively provided by the organization itself. The current report focuses on the operation strategy of the company and identifies the issues in the implemented strategies. It also includes the competitive strategies of RELX Group to perform effectively. The objective of the organization is provide enhanced outcomes for professional as well as business customers across industries to help them in making effective decisions and receiving better outcomes.
The organization aims to establish a leading position in long-term global enhancement and develop the skills and resources across its operation. The organization delivers information for professional users in North America, Europe and globally (Hair et al. 2012). The scientific, technical and medical segment of the organization provide the relevant information to the scientists, analysts and researchers, academic institution, health professionals and others. The risk solution and business information department of RELX Group provides the insurance solutions to commercial, individual and life insurance carriers to develop multiple aspects of their business.
In addition, the organization also offer different business services such as risk management, fraud detection, identity management, solutions for corporate customers in retail sector as well as the compliance solutions for financial organizations. Furthermore, one of the department of RELX Group offers the government solutions to recognize the fraud, waste and corruptions in government operation. Over the past 10 years, the organization has gained an enormous popularity due to its extension of operation. Based on the demands of the services, the organization provides the services. The organization also deal with the airline services as it offers airline schedule data, mapping and crop recording. RELX Group has announced the overall revenue for the first nine months of 2015 (Selnes 2013). The growth in the revenue was 3% in 2015. In addition, the revenue for the full year remains unchanged.
The vision of the organization is to be a world-leading provider of information solutions that enhances the outcome for the professional customers. Thus, to achieve this, the organization is in the rush of exercising the full extent of its CR (Corporate Responsibility), conducting the operation to the greatest ethical standards (Chandra, Styles and Wilkinson 2012). Thus, it has been observed that the strategy of the organization remains unchanged for years. RELX Group performs its long-term operation by leveraging an intensive understanding of the customers to enhance sophisticated information based on the analytics as well as the decisions. The organization has been serving the customers in more than 130 countries. By understanding the needs of the customers, RELX develops the information-based analytics and decision tools that mixes up the content and data along with analytics as well as technology in international platform (Mallen 2013). The organization provides the relevant services for the customers to pursue cost efficiencies by extending the operation in the global market.
Throughout the years, the organization continuous to make improvements in the strategic direction. The company is systematically migrating its business across RELX Group to electronic decision tools (Chandra, Styles and Wilkinson 2012). The company has developed the strategies for embedding more developed analytics as well as adopting technology that is more powerful along with the organic enhancement. RELX is on its way of transforming the central business and developing new products. In such case, the organization needs to expand the business with higher growth. In addition, it has also been identified that the organization is supplementing the organic progress with selective acquisition of selected data sets as well as analytics. It is initiative is also implemented by the development with the assets in high growth market, which sustains the organic growth of the organization. The company also considers this as the natural addition to its existing business. Furthermore, by paying attention to the core operation of organization’s business, RELX Group is being observed to be developing their business profile and the quality of services with increasing earning. This could lead to a more predictable revenue through a better asses mix as well as geographic balance. In addition, the organization involves 750 colleagues throughout the Group in its CR activities with its broad network (Shimp and Andrews 2012). In the year 2015, the company has undertaken a global “Employee Opinion Survey” and performed a “Pulse survey” to understand and respond to employee’s opinion (Sullivan Mort, Weerawardena and Liesch 2012). After the survey, the organization conducted CR related activities. Moreover, RELX uses effective approaches for its supply chain management. The company upholds its value in their supply chain by involving the suppliers to meet the same standard it sets for its organizational behaviour.
The organization RELX Group has been running its operation over a long period. The long-term operation has made possible for the organization to extend services. In addition, the organization has some tremendous business opportunities. For example, it has strong influence in the domestic market and each business unit of the organization has experienced the dynamic scenario of the industry. Moreover, the sale network of the company rapidly increasing with the existing distribution channels. Further, the demands of the services provided by RELX Group is rapidly increasing; thus, the company easily make investment for new products and services. On the other side, the company has extended its operation in the global market as well. On the contrary, the competitors such as PEARSON PLC, Thomason Reuters Corporation and Wolters Kluwer N.V are lacking the opportunities of effectively standing the business in the global market (Madden, Roth and Dillon 2012).
In addition to all these, in order to push the competitors back in the market, RELX Group often develops its corporate strategies and dynamic trends of both domestic as well as global market. While developing the strategies, the organization focuses on the customer needs and listen to the requirements of the customers. RELX often conduct customer analysis involving both local and internal market. This helps the organization to understand the needs and demands of the customers. This drives a customer-centric culture across the organization. Conversely, the competitor such as PEARSON PLC lacks the ability to provide the required standard of services for the customers (Kim et al. 2012). This happens, as the operation of PEARSON PLC in the global market has yet not been effective; thus, the company is not aware of the changing trends of international markets.
However, RELX Group is dedicated to become the leader in its leading sector recognized for profitable, innovative and tremendous business performance. The organization has the positive involvement with the stakeholder including shareholders, workers and communities. Throughout the overall business, the organization attempts to upgrade the principles that cover human rights, the environment and labour. The success of RELX is due to the skilled people who endeavour to make RELX Group the trusted one. The organization hires the people who are highly trained and experienced in each segment of the business. The organization has become the employer of choice employing 30,000 people (Barnaghi et al. 2012). The organization maintains the best practice of retaining and recruiting the best employees.
As the organization is running its operation over a long period, it has gained the capability of extending its services. The organization tends to conduct the customer analysis to know the current demands of the customers. Likewise, the RELX Group also conducts market analysis to learn the current trends of market. Information Solution is one of the major segment of the organization as the total revenue increased to 9% in 2015 (Edvardsson et al. 2012). This segment of business has always been effective for the organization. On the contrary, the Scientific, Technical and Medical segment deals with scientific, technical and medical information. By launching this service, the RELX Group gained the access to global market.
It is evident that RELX Group has become one of the world leading providers information and analytics for business customers as well as professional customers throughout the industries. The organization has gained enormous reputation due to long expansion of services. It is observed that the key business trends in its scientific technical and Medical business remains positive for many years. The organization has experienced a tremendous growth in the business in this particular unit. The overall profit growth in this sector has increased to 5 % (Aarikka-Stenroos and Jaakkola 2012). On the contrary, the growth in Risk and Business Analytics has increased with tremendous achievement. The organization has launched a number of new services in this unit, which further helps the organization to expand the business into the global market. In addition, the exhibition sector of RELX Group’s business experienced growth in the revenue, which has increased to 5% (Barnaghi et al. 2012).
Conclusion
On the completion of the report, it can be mentioned that the organization recognize the growth and the future of its business depends on the ability to deliver sustainable, necessary information as well as services to customers. In addition, the company aims to develop the professional and business outcomes for the customers rapidly delivering online solution. The organization has successfully been running the services across the globe. The strong global presence has made it possible for the organization to utilize the marketing opportunities.
References
Aarikka-Stenroos, L. and Jaakkola, E., 2012. Value co-creation in knowledge intensive business services: A dyadic perspective on the joint problem solving process. Industrial Marketing Management, 41(1), pp.15-26.
Barnaghi, P., Wang, W., Henson, C. and Taylor, K., 2012. Semantics for the Internet of Things: early progress and back to the future. International Journal on Semantic Web and Information Systems (IJSWIS), 8(1), pp.1-21.
Chandra, Y., Styles, C. and Wilkinson, I.F., 2012. An opportunity-based view of rapid internationalization. Journal of International Marketing, 20(1), pp.74-102.
Chandra, Y., Styles, C. and Wilkinson, I.F., 2012. An opportunity-based view of rapid internationalization. Journal of International Marketing, 20(1), pp.74-102.
Edvardsson, B., Kristensson, P., Magnusson, P. and Sundström, E., 2012. Customer integration within service development—A review of methods and an analysis of insitu and exsitu contributions. Technovation, 32(7), pp.419-429.
Hair, J.F., Sarstedt, M., Ringle, C.M. and Mena, J.A., 2012. An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the academy of marketing science, 40(3), pp.414-433.
Kim, K.H., Jeon, B.J., Jung, H.S., Lu, W. and Jones, J., 2012. Effective employment brand equity through sustainable competitive advantage, marketing strategy, and corporate image. Journal of Business Research, 65(11), pp.1612-1617.
Madden, T.J., Roth, M.S. and Dillon, W.R., 2012. Global product quality and corporate social responsibility perceptions: a cross-national study of halo effects. Journal of International Marketing, 20(1), pp.42-57.
Mallen, B., 2013. Marketing channels and economic development: a literature overview. International Journal of Physical Distribution & Logistics Management.
Selnes, F., 2013. An examination of the effect of product performance on brand reputation, satisfaction and loyalty. Journal of Product & Brand Management.
Shimp, T.A. and Andrews, J.C., 2012. Advertising promotion and other aspects of integrated marketing communications. Cengage Learning.
Sullivan Mort, G., Weerawardena, J. and Liesch, P., 2012. Advancing entrepreneurial marketing: Evidence from born global firms. European Journal of Marketing, 46(3/4), pp.542-561.
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