UNIT 306 HOW TO CONTRIBUTE TO INNOVATION AND CHANGE WITHIN THE ORGANISATION Innovation in a business environment is not about doing the same thing better, but about doing something different to improve the end result. It helps keep the business competitive, by trying different methods to improve business opportunities. Customer service can be improved by providing a better service, one which benefits both provider and customer. Reduction in waste can be a result of innovation in a business environment by, once again, applying different methods to put this into operation. It is important to review existing ways in a positive way because it can strengthen the business and help build trust with customers and employees.
This technology can help both firms reduce inventory expense, improve stock out performance, and respond more quickly to the customer’s demand. The system is very flexible and able to handle a variety of replenishment styles. In my opinion, this strategy benefits both companies; however, there are some major concerns. Besides the large investment on technology, it will take time to set up and familiarize with the system. Therefore, it requires a close relationship between two companies.
This program would be an incentive based program to allow managers a way to track which employees has accurate entry and which employee might need more training. The program’s purpose would be to hold employee’s accountable for their data entry actions. If there is room is the budget an incentive for accurate data entry could
Evaluating and Improving Internal Control in LJB Company Introduction Internal control is one of the integral parts of a company. To improve management’s ability to analyze and assess the profitability of their business, we review the already established internal control system and recommend, where needed, improved internal control procedures that defenses against business failure, drive business performance, and to manage risks in achieving the business’s goal. Why Internal Control is Important The overall purpose of internal control is to help an organization achieve its mission, accomplish its goals and maximize profit while reduce risk. An effective internal control system has primary components: * A Control environment * Risk assessment * Control activities * Information and communication * Monitoring In this analysis, we will focus on Control Activities since it is the backbone of LJB company’s efforts to address the risks it faces. The six principles of control activities are as fellows.
6. | Question : | (TCO 1) How can an AIS add value to the organization? | | | Student Answer: | | An AIS can help add value to an organization by improving its efficiency, internal control system and by reducing the costs of products or services. AIS can also help add value by improving its decision making which will help organization is making decisions that are best for the organization financially. | | Instructor Explanation: | An AIS can increase the efficiency and effectiveness of the value chain by improving the quality and lowering costs of products or services, improving efficiency of operations, improving decision making, enhancing the sharing of knowledge, improving the efficiency and effectiveness of its supply chain and improving the internal control structure.
Once this has been clarified it is the manager’s job to guide his team to accomplish these goals. To make it easier for the manager the team’s tasks should be created using the “SMART” principle. They should be specific, measurable, achievable and realistic and time bound. Once the task has been clearly defined it is then easier for the manager to decide which leadership style to use in the given situation. For example if an important/urgent task needs to be completed in a short period of time the manager may decide to use a more direct authoritative style (autocratic or bureaucratic leadership).
Implementing an automated Human Resource Information System (HRIS) will mitigate these risks and in turn will be beneficial to current and future objectives in growing the organization. Currently Castles utilize Compeat to address other aspects of the business; the recommendation set forth suggests Payroll and Workforce add-ons, which will integrate seamlessly with the current environment. The solution is cost effective and will reduce the opportunity of human error. The solution will also align departmental responsibilities and afford Mr. Morgan the time needed to implement the operational activities, which drive corporate goals and objectives. The
Unit 2- Business Resources D1- Evaluation on Managing Resources Can Improve the Performance of a Business If a business manages its physical and technological resources effectively, this will impact the performance of the business as it will give Cheshire Balloons the full benefits of the resources. The same applies to the Cheshire Balloons budget, if the budget is controlled and managed effectively, this will improve the performance and success of the business. As profits are the way to recognise any improved performance with in the business, if business profit levels were to improve, this would mean the business has managed to maximise its income and minimise it cost. This is an overall improvement to the Cheshire Balloons performance. As the business is aware of what will sell and be successful with in there shop.
AVIVA INVESTORS This case reveals three major challenges for Aviva Investors regarding its engagement strategy as a leader of sustainability-focused asset management sector to incite companies to adopt best practices in terms of corporate governance principles and socially responsible investment (SRI) guidelines. The first challenge highlighted by S. Waygood, the head of Sustainability Research and Engagement at Aviva Investors is how to encourage their clients (portfolio companies) to take further steps in favor of corporate responsibility. The second challenge concerns the stance to embrace regarding unresponsive companies to make them change their policies in accordance to the best business practices promoted by Aviva Investors. Finally, the third challenge is related to the development of Aviva Investors’ approach at an international scale. Aviva Investors’ strategy is to promote long-term sustainability and that could be done only by integrating ESG (Environmental, Social, and Governance) risks and opportunities into companies’ management.