HR ASSIGNMENT ESSAY: Leading E-Strategy for Improving the Business
Strategy is a long term plan which shows direction to the business and also helps in meeting the expectations of all the stakeholders. It will help in making use of the resources in a proper manner and to cope with the competition by creating an edge over others. The value of Strategy in an organization is explained in this paragraph. In an organization the strategy should be linked from the top to the bottom level. It is the advanced strategy that helps to manage the risks in the business by supporting the appropriate decisions (Professor Michael E. Porter 2008). Strategy will help in merging, acquiring, and outsourcing the business for sustaining it in future. The needs of customers and price of the products can be identified with the help of strategy. It will help in achieving the goals efficiently and effectively. There are several advantages of strategic planning for the improvement of the business such taking appropriate decisions making process, increases the performance of the employees, adapts the technological changes, improves the brand images, and etc. It can be linked with the improvements in the business, customers, employees, technology, and the financial factors. Companies can set benchmarks for their business by reducing the cost with the help of strategies and provide maximum satisfaction to the customers. The goal and the objectives of the business should be achieved in a SMART manner where goals should be smart, measurable, achievable, realistic and time-bounds (The State of Queensland 2012). The strategy should be linked with innovation, productivity, social responsibility and the growth factor of the business. A well planned strategy will help to forecast the business and meet the resources in future. In the era of globalization the strategy of a business can be linked with the e-strategy which means to plan the scope of business by the means of internet. Strategy implementation takes more time as compared to the formulation because environment should be scanned and it should be evaluated and controlled (Quick Mba.com 2012). Any wrongly planned strategy will create ample problems for the business and its people. Even if strategy is not implemented in a proper manner business has to suffer from several loopholes (Carneige Mellon University 2008). The benefits of having E-Strategy in organization are such as it is the latest technology to grow and support the business. E-strategy is defined as the strategy designed with the help of internet to reduce the human cost. It deals with online marketing of the products and meet’s the customer requirements. E-strategy also aligns with the existing strategy by providing benefits in terms of discovering, planning the projects, and outlining the content for delivering the better results (Global Magic Corp 2012). The companies have been framing the E-strategies to sell their products by using the social networking sites and media.
Praga is a company dealing in the fashion industry. It has been producing high end coats, outwears formals for men & women, and accessories. The fashion styles were traditional and have been considered very dull. The sales of the company had reduced and it was a matter of concern for the company. The factors that have underpin the requirements of E-strategy at Praga are declining profits, outdated technology being used for the production process, poor infrastructures, lack of finance, and the emergence of the larger shops offering huge discounts, has forced the management to plan a new strategy to overcome these problems(Publish Your Articles.net 2012). Praga has asked one of the consultants to find out the strengths and the weakness of their business so that new E-strategy can be designed in a proper manner. The strengths highlighted were it has been perceived as the company known for the quality by the foreign markets, it has built a strong expertise in the retailing business, strong customer relationships, and etc. The weaknesses were also highlighted in terms of high manufacturing costs, rejection due to poor quality of products, lack of latest designing and declining age of the customers and their needs. Business was facing problems in manufacturing, designing and growing profits with the products such as bags, shoes, perfumes and the accessories (Hearst Communication Inc 2012). As an Operations and IT Director at Praga one of the prestigious fashion industry, my work is to transform the new E-strategy to the existing business. The benefits of E-commerce to Praga are it will reduce the cost of inventory management, help to connect the customers globally, understanding the consumer behavior, reduce human cost, and advertisement cost. The company wants to outsource the manufacturing and manage the retailing business internally by hiring new talent, and rebalancing the items of accessories of Praga. The company also wants to focus on premium collections for their retailers. The company wants to develop the long term customer relationship by targeting the tech savvy customers. The four tasks Praga should do for running their business are explained in detail. The vision of Praga is to explore the business by improving the touch points with latest technologies.
In this paragraph, as the Director of IT and operations at Praga the first plan is to move the current strategy of business process to a digital model. This plan will help Praga to retain its competitive edge in a global market by outsourcing the manufactured goods from their vendors. The vendors can be asked to use the latest technology for manufacturing the products of accessories. Proper Infrastructure should be set up by the vendors and latest designs can be mailed by the designers (E-Strategy Solutions Inc 2012). This will provide enough time to Praga for managing their retailers. A better E-commerce platform will explore the business in a better manner. A developed, Information Technology infrastructure set up should be planned and the proposal should be discussed with the management. The external & internal environment should be analyzed and Electronic Data Interchange (EDI) should be used for sharing the ideas and the communication process. It will help in electronic buying and selling of the products being outsourced by their vendors who will manufacture on the behalf of Praga. The business can be move to the digital mode with the help of certain points. The first point is to identify the fragmented the business of Praga which does not integrate with each other. The second point is to find out the options which can clearly help to move towards the digital mode. The third point is to set up the technical infrastructures which will help in screening out the search engine for marketing the products of Praga such as website conversion, social networking sites, internet marketing, mobile marketing and displaying the advertisements at different sites and developing the customer Relationship Management. The fourth point is to explain the type of resources such as man, machines, money, method’s should be identified for implementing the ideas and increasing the profits. The fifth point is time management by the help of total quality management process. This process will help to connect the designers on appropriate time, which will provide the new designs of bags, shoes, formal and accessories for the Praga and they can send it to the manufacturing vendors forwarding the selected designs. It will help in getting maximum return from the digital mode of investment (Internet Marketing and E-Business Consulting n.d). The customer’s relationship management can be developed with the help of social networking sites. A proper presentation including all the above points should be explained well. Since the business strategy is defined as the subset of the E-strategy. It will also explain how the technologies can be connected with all the departments of Praga which will help in efficient time management and effective use of the resources. The retailers of Praga can be managed internally by maintaining connectivity on the online basis. It will help in creating a better communication platform for the customers, vendors and the retailers of Praga. This digital model will also restrict the other competitors of Praga and also the several costs related to logistics, financial and marketing will be managed. The dull fashion can be converted in to bright one by focusing more on the customer’s suitability. The old technology can be replaced with the new technology. The online presence of the companies will help to connect the customers globally by building better customer traffic for Praga. Digital model will connect all the strategies which were being followed earlier with the latest technologies and survive Praga from losses. It will help to provide the information in advance regarding what new technologies are being used by their competitors to attract the customers. It will create a Business to Business model for every retailer who is providing and getting business from Praga. This E-strategy presentation linked with the digital model will highlight the consumers strategy, outsource the business, provide a feeling as if Praga is a new established company, help in product Differentiation and be a part of E-Business Community(Massy University Albany Campus, Auckland N.Z 2000).
In this paragraph the second plan will explain about proposal for the digital model. It will include the resources which are required for making the E-strategy a successful one. The resources can be in form of 5M’s of management such as money, method, materials, machines, and manpower. The schedule of the E-Strategy plan for Praga is being described in this paragraph. It will create a new platform for the consumers and the retailers who are involved in the business process of Praga. Implementing an E-Strategy is the biggest challenge because it requires the coordination of all the stakeholders with each other. The implementation of the E-Strategy will assure reliability, functionality, User friendly, adaptability and Scalability. The points include in this plan are explained in this paragraph. The connectivity of the network should be connected with several geographies of the world. The transaction being carried by the consumers on the online basis should be accessible at any moment. The transactions should be done on a quick manner to reduce the wastage of time and increase better online customer’s traffics. Market should be segmented on the basis of the technology and the non technology users so that both segment of the customers can be approached to grow the business. The implementation of the E-Strategy will help to coordinate with the simple strategy, tactical and the operational plans to avoid from the failures. The simple strategy will help in the implementation process by linking it with the motives of investment in new Information Technologies. The market trends can be studied and the management can be convinced to support in implementation process. The objectives of the Praga should be linked with the cost and the benefits factors. It should be feasible for the company to implement it without suffering from the additional losses. The implementation will also be interrelated with the tactical plans. The performance indicators of the business should be identified with security and also budget should be available for the shareholders who can fund Praga for exploring the business. The senior managers should be clear about why they are implementing it in their company. The existing business systems can be adapted to accommodate the requirements of an E-strategy at Praga by updating the technologies in term of market requirements and the opinion of the vendors should be considered. The risks in terms of the technology should be managed by the experts and the latest security systems.
In this paragraph, third plan related to an implementation of the E-Strategy is being explained. This will include all the activities done electronically The First activity is related to internet network which should be connected with the wide area network with the help of satellite. This process will help in adapting the existing strategy with the requirements of E-Strategy. A proper computerized system should be there in the company which can be connected with the all the stakeholders. Everything should be done manually and as well with the help of internet to minimize the time and control the wastage of resources. Management should be convinced regarding the emergence of technological market. The one-line marketing demand should be indicated for implementing the new system. The second activity is related to clicks and the mortar facility. This facility will help the customers to choose the products in terms of different Prices by clicking with the mouse. They can book their orders by sitting at home which will reduce the storing cost in the company. The designs and quality factors should be noticed in the visible terms by the customers. One-line payment and home delivery system should be there to provide convenience to the customers (Power Bizz Home.Com 2012). The third activity will provide a better shopping experience because the product being purchased online can be returned by the customers if found defected and they can provide the feedback to the new E-strategy system of Praga. It can be done by understanding the behavior of the consumers. The classification of the consumers can be done according to the types of products being preferred by them. The fourth activity is related to management of the security which can be done by company by proving full content of the products, pricing, and communication by installing a firewall which will protect from the hackers. The systems being used by the employees at Praga should be protected with the proper ID and the password which cannot be used by any other person. The fifth activity is to get unique software designed by the software company for managing the internal business of Praga. The sixth activity is to select a proper team of experts from all the departments such as finance, HR and Marketing, to execute the E-Strategy. The seventh activity is to provide training to the employees and their vendors regarding use of the new technology for performing their work by reducing much manual effort. It will motivate the employee’s and boost their confidence level. The eighth activity is to create a forum related to the queries of the employee’s and all the stakeholders. The feedback process will reflect the appropriate communication and also improvements can be made to services which are being provided to the customers located globally. It will also suggest more ideas for the company.
In this paragraph the fourth plan which is related with the performance being monitored by management is described in an appropriate manner. Since Praga is dealing with B2B, and B2C basis performance should be managed and measured by the management. The implementation of the E-strategy and measurement of performance will be done with the help of Balance Score Card Method. It is one of the methods of performance management system which is linked with the strategy of an organization. It is a way to manage the external and the internal communication process. Kaplan and Norton had founded this method and it will consider the vision and the strategy of the business. It deals with the four factors such as financial, Internal Business Process, customers, and learning & growth (Balance Score Card Institute 2012). The learning and growth factor is the last factor which will be related with the performance of the employees while implementing the E-strategy at Praga. It will include aspects such as skills, retention policies and the satisfaction. It will be measured by management by giving the targets to their employees. Thus it will support the third factors known as the Internal Business Process (IBP). The customer order, procurement, and fulfillment of orders are being associated with it. It will be measured with the initiatives being taken to improve the quality of the products with latest designs at Praga. IBP will support the second factor such as customers by providing satisfaction to them and gaining the market share. It is being tracked by the total monthly sales. The customers will support to the financial factors such as the investment being done, return from human capital, and operating income. It can be measure with the revenue growth. The loopholes in any of the factor will hamper the performance of the other factors. Thus Balance score card method will help to manage the performance of Praga after implementation of E-strategy in a better manner. It will track everything on online basis. The process of E-Strategy can be monitored with the help of strategic planning process, proper execution and communication, effective Management Information systems, timely performance reporting, appropriate alignment of process with the E-Strategy, and etc (API BWMC Ltd 2012).This method will help to measure the performance from top to bottom level. Certain metrics of the financial, customers, internal business process and learning & Development can be linked with the E-strategy of Praga to track the business on timely basis. It will also help the company to manage the risks during the implementation phase of Praga. The talent can be retained by offering them better facilities and career growing opportunities at Praga. The employee’s will reflect the difference in term of product, and better customer services being provided at Praga with the help of E-strategy. A competitive edge will be created for the competitors who will fail to excel from Praga.
Thus in Conclusion it can be concluded that by implementing the E-strategy Praga will manage the problems which is currently being faced by the management. It will revive the business with the appropriate implementation of the developed Information Technology to cope up with the changing preference of the customers located globally. Praga is a fashion based company, the customer preference changes along with the emerging designs in the market. E-strategy will contribute Praga with competitive edge in a global market by spending on purchasing the latest technology. A benchmark with be set by the management to follow the business standards by linking it with the drivers of the business such as innovation, new developments, cost, learning and growth of the business. The four plans which have been explained in the above paragraphs which will help to assess the external and the internal environment of the company. It will help to identify the new technologies being used by the competitors, study the changing behavior of the consumers, focus on the designing, and the online marketing. The E-Strategy will reduce the workload of unrelated activities and outsourced the manufactured products. It will also provide the benefits to the retailers by managing their services with the help of Just-In Time Approach and online inventory management system. It will also add benefits to the business by connecting the customers globally and understanding their requirements by managing the several brands in the market. Praga E-strategy’s Performance can also be measured with an appropriate method of performance management system such as Balance Score card to measure the sustainability of the business in future. Praga will experience certain advantages with the help of E-strategy by improving the business related activities which consists of several loopholes. The communication process will become transparent and track of customers records can be managed for building long term relationships. The productivity of their vendors can be improved with efficiency. It will create awareness about the company by the help of social marketing using the networking sites. It will create an E-commerce platform where the all the departments such as finance marketing and HR will be highly using the technologies for growing the business. The pilot testing of the products can be done by using the internet and product success and failure can be determined by Praga on the basis of several attributes. It will put a halt to the old fashion and also increase the profits with the latest design and qualities of the products. The new technology will qualitatively produce more and stock can be supplied on timely basis to the retailers. A completely new infrastructure will provide feeling of an entirely new company to all the employees and management of Praga. The company can also manage its business in small space because of digitalization process and cost can be minimized. Thus E-strategy will help Praga to run the fashion based business by providing global connectivity and increasing the customer traffic either on a physical or an online mode.
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