Financial performance is the measure of a firm’s success as shown by its financial records over a given period. In the evaluation of the financial performance, all the organization’s financial records should be cross checked in order to extract its current financial situation for comparison with the initial records.
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The business’s fiscal performance can also be shown by rating the performance of the departments within it. The information on the operations at the departmental level is obtained from the records of different performance metrics kept at the respective specialized divisions (Christopher, 2011).
The performance of the logistics and supply chain of the organization is measured by the evaluation of the supply at different stages. The performance of the company is best described using the supply chain metrics that have been adopted by different organizations.
Notably, both balance sheets and financial statements show records of changes in the stock of the commodities that the business supplies in a given period. However, they do not indicate a clear picture for evaluation of the supply chain’s performance. Therefore, balance sheets and financial statements cannot be used to measure logistic and supply chain performance. The use of these records in evaluation of supply chain and logistics can lead to distorted data.
Integration of Information Technology into the Logistics and Supply Chain Operations
Information technology is a critical component of organizational structure. There are a variety of companies offering software to enhance supply chain and logistics. Within the organization, this trend should be used when handling supply chain to keep records of commodities sold, and in the clearance of products that have been sold.
It should also be employed in tracking the delivery vans during the supply process, to ensure safe and timely delivery (Christopher, 2011). The logistics and supply chain operations of the organization should involve the use of an automated call answering system. This allows customers to place their orders and schedule delivery.
To change the right technology, I will take into account the demands and complexities involved in its operations. I will consider the cost of implementing it, its flexibility, adaptability and the impact that it will have on the organization’s workforce. Integrating IT in the organization’s operations also presents challenges to its management.
The company will have to bear the cost of training the employees on the technology immediately after the installation (Coyle, 2013). In the future, the business will have to keep pace with the changing trends in technology in order to ensure that the technology integrated remains relevant and productive to its operations. It will have to incur the expenses of modernizing the technology in the future.
Christopher, M. (2011). Logistics and supply chain management. Upper Saddle River, NJ: Financial Times Prentice Hall.
Coyle, J.J. (2013). Supply chain management: A logistics perspective. University Park, PA: Pennsylvania State University Press.