Work System Design
Including compensation systems into the company’s design creates premises for a rapid increase in employee satisfaction rates and, therefore, contributes to a rise in performance quality (Hoppe, 2015). The provision of indirect financial compensation to the staff members is an essential element of any benefits package. By including the identified item into the framework, an employer sets premises for a steep rise in employees’ loyalty.
The indirect financial compensation can be improved significantly by incorporating options for married couples in it (e.g., parental leaves). Furthermore, providing the staff members with an opportunity to participate in programs creates specifically for the users of the identified compensation system could be viewed as an opportunity. Last but definitely not least, the improvement in the quality of the employee-sponsored medical insurance should be brought up.
The changes outlined above are likely to increase staff satisfaction rates significantly. Thus, by investing in the employees and making sure that their loyalty rates are high, the company leaders will create a team that will strive for the prosperity of the organization. Although some of the changes to be administered might seem challenging, the outcomes are bound to make up for the expenses taken.
Inventory Management
A company needs to acquire high-quality inventory in order to be equipped properly to address specific issues. However, because of the number of items to be included in the inventory of an organization, the process of navigating in the tools purchased may become a problem. Herein lies the significance of designing a proper inventory management strategy. The latter serves as the means of isolating the tools that will allow addressing a particular problem in a manner as efficient and expeditious as possible.
The ABC technique is one of the numerous approaches toward arranging the items in the company’s inventory. The approach above implies arranging the tools based on their records and the control thereof. Particularly, the A category embraces the tools with the records that are easily and tightly controlled. The B category, in its turn, includes the equipment with a smaller amount of record control, whereas the C category incorporates the items with records that are barely controllable (Sharma, 2014).
The application of the ABC framework allows for rather tight control over the financial aspect of the inventory acquisition and storage. Additionally, the framework serves as the means of reducing storage costs. More importantly, it makes the owners approach inventory management from a scientific method perspective. Unfortunately, the framework in question works only once an impeccable codification system is used.
Resource Planning
The concept of Enterprise Resource Planning, or EP, has affected the environment of the global economy to a considerable degree over the past few decades. While being comparatively new, ERP serves as a perfect strategy for designing an elaborate plan of further operations in the context of the global market. At present, three essential advantages of ERP can be identified.
First and most obvious, the fact that ERP created an opportunity for SMEs to compete against large corporations (Exforsys, 2006) has to be mentioned. Another positive effect of ERP implementation concerns a better use of human resources. Finally, the approach makes it possible to monitor the supply chain in a more efficient manner and, therefore, locate the emergent issues, as well as suggest possible solutions in a timely manner.
The Infor Global Solutions Company (About Infor, 2016) seems to be the most popular ERP vendor currently. Entrepreneurship offers adaptable services; in other words, every single approach designed by the firm is customized and aimed at addressing a particular issue faced by a specific company in a certain environment. In addition, the company has recently added the concept of a strategic partnership to the array of its tools (Infor and HCL technologies enter strategic partnership, 2015). Third, the firm has been developing a unique competitive advantage based on the promotion of a green economy (About INFOR (US), INC., 2016). The factors mentioned above served as the key tools for singling the entrepreneurship out of similar organizations.
Reference List
About Infor. (2016). Web.
About INFOR (US), INC. (2016). Web.
Exforsys. (2006). ERP software suppliers. Web.
Hoppe, D. U. (2015). Analysis of “Marshall & Gordon. Designing an effective compensation system.” Berlin: GRIN Verlag.
Infor and HCL technologies enter strategic partnership. (2015). Web.
Sharma, D. F. C. (2014). Production management. Faridabad: Rajeev Bansal.