Management financial Essay Example

Software analysis and Business Plan

Enterprise Resource Planning Software

The Enterprise Resource Planning software is very common in many organization. It comes up with different ways of managing different aspects that are associated with the organization. Many organizations usually refer it to as a management software because it assist in most of the operations within an organization. However, in this modern world of technology it is not easy for an organization to operate without the enterprise resource planning software. Some of the areas that the software is used to assist in the organization include the following; production planning, marketing and sales, inventory management, finance management, materials management, product planning, purchase, manufacturing or service delivery and shipping and payment.

The ERP software is made in such a way that it provides an integrated approach in managing different functions in an organization while it can continually be updated to ensure that it accommodates different changes that happens in the different core business operations and ensure that the common business database is well maintained by the database management system. The ERP system is commonly used in tracking the business resources that include; raw materials, cash movement, the production capacity and the status of the business which can be shown through the purchase orders, payroll and orders. There are different applications that are contained in the system however, in the way they are being operated, they do share data across all the departments that are found within the organization. Some of the departments that commonly share data include the sales, purchases, accounting and the manufacturing department. All these department also in return also provide data back which is used across the organization. ERP system enables the organization to facilitate smooth information flow from one part of the business to the other hence making business functions and the managers to connect with those stakeholders that are outside the firm (Shaul & Tauber, 2012).

The software is affordable as there are different types depending on the size of the organization. The companies that are developing the software have a very good support system that can help an organization in case of any problem. The developing organization have made it such that those that use this software can always have options on how the maintenance of the software can be undertaken. There is room for some organization to be hosted by the software developing company others can do it on their own after they have been provided with a license of use. Training on the use of the software is readily available both online and also some experts have been trained on how different individuals can use it. The training can be provided to any person meaning that after training it does not require any technicality for its operation. The software also can be used with other software as it cuts across different sections which contain different applications (Shaul & Tauber, 2012).

The use of ERP has got more advantages compared to disadvantages. One of the most common advantage is the easing of the way different activities are being undertaken in the organization. This has made the software popular in many organization. On the other hand, the major disadvantage that comes up with the software is the high initial cost required for its establishment (Turban et al, 2008). Therefore, I recommend for the use of this software as it will add value to the organization. The benefits of the software are much compared to the cost being incurred.

References

Shaul, L.; Tauber, D. 2012. «CSFs along ERP life-cycle in SMEs: a field study». Industrial Management & Data Systems.

Turban et al. 2008. Information Technology for Management, Transforming Organizations in the Digital Economy. Massachusetts: John Wiley & Sons, Inc., pp. 300–343.

Vending Business Plan

Executive Summary

Vending Ltd is a new startup company being set up to compete in the vending machine industry in the United Kingdom. In its early stages, the company will operate in the city of Oxford, and will sell a narrow range of products (smart phone covers and accessories). Following the initial stages of setting up, launching, and testing the success of the company in Oxford, the company aims to expand in other student cities all over the United Kingdom. Furthermore, the company will also expand and widen its product range to sell other technologies suitable for the functions of vending machines. The owners of the business are entrepreneurs with an aim of establishing a successful business.

Introduction

The business venture consists of utilizing the technology in vending machines to sell mobile phone accessories and gadgets in Oxford. There has been growth in the vending machines markets in many countries including China and the United Arab Emirates. As the world drifts towards the use of technology and automation in order to minimize labor costs and increase security, selling such products using vending machines in oxford could prove to be highly demanded, and therefore successful. Oxford is a city which revolves around education, student life, and therefore high consumer expenditure; testing the idea of vending machines in Oxford will examine the consumers’ demand and nature of usage of vending machines, market data will be captured and analyzed during the initial phases, allowing for further growth and development if successful. Also the venting machine will be set in Oxford Brookes University and Oxford city center. Oxford Brookes university has three campuses (Wheatley Campus Headington campus and Harcourt Hill Campus) and the accommodation where is Clive Boots accommodation.

The company’s main purpose revolves around the service of vending, rather than the sourcing and selling of the products being sold. Vending is an industry that has shown a great potential of growth during the past decade in various countries. The main driver for this potential and optimistic growth is innovation in technology, and the trend towards decreasing labor costs. Today, the forward leap in technology and artificial intelligence allows for the usage of vending machines to sell a wider product range than in previous years. Consumers are attracted to technology due to its ease of use, security, and quality.

Mission and vision of the Startup

Mission – Better services while leading the industry

Vision – To be the market leaders in the electronic vending business in the world, while giving the best services to our customers.

Both the mission and the vision statement in setting both the long term and short term goals in seeing the business moving towards direction. They are the ultimate providers of the direction of the startup and where it wants to be in the long term.

Objectives of the business

The general objective of the company is to ensure service of vending is in the lead, rather than the sourcing and selling of the products being sold while forming a successful leading business in the industry.

Financial objectives

• Ensure that business costs are reduced to the lowest level possible.

• Ensure that the customers are getting the value for their money through provision of the best services.

• Increase profit margins of the business yearly

Marketing objectives

• Having the strongest brand in the vending industry

• Ensure a steady positive growth in each quarter of the year

• Ensure that the market penetration is increased in every period

• Customer experience should be made positive and ensure that there is loyalty developed.

Business Target

The general target is to establish a vending business that will be the market leader in terms of innovation and service provision.

Short term target

• To ensure that the vending business is well established in oxford and it is the market leader in its undertakings.

• Increase the number of customers within the first year of the business operation.

Long term targets

• In the long run we will want to see the business spread all over the world.

• Make sure that electronic vending machines are one of the superior methods used when customer are buying this kind of goods.

References

Maude, M. (2016) ‘Marketing is different in the not for profit world’,