Business Process Management - Essay Example

Management strategy Introduction The well-being of a business venture greatly depend on the strategies that the management puts in place to fuel the progression of the business. A management strategy is a guide for the attainment of goals and objectives of a business. In understanding the relationship between strategic management and success of a business, this document will explore the scholar sources through annotated bibliography to determine the need of an effective strategy in a business. Equally, the paper will help in identification of strategic, managerial factors that are essential in mobilization and motivation of employees for achievement of goals and objectives (Yeoh and Koronios, 24). Annotated bibliography Aalst, W.M.P.V.D.W. Van Der, Hofstede, A.T.A.H.M. & Weske, M., 2003. Business Process Management : A Survey. Business, 2678, pp.1–12. HARMON, P. (2007). Business process change a guide for business managers and BPM and six sigma professionals. Amsterdam, Elsevier. [Online]. Available from: http://www.worldcat.org/title/business-process-change-a-guide-for-business-managers-and-bpm-and-six-sigma-professionals/oclc/162131603 According to Aalst et al., (2003) the core purpose for the formation of any business venture is to make profit. For the profit to be realized in the business, input, and the output must be balanced in a manner that the input is less than the output. Profit maximization requires efficiency and effectiveness in the management of the resources of an organization. Management of the resources of an organization thus needs the development of a well-organized management plan that will ensure that there is no wastage of the resources as well as utilizing the available to their maximum potential. The most significant resource in an organization that can be manipulated by the management is a human resource. The employees of a business can be motivated for achievement of the intended goals of the business; thus, an appropriate means of managing the human resource is a crucial strategy that must be developed in an organization ( Harmon, 2007). Teece, D.J., 2010. Business models, business strategy and innovation. Long Range Planning, 43, pp.172–194. HARTMANN, P. (2014). New business creation: systems for institutionalized radical innovation management. [Online]. Available from: http://www.worldcat.org/title/new-business-creation-systems-for-institutionalized-radical-innovation-management/oclc/880892027 According to Teece (2010), strategic management of a business is a systematic process that involves the formulation of the goals and objectives of the institution. In the process of formulating the objectives of the organization, the management must take into consideration the available resources, the operational environment of the business as well as a timeline for the achievement of the objectives. Strategic management is thus a general road map through, which the management of an organization purpose to utilize in the achievement of the goals and the objectives of the organization ( Hartmann, P. 27). Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success - A conceptual framework. International Journal of Project Management, 28, pp.807–817. ORDÓÑEZ DE PABLOS, P. (2012). Advancing information management through Semantic Web concepts and ontologies. Hershey, PA, Information Science Reference. [Online]. Available from: http://www.worldcat.org/title/advancing-information-management-through-semantic-web-concepts-and-ontologies/oclc/795759685 In an attempt to intrinsically understand the nature of strategic management of the business, Meskendahl (2010) Categorically analyzes the business operation of Mc Donald’s and asserts that the company has received it international reputation for the effectiveness with which its business strategies are structured and managed. In the management of the Mc Donald’s, the management of the company operates under five pillars of product, people, price, place and promotion. With all the pillars in mind, the article insinuates that the management of the company has in mind the importance of quality product for the success of a business. Location (place) price and the targeted population are some of the most crucial aspects that make the company outstanding. The article thus implies that the five aspects are the most integral for the strategic success of a business that should be emulated by other managers (Ordóñez De Pablos, P. 827). Srivannaboon, S., 2006. Linking Project Management With Business Strategy. Project Management Journal, 37, pp.88–96. KENDRICK, T. (2009). Identifying and managing project risk essential tools for failure-proofing your project. New York, AMACON. [Online]. Available from: http://www.worldcat.org/title/identifying-and-managing-project-risk-essential-tools-for-failure-proofing-your-project/oclc/318651774 According to Srivannaboon (2006), the creation of a creative and unique market strategy is an important aspect of a management strategy that will ensure the success of a business. The managers must thus device unique and new mechanisms with which the resources can be managed effectively. Conformation to new ways thus calls for risk-taking that should be one of the key features of a manager. In relation to the management of the human resource, the managers who have been previously using the transactional leadership and management style should shift to transformational style. In transformational leadership, the management can assess the impact of the change when the employees are given liberty to design their course of action ( Kendrick, P. 105). Yip, G.S., 2004. Using Strategy to Change Your Business Model. Business Strategy Review, 15, pp.17–24. AFUAH, A. (2003). Business models: a strategic management approach. New York, McGraw-Hill. [Online]. Available from: http://www.worldcat.org/title/business-models-a-strategic-management-approach/oclc/226205642 Effective strategy management of a business should assume the finding of theory Y of management style. In relation to the theory, theory Y assumes that the employees are ambitious, self-motivated and have self-control in performance of their duties. The theory gives more liberty and trust to the employees who will perform out of self-initiative and ambition to achieve the objectives. A management strategy that utilizes the approach of theory Y thus ensures that the goals and objectives of the business are set with the inclusion of the employees in their design process. Thus enabling the employees to take responsibility for the success and the failures of the business (Yip, 23). Management strategy through the application of theory Y asserts that employees want to perform a task to the best of their level; thus the employees should be served with the right conditions to facilitate business performance ( Afuah, P. 834). Chesbrough, H.W. & Appleyard, M.M., 2007. Open Innovation and Strategy. California Management Review, 50, pp.57–77. MINTZBERG, H. (2005). The managers job: folklore and fact. Boston, Harvard Business Review. [Online]. Available from: http://www.worldcat.org/title/managers-job-folklore-and-fact/oclc/154176581 As stated by Chesbrough& Appleyard (2007), motivation of employees is a crucial aspect of strategic management of a business that ensures the success of a business venture. A motivated workforce can perform better in both quality and quantity of work. Effective remuneration and benefits for employee performance encourages motivation of an employee. However, motivation of employees is better achieved through a conglomeration of three factors, being remuneration, enjoyment and convenience. Other that the payment of salaries and remuneration, employees perform better in doing tasks that they find pleasure in executing and are convenient to them. Thus as a strategic manager, assessment of employees should be done to determine areas in the business department that will encourage achievement of their full potentiality ( Mintzberg, P. 7). Jermias, J. & Gani, L., 2004. Integrating business strategy, organizational configurations and management accounting systems with business unit effectiveness: a fitness landscape approach. Management Accounting Research, 15, pp.179–200. SHELDRAKE, P. (2011). The business of influence: reframing marketing and PR for the digital age. Chichester [u.a.], Wiley. [Online]. Available from: http://www.worldcat.org/title/business-of-influence-reframing-marketing-and-pr-for-the-digital-age/oclc/756340198 Jermias & Gani (2004) asserts that teamwork in a business venture encourages performance of an organization. As a management strategy, the managers can group the members of the business into teams thus encouraging convenience and role-playing in the performance of duty. Employees who identify themselves to membership of teams can perform better as their motivational index would be increased. Teamwork encourages specialization in the duty performance thus leading to efficiency and increased quality of production. The managers should thus encourage the employees to participate in team membership and the employees themselves should determine the team structure ( Sheldrake, P. 13). Håkansson, H. & Snehota, I., 2006. No business is an island: The network concept of business strategy. Scandinavian Journal of Management, 22, pp.256–270. BAXTER, R., & WOODSIDE, A. G. (2011). Interfirm networks theory, strategy, and behavior. Bingley, Emerald Group Pub. [Online]. Available from: http://www.worldcat.org/title/interfirm-networks-theory-strategy-and-behavior/oclc/745393178 According to Hakansson and Snehota (2006), the strategic management of a business should be flexible and must be one that periodically analyzes the strengths, weaknesses, opportunities and threats to the business. In the assessment of strengths of the business, the management conducts this assessment to ensure that the business maximizes on its strengths for profit gain. In the weaknesses of the business, the management carries out an assessment to ensure that there could be a mechanism for shifting the weaknesses of the business to its strengths or elimination them. Opportunities of the business must be analyzed to ensure future prosperity of the business while the threats are assessed to ensure there is a timely preparation in an effort to eliminate the threats to the business ( Baxter, P. 1731). Parr, O., 2009. Business Intelligence Success Factors. Business, 1, pp.1–1. RUD, O. P. (2009). Business intelligence success factors tools for aligning your business in the global economy. [Online]. Available from: http://www.worldcat.org/title/business-intelligence-success-factors-tools-for-aligning-your-business-in-the-global-economy/oclc/489103776 Parr (2009) states that an effective strategy plan for the management of the business must in cooperate the aspect of the external environments of the business. The external environment of the business includes the customers, the suppliers, and government policies and extends to the community that resides near the business premise. A good public relationship between the business and the external environment ensures that the business maintains effective suppliers and attracts loyal customers. The management must also be abreast with the government policies to assess the effects of these policies on the well-being of the business ( Rud, P. 123). Conclusion. Hofer, M.B. & Ebel, B., 2007. Business success in China. Tracy, Brian. The 100 Absolutely Unbreakable Laws of Business Success. San Francisco: Berrett-Koehler, 2000. [Online]. Available from: http://www.worldcat.org/title/100-absolutely-unbreakable-laws-of-business-success/oclc/45730608 Hofer & Ebel (2007) confirms that effectiveness of a business venture greatly depends on the management structure. A strategic business plan must be developed by the management of the business to ensure that the business benefits from early preparation for in eventualities for the business as well as designing the course for success of the business. A strategy plan equally ensures that the objectives and goals of the business are determined as their achievement evaluated (Tracy, P. 104). Bibliography. Aalst, W.M.P.V.D.W. Van Der, Hofstede, A.T.A.H.M. & Weske, M., 2003. Business Process Management : A Survey. Business, 2678, pp.1–12. AFUAH, A. (2003). Business models: a strategic management approach. New York, McGraw-Hill. BAXTER, R., & WOODSIDE, A. G. (2011). Interfirm networks theory, strategy, and behavior. Bingley, Emerald Group Pub. Chesbrough, H.W. & Appleyard, M.M., 2007. Open Innovation and Strategy. California Management Review, 50, pp.57–77. HARMON, P. (2007). Business process change a guide for business managers and BPM and six sigma professionals. Amsterdam, Elsevier Håkansson, H. & Snehota, I., 2006. No business is an island: The network concept of business strategy. Scandinavian Journal of Management, 22, pp.256–270. HARTMANN, P. (2014). New business creation: systems for institutionalized radical innovation management. Hofer, M.B. & Ebel, B., 2007. Business success in China, Jermias, J. & Gani, L., 2004. Integrating business strategy, organizational configurations and management accounting systems with business unit effectiveness: a fitness landscape approach. Management Accounting Research, 15, pp.179–200. KENDRICK, T. (2009). Identifying and managing project risk essential tools for failure-proofing your project. New York, AMACON. Levin, Dr. Ginger. “Global Project Management: Communication, Collaboration and Management across Borders.” Project Management Journal 39 (2008). Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success - A conceptual framework. International Journal of Project Management, 28, pp.807–817. MINTZBERG, H. (2005). The managers job: folklore and fact. Boston, Harvard Business Review. ORDÓÑEZ DE PABLOS, P. (2012). Advancing information management through Semantic Web concepts and ontologies. Hershey, PA, Information Science Reference. Parr, O., 2009. Business Intelligence Success Factors. Business, 1, pp.1–1. RUD, O. P. (2009). Business intelligence success factors tools for aligning your business in the global economy. SHELDRAKE, P. (2011). The business of influence: reframing marketing and PR for the digital age. Chichester [u.a.], Wiley Srivannaboon, S., 2006. Linking Project Management With Business Strategy. Project Management Journal, 37, pp.88–96. Teece, D.J., 2010. Business models, business strategy and innovation. Long Range Planning, 43, pp.172–194. Tracy, Brian. The 100 Absolutely Unbreakable Laws of Business Success. San Francisco: Berrett-Koehler, 2000. Yeoh, William, and Andy Koronios. “Critical Success Factors for Business Intelligence Systems.” Journal of Computer Information Systems 50 (2010): 23–32. Yip, G.S., 2004. Using Strategy to Change Your Business Model. Business Strategy Review, 15, pp.17–24. Read More