How to Audit your Business Strategy - Essay Example

? E-BUSINESS MANAGEMENT Part 1A Summary Organizations operate in dynamic environments that have major impacts on business performance due to competition and therefore company management need to implement various measures that help in decision making and maintain shareholders faith. Companies should analysis all its risk that includes economical, political, social, financial, ethical and operational risks (Tamosiuniene and Savcuk 2007, P 37). Company audit is one process that helps the managers to evaluate the difference between the expected and the actual business operations and outcome. It is a process of obtaining as well as assessing evidence of economic activities and actions to determine the variations in the results which are later communicated to the concerned parties (Raffa 2003, P. 2). A company audits may include financial, use of information and communication technology, compliance and operational audits (Raffa 2003, P. 2). The auditors use the available data and records, collect data prom the concerned parties and analysis it into a report that is disseminated to the internal and external customers. This paper will evaluate Marchi indo-pak cuisine and propose to conduct an audit of their operations in relation to e-business management. Introduction Mirchi indo-pak cuisine This is a family business located in Cardiff and provides traditional south Asian cuisine using locally available food products as well as conventional Indian methods to prepare delicious traditional foods (Mirchi 2008). They provide different menus which are custom made to suit individual customer preferences, family parties and outside catering services. Their vision is to provide simple, traditional and high quality foods as well as homely services to their customers (Mirchi 2008) E-business management E-business is a business practice that allows use of internet and other modern communication equipments as the major platform of business communication and conducting business. Due to expansion in globalization, access and use of internet across the globe, most companies are shifting from the traditional mode of doing business into internet based business models. Mirchi indo-pak Cuisine is a Company that have established its presence online and conducting business online. The company aims at targeting customers who spend most of their time online and understand the convenience of dong business online. However there is need to evaluate the e-business processes to determine their effectiveness and recommend changes in order to efficiently tap this market segment. E-business operational audit is the proposed service to Mirchi indo-pak cuisine to evaluate and validate the organizational online process and the effectives of the process n relation to the information and communication structures (Brewster n.d., P 30). This process will assist in ensuring effective systems are in use, assist the company to understand consumers and potential customers needs and expectations, acts as an channel of communication with the customers, suppliers, employees and shareholders, the process will also help to boost customer trust in regard to products offered as well help to increase the shareholders trust on the company management and employees (Brewster n.d., P 19). The process will involve evaluating the current processes used in their e-business through a telephone interview with the IT manager by asking him or her interview questions that relate to the company. The research findings will be interpreted by relating the answers given and the tone in the manager’s voice (Onwuegbuzie Leech and Collins 2010, P 699). Telephone interview and analysis of the data will be used to evaluate their current status in order to give recommendations for changes that will help boost their effectiveness. Part 1B – The Audit report For a company’s management to understand if their company is operating as expected and to improve their operational practices an organization can opt to edit their processes for the whole company or a specific department. The process helps to evaluate if the company resources are properly and effectively used to help the company achieve its objectives (Rehn n.d. p. 5). This report will critically evaluate the e-business process of Mirchi indo-pak cuisine. Market Analysis Mirchi indo-pak cuisine is aware of the of its customers needs to get home like services away from home, quality food that are custom made to the needs of customer and fresh food with authentic value. The company has been able to retain its royal customers as well as get new customers in a competitive business environment (Mirchi 2008). The company has embraced both traditional ways of doing business as well as contemporary marketing strategy that include having an interactive website where a customer can identify their menu, make payment and the order is delivered to them. In addition the company customers can book for various packages such as events or a family party online (Mirchi 2008). The online services are available at their official website as well as Cvent portal which is an online event management software with various suppliers and features that include online booking, online chats and quotes for the required services The company has been able to attack diversity of groups regardless of their age, nationality and preferences due to their diversity in products, special offers for specific groups for example 10 percent discount for the students, family groups from different religion back ground since they do not sell alcohol in their premises and customers with different needs since they offer traditional Indian cuisines and vegetarian menus which are custom made to fit the needs of their customers(Mirchi 2008). The establishment has been able to attract different groups of customers who include high end consumers as well as middle income consumers to their premises from the city due to its strategic location and presences in the internet to target customers with tight schedule However there is need to segment their target customers further in order to offer more exclusive services. Infrastructure – including risk management Globalization enhances interaction of people from remote location across different region due to increased use of internet and faster communication leading to exchange of information and use modern trade technology as well as market expension (Fischer 2003, P3). However use of information and communication technology has both advantages and disadvantages on the company’s performance. Mirchi indo-pak cuisine offers home or office delivery to its customer who makes the orders by calling the establishment from the comfort of their homes or office and payment is made by cash on delivery. The company has a simple website that displays their services, contacts, offers and mission statement (Mirchi 2008) but does not permit any interaction with its customers. In current times of globalization, economic down turn and dynamic business environment a company should strive to obtain feedback from the customers in order to improve their service delivery. Customers can also access their services from Cvent supplier’s website. The website is a web-based application that allows the potential and repeat customers to view diverse services offered by different companies in tourism and hospitality industry, request for quotes from different suppliers and compares them and chose the preferred supplier who later gets in touch with the customers. This is interactive website that allows the customer and Mirchi indo-pak cuisine to exchange information and hold meeting from remote areas. The major risk is that the customer can choose a specific supplier then change their minds with communicating to the company. There is no face to face discussion with the customer and therefore it’s hard to come up with custom made service that suit the need of the specific customer which is one of the Mirchi indo-pak cuisine’s strongest values (Mirchi 2008). Micro and Macro environment Organization performance is affected by both macro and micro business environmental factors and the company must evaluate and analysis these factors in order to improve its effectiveness in the use of the available resources to increase its competitiveness by retaining its customers and attracting new customers(Downey 2007, P 3). Hospitality industry is a service industry and the effectiveness of the company depends of the factors within the organization and outside the organization. Several management tools are used in analysis of internal and external business environmental factors such as SWOT analysis as well as PEST investigation. Micro environment include customers, shareholders, suppliers, competitors, intermediaries and general public (Sherrett 2010). Most of the customers who visit Mirchi indo-pak cuisine are from middle class and high class earners due to their superior services who come as a group or as individual (Mirchi 2008). Cardiff is the capital City of Wales and has population from different ethical backgrounds ranging from whites, Indians, Asians, blacks and mixed races due to its economic activities and university students from all over the world. Mirchi indo-pak cuisine targets the diverse population by offering traditional and modern cuisines. Mirchi indo-pak cuisine is a family business and it’s managed by the family (Mirchi 2008). The company uses locally available ingredients from the local suppliers (Mirchi 2008) to prepare delicious meals for its customers. They are other restaurants that provide traditional cuisines but Mirchi indo-pak cuisine established its customer base due to individually prepared menus and superior services. Macro environment include factors such as political, social, economical, technological, environmental, trade and standardization regulation (Sherrett 2010). Analysis of the macro external factors will be done trough PEST analysis to determine the effects of these factors and how to reduce the effects of negative factors on the business performance (Downey J. 2007, P. 6). Hospitality organizations are affected by competition, international laws on food and hygiene, population growth, environmental laws and regulations, use of technology and social factors. Social factors affect the customer’s needs which Mirchi indo-pak cuisine striving to satisfy by offering high quality delicious meals and their policy on alcohol. The country is undergoing economic down turn but its effects are minimal since the company provides basic needs. The use of technology in company is evidence in their website where a client call for home delivery and reservation. Mirchi indo-pak cuisine offer home like services to their customers and is compliant with local and international rules regulating food industry. E-Business Strategy A strategy is any management process that helps to increase the effectiveness and efficiency of the company in addition to boosting its competitive advantage (Strategic management insight 2013). Company’s management is always seeking for ways to increase their profitability and it’s important that every company’s stakeholder to understand the most important strategies (Carey n.d.). E-business strategy involves analysis of use of internet based resources to increase company’s customer base. Mirchi indo-pak cuisine has a simple website providing information about the restaurants, its menus and other services and a contact page (Mirchi 2008). Their website is dormant and has not been updated in recent past. In addition the company is listed as a supplier in event organization by an event organizer company that has a web-based application for planning events. Mirchi indo-pak cuisine is not actively involved in social site marketing and only has an inactive page on Facebook that has never been updated. Due to increased use of internet a large population spend considerable amount of time on social sites and Marchi indo-pak cuisine has not tapped into this market. The company has an email address that is used to receive online inquiries on their website as well as on the Cvent website. Another means of communication currently being used by the company is calling through their telephone lines that are displayed on their website. Mirchi indo-pak cuisine pays a subscription fee to the online reservation company as well as a commission charge for any business obtained from enquires on this website. The company does not market itself in any third party website that provides commercial marketing of other companies online. Search engine optimization is a process of increasing company’s probability of online visibility by through use of common words when an individual is comparing different service providers on internet. Mirchi indo-pak cuisine does not have online payment portal such as PayPal and there is not possible to pay for their services online (Mirchi 2008). Mirchi indo-pak cuisine only accepts cash or card payment for their services. The company’s visibility online is poor since there is not substantial information about the company, its sustainability strategy, core values and annual reports. Supply chain management Effective supply chain has great impact on the performance of the company as it helps the company to gain shareholders trust, lower management and operation cost, increase company profitability and gain customers confidence (Lascelles n.d., P. 1) Supply chain analysis involves evaluation of the procurement practices, management of existing contracts and other related processes in order to guarantee fairness, transparency and competitive procedures are carried out to reduces cases of fraud, dishonesty and illegal practices that can result to loss of money and resources (Local government 2010-11, P. 42). Irregular expenditure can be detected during the audit process and communicated to the concerned parties as the audit report (Local government 2010-11 P. 42). Mirchi indo-pak cuisine is a family business and its supply chain is controlled by the top managers from the procurement, operations to distribution. However the company does not have an effective management system that can automatically produce a summary of their process and data is updated manually which creates loopholes for fraud. E-procurement from all viewpoints Companies spend a large percent of their profit in a year to buy raw materials and goods and services that may include less costly purchases to huge supplies. Procurement audit helps the company manager to evaluate the cost of purchases in relation to their profits and develop a strategy lo minimize the procurement cost. It helps the company to increase profitability. Lowers management cost and increases its competitive advantages against their competitors as well as helping the company to regulate its prices (Audit and Evaluation Directorate 2011, P. 4). Mirchi indo-pak cuisine usually target local suppliers who deal with food items. During their section criteria the company chooses suppliers who are compliance with food regulations as well as those who are compliance with environmental conservation laws since the company understands its success depends on the well being of the surrounding communities. The company in consultation with its suppliers agrees on appropriate prices for their products and the payments are paid on monthly basis. Most suppliers do not have a blood relationship with top managers since they use free and process to select the suppliers who offer quality products in line with their mission of offering quality cuisines by use of fresh ingredients. The company’s communication mixes Marketing mix is the management process by which a company relays information to a diverse audience about their products and this includes promotions and merchandising. First evaluating the targeted environment, a company develops the right message to be passed to the desired stakeholders and the seeks to act upon the responses(Fill, Jamieson 2006) Communications mix, also known as promotion mix is not only limited to creating awareness about a company’s products and services but it entails a basic activity of ensuring that all concerned stakeholders have an understanding of the objectives of others while appreciating the worthiness of the goods and services in offer. At the same time persuade the client to purchase, use and experience what’s on offer in consideration that the clientele have a range of thousands of services and products in offer they are free to choose from. There exists five major communication mixes namely; sales promotions, advertising, personal selling, direct marketing and public relations. Mirchi Cardiff being an online based company has employed various communications mixes to reach out to potential customers through advertising, sales promotions and personal selling. In advertising the company engages the mass media particularly the T.V and radio programs to inform the public of their range of products. This entails showing short clips on T.V displaying the range of products the company has on offer. During popular programs on radio the company chooses which brand could be popular with the specific audience of the program and places an advert informing them of the availability and stocking of the brand. The company also conducts occasional sales promotion by enticing customers through discounts at selected outlets and on selected brands. This requires first establishing a willing retail outlet and then agrees on the mode of display and profit sharing. Through its sales team the company identifies public events or social events where its products can be utilized by the end consumer. This way the sales team uses their resourcefulness to establish where a social event could be happening and then determines which product to promote and then seeks permission from the organizers to conduct activation during the event. Customer relationship management Customer relationship management or CRM has also been defined as continuous relationship marketing (Baran, Zerres and Zerres n.d.) can be defined as the way a company engages and relates with its customers. A strategy that seeks a visionary way of dealing with customers needs while profitably benefiting the company. A good customer relationship management creates a profitable relationship between customer and seller while giving credence to sales, marketing and customer service and providing a credible data analyses. Customer relationship management is based on managing customers in every aspect and contact point, gathering information and using that information for better service delivery and finally building or acquiring skilled personnel to serve or deliver these services. CRM objectives are mainly customer retention, increasing customers buying rate and raising purchase quantity (Baran, Zerres and Zerres n.d.). The advances in data management have had a positive effect on customer relationship management provided by the new software in the market that works with various resources and consolidates them in an integrated database. Promotional means like selective binding and variable valuation is some of the CRM methods the company uses in its customer relationship management (Baran, Zerres and Zerres n.d.). The company employs components like intelligent routing to relate with customers, this way a customer’s issues are resolved quickly since the query is routed to the appropriate employee to answer. Emails are responded to immediately and the company has a secure messaging channel. The company’s CRM uses the customer’s telephone number to create an account and through the account number the customer’s reason for calling is registered, and if there is an unresolved issue the right employee to tackle the issue is determined. Another component in the company’s CRM is the consolidated views whereby a customer’s contact and details are provided to all staff members to enable them get an understanding of the customer. By integrating with the work force in all areas, a customer’s relevant information such as unresolved complaints and change of address are captured well in the databases. E-business service E-business or E-service may refer the broader aspect of services availed through the information system that is accessible via the internet and is web based contact between person to person is unnecessary though both can interact. It acts the information centre providing excellent information allowing the user to effectively acquire information and products without having to visit the service provider (Bengtsson p4). Hence the phrase e-bussiness can well be the process of conducting business whether buying or selling of goods and the exchange of services and information by way of computer services. In this age of technological advancement, e-bussiness is used to compliment the functions of a company in the organizational management processes like marketing and communications. The company has taken advantage of the space opened up by the internet which has provided a broader medium of carrying out and administering business electronically. The firm has realized effective ways of interacting with customers and opening new markets and also liaising with business partners through the world wide based web. At Mirchi Cardiff e-services are an integral part of the company’s day to day running since it is the link by which information flows connecting users to the various components of the business structure. It facilitates the company’s Internet existence highlighting and detailing the company’s internal organizational activities. The company’s website is one stop office and shop and through providing online forms such as invoices, customer statements and others, users are effectively supplied with any sort of information required to enable smooth transactions. The suppliers can download forms and issue invoices via the internet and exchange of e-mails ensures swift feedback on transaction queries. Usability of web site Web usability entails the designing and structure of a website such that visitors to the web can reach the objective swiftly and proficiently (Web credible p3 2007)) A well-structured website attracts numerous advantages onto the company’s e-business. Mirchi Cardiff’s website is easy to navigate since the users visit regularly and get accustomed to its specific layouts and slogans. The logos and company info, navigation in relation to content, products on offer and flashing adverts are always placed in a way that a visitor can easily navigate. The site is done with efficiency and swiftness in consideration when it comes to speed of downloading contents and especially company forms using the least time possible (The site gives a good reading and a visitor is guaranteed to find what they need without reading word for word but by scanning the web pages one can quickly notice the headings and links since they are either in bold text or bulleted. The site is free to use and a visitor can freely navigate with ease to their desired links and contents and the site structured such that one can easily get back to previous page through a single click on the back button. A visitor willing to email a link can easily do so since this option is allowed. Conclusion and recommendations In the current dynamic business environment the company needs to be resilient in order to survive its competitors. Most companies have shifted from the ordinary ways of conducting their business as well as develop strategic plans that will enhance their marketing and visibility to the target agent. Most companies are also changing from the traditional ways of doing business to use of modern methods of technology such use of internet modes of communication, use of internet based marketing methods and online payment methods to help expand their customer base. Mirchi indo-pak cuisine needs to tap into individuals who spend most of their time online and those with tight schedule by developing and interactive websites with various applications that helps the customers to order their services online, make online payments and post their feed back on service delivery. The company also needs to increase their online visibility through online advertising and developing relevant content. In regard to this the company can employ an IT expert who will continually develop content that helps customers understand their products ad services from the comfort of their offices or homes Mirchi indo-pak cuisine should develop a sustainability strategy as well as management strategy that will help the company to improve their management in relation to the changing business environment (Strategic management insight 2013). The company also needs to develop supply management system that will help to minimize fraud and unnecessary expenditure (Local government 2010-11, P. 42). The supply chain application will help to streamline all the company’s processes that include procurement, administration, production, sales and marketing. Part 1 C Organization relevance of Mirchi indo-pak cuisine before audit Mirchi indo-pak cuisine menu include traditional Indian/Pakistan cuisines which combines both locally available food ingredients with the traditional recipes. Cardiff is the capital city of Wales with population’s wide diversity of demographic combinations in regard to their ethnical background as a result of trade activities (India-UK Trade and Economic Relations 2013). United Kingdom is one of the leading business partners of India in terms of import and exports as well as foreign investments. Trade activities between the two countries have been on the increase and their relation was strengthened by formation of Joint Economic and Trade Committee (JETCO) at the beginning of the year 2005 India-UK Trade and Economic Relations 2013). Business visit between the two countries has helped to create conducive environment for investment in both countries in different sectors such as hospitality that offer business travelers homely services. Mirchi indo-pak cuisine provides Indian cuisine to the travelers from India as well as area residents who originally from India (India-UK Trade and Economic Relations 2013) Mirchi indo-pak cuisine offers superior services to their customers who visit their premises thus it help to satisfy their psychological needs. People with Indian ethnical back group visit the premises since if offers their traditional foods in a foreign country. Mirchi indo-pak cuisine management discourages use of alcohol in their premises thus offering suitable environment for family get out (Mirchi 2008). Cardiff has wide range of cultural diversity in terms of religion. Some religion belief discourages use of alcohol thus Mirchi indo-pak cuisine suits the needs of cardiriffs residents across wide range of religion, age, gender and cultural diversity. Mirchi indo-pak cuisine offers its services to both local people as well as leisure and business tourists visiting the city and therefore offer supportive services to tourism sector. Cardiff is the capital City of Wales and was recently named as the top six destinations for shoppers in united kingdom and tourist destination due to the bay that is the with most attractive waterfronts in Europe (Cardiff & Co ltd n.d., P. 1). The city has three major tourist attractions namely the Stadium, Castle, and National Museum (Cardiff & Co ltd n.d., P. 1). Cardiff has variety of establishments that offer foods from different countries across the globe ranging from Portuguese, Chinese, Turkish, Italian, Welsh, Bangladeshi, and Spanish. Most cuisine and hotels also offer bars services. Cardiff also holds annual festival to cerebrate food as well as drinks (Cardiff & Co ltd n.d., P. 9). Mirchi indo-pak cuisine offers Indian cuisines and is against use of alcohol in their premises and therefore attracts individuals who do not consume alcohols and provide a favorable environment for the family gatherings since most hotels in Cardiff integrate both the restaurants and bars (Cardiff & Co ltd n.d., P. 9). Mirchi indo-pak cuisine has an economical importance to the City since it provides both direct and indirect employment opportunities to its residents. It employs people who work in various departments as well as providing source of livelihood to its suppliers and other relevant stakeholders. Mirchi indo-pak cuisine operates until late at night. Companies that operates at night offering services such as food and drinks contribute to the growth of the economic for example in the year 2010 the turnover from such establishment was 400 Million USA dollars and offers employment to a large numbers of waiters, chefs and patrons (Edwards 2010, P. 3). There Mirchi indo-pak cuisine contributes to economic growth of the country since it works until late hours and act as a source of lively hood for its employees and suppliers. Mirchi indo-pak cuisine relevance after the report Mirchi indo-pak cuisine is a family owned business that has been operating for period of time without audit to evaluate effectives and effectiveness in the use of its resources in a dynamic business environment. The audit of their operation services in regard to its e-business was conducted the audit report was forwarded to the management for implementation. The implementation of supply management system to help streamline its activities in operation, procurement, marketing and sales department helps to minimize the operation cost since the managers were able to track all the expenditure and minimize irregular purchases. The restaurant was able to offer was quality food and drinks at lower prices while still being able to make substantial profit. This increased its customer base, creating more employment opportunities. The company developed an interactive website where the company’s customers would order their services online and this has led to higher sales trough their home delivery services. The restaurant IT employees developed content for their websites as well as implemented online marketing in websites that has higher traffic. Although this strategy has no competitive advantages to the company in short term but in the long learn the company will be able to attract international tourist who can book the required services before they travel to Cardiff. Implementation of some of the recommendation into organizational structures, production processes and cultural practices has lead to increased customer base, reduced expenses and increased production efficient. The immersed growth in the company has had a positive impact of the economy, hospitality industry and trade activities. Conclusion Most companies operate with various strategies. However the company needs to develop clear strategies and break them down into achievable goals. The company can be able to set achievable goals by analyzing and evaluating it current status in regard to operation activities, its assets, and supply chain as well as micro and macro business environmental factors. Company audit can include operation audit, financial audit, compliance audit and technology audit. E-business audit is an operation audit that was conducted on Mirchi indo-pak cuisine and the report was submitted to the company’s management for implementation. The result has been recommendable and there is need to continually implement the proposed recommendation to help improve the company’s performance. The company audit should be done periodically to ensure the company is able to retain its competitive advantages against its competitors. References Audit and Evaluation Directorate 2011, ‘Internal Audit of Procurement and Contract Management’. Audit Report. Project # 10/11?01?02. Canada space agency. Baran, R., Zerres, C and Zerres, M (n.d.), ‘Customer relationship management’. Bookboon.com Brewster, S (n.d.), ‘Audit Types & Differences’. LifeNet Health. Cardiff & Co ltd (n.d.), ‘The Cardiff Essential Guide’. www.visitcardiff.com Viewed 24 May 2013 Carey, A (n.d.), ‘How to audit your business strategy’. Triarchy press. Viewed 22 May 2013 Downey, J 2007, ‘Strategic Analysis Tools’ Topic Gateway Series No. 34. The Chartered Institute of Management Accountants. Viewed 22 May 2013 Edwards, A 2010, ‘Working paper 133: Evaluation of the Cardiff night?time economy co?ordinator (NTEC) post’. Cardiff Centre for Crime, Law and Justice. Cardiff University. Viewed 22 May 2013 Fill, C and Jamieson, B 2011, ‘Marketing Communications’. MM-A1-engb (1039). EdinBurgh Business School: Heriot-watt University Fischer, S 2003, ‘Globalization and Its Challenges’ ely0119.03 Citigroup. Viewed 24 May 2013 India-UK Trade and Economic Relations 2013, ‘Overview of Trade and Investment’ Viewed 22 May 2013 Lascelles, D ( n.d.), ‘Supply Chain Operations Audit’. Supply Chain Planning UK Limited. University Campus Canfield. 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Webcredible 2007, ‘The usability & accessibility specialists’. www.webcredible.co.uk Appendices Appendix 1:Telephone Interview questions to the IT Manager A Market analysis Who are your target audience? What kind of people would want to buy your product? Are there enough of these types of potential customer in your community to support your business? Do you reach the target customers? Do your target customers have the ability to purchase. Infrastructure – including risk management What are the advantages of web presence? Are you able to obtain clients bio from website? What are your methods of payment? Do customers pay before delivery or after delivery? Can a customer comment on about services on your website? Micro and Macro environment How are the customers served? How are the customers involved in improving service delivery? Who are your competitors? What are the market conditions? Who are the suppliers? E-Business Strategy Is your company’s website interactive or static? Do you use social media site to market your products? Does your company have email address? Does your company use any commercial website to Market? Do your have an online payment services on your website? Supply chain management Do you have a supply management application? How do you track your company expenses? How are you able to reduce unnecessary expenditure? Who authorizes the expenditure? What measure do you have to reduce fraud? E-procurement from all viewpoints What criteria do you use to select your suppliers? Who are your target suppliers? Who regulate the prices of the supplies? Do any of your suppliers have a blood relationship with the top managers? Do you have a supply management application? The company’s communication mixes What is communication mix? How does communication assist the exchange process? How the communication does mixes work for the company? Customer relationship management What is customer relationship management? What are your objectives in CRM? How do your CRM components work? E-business service How does your e-business act within the company? How does it relate in business to business? Is it relevant to your marketing strategies? How viable is it in internal organization? Usability of website How efficient is your website? How quickly can one download on your site? Is information easily retrievable? Is your website restrictive? Read More