Memo: Busines Environment Analysis & Tehnology Recommendations for Improving Business - Case Study Example

Financial/Inventory Management Financial management is the orderly arrangement and handling matters that deal with money involved in the daily activities of a business entity. Financial management is aimed at attaining the financial goals of an organization or business. Financial management is essential in all aspects of life, for example, management of home budgets and pocket money management. Financial management is a crucial component of a successful business venture. Financial management involves planning to ensure there are enough funds at the right time to meet the needs of the business.

It also requires financial control to ensure a business meets its objectives. This is achieved by ensuring assets are efficiently utilized and that they are secure. Financial management also demands there to be sound financial decision making. Decision making in businesses is significant for investment financing and management of profits. Financial inventory is concerned with recording of all financial activities that take place within a business. Inventory management in a business is vital because it provides records that are used in determining the progress of a business.

This paper aims at addressing financial/inventory management by addressing key issues affecting a business entity. ER UMUC faces the challenge of integrating the two newly acquired businesses and merges their operations with its existing business operations. The most effective way to achieve this is to implement the adaptation of a common information storage system and format. The new ER UMUC Company should embrace improved marketing strategies for their acquired products. They can do this by combining mobile sale techniques of products that are compatible.

The company should create a database of all their clients, describing their immediate needs and preferences. This method is Solution Selling, which focuses on a clients needs and providing a product, or service that is suitable for their needs. A database designed around the solution selling principle will make it possible to handle a wider selection of clients using a reduced sales force. All the products that were previously sold by ER UMUC and MyRentals should be brought under the responsibility of the same sales force.

The automation of sales force will see the development of strategic sales tools that will help improve the volume of sales. Sale force automation using information technology will see the sales force actively involved in the development of insights on the customers and competitors. Automated sales force promotes savings on operation costs and increases sales force productivity. Automated sales forces are not based on automating paper-based procedures but in formulating a platform for organizing sales around information management.

The ER UMUC Company should streamline and consolidate the methods used by all of its personnel into one synchronized format. This format will enable better management of financial information pertaining to stock movements and purchasing processes. The company needs a way to handle the just-in-time supply of filters to canisters. It also requires a solution as to how it should ensure the manufacturing of deployable shelters, and how it produces the right number of shelters to fulfill the sales and leasing requirements.

This can be done by adapting new inventory management techniques, which will improve the supply chain of the intended products. Careful market reviews should be done on customers, external and internal factors that determine the product’s progress in the market. Idle stock should be determined before decisions are made on the amount of products to be produced. This will help the company avoid over or under production because any idle stock should be modified to suit the new products’ requirements and sold first.

Doing this will help the company avoid incurring unnecessary operation costs due to over production or losing out in the market due to under production. Information technology methods should be embraced in inventory management of the company’s sake. Companies, which are involved in the production of products and their subsequent sale, use inventories for speculative, functional and physical purposes (Muller, 130). The inventory of ER UMUC Company is larger because of the inclusion of the new business entities.

It will require a centralized inventory management system to give more control to the overall management of the company. Through this, the company will be able to supervise the activities of the company from a central location, which will aid in decision-making. When decision-making is centralized, decision affecting all or part of the company’s operations, are simplified and saves on cost (Muller, 200). Centralized decision-making promotes the overall best interests of the company. This is because the decisions are formulated from a perspective that is not centered on one branch of the company.

ER UMUC Company should commission the acquisition of a technology based information management system that captures all the business transactions that take place in the company. In so doing, they will be able to bring the storage and formatting of all pertinent information under one roof. Under this system, errors will be able to be identified easily and efficiently because the information will be available for everybody in the company to see. Any mistakes can be noticed and corrected before they are assimilated as true information.

The adaptation of Solution selling is the best way of improving sales because it helps maintain customers. This principle helps sales people establish personal relationships with customers because clients appreciate the personal touch that comes with this principle. Work Cited Muller, M. Essentials of Inventory Management. 2nd Edition. AMACOM Div American Mgmt Assn, 2011. Print.