PSEG defines its value chain by carefully choosing diverse suppliers that support the company’s mission to provide safe, sustainable and environmentally sound products to its customers. To define, shape, and help to ensure that the entire value chain supports PSEG’s overarching strategic plan, PSEG employs a strict and rigorous application and vetting process for all of its suppliers. Suppliers must meet the initial thresholds of being: Capable, Compatible, Competitive and Committed. Each supplier in the chain must show some degree of success in business, suppliers must also be compatible with PSEG’s culture , and are able to compete with others in the industry based on costs, and are fully commitment to supporting PSEG’s mission to …show more content…
CONTINUOUS PROCESS IMPROVEMENT
The recent implementation of the new continuous process improvement department within PSEG has resulted in tremendous cost savings and has also helped to re-shape and redefine the company’s overall value chain. The new department has helped to improve the value chain definition by focusing more on holistic opportunities to create a leaner organization as opposed to the draconian focus on profitability and returns to the shareholder. Under this new and improved value chain, cost savings and process improvement do not equate to job cuts. While it is true that job cuts do still exist within the company, the focus is more on strategic cuts, realignments, and reorganization plans. One key project within the organization under this continuous improvement plan is within the Human Resource Department.
In direct relation to the company’s overall strategic plan, PSEG has made a commitment to hire, develop and retain talented workers. Another project focused on process improvement is in the technology world as PSEG has made hefty investments in the migration from paper/manual invoice processing to more automated systems within SAP. Likewise, advances are being made in the way that we process transactions and in our reporting systems. Currently, transactions are processed and tracked manually using spreadsheets but with the recent purchase of new transaction processing known as Tririga, employees and management will have the
Cambridge Behavioral Hospital currently uses a Change Theory. Strategy for most organizations is about change and focus. A firm strategy starts with knowing the external and internal forces that impact the organization’s ability to achieve its most important goals, and then steadily making the necessary changes to direct those forces. “A validation (or invalidation) of the strategic assumptions reinvigorates strategic thinking and provides a basis for investigating whether to change the strategy” (Swayne, Duncan & Ginter, 2008).
This process reduced not just customer’s satisfaction but also profit; there is a need for a financial information management to integrate all their business processes. SAP (System Applications Program) was introduced to the company to ensure efficient communication among the different modules of the business process.
In the world of large organizations, Costco is one of the leaders in sales and strive to be a leader in employee satisfaction. Although there are many functions within the company, human resources functioning appears to provide direct impact of these goals. Costco has made changes to their employee performance management processes such as performance management and training that have resulted in changes to the employee’s career paths. Costco changed their process in performance reviews and training with hopes of cutting costs, however the changes have changed employees expectations of the company.
The IT staffs were certain that the existing SAP software will provide all necessary computer support. They believed that even if the SAP would not fit their business processes precisely, it may be an investment that provides greater long-term flexibility and better solutions to the company’s problem.
Successful organizations continuously strive to improve the processes they have in place. Process improvement leads to better quality control, higher efficiencies and lower costs. In order to implement a process improvement plan, it is necessary to collect and analyze data from the process. In this paper, I present an analysis of the metric data collected for the process I identified during week #1. As part of the analysis, the control and confidence limits are calculated, as well as other relevant statistics. With this information, a process improvement
"Total Quality Management (TQM) is a participative management style that stresses total staff commitment to "customer" satisfaction (Eskimo, 2001)." Quicken Loans utilizes TQM along with the other management styles to provide the high quality of service to their clients. Quicken Loans expresses Total Quality Management in their ISMs. The ISMs Are: Obsessed with finding a better way, Responding with a sense of urgency is the ante to play and Every client. Every time. No exceptions. No excuses (Quicken Loans, 2008). These three ISMs express the care of their clients and illustrate the things that need to be done to ensure that TQM is still effective and efficient within the organization. Quicken Loans focuses on creating a lifelong relationship with
Strategic planning can dictate the success of any organization if properly planned as well as the failure of an organization if not implemented as planned. Strategic planning is all about making choices. It is a process designed to support leaders in being intentional about their goals and methods. Simply stated, strategic planning is a management tool, and like any management tool, it is used for one purpose only—to help an organization do a better job. This portion of the strategic plan will explain why an
4. Make necessary assumptions based on your research. Not all data is available. Provide justification for your assumptions. This plan requires quantitative and qualitative thinking, consensus, forecasting, and planning.
Successfully introducing new products or services into the market is vital to the long-term growth of a company (Kotler and Keller, 2009). All Eyez on Me is a men clothing store that sells clothing for the hip hop nation. As a new business it is important to know what the business is all about and what it hopes to achieve in the next five years for it to become successful. The store offers a variety of name brand clothing such as Maurice Malone, Rocka Wear, Bushi, Karl Kani, Phat Farm, Pelle-Pelle, etc. The products are casual name brand clothing that men love and enjoy wearing. All Eyez on Me “will explain the importance of the business
Here I’m going to mention the strategic planning for a software company as it is my profession. Software’s are one of the important factors which control all the computerized electronic systems. So, usually software developing companies have a strategic plan and they should strictly follow through to get the goal. Here are the strategic plans for my company.
Determine the impact of the company’s mission, vision, and primary stakeholders on its overall success.
Strategic Planning is one of the most fundamental factors in the success of an organization. This research project will discuss the importance of strategic planning as well as the different components of strategic planning. Many organizations fail to accomplish their goals and tasks due to the lacking of strategic planning. In order for their businesses to be successful, organizations need to be well informed about how the strategic planning process works.
In formulating a process for undertaking a strategic plan for, say the veterinary services organization mentioned in my course paper and presentation, a first step would be formulating at least a mission statement for the organization. Since the veterinary clinic in question had not formalized a mission statement its mission was perhaps nebulous or up for debate. Berman suggests that the original mission statement might be revisited during the design phase (please see the following below), however, if none is in place prior to the start of strategic planning then perhaps an attempt to develop one at the start of the strategic planning process is advisable, even if it were to be revisited and modified during the process. As the Chinese proverb states, “如果你不知道你要去哪裡,任何道路會帶你去那裡。”* The mission statement allows the organization to develop specific goals and programs and serve a purpose in the strategic planning process.
Under Armour, Inc. is an American sports clothing and Accessories Company. The company is a supplier of sportswear and casual apparel. Under Armour began offering footwear in 2006.
In this paper, I will select an organization and prepare a strategic plan to grow the business over the next three years. This strategic plan will include certain criteria. That criteria includes: