Assignment 6: Harvard Template - Strategic Objectives - Clarify with your boss, Assignments of Strategic Management

Download Assignment 6: Harvard Template - Strategic Objectives - Clarify with your boss and more Assignments Strategic Management in PDF only on Docsity! Assignment 6: Harvard Template - Strategic Objectives - Clarify with your boss Strategic Objectives Use this tool to articulate your group's strategic goals and aims, and to clarify what you hope to achieve through strategic thinking. Clarifying objectives enables you to set the stage for thinking strategically about your work. 1. What strategic objectives has your boss defined for you and your group? List them below. Strategic objectives: . Strengthen working capital . Team productivity . Innovative solutions . Maintain accurate data . Developing positive relationship with suppliers . Minimize processing cost . Minimize fraud . Meeting the deadline ANAUBWNHE 2. If some or all of the objectives your boss has defined are vague or general, how might you gain further clarity and specificity? For example, if your boss has told you “We need to be more innovative,” you might ask, “Where should we focus our innovation efforts—on products? Processes? Services?” Clarity: 1. Strengthen working capital: Refining accounts payable processes to eliminate funding gaps and realize high profits. 2. Team productivity: Need to focus on subordinate’s ability to work more quickly with less effort. 3. Innovative solutions: Need to automate workflows from p2p (procedure to payment) to save time and money. 4. Maintain accurate data: Maintenance of crucial data of suppliers, invoices, PO, checks that help at the time of reporting of cash flows, accruals, forecasts. 5. Developing positive relationship with suppliers: Put efforts to get dedicated services, lowers pricing and special/longer terms and discounts. 6. Minimize costs: missed payments, ignored discount opportunities, paperless environment. 7. Minimize fraud: fraudulent vender billing practices needs to be reviewed. 8. Meeting the deadline: strictly meeting the payment deadlines in order to avoid any delay in payments that can result in future losses. 3. What ideas for strategic objectives might you add to those mandated by your boss? Consider goals your group could aim for in order to make the best possible contribution to your company in the coming years. The accounts payable department is just not about payment but it is also responsible for many other factors that has role in overall financial well-being of the company as it oversees the flow of money out of the company. | as a team lead of payable department have aim to contribute to my company for future benefits. As far as payables process is concern, | believe that most of the strategic objectives can be achieved by adopting following practices. 1. Centralized team: For complete accounts payable process and reporting this can be added advantage to the company as tasks can be achieve in faster time frame with less resources and thus reduces cost.eg. 15 units of a company requires 15 employees for each and there will be scattered data as well on the other side centralized team would require few employees and data would be managed & reported by only one manager. 2. Fully automated environment: is the best solution for large size companies in order to boost accounts payable or other depts. efficiency. It streams line the processes, save time and money, mitigate human errors, requires less effort, accuracy in data, control over fraud. Strategic objectives for team productivity can be achieved through trainings at officer’s level that provides further skills and knowledge according to the changing design, structure and culture of the organization. 4. What strategic initiatives have you recently been charged with leading? Strategic initiatives are projects—such as installing a customer relationship management (CRM) system, or enhancing quality-control processes—designed specifically to help carry out a company’s or unit’s strategy. A) Improving supplier selection and evaluation process. B) Create long term relationship with customers. 5. What is the strategic priority that each of the initiatives you’re leading is intended to serve? For instance, is the new CRM system you're helping to research designed to enable your company to identify new customer segments? ERP system have implemented to serve the following areas Vendor selection process to setup supplier’s list Contractual review processes to prevent over payment or duplicate payment. Master data setup process Strengthening purchasing approval processes Setting up supplier’s portal to have electronic track of every step 4. 6. How might you ensure that your strategic initiatives’ objectives remain clearly focused on the company or unit priorities they are intended to serve? Often, initiative stakeholders have different goals in mind for a particular project—which can lead to chaos and allocation of resources away from strategic priorities. Above mentioned strategic initiatives have great importance that no one can ignore keeping these projects into account. As payable processing is interlinked with other departments of the company. Because risks are associated to it that can cause great loss to a company for example failure in effectiveness of payable can be hindrance to process the invoices on timely basis, discount facilities in future from supplier or long payment term with supplier or on time delivery