In order to maintain profitability and functionality, companies must achieve superior efficiency, quality, innovation, and responsiveness to
Question:
In order to maintain profitability and functionality, companies must achieve superior efficiency, quality, innovation, and responsiveness to customers. While each employee of the company maintains a role in improving the effectiveness of these areas, top management plays more of a lead role when affecting change within a company. Some of the steps that top management can take in order to help a company achieve superiority in these areas start with strong communication, especially communication of company goals. In order for a company to improve, each employee must be working toward a similar goal and it is the job of top management to direct the frontline managers to create goals for each employee that align with the overall goals of the company. If people are working toward different goals, it would be comparable to two people rowing in opposite directions on a rowboat, the boat goes nowhere and both will eventually become tired of trying to row. Another role that top management can play is providing support for asset management. Top management maintains much of the control of financial decisions, and this includes budgeting. By ensuring that the employees have access to the resources necessary to complete their jobs, the company's achievement will improve. In addition, this can also improve the innovation and efficiency of the company. Something as simple as faster internet or other connections can improve efficiency, and R&D can improve innovation if they have the funding necessary. In order to achieve superior responsiveness to customers, top management can have more direct contact with customers through questionnaires and reviews. By ensuring increased and better contact with customers, companies are able to adapt and respond to customer needs as they arise rather than catching up with a trend. There are many other methods of improving a company's efficiency, quality, innovation, and responsiveness to customers, but these three methods will ensure growth in each area.
How can companies use the growth of artificial intelligence (AI) to improve their responsiveness to customers?
Essentials of strategic management
ISBN: 978-1111525194
3rd Edition
Authors: Charles w. l. hill, Gareth r. Jones