The business study indicates that Company is nottechnologically mature and this could affect them and the companies that aresimilar to them in the future. In the findings, it is also written that companyis using old and simplistic information systems.
The company rely on few keyindividuals who are with the company for a long time and they have theexperience and expertise in doing business operations, vendor relationships,inventory control, and distribution patterns. But, the big problem that thecompany is about to encounter is the retirement of these key individuals. Theydon’t have the personnel or employees capable of such skills and experience toreplace these employees. Even, if they find such employees who can carry outthese operations, then still it is hard for the company to keep them in thecompany for a long time. This is because, now a days, young and newprofessionals like to change the environments frequently. They don’t like to bein the same company for their whole lives.
Therefore, they are struggling toovercome this problem.In short time, majority of the company key employees aregoing to retire and company don’t have employees with the skillset to fit thoseimportant positions. The point is that what should the company do to handlethis issue and succeed to overcome this problem. For this purpose, there arefew recommendations that would help the company.
Firstly, Company should adaptpolicies in which knowledge sharing across different department is encouraged.This would help the young and inexperienced employees to learn and have deeperunderstanding of how things works in other departments. Secondly,Cross-training can be really useful in order to train young and inexperiencedindividuals. Cross-training is a method in which there is a three to six monthassignment or project which allows and enables young employees to gain hands onexperience and expertise in areas of the company which are unfamiliar to them1. Through this, these young employees will interact with experiencedprofessionals and this opens an opportunity for them to switch to other rolesin the company.Moreover, Company can revise their policies regardingretirement.
When an experienced or loyal employee retires, he/she takes all theknowledge of know-how right along with them. Instead of going into permanentvocations, those retiring employees can do part-time or consulting roles. Thiswould be beneficial for both employees and the company itself. Through pilot program, American express have created aprocess in which retiring individuals will have the option to give up some oftheir day to day responsibilities. But, in return they are required to spendsome time mentoring and teaching classes to new and young employees.
This wouldbe beneficial for both the retiring individuals and the company itself. Foremployees, they will not only be able to leave gradually but also enjoy timeand portion of previous salary and regular benefits. As far as company isconcerned, this process will educate the existing workforce for future successof the company.Furthermore, Individuals sitting on top ranks in the companyhave to make sure that while doing cross training and pilot program, older andexperienced professionals don’t feel neglected.
This company should make surethat they don’t signal to old workers that their experience is invaluable or nolonger needed. Company can help facilitate cross generational learning byreminding that there is so much to be learned from different perspectives. Thiswill reduce feelings of discrimination that older and loyal employees arestarting to feel as company starts transition from older employees to young andinexperienced employees.
In addition to that, young employees, now a days, prefer notto stick to one employer for their whole lives. Keeping that in mind, Companyshould adapt such strategies in which if an employee, in the future decides toleave the job, then they must have certain policies in place so that they areable to fill that position with some other employee.Smooth transition from highly experienced retiring employeesto young and inexperienced employees is really important for a company’ssuccess and productivity. In today’s highly competitive market, for a smallCompany, to sustain and proactively preserve the wealth of institutionalknowledge in order to drive the company’s productivity, it should consider theabove mentioned recommendations. In today’s world, technology in business has become anecessity. It is hard to imagine to have a business without technology.Business breeds business and technology has paved the way for innovation sobusiness can’t be sustained without technology.
In the recent years, technologyhas tremendous amount of influence in growth of commerce and trade. Businesseswould not have evolved that much as they are today if it was not fortechnology. For businesses, investing in technology bring a number ofadvantages. Computers have become more powerful and the price has decreasedsignificantly that even small businesses don’t hesitate to use.
Technology hasautomated daily tasks, thus reducing labor work and allowing the employees toconcentrate on more important tasks. Technology also brings advantages incommunication. With advent of mobile phones, employees can contact thecustomers using the mobile phones without conducting the meeting.
Technology also brings a lot of advantages when it comes tostorage. Previously, Companies have to allocate space for storing documents.But, with technology, we only need to scan the documents and store it in thedatabase.
It not only increases the productivity but also reduce cost andresources. There are plenty of information tools that technology provides thatenable business analysts to quickly identify trends and find areas where acompany can make profits and succeed. In the Study case, this small distribution company havesimplistic information systems and the technology used in the Company is notmature. This means that they are still using old methods and processes fortheir routine tasks. There are lot of hidden risks and dangers of using agingand outdated technology. There is a big chance that someday this old technologywill stop working and all of precious data is lost.
This can cost the businessa lot. As this Company is in a transition phase of replacing old retiringemployees with young and inexperienced employees, technology can play a hugepart in doing it smoothly with much reduced cost, time and resources.There are plenty of ways in which technology can be used totrain employees. One of the ways is to train them through interactive learningprogram. There are lot of software that have been developed by the Companiesfor this sole purpose. Instead of assigning a person to train an employee, newemployees can use the software by reading e-books and handouts. Company can addInstructional videos or tutorials to the software for better understanding.This will not only reduce company’s resources and cost but also help newemployees to better understand the business and their responsibilities.
Secondly, Company can either hire software engineer to builda software or purchase it for communication in the Company. This will be thesoftware where new employees within specific departments can ask questions andpost some problems or issues they might have experienced and the senioremployees can answer them. It will become much easier for the new employees totap into the experience and expertise of their peers to fill gaps in theirtraining. This will save theirs and manger’s a lot of time and they can utilizethat time for some other more productive tasks.Since, now everyone has mobile devices and they are connectedto internet so if a new employee wants immediate help or assistance in sometask without having to wait or submit a help ticket, he/she can connect to livetrainer through mobile application or computer software. There are lot ofsoftware out in the market which provides this kind of facility. These softwareprovides facility to share their computer screen with other person. These handysoftware simplifies a lot when it comes to technical and diagnostic issues.
Moreover, there can be a situation in a company in whichmanager wants to hold a meeting with his new employees and allocate taskswithout connecting to them one by one and the manager or an employee is notavailable. In this case, technology comes into place and does this taskefficiently. There are variety of software which allows to hold meeting overthe internet. A manager can connect with all the employees and can giveinstructions. This is a great facility and is now vastly used by majority ofthe companies.After having gone through the transition phase successfully,Company should replace old and simplistic information systems with more modern,reliable and powerful technology to improve the efficiency and productivity ofthe business.
In order to use this technology for the benefits, Company isgoing to need the skilled professionals for doing this job. Hiring of these professionals is going to cost Company a lot.As size of the Company is not big, therefore it is not recommended to hire newpeople. Instead, existing IT people could be trained by academic trainingprograms. There are lot of educational websites which offers courses onlinelike Coursera and Udemy.
The courses are being taught by professors from topuniversities and it is an excellent way to get knowledge.The key factors in product distribution are businessoperations, vendor relationships, inventory control, and distribution patternsand currently this Company have experienced employees who are dealing thesematters. But, as they will be replaced shortly with new employees, these gapsneed to be filled. Technology can help in this regard.
It is the driving forceto any business that exists in this technology world. It will not onlyfacilitate doing these jobs efficiently but will also increase productivity.A Company to have good and trustworthy vendors is consideredas highly valuable. But in the beginning, Company needs to find suitablevendors. Searching vendors manually is a very painful and difficult process ifthe Company don’t have appropriate E-Sourcing tools. E-Sourcing tools allowscompanies to search and compare different vendors.
Through it, Selection of thevendors become more efficient and effective. In the past, Companies have topost advertisements and have to rely on old contracts for this purpose. But nowwith the evolution of technology, Companies can find appropriate vendors in oneplace.
Once Company have settled agreement with the vendor, it iscrucial for a Company to have strong Communication with its vendor in order toavoid any conflicts. Without technology, it was really difficult for a Companyto have that kind of Communication. But, now it is a no big issue.Communication has become fast and reliable especially with the advent of mobilephones.Payment process between the company and the vendor was acomplicated thing. Technology brings much relief in this regard. Technologyoptimizes and ease the stress of this payment process by tracking invoices andstoring payment information. Both parties can look up invoices and recordsinstead of initiating unnecessary communication with each other 2.
Therefore,Technology plays a vital role in Vendor relationships. The Distribution Companyshould consider these recommendations if they want to compete in the market. Itwould harm them if they continue to use simple and old information systems.In product distribution, Managing and controlling inventoryis a very important job.
For a small product distribution company as in thiscase, using mechanized system is not mandatory. However, it is also not recommendedto control inventory manually as it requires intense labor work andcontinuously monitoring of transactions. The chance of human error is alsosignificantly high. Sharing of inventory information across differentdepartments is itself a difficult task because the lack of computerizationmakes accessing inventory records a more cumbersome process. On the contrary,using technology doesn’t bring any harm but provides efficiency and increaseproductivity.Inventory Control Systems is a set of hardware and softwarewhich automates tracking of goods and products. These systems uses barcodetechnology to track the items. The working of these systems is also simple.
AnyCompany can implement it with a little bit of effort. The system has two maincomponents. One is the barcode scanner and the other is the software installedon a Computer System. To record the transaction, an item with a barcode isscanned through a barcode scanner and the information is sent wirelessly to aComputer system where it gets stored. Inventory Control Systems have a lot of advantages overcontrolling the inventory manually.
Inventory control systems provides a lot ofuseful functions. It help the workers to locate a particular item in awarehouse. Without it, it would take a great effort to locate an item.
Theother benefit it provides is the security. It can encode shipping informationas well as the addresses. If a Company is running out of stock of a certainitem, the system will provide alert that it is time to reorder. With thebenefits discussed, it is quite evident that technology provides great reliefto the Company when it comes to inventory Control.
It saves a lot of time andresources for the Company. Therefore, for the product distribution company tosucceed and keep pace with the market, it should consider replacing the oldmethods for inventory control with the new ones.To conclude, for every company whether it is small or big, a time comeswhen it has to make strong radical changes in order to maintain its reputationin a market. As the product distribution company is about to face transitionfrom experienced employees to new employees, Company needs to make some policychanges. Some recommendations are listed above for this company to successfullymake this transition smoothly. I have also discussed that how technology canassist through the transition and also in performing day to day tasks.
Theserecommendations and suggestions can greatly help this Company and the otherdistribution Companies in order to prevent harmful effects in the future.