In order to change the general performance and key achievements by any company, it is necessary to embrace organizational as well as management changes. The management is the key pivotal tool of any organization as it is the body that monitors and controls an entire organization. If the management is lacking, it implies that the entire running of a company will be negatively impacted. General Electricals is one company that has been subjected to ups and downs in the entire life of its operations. However, under the leadership of the CEO, Jeff Immelt, the company has gone far and has been able to realize several development-related benefits, such as increase in the aggregate market share, increased profits, and strong employee-customer relationship among others (Case study).
However, just like any other company, General Electricals has a long way to go before it realizes its optimal goals. There is a dire to come up with a strategy that incorporates different developmental elements. Like many other companies, GE has been facing both internal as well as external challenges that have affected its operations in one way or the other. From one CEO to the other, there have been issues of management. There have been both internal wrangles as well as external wrangles that have been attributed to weak internal management as well other external factors. However, since Jeff Immelt became the company’s CEO, GE has realized some notable developments as above highlighted. However, there is a wide gap of what needs to be done. Having this in mind, there is a dire need to put in place mechanisms that will focus on key improvement areas. The decision to be adopted should be comprehensive cutting across the board in order to cover all the key central areas of the business.
Based on the case study, GE has to lay its focus mainly on the external environment in order to address key external factors that are affecting the business. However, some of the internal factors have close connection with the external factors and as such an in depth analysis need to be carried out before arriving at the optimal decision. SWOT analysis is an appropriate strategy that will help interconnect internal and external environments that would boost the general business’s performance. For instance, the company is said to enjoy good management, under the leadership of Jeff Immelt (Case Study). The company has been enjoying competitive advantage. From a personal perspective, GE should focus on strategizing on how to adopt new technologies. There are many emerging technologies in the modern times that have transformed the entire lives of different individuals. New technologies have dramatically changed the way in which business are conducted nowadays.
Communication technology is an important element that should be implemented by the General Electricals Company as one of the driving force for the business. GE can consider adopting technologies such as accounting management systems, Enterprise Resource Planning System, and any other management information systems deemed necessary. When appropriately and effectively implemented, all the above strategies are likely to bear the best outcomes as far as company performance is concerned. For instance, accounting information system will simplify the entire accounting process of the company and it will ensure rectification of some minor issues in the accounting system. The system will be streamlined and the minor errors encountered within the accounting system will be minimized.
It is evident that technology is dramatically taking a new angle of revolution in the modern business community. Technology is definitely the most basic tool that is used in modern times by many businesses in order to facilitate and improve their performance. Technology is changing the whole business world on a daily basis through the creation of different platforms where business operations can be conducted in a simplified manner. For instance, there is the existence of social networks such as Facebook, tweeter, and linked in among others where business partners can interact with other business colleagues. Marketing has been simplified through the use of social networks as well as creation of personalized websites where customers can access information regarding a particular product.
As such it will be possible and easy to reach as many customers as possible thereby increasing the general performance of the business both nationally and internationally. It then implies that adaptation of the emerging technologies will have a positive impact on the external operations of any given business. Reaching an increased number of customers implies that there is general expansion of a business entity. However, technology will not only impact the external factors but equally internal factors will also be boosted positively, as above mentioned. It would thus be wise for GE to consider adopting and embracing the new emerging technologies. As above discussed, it is evident that such a recommendation is worthwhile embracing since it is comprehensive thereby covering many areas of the business world.
The implementation of the decision will require the consideration of both internal as well as external factors. GE should ensure that the projected decision does not constrain the company’s internal as well as the external resources. For instance, the decision should be much capital intensive and also the maintenance costs should be maintained as low as possible. Additionally, the decision should favor the external business’s environment and should positively contribute to GE’s operations. In a simplified language, the decision should give positive results as far as cost benefit analysis is considered. As such, prior to the implementation of the plan, it will be important for GE to conduct a cost benefit analysis in order to establish the profitability of the projected decision. The company will be required to have a well versed IT team in order to facilitate the implementation as well as the maintenance of the strategy. Technology is a dynamic field and as such General Electricals should make sure that there is a continuous training for the IT team.
Some projects/decisions are capital intensive as far as implementation is considered. To some companies, this may not pose huge burden depending on the financial ability of the individual business. On the other hand, some businesses may not feel much effect even during the implementation process of a business project/decision. However, most are the times when many business entities will feel the impact of implementing any decisions. As such it is always wise to implement a given project over a spread time, for instance, through different phases. This will ensure that the financial as well as any other related burdens are spread out. Implementing a technological decision may be capital intensive and at times may prove difficult. It will thus be wise for GE to consider implementing this decision over a spread period of time.