Discuss about the Implement Workplace Information System.
The objective of this financial resource proposal is to improve and to understand the issue of the ongoing impact of Australian company Cotton On. The basic aim of this study is to know the Australian Accounting Standard features. In the present context, the stock exchange listed companies have to maintain some accounting standard in their financial reporting such as income statement, balance sheet and statement of cash flow. There are various small scale industries in Australia in which Cotton On is one of them. It is one of the retail, small scale businesses in Australia which is best known for its fashion brands such as men, women, kids and teenagers clothing. The company is running with some existing technologies and equipment and these equipment are helpful for the company's growth. However, it is now trying to establish some latest equipment to run the business into worldwide because the company is operating only in Australia. Now it is seeking to replace its old equipment with some new. The company is trying to provide a new process to satisfy the customer as well as to remove uncertain problems from the company (Li, Chow and Chan 2016).
Aims and Objectives
The company has the aim to satisfy its customers by providing certain goods and maintain productivity across the country. The company identifies its production cost and makes an estimation of such value for the good growth of the company. Now the company is spreading across 12 countries as a small scale business. The infrastructure of the company is well developed, and it satisfies the needs of people within the country. The company has the aim to maintain integrity within the economy to produce more goods across the country. The company maintains the best relationship with the other company’s stakeholder to make a best CRM within the economy. The company satisfies the customer’s needs and has the aim to provide healthier and safer product across the country.
Tender needs to Support the Equipment
Nowadays, the market is perfectly competitive, and the company is trying to establish some latest equipment and technologies for the proper development in the country. The company has to maintain various tenders to install new equipment accordingly.
Method: It has to follow certain method to include some new material with the help of network administrator in the company. A Network Administrator maintains the computer work and establishes some latest plans and policies. There are various methods by which the company produces more goods and making some arrangement of new equipment.
Source: To make a plan for the new equipment, the company needs to follow some strategic decision making which is suitable for the growth of the company. The stakeholder is the major source to plan for development because he maintains the productivity of the company.
Verification: Verification is needed while establishing the new equipment in the company. It indicates that the equipment is legal or not. It also considers that this equipment is beneficial for the company or not. It has to maintain some data plan to verify the latest equipment for the growth of the company.
Collection of Data
Now the company is operating with 1400 stores in 18 countries such as include Hong Kong, Singapore, New Zealand and much more. The collection of data is needed to plan for forecasting for the company. These data can be collected in various ways.
Internet: The Company has to provide its personal website to get more customers reviews which are beneficial to collect data for its forecasting. The company collects data from social sites where its services are available. Nowadays, use of the internet is very common, and most of the people are involved with the web. For this, the company can collect more data from online social networking sites like Facebook, Twitter, and YouTube.
Medical: The Company collects data from medical sources which include Hospital and pharmacy. It can get some new equipment plans from Hospital because the company provides clothes products at a great quantity.
Finance and Insurance: It has to measure its financial performance and must have to make an insurance policy to plan for the new equipment for forecasting. The company’s growth is increasing every year, and in the last six years, 600 stores of Cotton On were opened into worldwide (Chiang and Shih 2014).
Telecommunication: The Company can also collect data from some telecommunication process. It can be done between a country and another where the company is operating.
Retail Business: It provides goods as the retail basis also by which it can collect data from the other retail business for the planning of forecasting within the countries.
Customer Relationship Management: Customers are the main ingredient for the company because if customers are not buying the product; it may not plan for forecasting. For this, it collects data to maintain the best customer relationship management.
Requirement of the Capital and Assumption of Financial Calculation
To make a plan for some latest technologies and equipment for the proper growth of the company, it needs to maintain the capital consistently. The capital is the primary ingredient to start a business as well as to promote the business into the global market segmentation. The company needs to increase their capital to form new equipment for the future growth of the business. It is needed to be held a training and development program for the proper development of these technologies in the company. The company does the financial calculation because the cost of production is high. The company makes this assumption to know its current situation in the marketing strategy.
Needed Documents to include
The company needs to include some legal papers as well as the presence of memorandum of association and article of association is much needed to plan for the future growth of the company. It needs the approval of managers as well as human resource and stakeholders of the company. The company needs to maintain the Variable cost analysis as well as analysis of sales mix within the economy. It needs to update its analysis of capital investment accordingly.
Risk Analysis (Not Making the CAPEX)
Capital Expenditure (CAPEX) refers to the long-term goods which are produced for more than one year. Though Cotton On is a retail based company which provides goods as daily basis requirement, It does not include risk analysis. For this, to establish the new equipment in the company, the capital expenditure may impact at a great segment. However, the company produces goods in many countries on a retail basis by which it is indirectly influencing the capital investment in the country (Enqvist, Graham and Nikkinen 2014).
Evaluation of Quantitative and Qualitative Terms
The quantitative and the qualitative terms indicate the production and quality of the product. The company can measure its quantity of the product which is sold into worldwide segmentation. On the other hand, the company maintains the term of quality management to measure the quality of the product. The evaluation of quantitative and qualitative management indicates the good formation of new equipment and technology across the country by which it can measure its production process and rate of the product in the market (Creswell 2013).
There are some basic requirements while doing the plan for the new equipment in the company. Certain things come to our minds such as what is required, why it is required, the cost of such requirement and the supportive person of these demands.
What is required
Why it is required
How much cost will incur
Who can support
Most basic ingredient. Without having the sufficient capital, the company cannot do the process.
Around $5 million.
The company has to make a better relationship with the other company’s stakeholder to fulfill this requirement across the country.
Table 1: Ingredient required while improving the equipment plan
It has been concluded from the above discussion that Cotton On is one of the retail-based companies in Australia. In the case of installation of the new equipment, it needs to maintain some strategic performance into worldwide because the company is operating in 18 countries in the world. The company has the aim to maintain integrity within the economy to produce more goods across the country. It collects data from various sources to implement the new plan for future growth. The sufficient capital is much required to make the plan for future strategy. It is needed to be held a training and development program for the well development of these technologies in the company. The company maintains some charts and tools by which it can now the current market affairs and price of the product. If it follows these strategies, the equipment plan may successfully come to the operation.
Li, W.Y., Chow, P.S., Choi, T.M. and Chan, H.L., 2016. Supplier integration, green sustainability programs, and financial performance of fashion enterprises under global financial crisis. Journal of Cleaner Production, 135, pp.57-70.
Chiang, C. and Shih, T.Y., 2014. Modeling the marketing effect and establishment decision of experience stores. African Journal of Business Management, p.307.
Enqvist, J., Graham, M. and Nikkinen, J., 2014. The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32, pp.36-49.
Creswell, J.W., 2013. Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.