MGT302A Strategic Management

Introduction

In the current business scenario, it is important for the business organizations to have effective approach of strategic management. This is due to the reason that, effective approach of strategic management can help the business organizations to stay ahead in the competition. In the recent time, business organizations are also having the issue of intensive competition in the market due to the presence of huge number of competitors. Therefore, they should have proper approach of strategic management to drive their business effectively (Box 2014). In the current time, one of the most competitive business sectors is the information technology sector. It is reported that by 2018, the global information technology sector will stand at US$ 1.5 trillion that is one of the highest among all other sectors. This sector is also witnessing huge growth in the competition due to the entry of the firm from mainly India and China. These companies are providing cheaper services to the customers. Thus, it is important for the companies from other countries to have effective strategic approach to compete in this industry (Hill, Jones and Schilling 2014).

TechologyOne is one of the leading companies in this sector based in Australia. They were founded in 1987 and offered software solutions to the customers for financial services in their initial stage. Afterwards they also entered in different sectors by offering more diverse products (Technologyonecorp.com 2018). Currently, TechologyOne offers solutions to different business sectors such as education sector, government sector, financial services, and healthcare sector and for corporate. In addition, they also offer cloud services to their customers. It is being reported that TechologyOne is having their business operation in New Zealand, Malaysia and United Kingdom apart from Australia. However, on the other hand, they should also consider the competitive challenges in the market and accordingly, they should have mission, vision and strategic objectives.

This report will discuss about the current approaches of mission, vision and strategic objectives of TechologyOne and will also analyze their effectiveness and appropriateness for the organization. In addition, this report will also discuss about the effectiveness of the strategic objectives of TechologyOne in meeting their mission and vision (Ekpe, Eneh and Inyang 2015). Accordingly, some recommended strategic approaches will also be discussed that will enhance the business of TechologyOne in the long term.

Mission statement of TechologyOne

The current mission statement of TechologyOne states that they deliver cost effective solutions for different business needs. In addition, it also states that TechologyOne is striving to initiate innovative approach in delivering services to their customers. In addition, TechologyOne is committed to be a trustworthy partner for their customers in the long term. Thus, it can be concluded that the mission statement of TechologyOne is stating the organizational approach effectively. Moreover, it is also being identified that the mission statement of TechologyOne is appropriate in the current business state of affairs due to the reason that it states the objective of offering services in affordable cost. This is helping them to compete with the cost effective and affordable services offered by the organizations mainly from India and China (David, David and David 2014).

In the mission statement of TechologyOne, it is also being stated that they are willing to provide services to their customers for long term. This denotes that customers of TechologyOne are going to get lifelong assistance and services. This is another competitive advantage for TechologyOne over their competitors due to the reason that customers also expects that they will receive proper and swift services from the vendor (Rajasekar 2013). Hence, it can be concluded that the mission statement of TechologyOne is helping them to offering cost effective services along with providing after sales service and assistance to their customers.

Recommended mission statement

Though the existing mission statement of TechologyOne is effective and appropriate in guiding them in the competitive business scenario but there are few gap areas being identified that can be further enhanced. This can help them to having more effective mission statement. It is recommended that mission statement of TechologyOne should also include some of their major competitive advantages. This is due to the reason that TechologyOne is having number of competitive advantages over their contemporary competitors. Stating these advantages in brief in their mission statement will help TechologyOne to have more attractiveness in the market. For instance, TechologyOne is the leading name in providing financial services to the customers. Thus, they should give more leverage to their financial services in order to aware their stakeholders (Bridoux and Stoelhorst 2014). On the other hand, it is only stated that employees are being motivated in gaining new ideas and techniques. However, it is also important for TechologyOne to have statement of how their employees are being managed and how the skills of the employees are helping them in driving their growth. This will help TechologyOne to enhance their employer branding in the market. Thus it can be concluded that the recommended steps in the mission statement of TechologyOne will help them to have more effective and appropriate approach.

Vision statement of TechologyOne

The current vision statement of TechologyOne states that they want to be the leader in the market and wants to gain the market leadership in the global market also. In addition, the vision statement of TechologyOne also leverages on the importance of having effective customer relationships. The vision statement of TechologyOne states that market leadership position will be gained by maintaining the long lasting relationship with the customers and by providing them cutting edge technologies. In addition, it is also being stated that customer satisfaction is the main objective of their business and they will strive to provide 100 percent satisfaction to their customers (Hennig-Thurau and Hansen 2013). The approach of the employee management is also being briefly stated in the vision statement of TechologyOne. Thus, it can be concluded that the current and existing vision statement of TechologyOne is helping them in working towards achieving the market leadership position. This is the most important for TechologyOne due to the reason that being the market leader is the prime objective of all the business entities. This is also helping them to design their organizational affairs and processes in accordance to the vision.

The existing vision statement is appropriate due to the reason that approach of the employee management is also being stated. Thus, the standard of employee management can be maintained in accordance to their vision statement. In the previous section, it is recommended that the mission statement of TechologyOne should be more focused towards their approach employee management (Teckchandani and Schultz 2014). Thus, having that in the mission statement will further help in working towards achieving their vision. Satisfaction of the customers is also being given a major importance that will further help them to enhance the standard of customer service and working towards achieving 100 percent customer satisfaction (Carton, Murphy and Clark 2014). Thus, achieving the market leadership position and gaining 100 percent customer satisfaction will ensure that TechologyOne is going in the right direction.

Recommended vision statement

It is recommended that the vision statement of TechologyOne should also include their business and product strategy for future. This is due to the reason that the current vision statement of TechologyOne is only having the information about the employee management and achieving more market share (Eryilmaz and Bektas 2015). New sectors that they want to enter or new products that they want to introduce in the market are not having any mention in the vision statement. Hence, it is recommended that TechologyOne should also add their product strategy and new customer segments that they want to target in their vision statement. This is also important due to the reason that market leadership position cannot be achieved without having presence in different customer segments (Madu 2013). However, the existing vision statement of TechologyOne is not having any brief about how they will grow in the market.

Strategic objectives of TechologyOne

Apart from designing the mission and vision statement, it is also important for the business organizations to have strategic objectives due to the reason that strategic objectives will act as the foundation for achieving the mission and vision. Thus, in order to have an effective approach of strategic management, TechologyOne should also have some strategic objectives (De Los Reyes 2013). However, currently they do not have any stated strategic objectives and so this report will design a few strategic objectives that will be appropriate in accomplishment of their mission and vision discussed earlier.

• The primary strategic objective of TechologyOne should be effective recruitment and selection. This is due to the reason that the more effective will be the process of recruitment and selection, the more will be the probability of having rightly skilled employees in place. Thus, TechologyOne should have the strategic objective of selecting the right employees in right place in order to gain maximum competitiveness from them (Ployhart and Weekley 2014). The approach of the recruitment and selection should be designed in such a way that employees with having right skills and expertise along with having the inclination towards innovation should be in place. This will enable to gain more options of innovation and new ideas from the side of the employees. It should also be noted that effective process of recruitment and selection will help TechologyOne to achieve the provision of providing innovative products and services as stated in their mission statement.
• The second strategic objective of TechologyOne should be to cover the maximum market area possible in the next few years. This is also important due to the reason that TechologyOne is currently present in only four countries. Their market potentiality is limited and they should have the objective of entering in new markets in new countries in order to cater to new customer segments (Titman, Wei and Xie 2013). The more presence they will have in the global market, the more they will be able to enhance their revenue and solidify their market position. On the other hand, having presence in more countries will also ensure that TechologyOne will have added competitiveness and resources to compete in the market. According to the Ansoff’s matrix, new market development is one of the major ways of maximizing the market share and brand identity. The more will be the market size, the more will be the potentiality for TechologyOne in the market and more will be chance of achieving the market leadership status.
• Another recommended strategic objective for TechologyOne should be offering training for their employees. The current business scenario of information technology sector is rapidly changing and thus it is important for TechologyOne to have updated employees who can deal with the changing scenario. In this case, they should have the objective of providing training to their employees on a periodical basis (Jehanzeb and Bashir 2013). This will enable the employees to have the understanding and expertise about changing scenario. This will help TechologyOne to achieve their vision of offering innovative products and gaining 100 percent customer satisfaction. Employees will be more skilled and expert in generating newer ideas in the business and providing effective service to the customers.
• Another strategic objective for TechologyOne should be the lower cost of production. This is due to the reason that the major competitors of TechologyOne are providing services in fewer prices and thus the operation cost for TechologyOne should also be reduced in order to enable them to offer their services in more affordable cost. Strategies such as lean operation system and outsourcing can be initiated in order to reduce the cost of operation and offer the products in fewer prices (Teirlinck and Spithoven 2013).

Conclusion

Thus it can be concluded that TechologyOne is having and effective mission and vision statement. It is also discussed in this report that the existing approach of mission and vision statement is helping TechologyOne to work accordingly. However, there are some gaps also being identified in this report in relation to their mission and vision statement. In accordance to the gap areas, a number of recommended steps are being discussed. Major strategic objectives for TechologyOne are also being identified that will further help them to achieve the mission and vision effectively.

Reference

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