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Memo: Busines Environment Analysis & Tehnology Recommendations for Improving Business - Case Study Example

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Memo: Busines Environment Analysis & Tehnology Recommendations for Improving Business

It also requires financial control to ensure a business meets its objectives. This is achieved by ensuring assets are efficiently utilized and that they are secure. Financial management also demands there to be sound financial decision making. Decision making in businesses is significant for investment financing and management of profits. Financial inventory is concerned with recording of all financial activities that take place within a business. Inventory management in a business is vital because it provides records that are used in determining the progress of a business. This paper aims at addressing financial/inventory management by addressing key issues affecting a business entity. ER UMUC faces the challenge of integrating the two newly acquired businesses and merges their operations with its existing business operations. The most effective way to achieve this is to implement the adaptation of a common information storage system and format. The new ER UMUC Company should embrace improved marketing strategies for their acquired products. They can do this by combining mobile sale techniques of products that are compatible. The company should create a database of all their clients, describing their immediate needs and preferences. This method is Solution Selling, which focuses on a clients needs and providing a product, or service that is suitable for their needs. A database designed around the solution selling principle will make it possible to handle a wider selection of clients using

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a reduced sales force. All the products that were previously sold by ER UMUC and MyRentals should be brought under the responsibility of the same sales force. The automation of sales force will see the development of strategic sales tools that will help improve the volume of sales. Sale force automation using information technology will see the sales force actively involved in the development of insights on the customers and competitors. Automated sales force promotes savings on operation costs and increases sales force productivity. Automated sales forces are not based on automating paper-based procedures but in formulating a platform for organizing sales around information management. The ER UMUC Company should streamline and consolidate the methods used by all of its personnel into one synchronized format. This format will enable better management of financial information pertaining to stock movements and purchasing processes. The company needs a way to handle the just-in-time supply of filters to canisters. It also requires a solution as to how it should ensure the manufacturing of deployable shelters, and how it produces the right number of shelters to fulfill the sales and leasing requirements. This can be done by adapting new inventory management techniques, which will improve the supply chain of the intended products. Careful market reviews should be done on customers, external and internal factors that determine the product’s progress in the market. Idle stock should be determined before decisions are made on the amount of products to be produced. This will help the company avoid over or under production because any idle stock should be modified to suit the new products’ requirements and sold first. Doing this will help the company avoid incurring unnecessary operation costs due to over production or losing out in the market due to under production. Information technol
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Summary

Name: Instructor: Course: Date: Financial/Inventory Management Financial management is the orderly arrangement and handling matters that deal with money involved in the daily activities of a business entity. Financial management is aimed at attaining the financial goals of an organization or business…
Memo: Busines Environment Analysis & Tehnology Recommendations for Improving Business
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