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Business Operations Essays

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Business Essay Examples

13 Business Essay Examples for Students

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Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

• Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
• Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
• Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
• Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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Strategic Management of Business Operations Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

Introduction

Strategic management, strategy making, situation and competitive analysis, organization’s challenges in the global market.

There has been stiff competition in the execution of business activities with each company implementing different and creative strategies to win over the market. The continuous advancement in technology has brought forth various new ways of handling various activities and issues in all field of business operations.

Technology has improved communication and transport which are among the many aspects having close relations to business growth and expansion. Easy transport and communication has enhanced by technology has made more and more transactions to be undertaken.

To ensure that the business survives the dynamic market forces in rendering its services to the customers and win more customers, there is need for proper strategic measures to be formulated and implemented. This essay seeks to analyze strategic management as implemented in the management of business operations so as to maintain good business performance and development despite the changes in market forces that may occur.

A specific example of Bay hotels will be used to make the discussion real in pinpointing out areas where attention will be required as the hotels tries to make their presence felt in the around the national and around the world.

The history of an organization is usually important in checking the progress over the years. This usually helps in one being able to know the challenges a company has undergone and the way the challenges were handled then. The past challenges and successes usually form a platform for formulating new strategies depending on the future prospects.

It also helps a company management to avoid repeating mistakes which committed in the past. For the case of Bay hotels, the past has witnessed an excellence performance. Bay hotels are located in Britain. There are eleven regions where Bay hotels are in England, three in Scotland and one in Wales. Some of the regions have up to four hotels making the total number of Bay hotels in Britain to be around 32.

The Bay hotels are located in some of the best resort regions in the UK making them have a unique attraction to visitors. According to the company website, “Every Bay hotel has its own unique character and because we were the first to offer accommodation in many areas, you can expect out hotels to enjoy prime locations with some of the best views around” (Bay, 2009, p. 1).

There are various strategy paradoxes that have different ways of approaching and solving problems. There are two main approaches to learning of strategies proposed by Abraham Maslow which are problem-driven and tool-driven (Meyer & Wit, 2005. p. 4).

In problem driven strategy, one usually takes an in-depth analysis of the problem after which he checks for the right way of going about it while in tool-driven strategy; one usually internalizes theories before checking on the problem.

In running of a business, the top management team is usually responsible for formulating and implementing new strategies to maintain continuous business growth. To do so, they have to take good analysis of the market forces so as to make sound decisions.

This involves developing strategic vision and mission statements, setting objectives, formulating strategies, implementing the strategies and then checking the performance of a company. The objectives set should be challenging but achievable to ensure good progress of a company.

The integration of all these activities usually yields good results. In the hotel industry it is usually very significant for the management to ensure that the company remains relevant in the eyes of the customers and potential customers.

The service industry is very competitive and it is therefore significant that strategic management at Bay hotels be a continuous process which is not undertaken to completion but rather improved perpetually.

In case the strategies are to be modified during the implementation, and then the management team should be dynamic to accommodate the changes. This management entails competitive moves that yield good returns and continuous development.

The management should run the business, improve sales and satisfy customers as well as strive to meet the set targets (Olsen, 2006, p. 239). Bay hotels management ought to be dynamic enough to accommodate emerging trends in the hotels and avoid risking lagging behind. This is especially significant if the hotels are to venture into the international markets where competition for international customers is even stiffer.

In putting the strategies to work, there are various questions that the management usually figures out. It should consider the current situation and of the company, where the company wants to be in future and the means they are to use to move it there (Cumming & Greiner, 2009, p. 167).

The implementation of strategies is not usually a smooth process. It may be affected by factors from within the company or others that are from outside. Some of these challenges posed can be sorted by the management while others need partnership with people outside the management.

If all the parties involved in the running of a business such as the employees are in line with the long term projections and are totally dedicated in their duties, then most of the internal challenges would be overcome with much ease.

In formulating a strategy, one usually considers new opportunities, geographic coverage, integration required, diversification and the management of the key functions. This process usually involves taking of risks, creativity and spotting of opportunities that are rewarding to the company in the long run (John & Ulwick, 2009, p. 119). The strategy should be maintained to completion according to the time frame stipulated.

The organization capability is usually fundamental in the implementation of the strategies. If the resources are available and there are no major distractions, then the strategies’ implementation can be achieved in the time span provided. The performance of the strategies should be evaluated so that any modification necessary is to be undertaken in time.

The strategy making starts from developing the vision and mission statements. It usually entails getting a clear understanding of the firm future prospects and communicating to others in an understandable and inspiring way. This usually attracts investors and other parties who play some important roles such as raising funds for the company for it to undertake.

All the stakeholders of the company should be taken into consideration as they play important roles in management and running of the company. Some of the stakeholders include customers, stockholders, creditors, debtors and employees (Gibbert, 2010, p. 1).

In making the strategy, the company management stipulates what the company wants to achieve in future and lays down the short-term and long-term investment plans. In making the plan, other competitors in the field are considered.

The strategies to be formulated and implemented are to improve the customers’ confidence in the company and the company’s reputation as well as put the company in a better place at the market so as to be able to withstand the dynamic market forces and thus have a better hand in selling (Wintzer, 2007, p. 4)

The strategies should also indicate what activities the company should not undertake. Such activities are mostly a hindrance to the growth and development of a company. The most appropriate technology should be used. These technologies usually reduce the overall cost in strategy making and also increases efficiency as time is well managed.

The customer is one of the most influential stakeholders in the company thus the varying customer needs should be evaluated in order to come up with a better way of handling and providing services so that all the customer groups are satisfied. This is because the company’s operations are either customer-driven or market driven.

The technology used usually brings specialization in which a person performs in a field in which he is more conversant with. This usually makes everyone involved to be well integrated in the strategy making and implementation process.

To ensure that the strategy formulated fits well in the business, the strategy should narrow down specifically to what the company intends to do. This usually minimizes confusion and ensures good coordination. To the contrary if business activities are diversified, then a broader perspective is usually good so as to accommodate all the fields.

There are various departments in a company. These departments should have strategies in line with others to avoid some departments lagging behind. The department’s contribution, role and direction which are necessary to the overall success are usually considered. Good communication improves coordination and sometimes may challenge or motivate one in his undertakings.

Since the market is influenced by external forces, international trade conditions should be considered and the signs of improving or declining market opportunities realized. The vision, mission and objectives usually give guidance in proper decision making.

Proper referencing platform for the performance are usually necessary. For example, if a company doesn’t have a specific future objective but is totally dedicated to carrying out its duties, then it usually does not achieve the best results as its resources could have yielded.

The short term strategic measures are very important as they act as a measure of the overall progress of the long term measures. This means that the two should be formulated in line with each other. They usually stipulate the time frame for the achievement of every objective. Thus, the stipulation of the time frame for the achievement of every objective should be provided.

The long- term measures usually consider the effects on the arguments passed in the running of the business in its future performance. This thus brings the necessity to critically analyze each strategy to be made on the company because a mistake could result to major consequences in the business operations.

The strategies usually take into account organization-wide objectives, product objectives, department objectives and individual objectives in the order given above. This shows that the formulation insists that all parties must be involved although at different levels.

The strategies do not only take into account what the business intends to do but also the current steps undertaken. The strategy making entails formulating means of reaching performance targets, outcompeting rivals, achieving competitive advantage, withstanding market forces, capturing emerging market opportunities and bringing the company vision to become a reality.

Thus, it is based on what actions the management is to undertake for good formulation. Because of continuous change in competition, customer needs and expectations, production costs, regulations, opportunities and threats, then the strategies should be dynamic to be able to handle these challenges.

The formulation of good strategies usually makes it possible to achieve the intended achievements as well as attain others which were not foreseen. This is the case for either a diversified firm or a single line company.

The formulation of the strategies is well done by well qualified personnel in the specified fields. The specialists usually avoid unnecessary errors that may arise and provide thorough investigations of the strategies to the best of the knowledge available (Grant, 2005, p. 29). In the case of a diversified firm, the strategy making process takes into consideration all the industries or business groups giving different approaches to each.

It should consider the diversification and look into ways in which the performance can be boosted and the investment projects that should be undertaken prior to others. The various strategies formulated are functional and operational. The functional strategies usually oversee the performance of the key activities and provide support in the business operations.

The operating strategies are useful in analyzing the performance of various operating levels. The strategic plan requires unification of the various strategies involved. The good thing, about it, is that these strategies usually reinforce each other to bring forth good results.

The choice of a specific strategy is affected by internal and external factors. The external factors includes society, politics, laws, industry attractiveness, opportunities and threats while internal factors include internal strengths and weaknesses, key executives influence, shares values and culture. These factors usually shape the strategy to be implemented.

Some laws and cultures may act as hindrance to the formulation of certain strategies. The responsibility the company has to the society due to the activities it undertakes has great influence in the company strategy making.

The company should have a good image and reputation in the eyes of the general public with the strategy being related to the competitive conditions. Good techniques should be used to handle the various risks and threats that may arise (Mathieson & Scinasi, 2000, p. 41). This ensures stability of the business incase challenges arise.

The making of the strategy should consider the firm’s strength, weaknesses and competitive capability. The company’s main competencies are usually important because they give the company an upper hand in taking the opportunities that arise (Drejer, 2002, p. 33). The strategies should assist the company in utilizing its strengths and taking corrective measures on its weaknesses.

Key executive business philosophies and approaches towards the weaknesses are crucial in success of a company. The strategies formulated should not conflict with the culture of the business. This helps in avoiding unnecessary collision of contradicting ideas which would affect the formulation and implementation of the strategies.

The strategy should be in line with the expectations of the stakeholders such as shareholder, employees, customers, suppliers and the community. The formulated strategy is efficient and good for the achievement of the company’s objectives if it is inline with the firm’s situation, provides the company with sustainable competitive advantage and boosts the overall company’s performance.

There are various approaches to achieving better results in the market. The organization could use competitive approach to identify the competitive scope and functional strategies taking into account the success brought about by the current strategies. This usually helps to know whether to improve on the current strategies or choose a new strategy.

The well performing strategies are found to make a good use of the organization’s expertise, strengths, core competencies and the strong competitive capabilities available. This usually makes a company better placed to undertake its investment plans such as expansion of the enterprise and be able to cope with the fluctuation of market forces.

The situation analysis is very importance in analyzing the condition of a company, its rivals and the environment so as to know the best approach for the implementation of the strategies to win the market favor. The environment usually makes it possible for the company to identify the strategic options and opportunities available in the market.

The environment usually consists of the external factors considered in situation analysis while the company’s competitive position usually forms part of the internal factors. Strategic thinking and analysis are useful in situation analysis (Karami, 2007, p. 83). They usually help in realizing the strategic options available to the company and making an excellent choice of the one that fits the business well.

In analyzing the external environment, one usually tries to pinpoint the major economic traits such as: market size, entry barriers, technological advancement, customer characteristics, industry profitability and the capital requirement, drivers of changes, strong competitive positions, and rivals strategic moves among others in order to get the full information.

After getting analysis of these factors, then the company management is in a position to make the right choice of the strategies to be implemented.

There are forces that are evident in a situation analysis. These forces include the availability of substitutes, buyers’ and suppliers’ bargaining power and the presence of potential new entrants. In the analysis of these forces, the management should find out the sources of these forces and their strengths.

Rivalry among companies is one of the most used and effective force which uses price, quality, customer service, product innovation, advertisement and dealer network as some of its weapons at the market. Rivalry usually arises in an industry when product demand is low and there are many firms in the industry who find it rather expensive to move to other fields of business (McDaniel et al., 2008, P. 38).

The presence of new entrants into which the management needs to venture usually increases the competition. They usually increases the production in the industry and thus to maintain the business in good performance, the management has to critically analyze the situation (Clarke, 2005, p. 175).

The barriers present in the entry of a new firm and the reactions from the firms already in operation usually determine how easy the new firm is able to venture into the market. The most common barriers to entry include economies of scale, insufficient technology, brand preferences, capital requirements, regulatory policies and international trade regulations.

In production of goods, the development of a company usually relies on the returns available. The production of small quantity of goods usually results in higher cost of production per unit (Pandey, 2002, p. 214). This usually requires a company to sell its products at a higher price so as to cover its costs and make some profit.

For the well established and big companies, since the production is high, the cost of production is usually shared and is generally low. This places them in a better place at the market to make large margins of profits.

Hence, if an organization wants to venture into the global market, then there should be a critical analysis of how the cost of production per unit item is to be kept as low as possible for it to be in an opposition to sustain the market pressures.

There are certain ventures at the global market that require specialized technology. Although there has been continuous advancement in the technology in all fields, the technology available to different parties is not the same. This may be due to some hindrances preventing full access to advanced technology. Geographic locations and the research undertaken usually leave some places and people lagging back in terms of technology.

In the venture of the operations of an organization in the global market, an organization should consider the technology required in operations and compare them to its current technology capacity. If the organization is in a capacity to get the specialized technology, then it is in a position to go ahead and undertake its operations in the global market.

On the other hand if the organization finds challenges in getting the specialized technology required, then the venture into global market may pose a challenge in its development because it will be likely to underperform as per the global standards.

Due to improved knowledge in the production process, the cumulative production of a product may result in decline in the production cost of a unit. This is usually as a result of familiarization to what is expected of a company. This is usually referred to as experience curve.

The experience curve, empirically verified in hundreds of studies, suggests that, as a firm accumulates experience in building a product, its cost in real dollars will decline at a predictable rate. When the experience curve applies, the first market entry attaining a large share will have a continuing cost advantage. (Aaker & McLoughlin 2010, p. 171)

The requirements for achievement of the experience curve are continuous improvement in management and equipments used in the execution of the operations. Thus, before an organization expands its business to the global market, the experience curve may be a hindrance or a way through for its success. Thus good analysis of the curve could help the organization in making the right choice of strategic management to be undertaken.

There are organizations that have been in the market for long period of time. The services and goods an organization has been offering have been well adopted by the customers (Teal & Reichheld, 2001, p. 3). For new organizations that want to venture into the same industry, they usually find it very difficult to win the market favor (Sengupta, 2005, p. 131).

A good example is the Coca-Cola Company which has been in the market for long supplying its customers with its soft beverages. The penetration of another beverage company into the same market is not an easy task as there are customers who are loyal and would not agree to shift to other products. There are other customers who are attached to specific brand.

The provision of a different brand usually fairs poorly in the market due to rejection. Thus before an organization ventures into operation in the global market, it should consider the extent to which the customers are loyal to the already existing organization taking into account the various brand preferences.

If the conditions are favorable, then the organization can venture but if the conditions are not good, then venturing into the global market is not a worthy investment.

The establishment of an organization so that it can serve a larger population usually requires a lot. More capital is required to undertake the project. The capital is used in establishing the new operational branches of the mother organization. There are many types of capital available to the organizations and they include equity capital, debt capital and specialty capital (Salai-i-Martin & Barro, 2004, p. 82).

Equity capital is the difference between assets and liabilities of a company. This form of capital is used to finance the operations and expansion of an organization for example Microsoft. Some organizations have debt capital which is mostly obtained by lending money especially to financial institutions such as banks.

These institutions usually invest the money and give it back to the lenders with some of the interest it has earned. Also the organization can borrow the money. Depending on the type of capital available to the organization, the expansion of the company to operate globally faces a challenge in raising the large amount of capital required. Thus the availability of capital is a major barrier to expansion

Every state has regulations that govern the operation of businesses. These regulations are usually meant to maintain sanity and order in various industries and they vary from one state to another. In order to carry out business internationally, there are regulations that promote business among various states.

The government of a give state could also regulate the number of businesses operating in a given field based on some reasons which may not be released to the public. Due to these factors, a company expanding its business to other locations may not be allowed to operate according to such regulations (Pakroo & Packroo, 2008, p. 111).

There are various types of regulations such as; market failures, social subordination, collective desires, irreversibility, interest group transfer and professional regulation.

Due to the changing of the environment and other factors affecting business operations, then the regulation have to be constantly changing according to the situations. Failure to adhere to the regulations set usually leads to legal actions such imprisonment and huge fines on the part of the offenders. Thus a business expansion to a given field may be hindered by the regulations set.

At the international scene, there are restrictions set to regulate the flow of goods to a given country (Bishop, 2009, p. 13). This usually gives access of the distribution channels to some limited number of organizations. These organizations usually enjoy large sales returns due to reduced competition. The restriction may be placed to ensure only goods that attain a given quality are allowed to be accessed by the public.

Such restrictions are meant to ensure that there is sanity and uniformity at the international market (Smelser & Swedberg, 2005, p. 173). Some the factors that affect business transacting across various states include the infrastructure established and the politics. Some organizations are found to win favour due to the political status of a region. In the case of political instability, the international trade is usually greatly affected.

For example, the political instability of Libya has its effect felt by every one across the globe by the rise in fuel costs and thus the involved companies have been affected. This clearly indicates that the international restrictions regulate international business which is also affected by other factors.

Despite all the challenges encountered, an organization should be able to identify the most rewarding factors. These factors are usually responsible for prediction of the profits or loss margins a company may encounter and to what extent the company will be successful at the market.

The most rewarding challenges usually include skills and competitive capability endowed to an organization. In identifying these factors, an organization should maximize on them so that it can be better placed at the market.

There are various paradoxes which vary in the approach given to a problem. The main aim of a business is to gain more returns so that it can be able to maintain its operations as well as expand. To achieve these objectives, the organization must undertake good formulation and implementation of strategies.

The implementation of the strategies is usually not a smooth process as there are many hindrances which are encountered. Business organizations should make wise considerations before venturing into new markets to avoid losses and failures.

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Bibliography

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Business Operations

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What are Business Operations?

Business operations refer to activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit. The activities can be optimized to generate sufficient revenues to cover expenses and earn a profit for the owners of the business. Employees help accomplish the business’ goals by performing certain functions such as marketing, accounting , manufacturing, etc.

Business operations evolve as the business grows, and the management should plan to accommodate the changes to prevent glitches occurring in the system. For example, as a small business grows, it must be ready to handle arising challenges such as legal, marketing, and capacity issues. If the business does not evolve with the changes in business operations, glitches such as errors and omissions will emerge.

Business Operations in Different Industries

The operations of a business vary across industries, and they are structured according to the requirements of the specific industries. Mastering the operations of a specific industry can help the business achieve success. Here is an analysis of business operations in different industries:

1. Retail industry

One of the main goals of a retail business is to stock products that customers are looking for and at a price that the customers are willing to pay. This means that the business must maintain an efficient inventory system so that it knows what is in stock at any given time, while reducing instances of dead stock. Deadstock refers to products that the company has in stock but that are not in high demand.

In order to maximize revenues, the business should stock fast-moving items that customers are willing and happy to pay for. The business should also negotiate friendly credit terms with suppliers so that they can get the required products on credit to prevent stock-outs.

2. Service industry

The business operations of a service business are divided into the front-end and back-end side of the business. The management must ensure that the two divisions are running efficiently to prevent laxity on one side, which can hinder the achievement of the company’s objectives. On the front end, the business should focus on streamlining the service delivery to customers to increase their satisfaction. It should also formulate a means of receiving feedback and complaints from customers to know their expectations and how to improve service delivery.

On the back end, the management should employ the right people in each department. For example, the company should appoint trained and experienced staff to prepare forecasts for client projects to prevent the actual costs from exceeding client budgets.

3. Manufacturing industry

Manufacturing companies are involved in turning raw materials into physical products, which are then sold to consumers. One of the things that a manufacturing company can do to achieve efficiency is to source quality raw materials from credible suppliers. For perishable and edible products, the business should look into how raw materials are stored, processed, and shipped to consumers.

The company can also eliminate bottlenecks that increase processing times to save time during manufacturing and shipping. If the company is struggling with shipping logistics, it can outsource shipping and concentrate on other areas of the business that it excels in.

4. Technology industry

The key to streamlining operations of a technology company is hiring the right staff and training them on how to execute the tasks they are assigned. This means that the company should put a hiring criterion in place that helps them hire the best candidates for the job. The company should also come up with an internal training and mentorship program where senior staff works hand-in-hand with junior staff to help them perfect their skills.

Another way of increasing efficiency is by collaborating the different tools such as apps, websites, and systems that the company uses. The company’s management should continually monitor internal and external processes to spot any glitches and address these issues quickly.

How to Improve Business Operations

The following are some suggestions that businesses can use to improve business operations:

1. Measure performance

A business should come up with realistic and actionable means of measuring its business milestones. The process of measuring performance starts from the goal-setting stage. The company’s management should set achievable objectives with clear targets. For example, the goal of achieving a 30% increase in revenues is more actionable than setting a goal to make more money in the next financial period. The company should then implement a measurement system that determines how well the business is doing against the goal targets.

2. Keep up with the latest trends

A business should stay up to date with what happens in the industry to get ideas on how to get better than the competition. Trends can take the form of new innovation, changing state and federal laws, or changes in the local economy. Knowing the latest trends and changes in operations can help the company find new systems that improve performance and cut costs, or that help the company stay compliant with new regulations.

3. Streamline processes

Another way of improving business operations is to evolve with changes in the industry to increase productivity. The management should continually be on the lookout for new tools, software,  and equipment that improve and ease critical processes.

For example, where the business uses manual methods to manage inventory, the management can acquire an inventory management software program that automates most of the processes and saves both time and costs.

Related Readings

Thank you for reading CFI’s guide on Business Operations. To keep learning and advancing your career, the following CFI resources will be helpful:

• Current Good Manufacturing Processes (CGMP)
• Operations Management
• Supply Chain
• See all management & strategy resources
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How to Write a Business Essay for Impactful Communication and Analysis

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

• Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

• Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

• Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

• Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

• Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

• Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

• Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

• Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

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Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

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Home Essay Samples

Essay Samples on Business

The majority of essays on business will deal with more than one discipline because college professors will ask to explore it all from management styles and leadership to economics and corporate legislation. You may choose at least one subject by focusing on the various challenges related to business difficulties. Always start with the essay type that you must submit as it will help you learn more about the structure. See at least one free business essay example to learn more about the range of topics that can be addressed. Even if you are still undecided on your subject, study the structure and check how citations have been formatted. When you are starting with an essay on business, provide your readers with background information and an explanation of the problem. You may also talk about HR management issues or business processes that have already taken place. If you choose an existing business case study, think about the best solutions by explaining why they will work. It can become your thesis statement that will be supported in your body paragraphs. If there are opposite opinions, do not forget to include a counter-argument paragraph to keep your business essay unbiased as you explore!

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Operations Management in Business

“ Our reputation rests on bringing these products to market in a timely, reliable and environmentally responsible manner” (Overview 2008).

Reputation in business is an important contributor to its success. The manner in which a company carries out its operations is vital to developing a good name. The role of the operations function refers to something beyond the obvious responsibilities and tasks (Slack, Chambers & Johnston 2002).Operations management is described as the organization of processes used to produce and distribute products and services (McNamara 2008).

There are five main objectives of operations management. These are quality, speed, dependability, flexibility and cost. A successful operations management system is one that meets these objectives. The system is only successful if there is cohesion among all the stakeholders relevant in the business. These are the customers, suppliers, shareholders, employees and the society at large (Slack, Chambers & Johnston 2002).

Success is measured using key performance indicators. These indicators measure progress made towards achieving the organizational goals. The key aspect of good key performance indicators is that they must be quantifiable and specific (Reh 2008). An example of a good key performance indicator in a school is the number of graduating students that get employed two months after graduation. The number of graduates is a measurable quantity. The number of those graduates that actually get employed is the specific goal that the school uses to measure its success. A good organization management system will ensure that the strategy the company puts in place to achieve competitive advantage are achieved.

To better understand operations management, a study of the shell company in Australia shall be looked at. This will offer a practical insight into how operations strategies are used to achieve the objectives set out in achieving the set out key performance indicators. As a practical example, the Shell Corporation shall be used. The company is a leading supplier of petroleum and petroleum products in the world. In Australia, supply 25% of Australia’s petroleum requirements (Overview 2008).

Quality is the first objective in measuring the success of a good operations system. Quality affects the company both internally and externally. Externally, delivery of quality services ensures that the customers’ needs are satisfied. This is done by ensuring that the company provides high quality products suited to the clients needs. Their products must also be in constant supply. There should be an avenue through which customer queries can be addressed.

Internally, delivery of quality services ensures that the operational costs are kept low. Quality service will allow the company to concentrate on its core business of supplying fuel rather than taking time to solve the problems brought on by low quality work. In this case, sales will be the key performance indicators (Reh 2008). The company should gauge the quality of the services they offer in terms of the profits they make in terms of dollars per year. This is a specific performance indicator. The profits will compare the sales the company makes and the operational costs. The company can use these figures to identify the key areas of the business that are not doing as well as they should be in terms of quality.

The second objective of operations management is speed. For shell, speed is a factor when it comes to delivering their products to the market. An efficient delivery system will ensure that the goods get to the market on time. The supply will also be constant. The overall cost of delivery will be reduced if the system is made more efficient. In this case the key performance indicator will be the amount of petroleum and petroleum products it is able to supply within a specific period.

The company also has some refineries (Overview 2008). The turnover at the refineries will determine the ability of the company to meet the market demands. This turnover can be measured in terms of barrels of oil. To ensure that the company has sound operation systems in terms of speed, it should ensure that it has sufficient amounts of products to supply to the consumers. It must also have extra amounts in store in cases of emergency e.g. crude oil shortages.

Dependability is an important measure of successful operations. A company must be able to earn the trust of all its stakeholders. Customers will be loyal if they can trust the company to provide them with quality products in time and in sufficient quantities. This will translate into increased revenue generation for the company. Other stakeholders include the society and investors. Investors will choose to partner with a company if viable opportunities to make money are available. The company has partnered with organizations such as Ferrari to produce high quality petroleum products (Overview 2008).

The number of profitable partnerships such as these determines how well the operations of the business are doing. They translate into improved efficiency of operations (Slack, Chambers & Johnston 2002). Since there is cost sharing in such partnerships, the overall expenses for the company reduce. This will result in higher profit margins.

Another objective any successful operations management system must have is flexibility i.e. the ability to adapt to change. A company must always have set guidelines that help it meet any concerns presented by the market. The partnership Shell has made with other companies to improve its product range shows that it is willing to be flexible. For shell, their flexibility is seen in their continued development of new innovative products to meet the changing needs of the consumers (Overview 2008).

The last measure of operation management success is cost. The cost of doing business will have an impact on the company’s profits. The costs incurred can be measured in terms of actual amounts of money. A company that is making a sizeable profit at the end of each year can be said to be successful in their operations systems (McNamara 2008). The profits must be steadily increasing.

For a company like shell, developing a system by which their business is run ensures efficiency in operations. The guidelines to these systems are set in the company’s code of ethics, business principles and code of conduct (Overview). The company relies on these guidelines to ensure that they run an efficient business. To measure the success or failure of an operations system, specific and quantifiable goals should be set for each activity that is undertaken (Reh 2008). It is vital for a company to carry out it operations in a timely, reliable and responsible manner. This kind of operations will result in developing a brand that will be success in business.

McNamara Carter 2008. Operations management. Free management library. Web.

Overview. 2008, Shell in Australia. Web.

Reh, FJ 2008 How an organization defines and measures progress toward its goals , About.. Web.

Slack, N Chambers, S & Johnston, R. 2002, Operations management (4th Ed) Financial Times Prentice Hall Harlow, England.

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Business Operations : Business Operation

In today's fast-paced and competitive business environment, the effectiveness of operational processes plays a pivotal role in determining the success and sustainability of organizations. This essay delves into the intricacies of business operations, exploring the key principles, strategies, and best practices that drive efficiency, productivity, and profitability. By synthesizing a variety of sources and insights, we aim to provide a comprehensive understanding of how businesses can optimize their operations to achieve their goals and gain a competitive edge in the marketplace.

Understanding Business Operations:

At its core, business operations encompass the activities and processes involved in producing goods or delivering services to customers. From manufacturing and logistics to customer service and supply chain management, every aspect of a business's operations contributes to its overall performance and success. By focusing on optimizing these operations, organizations can streamline workflows, reduce costs, improve quality, and enhance customer satisfaction.

Key Principles of Effective Operations Management:

Effective operations management relies on a set of fundamental principles and strategies designed to maximize efficiency and effectiveness. These include:

Process Optimization : Identifying and eliminating inefficiencies in workflows and processes to streamline operations and reduce waste.

Resource Allocation : Allocating resources, including human capital, equipment, and finances, in a strategic manner to optimize productivity and performance.

Quality Management : Implementing quality control measures to ensure that products or services meet or exceed customer expectations and industry standards.

Risk Management : Anticipating and mitigating potential risks and disruptions that could impact operations, such as supply chain disruptions or regulatory changes.

Continuous Improvement : Embracing a culture of continuous improvement and innovation to drive ongoing enhancements in operational efficiency and effectiveness.

Best Practices in Business Operations:

In addition to these principles, successful organizations often employ a range of best practices to optimize their operations. These may include:

Utilization of Technology : Leveraging cutting-edge technologies such as automation, data analytics, and cloud computing to streamline processes, improve decision-making, and enhance scalability.

Supply Chain Optimization : Building resilient supply chains that are agile, flexible, and responsive to changing market conditions, geopolitical risks, and consumer demand fluctuations.

Employee Empowerment and Training : Investing in employee training and development programs to enhance skills, foster innovation, and promote a culture of accountability and ownership.

Customer-Centric Approach : Placing a strong emphasis on understanding customer needs and preferences, and tailoring operations to deliver value-added solutions and exceptional experiences.

Sustainability and Corporate Social Responsibility : Integrating sustainable practices and corporate social responsibility initiatives into operations to reduce environmental impact, enhance brand reputation, and attract socially conscious consumers.

Conclusion:

In conclusion, effective business operations are essential for driving organizational success and achieving competitive advantage in today's dynamic business landscape. By adhering to key principles such as process optimization, resource allocation, and continuous improvement, and embracing best practices such as technology utilization, supply chain optimization, and employee empowerment, organizations can enhance operational efficiency, agility, and resilience. By prioritizing the optimization of business operations, organizations can position themselves for long-term success and sustainable growth in an increasingly complex and competitive global marketplace.

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Change is an inevitable aspect of organizational life, constantly challenging leaders to adapt and navigate through shifting landscapes. Charles Handy, a renowned management thinker, offers insightful perspectives on how change can be effectively managed within organizations. His ideas revolve around the notion that change is a complex and multifaceted process that requires careful consideration of various factors. Handy emphasizes the importance of understanding the different types of change that organizations undergo. He categorizes change into four distinct types: developmental, transitional, transformational, and incidental. Each type requires a unique approach and set of strategies for effective management. By recognizing the nature of the change at hand, leaders can better tailor their interventions and responses to address specific challenges and opportunities. One of Handy's key concepts is the "Sigmoid Curve," which illustrates the life cycle of organizations and the need for proactive change management. According to Handy, organizations typically experience periods of growth and decline, and successful leaders anticipate these transitions to ensure sustained relevance and success. By identifying early signs of stagnation or decline, leaders can initiate strategic interventions to facilitate organizational renewal and adaptation. Furthermore, Handy underscores the significance of organizational culture in shaping attitudes and behaviors towards change. He argues that a supportive and adaptive culture is essential for fostering innovation and resilience amidst uncertainty. Leaders play a critical role in cultivating a culture that embraces change by promoting openness, collaboration, and continuous learning. By aligning organizational values with the imperatives of change, leaders can create an environment conducive to experimentation and creativity. In addition to organizational culture, Handy highlights the importance of individual readiness and commitment to change. He emphasizes the role of leadership in inspiring and mobilizing employees towards a shared vision of the future. Effective communication, empowerment, and involvement are essential strategies for engaging employees and overcoming resistance to change. By involving stakeholders in the change process and addressing their concerns, leaders can build trust and confidence in the organization's ability to navigate through uncertainty. In conclusion, Charles Handy's insights on the management of change offer valuable guidance for leaders grappling with the complexities of organizational transformation. By understanding the different types of change, recognizing the life cycle of organizations, nurturing adaptive cultures, and engaging stakeholders, leaders can effectively navigate through turbulent times and position their organizations for sustained success in a dynamic environment....

Dunkin Donuts Performance Management

Performance management is a crucial aspect of any organization, ensuring that employees are aligned with the company's goals and objectives while also maximizing their potential. Dunkin Donuts, a renowned multinational coffee and doughnut company, exemplifies effective performance management strategies that contribute to its success in the highly competitive food and beverage industry. Firstly, Dunkin Donuts emphasizes clear goal-setting as a cornerstone of its performance management approach. By establishing specific, measurable, achievable, relevant, and time-bound (SMART) goals, the company provides employees with a clear understanding of expectations and benchmarks for success. Whether it's increasing sales, enhancing customer service, or improving operational efficiency, Dunkin Donuts ensures that every employee is aware of their role in contributing to the overall organizational objectives. Moreover, Dunkin Donuts invests in continuous feedback and coaching to support employee development and performance improvement. Managers regularly communicate with their teams to provide constructive feedback on strengths and areas for improvement. This feedback loop not only helps employees understand their performance but also fosters a culture of continuous learning and growth. Additionally, Dunkin Donuts offers training programs and resources to help employees enhance their skills and competencies, empowering them to excel in their roles. Furthermore, Dunkin Donuts utilizes performance evaluations to assess employee performance objectively and fairly. Through regular performance reviews, managers evaluate employees based on predefined criteria and provide them with valuable insights into their performance. These evaluations serve as opportunities for dialogue between managers and employees, allowing for the identification of challenges, the recognition of achievements, and the establishment of development plans to address areas needing improvement. In conclusion, Dunkin Donuts' performance management practices play a pivotal role in driving employee engagement, productivity, and organizational success. By setting clear goals, providing ongoing feedback and coaching, and conducting regular performance evaluations, Dunkin Donuts ensures that its workforce remains motivated, aligned, and equipped to deliver exceptional results. In today's dynamic business environment, effective performance management is not just a tool for managing performance but a catalyst for driving innovation, growth, and competitive advantage....

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Starbucks Diversity Case Study

Starbucks, a global coffeehouse chain, has long been regarded as a pioneer in promoting diversity and inclusion within its workforce. This case study delves into the strategies employed by Starbucks to foster diversity and the impact of these initiatives on the company's culture and bottom line. Firstly, Starbucks recognizes the value of diversity in driving innovation and better serving its diverse customer base. To achieve this, the company has implemented various diversity and inclusion programs, including unconscious bias training for employees and initiatives to increase the representation of underrepresented groups in leadership positions. By fostering an inclusive work environment where employees feel valued and respected regardless of their background, Starbucks has been able to harness the unique perspectives and talents of its workforce to drive business success. One key aspect of Starbucks' diversity initiatives is its commitment to hiring from diverse backgrounds. The company actively recruits individuals from different ethnicities, genders, sexual orientations, and socioeconomic backgrounds, ensuring that its workforce reflects the diversity of the communities it serves. This not only enhances Starbucks' ability to connect with customers from various backgrounds but also creates opportunities for career advancement and economic empowerment for underrepresented groups. Moreover, Starbucks has been proactive in addressing issues of social justice and equity both within its organization and in society at large. In response to high-profile incidents of racial discrimination at its stores, Starbucks took swift action to implement anti-bias training for all employees and engage in dialogue with community leaders to address systemic issues of racial inequality. These efforts not only helped rebuild trust with customers but also reinforced Starbucks' commitment to fostering an inclusive and equitable society. In conclusion, Starbucks' diversity initiatives have not only strengthened its brand and customer loyalty but also contributed to a more inclusive society. By prioritizing diversity and inclusion in its workforce and business practices, Starbucks has demonstrated that promoting diversity is not only the right thing to do ethically but also makes good business sense. As companies across industries increasingly recognize the benefits of diversity, Starbucks serves as a shining example of how embracing diversity can drive innovation, enhance customer experiences, and drive sustainable growth....

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Internal Control : The Basic Functions Of Management

Internal Control: The Basic Functions of Management Internal control is a critical aspect of management that plays a fundamental role in ensuring the achievement of organizational goals and objectives. It encompasses a set of procedures, policies, and mechanisms designed to safeguard assets, enhance accuracy and reliability of financial reporting, and promote adherence to laws and regulations. Internal control is essential for businesses of all sizes, as it helps in mitigating risks, preventing fraud, and improving operational efficiency. One of the primary functions of internal control is the protection of assets. Assets are the lifeblood of any organization, and their protection is crucial for long-term sustainability. Internal control helps in safeguarding assets by implementing measures such as segregation of duties, access controls, and regular audits. By ensuring that only authorized personnel have access to assets and that transactions are recorded accurately, internal control helps in reducing the risk of theft, misuse, or loss of assets. Another key function of internal control is the promotion of accuracy and reliability in financial reporting. Reliable financial information is essential for stakeholders, including investors, creditors, and regulators, to make informed decisions. Internal control ensures the accuracy of financial reporting by implementing controls such as reconciliations, reviews, and approvals. These controls help in identifying and correcting errors in financial information, thereby enhancing its reliability. Internal control also plays a crucial role in promoting compliance with laws and regulations. Organizations are subject to various laws and regulations, and non-compliance can result in legal consequences and reputational damage. Internal control helps in ensuring compliance by implementing controls that monitor and enforce adherence to relevant laws and regulations. By promoting a culture of compliance, internal control helps in reducing the risk of legal issues and penalties. In conclusion, internal control is a vital function of management that helps in safeguarding assets, enhancing accuracy and reliability of financial reporting, and promoting compliance with laws and regulations. By implementing effective internal control measures, organizations can mitigate risks, prevent fraud, and improve operational efficiency. Internal control is essential for the long-term success and sustainability of businesses, and its importance cannot be overstated....

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Leadership Research: The Situational Theory Essay

Leadership Research: The Situational Theory Leadership is a dynamic concept that has been extensively studied and theorized over the years. One prominent theory in the field of leadership research is the Situational Theory, which suggests that effective leadership is contingent upon the context or situation at hand. Developed by Hersey and Blanchard in the late 1960s, this theory emphasizes the importance of adapting one's leadership style to fit the needs of the situation and the individuals involved. According to the Situational Theory, there is no one-size-fits-all approach to leadership. Instead, leaders must assess the readiness or maturity level of their followers and adjust their leadership style accordingly. This readiness level is determined by two factors: the followers' ability and willingness to perform a task. Based on these factors, leaders can adopt one of four primary leadership styles: directing, coaching, supporting, or delegating. In situations where followers have low readiness levels, such as when they lack the necessary skills or motivation, a directing style of leadership may be appropriate. In this approach, the leader provides specific instructions and closely supervises the followers' actions. As the readiness level of the followers increases, leaders can gradually shift towards a coaching style, where they provide guidance and support while still maintaining a significant degree of control. Moreover, the Situational Theory highlights the importance of flexibility and adaptability in leadership. Leaders must be able to recognize changes in the situational context and adjust their approach accordingly. For example, during times of crisis or uncertainty, followers may require more direction and support from their leaders. In contrast, in situations where followers are highly skilled and motivated, a more hands-off, delegating approach may be more effective. In conclusion, the Situational Theory offers valuable insights into the complex dynamics of leadership. By emphasizing the need for leaders to adapt their style to fit the situation and the individuals involved, this theory provides a practical framework for understanding and improving leadership effectiveness. By applying the principles of the Situational Theory, leaders can enhance their ability to lead effectively in a variety of contexts and situations....

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Summary Of The New Boy Network By Malcolm Gladwell

"The New Boy Network" is a thought-provoking book written by Robert Littell that delves into the world of corporate politics and power dynamics within large organizations. The book provides readers with a fascinating exploration of how informal networks and alliances influence decision-making, career advancement, and organizational culture. At the heart of "The New Boy Network" is the concept of the "old boy network," a term used to describe the informal system of relationships and connections among individuals who attended the same elite schools or belong to the same social circles. Littell examines how this traditional network has evolved in modern corporate settings, giving rise to what he calls the "new boy network." Unlike its predecessor, the new boy network is characterized by diversity and inclusivity, encompassing individuals from various backgrounds, genders, and ethnicities. Throughout the book, Littell provides insightful anecdotes and case studies that illustrate how the new boy network operates in practice. He highlights the importance of building relationships, cultivating alliances, and leveraging social capital to navigate the complexities of corporate life. Moreover, Littell explores the role of mentorship, sponsorship, and informal leadership in shaping organizational dynamics and career trajectories. One of the key themes of "The New Boy Network" is the impact of organizational culture on individual behavior and decision-making. Littell argues that corporate cultures that prioritize transparency, meritocracy, and collaboration are more conducive to fostering inclusive networks and empowering employees to succeed. Conversely, cultures characterized by hierarchy, secrecy, and favoritism can perpetuate exclusionary practices and hinder diversity and innovation. In conclusion, "The New Boy Network" offers valuable insights into the intricacies of corporate politics and the power dynamics that shape modern organizations. By examining the evolution of informal networks and alliances within the corporate world, Littell provides readers with a deeper understanding of how relationships, influence, and social capital impact career success and organizational culture. Whether you are a seasoned executive, aspiring leader, or curious observer of corporate life, "The New Boy Network" is a compelling read that sheds light on the dynamics of power and influence in today's workplace....

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A Report On Management Information System

In today's fast-paced business environment, the effective management of information is critical for organizational success. Management Information Systems (MIS) play a vital role in collecting, processing, and disseminating information to support decision-making processes within an organization. This report provides an overview of Management Information Systems, their components, benefits, challenges, and future trends. **Components of Management Information Systems:** A Management Information System comprises hardware, software, data, procedures, and personnel. The hardware component includes computers, servers, networking devices, and storage devices, while the software component encompasses applications such as databases, reporting tools, and analytical software. Data serves as the foundation of an MIS, consisting of both internal and external information relevant to the organization. Procedures dictate how data is collected, processed, and disseminated, while personnel are responsible for managing and maintaining the MIS. **Benefits of Management Information Systems:** The implementation of Management Information Systems offers numerous benefits to organizations. Firstly, MIS provide timely and accurate information to support decision-making at all levels of the organization, ranging from strategic planning to operational control. Secondly, MIS improve operational efficiency by automating routine tasks, streamlining business processes, and reducing manual errors. Thirdly, MIS enhance communication and collaboration within the organization by facilitating the sharing of information across departments and teams. Finally, MIS enable organizations to gain insights into their performance through data analysis and reporting, enabling continuous improvement and innovation. **Challenges of Management Information Systems:** Despite their benefits, Management Information Systems also pose certain challenges to organizations. One of the main challenges is the cost associated with implementing and maintaining an MIS, including hardware, software licenses, and personnel expenses. Additionally, ensuring data security and privacy is a major concern, especially in light of increasing cybersecurity threats. Moreover, integrating disparate systems and data sources to create a unified view of information can be complex and time-consuming. Furthermore, resistance to change from employees who are accustomed to traditional ways of working can hinder the adoption and effectiveness of MIS within an organization. **Future Trends in Management Information Systems:** Looking ahead, several trends are shaping the future of Management Information Systems. Firstly, the increasing adoption of cloud computing is transforming how MIS are deployed and managed, offering scalability, flexibility, and cost-efficiency. Secondly, the proliferation of big data and advanced analytics is enabling organizations to extract valuable insights from large volumes of data to drive informed decision-making. Thirdly, the rise of artificial intelligence and machine learning is revolutionizing how MIS automate tasks, predict outcomes, and personalize user experiences. Finally, the emphasis on user-centric design and mobile accessibility is making MIS more intuitive and accessible to a diverse range of users. **Conclusion:** In conclusion, Management Information Systems play a crucial role in enabling organizations to effectively manage and leverage information for decision-making and strategic advantage. While MIS offer numerous benefits, they also present challenges that must be addressed to maximize their effectiveness. By embracing future trends and innovations, organizations can harness the full potential of Management Information Systems to drive performance, innovation, and competitive advantage in the digital age....

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Instructional Training Programs Over The Thor3 Program

Instructional training programs are essential for the development and improvement of individuals in various fields. These programs provide structured learning opportunities that help individuals acquire new skills, knowledge, and competencies. One such program that has gained popularity in recent years is the Thor3 program. While the Thor3 program is effective in enhancing physical fitness and mental resilience, instructional training programs offer a more comprehensive approach to personal and professional development. Instructional training programs focus on a wide range of areas, including leadership development, communication skills, problem-solving, and decision-making. These programs are designed to help individuals improve their performance in the workplace and achieve their career goals. By participating in instructional training programs, individuals can enhance their abilities and become more effective in their roles. Unlike the Thor3 program, which primarily focuses on physical fitness, instructional training programs address a broader spectrum of skills and competencies that are essential for success in today's competitive environment. Moreover, instructional training programs provide a structured learning environment that allows individuals to learn at their own pace and in a supportive setting. These programs often include interactive workshops, seminars, and coaching sessions that help participants develop new skills and knowledge. By engaging in hands-on activities and receiving feedback from instructors, individuals can apply what they have learned in real-world situations. This practical approach to learning sets instructional training programs apart from the Thor3 program, which may not offer the same level of personalized instruction and support. In conclusion, while the Thor3 program is beneficial for improving physical fitness and mental resilience, instructional training programs offer a more comprehensive approach to personal and professional development. By focusing on a wide range of skills and competencies, instructional training programs help individuals enhance their performance in the workplace and achieve their career goals. Additionally, the structured learning environment and hands-on approach of instructional training programs set them apart from the Thor3 program. Overall, instructional training programs are a valuable resource for individuals looking to develop their skills and reach their full potential....

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The Impact of Technology on Modern Operations in Business Management

1. introduction.

Modern business has witnessed not only ethical globalization, internationalization, and increasing corporate social responsibility (CSR), but also the sharing economy and circular economy movements. Owing to the development of computerization and intellectualization, management and decision-makers are facing radical changes due to the introduction of new technology such as business intelligence, e-enterprise, and technological progress in electronic commercial transmissions. In order to survive and thrive, maintaining business competitiveness and enhancing business operations is a big challenge facing all kinds of organizations. Different organizations have adopted different strategies and capacity in order to leverage these challenges for proceeding in their business operations. For example, they aimed to develop operational guidelines, aids, platforms, or advanced methodologies within an organization and create the capacity for effective use. To achieve business competitive advantage, managers may use business intelligence, e-enterprise, advanced social networks, crowdsourcing, recommendation systems, and social capital in business activities. Owing to these technological contexts, business managers can fulfill business needs. Then, they can also make effective action decisions in order to achieve operational goals. They have the responsibility to design the layout of business activities for the business condition. Moreover, they have to make quick economic judgments under technology environments. Taking destinations of businesses as key reference points, this perspective leads to central points about business competitiveness. Altogether, these new technologies provide business managers with the ability to create advanced business operations. Consequently, the purpose of this chapter is to better understand the impact of technology on business operations in business management.

1.1. Background and Significance of the Study

Researchers have indicated that quick, flexible, and engaged enterprises are characterized by agile and adaptive operations, and business sectors require companies to have flexible and adaptable operations. The advent of modern technology has forced transportation industries to improve various business sectors to ensure their flexibility, and the purpose of studies in this research field is to determine the impact of technological advancements on the flexibility of operations. Most academics, concerned with operational business flexibility, suggested that new principles of flexible modeling require corresponding management by companies, and operations must be flexible in executing various quick responses. Two of the studies conducted recently by researchers concern concept modeling of operations flexibility and specifically the strategies and policies of operations flexibility. However, insufficient research has been undertaken regarding the analysis of the impact of advanced technology on the business operations in real-world environments, especially operations flexibility. Moreover, considerable time and cost are needed to improve business operations in support of advanced technology. In practice, transportation companies make decisions without considering the specific business risk structure, in that they try to improve business operations in support of advanced technology without using the high-level risk management measures to match.

2. Technological Innovations in Business Management

Technological innovations have been at the forefront of changes in business management practices. These innovations have modified the functions affecting production operations and the distribution of products. A brief overview of these technological innovations follows. In the pre-information technology (IT) era, the transaction information feedback time and the cost of production transactions using manual or transaction computer systems were major barriers affecting business management. These barriers not only led to error rates increasing during term press-and-hold processes, but disallowed real-time quality control activities. These errors raised not only the cost of production, but the time required for process handling, thereby modifying the responsiveness of the production system. The cost challenge of poor quality is detrimental to organizational competitiveness, which had a profound effect on the development of information and communication technology (ICT). The introduction of ICT, particularly Internet and Intranet technology, meant that the time barriers affecting feedback transactions were shaken. Production transactions between the various production constituencies could now be completed within a short period, with the reporting and monitoring of transactions being undertaken in real time, thereby providing a foundation for incorporating e-business operations. These e-business modules provide more diverse operational management options with enhanced control facilities, while providing management reports tailored to user needs. The implementation of enterprise IT systems not only enhances business transactions, but also integrates an organization's unique information that supports different business functions, thereby improving the organization's competitive status.

2.1. Automation and Artificial Intelligence

As originally detailed by Adam Smith in "The Wealth of Nations," the division of labor routinely increases the productivity of labor by reducing redundancy, providing greater specialization, and creating unforeseen innovations. Henry Ford further implemented the idea when he introduced the assembly line for the Model T, and mass production went into high gear. Unfortunately, monotonous activities result from such specialization, and decreases in worker motivation, performance, and product quality commonly occur as man becomes bored and errant. As a result, preventing worker fatigue is a delicate balancing act for achieving high volume production. Machine performance, however, moves in the opposite direction. The more repetitive the task, the more efficient and precise the production equipment. Regardless, the operational function of business places a high value on both aspects: it wants more production for less cost. Use of common industrial practice is to combine and complement these opposite needs by distributing the associated factors so that the final product meets with company objectives. Automatic data processing is probably the most prominent and widely used example of industrial automation in existence. Financial, manufacturing, and administrative systems of many large companies require the services of entire staffs simply for the management and operation of on-site power plants for these systems. Selecting, hiring, and maintaining personal computers to perform lower level support tasks often means dedicating even more costly time and resources. The scheduled processing of magnetically-taped account information began most of these responses, and package solutions were generally sought. Large scale databases could become employed to generate responses within seconds, minutes, or hours after manpower inputs occurred on a time-sharing mainframe computer; and productivity improvements immediately justified other use the costs. Drawbacks to mainframe application are high hardware acquisition and administration costs, limited access responses, lack of terminal accessibility for use disbursement and reporting functions, and poor equipment utilization during nighttime and weekend hours. Distributed processing is the alternative providing improvements to these weaknesses. Technology advances during the 1970s and early 1980s offered companies an appropriate alternative for the support of departmental activities. Central processing units became embedded into minicomputer systems, designed earlier to serve solely as I/O controllers for host CPUs. Personal computers and local area networks are the modern day alternative to minicomputers. Companies utilizing this more recent technology need fewer people for more site applications. Employees can also selectively process information as they generate it, with or without, line manager participation, and at any time. Combined with real time database updating, many associated time and expense accountings can be reduced as a result. Although advantageous improvements to manual processing have also been provided, they form only the first step to the control aspect of the system. Subsequent advances, including artificial intelligence, supply the capabilities necessary to automate and monitor onerous company activities in meaningful ways that were previously considered out-of-bounds.

3. Challenges and Opportunities in Implementing Technology

The advent of computing technology and its evolution into today's technology provides the major impetus to the change in the design and execution of operations in general and business operations in particular. Yet, for every business organization, the process of change is fraught with challenges. Some of the challenges are due to the newness of the technology, while others are inherent in any new system design. Lack of open systems principles, skill shortages, the difficulty of long-term capacity planning, and asymmetric information are some of the systemic challenges. In this report, we outline the challenges and opportunities in implementing technology in operations. Further, we briefly discuss techniques that can mitigate the challenges and fully exploit the opportunities. We begin this section by focusing on the challenges that are uniquely introduced by information technologies. A discussion of the design activity for technology-enabled business operations follows. With this as the backdrop, we then consider techniques that can enhance the success of technology implementation in operations to better exploit inherent system capabilities. Further, any technology implementation project gives rise to issues concerning cultural changes and the human consequences of the project. A question that often arises is "If we automate the process, what do these workers do now?" The final part of the section answers this question by examining the requirements and opportunities for workers in future automated processes and automated systems.

3.1. Data Security and Privacy Concerns

Some of the responsibility that owners and managers now have - and should expect themselves to have because of the benefits that may accrue to them - pertains to their employees' computer and communications security. But there is another, which is that adequate security measures can help ensure privacy for important data, whether owned by the business, customers, or suppliers. This issue has been coming to a head as a result of the availability of customer information that arises from transactions and decreased retention time of customer information, which can be accomplished through properly chosen digital media. Does privacy define the requirements of two or more different employees in a proprietary technology business good-producing firm? Quite possibly because employees would likely have access to much of the products' technological detail. Does protection against espionage define the needs of a non-defense research and development business service firm? Again, quite possibly. But privacy is an important issue for the business services industries, generally.

4. Case Studies and Examples

Examples of the use of technology in business operations that illustrate the issues discussed in the previous sections are becoming increasingly hard to find since technology fades away as it becomes absorbed into the general business environment. However, some tentative but still useful examples of where technology has had or is having a particular impact on the operating features in contemporary business undertakings which we have identified can refer specifically to innovative niche operations where the full cycle has been completed in a significant time period, at least in terms of planning and realization, or to innovations of their role in an organization's business processes, i.e. ongoing business change. In contrast, one might use as examples the fields in which radical translation change was perceived to be the answer to the problem of providing many services that traditionally were thought to have to be provided in an expensive manner, e.g. universal banking, travel services, large-scale food retailing, etc. All examples were drawn directly from materials of which at least part was developed within a project known as the Delta Management Services. For instance, in the UK-based Focus DIY chain's decision to maximize store sizes in 1985, i.e. to compete directly with the DIY sheds, having earlier developed the technology to computer-time the layout of their existing stores. A real case is provided by the option recently taken by database advertisers holding detailed demographic (employment sector and number, etc.) data for the geographically-based local trade areas of selected 50,000 homes to concentrate upon identifying and reaching via the postal code (zip code) who are interested in getting the information or offers and have disposable income, thereby selling a premium services package to a selected and continuous stream of advertisers - the issue is of course whether the technology will enable them to make enough return on their $100 million investment. Tech firms like IMC and Hubbard, who are setting up and managing the proprietary postal code-controlled data banks, or ADT, who have a trademarked system for rapidly processing postal code-produced data and combining it with random advert patterns of insertion, think not. Of significant development in office automation is particularly relevant as such machinery is now reaching a state of practical operation that indicates continued and growing technological influence on labor hirable in many present service activities. Tasks well performed while in theory much of all office work requires rather few general capabilities, these machine-oriented structures have the technology currently available or as soon as research and development can convert it into practice. Even if we limit our special attention to the variety of formal tasks traditionally cited as especially emphasizing clerical skills (e.g., relatively simple typing, shuffling papers, addition-subtraction of no more than 9-digit numbers), there is evidence that continuous improvements in office technology are facilitating, indeed accelerating, the judgment of general capability of these operations while collecting the economies of labor rentals for relative supplementation with machines.

4.1. Successful Integration of Technology in Supply Chain Management

We are facing a turbulent environment, even with many emergent opportunities in technological platforms and advancements. However, technology alone is insufficient to guarantee success. Implanting a new technological resource rapidly to reach the ROI is the principal goal of a company, and the supply chain is an internal critical point for reaching this goal. Having good leaders covering many traditional areas is not enough. It is necessary to invest in experts who use new technology processes, such as mathematical-logic optimization, to maximize profits. In this field, traditional problems may involve carrying drug samples, using maximum time versus minimum cost. In a logistic operation, transportation costs for present and after-hours changes can influence payroll costs considerably. These are classical examples in this combined area. We add the reality that the present global market really is a cluster of intrazonal markets. In sum, companies are intending to increase their operation in certain countries and have a tendency to come along and offshore or insourcing viewpoint. New models of docker decision time constraints need different handling for companies that perform international operations. Bonebrake shows that the development and the response time to customer orders, including different levels of production planning optimization, are fundamental, independently of the product, benefiting both manufacturers and their customers. When execution happens within a fixed importance time factor, when the separation between demand and supply is high, classical pegging methods are not enough.

5. Future Trends and Implications

This final section attempts to summarize the future trends in the field of management at large. It is important to state that new trends in operations management are situated deeply in the creative domain, and it is by no means possible to solve problems that are far behind pragmatically for some other scientists. However, a couple of insights are provided. The first insight is about the contemplation of corporate identity versus process-driven identity. It has been assumed for a while that the two extremes of the coorientational dimension (business management versus operations management) are desirable for organizations. However, some evidence was presented in this study. Another final insight is on implications for hiring. There is a large threat to the economics of the method of bad hiring decisions in operations management. That claim, rather extreme, raises some very important problems that have significant public policy implications. The present study is not able to provide final answers to this important problem of hiring as far as operations management is concerned. In summary, the appropriate and actual proposition is to question the goals or degrees any particular operations management activities represent and give emphasis to working processes toward business or company orientation. It has been shown not only that most management businesses do not consider their operations management activities as being corporate goals, but that they specifically do not wish these activities to be considered corporate goals. This points to a bad trend, and managers and method staffers must work to counteract it.

5.1. Emerging Technologies in Business Management

An enabling technology is the set of technological advancements necessary to conceive, pursue, and commercialize a new product, business model, or field. In this chapter, we examine enabling technologies for business management and show how these technologies can help solve a wide variety of challenges. We start by explaining the role of business leadership in an information economy and explain how information technologies have enabled new business processes and ways of managing. We examine, among others, machine learning and other forms of artificial intelligence and explain when they will add value. We also cover distributed ledger technologies such as blockchains and open data sources that organizations maintain. Finally, we examine other promising technologies such as the Internet of Things, dark web technologies, and others. In all this context, we explain which of these technologies make the most sense for business management and how companies should go about deploying them. There is a lot to be excited about in modern business management. Today's businesses are thriving on new business models enabled by emerging technologies. Leading companies have replaced fixed costs with more flexible variable costs, eliminated intermediaries with direct online sales, gained market share with innovative sampling and freemium models, generated new revenue streams by licensing their data assets, reduced risk with new threat modeling and decision-support tools, resold customer insights to discrete advertisers, and optimized business outcomes by visualizing and analyzing big data. To execute on these business models, leading companies set up new corporate functions in business units like global payments, applied technology, and many others. These units require savvy managers who blend the core concepts of traditional business leadership, strategic marketing, risk management, and operations management with the specifics of cloud computing, scalable data architectures, and intelligent business modeling.

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McDonalds Quality And Improving Operations

Team, T. (2015, October 8). Why is it Important for McDonald’s to Focus on Quality? Forbes. Retrieved June 13, 2019, from   https://www.forbes.com/sites/greatspeculations/2015/10/08/why-is-it-important-for-mcdonalds-to-focus-on-quality/#1da4aebe2488

Operations Management And Business Strategy

Mordor Intelligence (2017) United States coffee market – growth, trends and forecasts. Mordor Intelligence Retrieved June 13, 2019 from   https://www.mordorintelligence.com/industry-reports/united-states-coffee-market

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Free Nestle Business Operations Essay Example

Type of paper: Essay

Topic: Company , Business , Nestle , Products , Value , World , Brand , Health

Words: 1300

Published: 12/22/2021

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Thesis Statement

Businesses operations in today’s world cannot survive without providing benefits to the society within which they operate. Creating Shared Value (CSV) is an idea that gained prominence in 2011, and it goes beyond the corporate social responsibility of a company which several companies adopt in a vain effort to create a false picture of societal concern. Nestle decided to go against the latter and took the idea in 2006, and this paper elaborates how it has gone about it, the company's vision and mission statement and its current standing via a SWOT analysis.

Theory of the Firm

Nestle is a company committed to Creating Shared Value where they not only create wealth for themselves but also address the challenges of the society and it is demonstrated from the very beginning in 1886 when the proprietor Henri invented the Farine Lactee to alleviate infant malnutrition. The company blends value creation within its boundaries of wellness and health by establishing programs where they partner with local farmers for quality raw material production. The boundaries as illustrated by Zenger (2008) are important for a firm as it allows it to harness value creation in the market niche it occupies. Nestle made this commitment in 2006 when the capitalist dominated method of conducting business started to fall apart. Too stay relevant, the company came up with this new strategy that has since been adopted by other business conglomerates like Wal-Mart. (Harvard Business School, 2015). The company has been on the fore front of tending to the needs of the small impoverished coffee farmers where they provide them with agricultural products to improve their yields. The establishment has been able to carve out a name for itself in this way where they are seen taking care of the challenges of the society. They create value for the needy in the society, enlarge their markets and give them the opportunity to tap into new product lines and more raw material supply. Another major goal of CSV is to enable the company to create a sustainable future market by “extending the pool of economic and social value.” (Porter and Kramer, 2011). The company shows commitment towards investing in both human and capital resources and collaborating with several humanitarian oriented organizations like the United Nations. Not to be confused by mere philanthropy, the company has invested a stake in the society to encourage sustainability for future generations. Nestle has a strong adherence to their Nestle Corporate Business Principles, Laws and Code of Conduct that guides it in ensuring they achieve creating the shared value.

Vision and Mission Statement

Nestle is the world’s leading nutrition, health and wellness company. It has a simple but strong mission statement, “Good Food, Good Life.” So far, it has stayed relatively true and committed to this mission. It has some of the world’s leading brands of dairy products that are known and preferred the world over for their distinctive tastes. The company has a vision to not only produce the best beverages and foods with high nutrition quality in the world but also lead the way in producing healthier products too to improve the lives of people. The business has put considerable efforts to improve their product quality and has set up thirty four research and development facilities all over the world, the most of any company. They have numerous teams of dedicated scientists and nutritionists working towards this vision of making healthy and safe foodstuff.

Goals and Product Divestiture in Support of the Mission and Vision

In connection to alleviating the lives of people, Nestle has been committed in the fight against malnutrition in children and women specifically anemia in recent years. Nestle has come up with a bouillon Maggi cube that has the ability to provide all the iron nutritional requirements in an adult. The product was previously just another food condiment but Nestle through its R&D programs was able to fortify it by introducing potent amounts of iron in it and provide it to developing countries in West and Central Africa at very affordable prices. Another goal geared towards creating shared value as well as providing healthier beverages to people, Nescafe, one of Nestle leading brands launched a Nescafe Dolce Gusto capsules. These capsules are made with pure matcha green tea which has been associated with great health benefits due to its high content of antioxidants. The capsules were introduced in Japan to make the beverage available to all. The capsules will be made with tea sourced exclusively from the Uji region near Kyoto in Japan supporting local farmers and sharing the value of the product.

SWOT Analysis

Strengths 1. Nestle is a worldwide recognized company with several stronghold brands under it that have been key profitable products. It also has a wide range of products which makes it possible for them to dip into any market within the food and health industries. Such brands have the ability to weather turbulent economic times and help the company stay solvent. 2. Nestle is a highly diversified company with their products being sold in over 100 countries in the world. It gives them a larger customer base and competitive advantage over other companies. 3. Nestle has strong established partnerships with other huge companies and organizations for humanitarian efforts. It has partnered with Coca-Cola, General Mills Inc. and the International Federation of Red Cross and Red Crescent. Not only does this increase their customer bases already created by these companies but also demonstrates its commitment t it vision. 4. It has a strong R&D that is unmatched by any company that makes it at the forefront of the emerging needs and changing tastes of their customers.

It is tasked with designing specific R&D facilities specific for each country as tastes differ from one geographical region to another. There are conflicts between different managing teams located all over the world. Such disagreements could have negative impacts on the company’s economy. The company is constantly criticized for child labor and other unethical labor practices especially in Cote d’Ivoire where they source cocoa.

Opportunities

Nestle is provided with the rare opportunity of grabbing the emerging market as the working class of developing countries grows. With its vast capital and brand recognition, they can seize the opportunities to acquire startups. With its large brand recognition, they have the unique opportunity to develop healthier beverage options as customers become more health conscious.

Major competition from other established certain brands. Gerber, their baby formula is now being ebbed out by Lactis. There is an increase in the price of raw materials they source from developing countries. These products will get more expensive due to high demands and lead to higher prices. (Nestle, 2014).

Created Shared Value is a strong theory of firm being employed by businesses all over the world. Nestle is a worldwide recognized companies with brands that are trusted by its consumers and hold a large market share. Adopting the CSV only strengthened the company’s good standing with its consumers and has helped it during tough economic times that have rocked the world recently. As Porter (2011) put it, pure utilitarian capitalism is no longer a solution in running today’s businesses.

Porter, M. E. and Kramer, M. R. (2011). Creating shared value: How to reinvent capitalism- and unleash a wave of innovation and growth. Harvard Business Review, January/February 2011. Nestle. (2016).- Our Story. -Annual report, 2013. Retrieved online www.nestle.com Nickerson, J. A. and Zanger, T. R. (2008). Envy, comparison costs and the economic theory of firm. Strategic Management Journal. Wiley Interscience. Retrieved online www.interscience.com The Economist. (2015). Management theory: Survival of fittest. Retrieved online www.economist.com

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Operations Management in Business Organizations

Introduction

Operations management is a complex process that refers to all activities in regard to the products or services that a company provides. Every organization undergoes a large variety of operations, including forecasting, capacity planning, scheduling, quality control, service design, etc. (Stevenson, 2005). From these considerations, operations management is crucial to the development of the company and the continuous production of goods and services.

A comprehensive understanding of operations management might significantly improve the productivity of the organization and reach the highest level of efficiency (Stevenson, 2005). The current paper examines the primary function of operations management in business organizations, describes the potential competitive advantages, and analyzes the various elements of operations management.

Operations Management Overview

As mentioned briefly before, operations management concerns all the activities in regard to goods and services produced by the company. Operations management is frequently understood as a complex system of interrelated activities with the purpose of maximizing the efficiency and productivity of the organization (Porter, 2009). In other words, the organization cannot reach its full potential without a comprehensive operations management plan.

The general responsibilities of operations management include planning, controlling, organizing, staffing, and directing (Stevenson, 2005). Furthermore, all the activities are classified into input, transformation processes, and output functions (Porter, 2009). Inputs refer to the initial resources, such as labor and capital; outputs are the eventual goods or services; transformation processes concern the activities that change the inputs to outputs (Stevenson, 2005). Ultimately, there is a large number of operations that define the development and productivity of the organization.

Strategies and Productivity

Depending on the chosen strategy, operational activities might significantly differ in various organizations and pursue diverse agendas. For instance, certain operation tactics in such areas as quality, product design, or inventory may affect the overall costs, liabilities, and productivity (Stevenson, 2005). In other words, the companies must continuously improve their business strategies to stay competitive in the evolving market.

Productivity is one of the central terminologies for every organization, which determines the efficiency and competitive advantages (Stevenson, 2005). Some of the well-known methods to improve productivity are continuous innovation, objective establishment, and reward systems (Stevenson, 2005). Ultimately, the competitiveness, strategies, and productivity of the company significantly depend on all operations of the organization. Therefore, it is essential to provide a thorough description of all primary elements of operations management to comprehensively understand the system.

Forecasting

Forecasting is a significant operation that predicts the future value of goods or services provided by the company. This activity is highly significant for the majority of business groups and allows them to make thoughtful and informed decisions concerning supply, cost estimates, and potential workloads (Stevenson, 2005). The two most significant factors of forecasting are the expected level of demand and accuracy (Stevenson, 2005). The former is the primary metric of forecasting and depends on trends and seasonal variation (Stevenson, 2005). Accuracy refers to the degree of forecast error, and it is essential to provide up-to-date information to maximize precision (Stevenson, 2005).

Besides the accuracy, a good forecast should be timely, reliable, cost-effective, and easy to understand (Stevenson, 2005). At present, there is a large number of prominent models that are used to predict the value of a product in the future. Most of them can be classified into qualitative or quantitative forecasting models, depending on the approach (Stevenson, 2005). Some of the forecasting models are judgmental, time-series, and focus frameworks (Stevenson, 2005). Ultimately, forecasting is a crucial operation that allows maximizing the potential productivity and minimizing the risks.

Capacity Planning

Capacity planning is another significant metric that should be taken into account in the initial phases of organization development. In general, this operation refers to the upper limit of any operating unit (Stevenson, 2005). For instance, capacity planning may concern labor capacity, production capacity, or sales force capacity (Stevenson, 2005). The ultimate aim of this system is to avoid overcapacity and undercapacity, which would inevitably result in losses of profits or customers (Stevenson, 2005). For this purpose, the operations management personnel need to utilize the forecasting models to predict the expected level of demand and provide the corresponding capacity planning metrics. However, it is also possible to implement various capacity strategies, such as leading, following, tracking strategies, or capacity cushion, to make the operations more flexible (Stevenson, 2005).

In such cases, capacity planning depends less on forecasting accuracy but still carries out its mission. It is also possible to utilize additional expansion strategies, such as expand-early and wait-and-see capacity planning, depending on the goals of the organization (Stevenson, 2005). Overall, capacity planning is necessary for the organization’s development.

Product and Service Design

Product and service design is an initial operation that defines the business functions and production of the organization. This activity generally includes idea generation, product screening (market, economic, and technical analysis), preliminary design, and final design of the goods or services (Porter, 2009). All the steps of the operation ensure the validity, relevance, and demand of the designed products in the market. From these considerations, it is essential to allocate sufficient time and finances for product and service design.

Furthermore, it is important to maintain the balance between the customer’s needs and design for manufacture (DFM) (Porter, 2009). DFM ensures that the designed goods and services might be produced with the least possible expenses and efforts while preserving the highest quality (Porter, 2009). Therefore, it is the responsibility of operations management to thoroughly analyze the market, the capabilities of the company, and the finances and develop an appropriate product design.

Facility Location and Layout

The choice of the organization’s location and layout is highly important to maximize its business potential. The three most significant location factors are proximity to customers, proximity to suppliers, and proximity to labor (Porter, 2009). These characteristics minimize transportation expenses and increase the delivery speed (Porter, 2009). Facility layout primarily concerns the equipment and storage space of the organization (Porter, 2009). Depending on the objectives and chosen strategies, the operations management executives generally choose process, product, or hybrid layout (Porter, 2009).

The process layout categorizes people and equipment according to the primary function, and the product layout implies the location of equipment based on the line of production (Porter, 2009). A hybrid layout attempts to merge the two approaches by utilizing the time-efficiency of the product layout and flexibility of the process layout (Porter, 2009). Therefore, most organizations choose one of three described layouts for effective manufacturing. Nevertheless, despite the selected framework, the management of the organization needs to thoroughly analyze its objectives and business functions to choose the appropriate location and layout.

Design of Work Systems

This particular operation generally refers to the implementation of innovative work system designs in order to maximize the productivity of the organization. Some of the prominent strategies include job enlargement and job enrichment, which add an important variety of tasks and duties (Porter, 2009). For instance, the rotation of roles is a frequent type of job enlargement that is supposed to stimulate the workers for better results (Porter, 2009).

Nevertheless, these strategies are commonly used in highly structured jobs with little creativity involved; if the occupation requires a flexible approach, neither job enlargement nor job enrichment is needed (Porter, 2009). However, it is possible to enhance the work system designs in most cases by utilizing other methods. For instance, work sampling is an algorithm that allows revealing the percentage of tedious tasks among the duties of the workers (Porter, 2009). The learning curve is another method that allows predicting the experience growth of the employees to assign more difficult and rewarding tasks (Porter, 2009). Overall, work system designs should be implemented according to the expertise of the staff members.

Quality Management

In general, quality refers to the capability of certain goods or services to meet the expectations of the client base. The level of quality has a direct dependence on the satisfaction of the customers, and, therefore, quality is one of the focus points of every organization (Stevenson, 2005). There is a large number of variables that determine the quality of goods and services. For instance, the product quality dimensions are performance, aesthetics, reliability, durability, conformance, serviceability, etc. (Stevenson, 2005). Consequently, service quality dimensions are convenience, reliability, responsiveness, time, assurance, and others (Stevenson, 2005).

Since quality is a part of many key areas of goods and services, every employee has a certain degree of responsibility to make the ultimate product as high-quality as possible. In turn, a good quality provides a large number of benefits for the organization, such as enhanced reputation, increased market share, customer loyalty, and higher profits (Stevenson, 2005). Ultimately, maintaining a high quality of goods and services is essential for any type of company.

For this purpose, many organizations adopt the philosophy of total quality management (TQM). TQM is a theory of continuous quality improvement that consists of three primary statements: customers’ needs must be met, company culture should not be neglected, quality is the responsibility of all employees (Porter, 2009). There is also a large number of additional TQM elements, such as team approach, a comprehensive understanding of tools, supplier quality, etc. (Stevenson, 2005).

In theory, TQM is a philosophical model of continuous improvement with no apparent drawbacks; however, certain challenges may obstruct the implementation of TQM. For instance, a lack of strategic planning, customer focus, and leadership might prevent the company from TQM (Stevenson, 2005). Therefore, the management needs to take definitive measures to improve the company culture and acquaint the employees with the principles of TQM.

Lastly, there is a large number of tools and methods to achieve the desired levels of product and service quality. The most basic tools include flowcharts, check sheets, histograms, Pareto charts, scatter diagrams, and control charts (Stevenson, 2005). Despite the apparent simplicity of these instruments, they might significantly facilitate quality management. Some other methods to ensure the highest quality of the products are quality circles, brainstorming sessions, benchmarking process, and the selection of appropriate operation strategies (Stevenson, 2005). These tactics are useful not only to ensure the quality of the goods but also to generate new ideas of how to improve production. Overall, quality is essential for every company, and significant effort should be made to guarantee that the customer gets the best product possible.

Quality Control

Nevertheless, despite the utmost significance of quality management, there is always a chance for defective work and a margin of error. In such cases, quality control is essential to prevent incomplete products from being sold to customers. In general, quality control is a process that assesses the product and implements the necessary modifications if needed (Stevenson, 2005). The two primary approaches of quality control are inspection and detection (Stevenson, 2005). The former covers the review of the input materials and the complete product, while detection emphasizes the whole production process (Stevenson, 2005). At present, there is also a large variety of computational algorithms to calculate the margin of error in manufacturing based on the chosen sampling (Stevenson, 2005). Ultimately, quality control is a necessary process to ensure that all the production of the organization meets the contemporary standards of the industry.

Supply Chain Management

A supply chain is a broad term that covers a large number of activities and facilities that are involved in the production and delivery of goods and services. This operation includes the sequence starting from buying the raw materials from the suppliers to presenting the ultimate product to the customer (Stevenson, 2005). In other words, such operations as forecasting, purchasing, and quality control are elements of a supply chain (Stevenson, 2005).

Similar to operations management, the primary objective of supply chains is to match the supply to demand and, therefore, maximize the productivity and efficiency of the organization. At present, some companies choose global supply chains due to cheaper materials and labor costs in certain countries and regions (Stevenson, 2005). However, such organizations might frequently encounter challenges, such as language differences, political instability, and transportation delays, due to the global nature of the activity (Stevenson, 2005). Ultimately, supply chains are highly significant to the success of the organization, and the management needs to assess all pros and cons before selecting the strategy.

Inventory Management

In most organizations, inventory refers to materials, items, and tools which are necessary for the consequent activities. In this sense, inventory management is one of the most significant initial operations that prepare the assets to be sold or used (Stevenson, 2005). To maximize the efficiency of inventory management, it is necessary to establish a tracking system of items and maintain a proper balance between the amount of equipment and the objectives of the organization (Stevenson, 2005). Similar to most operations, an exceeding number of tools might initiate profit loss, while the insufficient amount of equipment might result in customer dissatisfaction (Stevenson, 2005).

For this purpose, the accountable personnel need to maintain a correct ratio of inventory of all times to minimize the potential expenses. Furthermore, the management needs to take into account the inventory expenses, such as purchase, holding, ordering, setup, and shortage costs, to choose an appropriate strategy (Stevenson, 2005). Lastly, it is possible to minimize the costs of inventory management by reducing the margin of error in other operations, such as forecasting or supply chains (Stevenson, 2005). If all the variables are taken into account, the correct course of inventory management might significantly improve the productivity and profits of the company.

Aggregate Planning

Aggregate planning or sales operations planning is a form of capacity planning that typically extends on the period from 2 to 18 months. This strategy is highly effective for organizations with seasonal demand variations (Stevenson, 2005). Similar to other capacity planning programs, the primary objective of aggregate planning is to optimize the supply-demand ratio and satisfy the needs of the customers (Stevenson, 2005). While the period of aggregate planning typically ranges from 2 to 18 months, most companies choose 3, 6, 9, or 12-month forecasts depending on the seasonal variation in demand (Stevenson, 2005).

There are several additional factors that might improve the accuracy of aggregate planning. Namely, the strategies of hiring temporary workers, the introduction of overtime schedules, and production of the goods and services with known demand (Stevenson, 2005). Following the primary principles of aggregate planning, the whole operations management system will be more flexible and prepared for unexpected demand and supply variations.

Material Requirements Planning and Enterprise Resource Planning

Material requirements planning (MRP) and enterprise resource planning (ERP) are computer-based models that are utilized to balance the material supplies to demand over a certain period of time. MRP is one of the earliest algorithms that paved the way for future generations, such as MRPII and ERP (Kenton, 2021). MRP utilizes the master schedule requirements for the end productions and classifies all the intermediate processes into time frames (Stevenson, 2005).

Therefore, MRP ensures that the organization has the necessary materials at all times and optimizes inventory management (Kenton, 2021). There are four primary conditions that should be met for successful MRP – demand evaluation, inventory assessment, production scheduling, and proper observation (Kenton, 2021). As a result, MRP might significantly improve the productivity of the organization by optimizing the production process.

Consequently, ERP is a more innovative algorithm that elaborates on the concept of MRP. ERP is a software model that comprises all the aspects of an organization, such as inventory, marketing, sales, HR, and others, and allows for better communication among the business areas (Stevenson, 2005).

In this sense, ERP follows the principles of MRP but is a much broader system that covers additional operations. The primary advantages of ERP include better supply chain management, improved customer-supplier relationships, and allows continuous improvement (Stevenson, 2005). Nevertheless, there are certain disadvantages as well: ERP is associated with high costs of installing and maintaining, the necessity of updates, and additional training (Stevenson, 2005). However, if the organization implements the changes step-by-step, it is possible to utilize MRP and ERP systems to their full potential.

Just-in-Time Systems

Just-in-time (JIT) systems and lean operations are process strategies that maximize the productivity of the organization and increase the flexibility of inventory management. The underlying principle of JIT is that the company receives the necessary supplies immediately before the production process (Banton, 2021). This approach allows increasing the efficiency of the manufacturing system, reduce waste, and minimize inventory costs (Banton, 2021). Furthermore, JIT systems are associated with improved schedule flexibility due to the specificities of the process design (Stevenson, 2005).

However, there is a number of restricting factors that the organization needs to take into account. Namely, JIT production highly depends on supplier management, the absence of machine and equipment breakdowns, and high-quality production (Banton, 2021). Additionally, there are certain risks associated with supply chain management. For instance, the pioneers of the approach, Toyota Motor Corporation, have lost approximately 160 billion yen due to the fire break out in the supplier location (Banton, 2021). Therefore, JIT systems and lean operations might be highly efficient; however, the management needs to assess the risks before implementing the framework.

Lastly, some of the mentioned operations, such as aggregate planning or ERP, are frequently considered as part of master scheduling. Master scheduling ensures that there is sufficient time and material to meet the established levels of demand (Stevenson, 2005). The interrelated operations generally concern marketing, and capacity, production, and distribution planning (Stevenson, 2005). In other words, master scheduling is a complex system of operations management that transforms the initial inventory and customer orders into projected inventory and a schedule of activities. If everything is implemented correctly, the operation allows for better work efficiency and a correct balance of production capacity and demand.

Summing up, the current paper has examined the primary function of operations management and thoroughly described each sub-activity of the system. Some of the most significant processes of operations management include forecasting, capacity planning, product design, facility location, quality control, supply chain management, MRP, ERP, lean systems, and others. The profound understanding of each operations management element significantly improves the knowledge of the system as a whole. Therefore, it is essential to elaborate on any potential misconceptions about all the activities before implementing operations management framework in the organization.

Banton, C. (2021). Just in time (JIT) . Web.

Kenton, W. (2021). Material requirements planning (MRP). Web.

Porter, A. (2009). Operations management. Ventus Publishing.

Stevenson, W. J. (2005). Operations management (8 th edition). McGraw-Hill.

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This ESG strategy and management guide explains what ESG involves and how it can benefit companies. You'll also find guidance on creating an ESG strategy and measuring a company's performance on ESG issues, plus information on frameworks for ESG reporting and software that can help manage ESG initiatives. Throughout the guide, hyperlinks point to related articles that cover those topics and others in more depth.

ESG strategy and management: Complete guide for businesses

Esg initiatives can help boost business success. this guide takes an in-depth look at creating and managing an esg strategy to benefit a company and its various stakeholders..

• Craig Stedman, Industry Editor

For companies of all sizes, environmental, social and governance issues have become key business considerations. Corporate ESG policies and practices are closely watched by investors, employees, customers, government officials and other stakeholders. That makes an effective ESG strategy underpinned by strong management processes increasingly important to long-term business success.

ESG isn't a new phenomenon. The history of ESG investing , in which investors use ESG criteria to help evaluate companies, dates back to 2004 to 2006. In those three years, the term ESG was popularized, a legal framework for factoring ESG information into investment decisions was outlined, and a set of six ESG investing principles that's still used today was published -- all efforts driven by the United Nations. ESG investing's roots go even deeper to the socially responsible investing practices that started to take shape in the 1960s and 1970s and expanded over the next two decades. But ESG initiatives in companies have been thrust into the spotlight in recent years because of increasing pressure -- from both inside and outside organizations -- to improve environmental sustainability and act in socially responsible ways.

Studies show that most large companies have ESG programs. In a report published in October 2022, consulting firm KPMG said its research found that 96% of the world's 250 largest companies by revenue report publicly on ESG or sustainability matters. Similarly, Governance & Accountability Institute Inc., an ESG consultancy, said in a November 2022 report that 96% of the companies in the S&P 500 and 81% of the ones in the Russell 1000 Index published sustainability reports in 2021.

But many ESG efforts aren't fully formed, and some companies have yet to get started. In a 2022 survey of IT professionals involved in technology purchasing decisions that was conducted by TechTarget's Enterprise Strategy Group division, only 30% of the 400 respondents said their organization's ESG program was mature. Another 41% said their company had partially implemented ESG initiatives, while 29% said nothing was in place at that point.

The 3 pillars of ESG

ESG focuses on various issues related to environmental, social and corporate governance practices. An ESG program documents a company's impact on the environment and on different stakeholders as well as its approach to governance; it also assesses potential business risks and opportunities in each of the three areas. Here's a breakdown of the key ESG factors to consider as part of corporate initiatives:

• Environmental. Examples of environmental factors include energy consumption; water usage; greenhouse gas emissions and overall carbon footprint; waste management; air and water pollution; deforestation; biodiversity loss; and adaptation to climate change.
• Social. The social factors of ESG involve a company's treatment of employees, supply chain workers, customers, community members and other groups of people. Examples include fair pay and living wages; diversity, equity and inclusion ( DEI ) programs; workplace health and safety; fair treatment of customers and suppliers; responsible sourcing; oversight of supply chain partners; community engagement; charitable donations; and social advocacy.
• Governance. This involves the internal management practices, policies and controls that govern how a company operates. Examples include the composition of senior management and the board of directors; executive compensation; financial transparency; regulatory compliance; risk management; data privacy policies; ethical business practices; and rules on corruption, bribery, conflicts of interest and political lobbying.

ESG is closely related to business sustainability and corporate social responsibility ( CSR ), two other concepts that look beyond standard profit-and-loss calculations. But there are clear differences between the three concepts . Business sustainability focuses more broadly on positioning a company for ongoing success through responsible management practices and business strategies, while CSR is a self-regulating approach to taking actions that have societal benefits. By comparison, ESG is a formalized strategy that includes measurable goals and processes for tracking, managing and reporting on them.

How can ESG initiatives benefit businesses?

From a general standpoint, ESG programs can contribute to business sustainability efforts and ensure that there's a commitment to -- and accountability for -- responsible and ethical practices in companies. Those things can pay long-term dividends, but there are also more immediate reasons for companies to invest in ESG strategies. The following are five specific business benefits of ESG initiatives :

• Competitive advantages over business rivals. Companies with successful ESG programs can improve their market position and brand strength compared with competitors.
• More attractive to ESG-focused investors. ESG investing has become a significant part of capital markets. In a report published in December 2022, the US SIF Foundation said $8.4 trillion in assets were being managed in the U.S. using ESG and sustainable investment approaches, amounting to 12.6% of all investment assets under professional management in the country.
• Better financial performance. ESG initiatives can help improve a company's overall financial performance by reducing energy bills, operating costs and other expenses -- in addition to potentially driving higher sales.
• Increased customer loyalty. Companies that adhere to ESG principles can more easily attract and retain customers who apply ESG considerations in buying decisions. For example, in the Enterprise Strategy Group survey, 70% of the respondents said they think their company would pay more than a 5% price premium for products from IT vendors with strong ESG practices.
• More sustainable and adaptable business operations. It's also easier for companies with well-managed ESG strategies to adapt to changes in regulatory and legal requirements, as well as the effects of climate change, depletion of natural resources and other environmental issues.

In addition, ESG initiatives can increase employee engagement, make it easier to hire and retain workers, reduce business risks and improve the standing of companies in the communities where they have operations.

How to create an ESG strategy

Companies should look to incorporate various ESG trends, practices and ideas into their plans. Some examples include reducing greenhouse gas emissions, creating more responsible and sustainable supply chains, implementing climate adaptation measures and adopting a circular economy model, which aims to reuse product components and materials instead of throwing them away or recycling them.

With such considerations in mind, here are eight steps to take in developing and implementing an ESG strategy:

• Get input from internal and external stakeholders. Consult with board members and business executives about ESG issues that are important to the business, and talk to various other stakeholders -- employees, institutional investors, customers, suppliers, community leaders -- about ones that matter to them.
• Assess the materiality of different ESG issues. Use the input you've gathered to identify the issues that are most important to both the business and stakeholders, as well as the issues that are less important to either party or to both. The individual elements of the ESG strategy can then be prioritized based on that assessment.
• Establish a baseline on ESG performance. Document current performance levels, policies, practices and statistics on the ESG factors that will be addressed as part of the strategy. Doing so provides a starting point for future comparisons to evaluate the progress of ESG efforts.
• Define measurable goals for ESG initiatives. This involves setting objectives and performance targets for the ESG strategy as a whole and the various pieces of it. Some of these goals might include desired improvements on KPIs, while others might call for maintaining current performance levels and practices that already meet requirements.
• Create a deployment roadmap. Next, build out a detailed implementation plan for the ESG program with project timelines, milestones and responsibilities.
• Choose the reporting standards and frameworks to use. As covered in more detail below, numerous ESG reporting options are available to companies. Many businesses use more than one to meet different reporting and disclosure requirements. Choosing the right framework or combination of them is a key part of developing a successful ESG strategy.
• Collect, analyze and report on ESG data. Once the ESG program is operational, processes are needed to collect and analyze data on the relevant KPIs and then to prepare reports for stakeholders. Full reports typically are done on an annual basis, but internal progress updates for the board and senior management are more frequent.
• Review and revise the strategy as needed. ESG requirements can change as business needs, stakeholder concerns and regulatory mandates evolve. An ESG strategy should be reassessed regularly to make sure it's still effective and to identify required updates -- including weak spots that need to be optimized.

ESG audits and materiality assessments

The second step in the list above is formally known as an ESG materiality assessment . Such assessments apply the financial accounting concept of materiality to ESG issues and extend it to what's called double materiality . That considers not only how material -- or important -- different ESG factors are to a company's business operations, but also their materiality to different groups of stakeholders.

Combining that materiality information provides a blueprint for ESG strategies, which can be visualized by creating a materiality matrix. It plots different ESG issues in a grid along x- and y-axes that represent their importance to the business and stakeholders, thus depicting the issues from least to most important.

In addition to helping companies prioritize ESG plans, materiality assessments can aid in creating a business case for initiatives and deciding what performance measurements to track. To be accurate, though, an assessment must begin with a comprehensive stakeholder engagement process to gather information on relevant ESG issues as well as related risks, opportunities and goals.

Later in an ESG program, ESG audits are another important step to take. They involve internal or third-party audits to verify that ESG data, performance metrics and reports are accurate and comply with accepted standards. That process is commonly referred to as ESG assurance , which can take two forms: limited assurance that involves less scrutiny and verification by the auditor, and higher-level reasonable assurance that results in an auditor affirming that the ESG information is materially correct.

An ESG audit is similar in nature to a financial audit. As a result, best practices in preparing for an audit include implementing appropriate controls on ESG data collection and reporting, establishing board oversight of the reported information and conducting an audit readiness assessment beforehand.

Examples of ESG initiatives across an organization

An ESG strategy typically includes separate initiatives in different departments and operations throughout a company. Here are some examples of what that can involve:

• IT. In the IT department, data centers are at the heart of green computing efforts because of the high amounts of energy consumed in them. To help increase energy efficiency and reduce carbon emissions, green best practices in data centers include consolidating servers and storage devices; replacing old technologies with newer equipment that uses less energy; using AI and machine learning tools to create power usage effectiveness models and autonomously manage HVAC functions; and redesigning facilities to take advantage of hot and cold aisle configurations and energy-efficient doors, windows and lighting.
• HR. The HR department plays the lead role in ESG initiatives related to employees. This can include managing DEI programs aimed at increasing the representation of different groups of people in the workforce and ensuring that all employees are treated equally. Employee experience and engagement efforts, fair pay practices, and health and well-being initiatives -- mental health support and flexible work schedules, for example -- also fall under HR.
• Supply chain. As part of ESG programs, supply chain managers are in charge of responsible sourcing initiatives that take environmental and social factors into consideration on purchases of materials and finished products. They're often also tasked with overseeing supply chain partners on labor practices, efforts to reduce greenhouse gas emissions and other sustainability measures.
• Marketing. The marketing department is responsible for ESG marketing efforts that highlight a company's ESG initiatives, goals and progress on meeting those goals. Done properly, ESG marketing can help increase brand recognition, customer loyalty and, ultimately, revenue. But it needs to be honest about ESG plans and practices. If not, a company could face a backlash, including charges of greenwashing -- making false, unsubstantiated or exaggerated claims about environmental actions.
• Finance. The CFO is directly responsible for financial transparency and accounting integrity initiatives as part of the governance aspect of ESG. The finance department also has a hand in considering and funding ESG initiatives in other parts of the organization as a result of its control of budgeting, financial planning, cash flows and other financial functions.
• Legal. Development of corporate policies on ethical business practices and rules that prohibit actions such as bribery and corruption are commonly led by the legal department.

Who should oversee and manage ESG programs?

Oversight of ESG programs often begins at the board level or in the C-suite, with the CEO, COO or executive committee as a whole taking the management lead. Some companies have now added a chief sustainability officer or a chief ESG officer to lead their corporate programs. This role also might be referred to as the vice president of sustainability or ESG in other cases.

Companies might also have a chief diversity officer who oversees DEI programs, generally in collaboration with the HR department. Otherwise, individual ESG initiatives are typically managed by department heads, such as the CFO, the chief marketing officer, the general counsel and the CIO. The latter has a particularly big role to play in driving environmental sustainability efforts because of IT's high energy consumption and the proliferation of e-waste as systems and devices are replaced. In addition, the CIO must ensure that IT systems and tools are deployed as needed to support ESG efforts.

How to measure ESG performance and progress

Performance is measured through various ESG metrics , which are KPIs that can be both quantitative and qualitative in nature. Some examples of quantitative metrics include the following:

• Greenhouse gas emissions.
• Energy and water usage.
• Amount of waste generated.
• Compensation data.
• Employee turnover rates.
• Charitable contributions.
• Workforce and board diversity.

Examples of qualitative metrics, on the other hand, include labor practices, community engagement, codes of conduct and policies on business ethics.

ESG metrics are the key content in the reports that companies file on the status and progress of their initiatives. Metrics also help executives manage ESG-related risks and can be used by organizations to measure themselves against the triple bottom line . The TBL is a sustainability-focused management concept and framework that treats the social and environmental impact of companies and the economic value they create as bottom-line categories. It was designed to encourage business leaders to think more deeply about how their company operates instead of focusing only on financial performance.

Key terms to know

Read our glossary of sustainability and ESG terms that business and IT leaders should know to help set a foundation for developing an ESG strategy.

Top ESG reporting frameworks

Reporting frameworks and standards provide a structured approach for publicly disclosing information about a company's ESG strategy and initiatives. They help businesses demonstrate their commitment to ESG practices and sustainable growth, while also creating transparency and accountability and giving stakeholders a detailed view of ESG programs. In addition, ESG rating agencies use submitted reports and other data to issue ESG scores to companies, either as a number or a letter rating that investors and other stakeholders can use in evaluating an organization.

The following list outlines some of the prominent ESG reporting frameworks :

• IFRS Sustainability Disclosure Standards. These are new standards covering disclosures of sustainability-related financial information and information about climate-related risks and opportunities. The International Sustainability Standards Board (ISSB), which was created in 2021 by the International Financial Reporting Standards (IFRS) Foundation, is developing the standards and plans to release the first version of them in mid-2023.
• SASB Standards. Released in 2018 by the now-defunct Sustainability Accounting Standards Board (SASB), they provide specifications on disclosures of financially material sustainability information that are tailored for 77 industries. The SASB Standards were consolidated into the IFRS Foundation in 2022 and will be replaced by the IFRS standards, although the ISSB is building on them to create the new ones.
• CDSB Framework. This framework enables ESG reporting to be included in annual reports and 10-K filings. But, like the SASB Standards, it will soon be replaced by the IFRS standards. The Climate Disclosure Standards Board (CDSB), which developed it, was also absorbed by the IFRS Foundation in 2022, and no further work is being done on the CDSB Framework.
• GRI Standards. Developed by the Global Reporting Initiative (GRI), they include sets of universal, sector-specific and topic-based standards for sustainability reporting on economic, environmental and social factors. GRI published the first version as guidelines in 2000 and made several updates before formally releasing the GRI Standards in 2016.
• CDP. Founded in 2000 as the Carbon Disclosure Project and now known just by its acronym, CDP runs a system for disclosing information on business risks and opportunities related to climate change, water security and deforestation. Companies fill out questionnaires on those topics, and CDP gives them letter-grade scores that can be viewed by stakeholders.
• Task Force on Climate-related Financial Disclosures. Typically referred to as the TCFD, the 31-member task force was set up by the Financial Stability Board in 2015. Two years later, it released a set of 11 recommendations on the information that companies should disclose about financial risks related to climate change.
• United Nations Global Compact. Launched in 2000, the UN Global Compact is a corporate sustainability initiative that aims to align business strategies and operations with 10 principles on human rights, labor practices, the environment and anti-corruption practices. Participating companies file an annual report on their adherence to the principles.
• Workforce Disclosure Initiative. The WDI, which was created in 2016, offers a CDP-like reporting platform focused on workforce practices and management. Companies fill out an online survey on workplace health and safety, employee well-being policies and other topics to receive a disclosure scorecard from the WDI.

Reporting has primarily been voluntary thus far, but ESG disclosure mandates are expanding -- at least in the European Union. The EU's Corporate Sustainability Reporting Directive (CSRD) went into force in January 2023. In stages starting in 2025, the CSRD eventually will require approximately 50,000 companies to file annual reports on business risks and opportunities related to social and environmental issues and how their operations impact both people and the environment. That's more than four times the number of companies required to report under an earlier directive approved in 2014.

The CSRD could apply to some EU subsidiaries of U.S. companies or to the parent companies themselves if they meet criteria included in the directive. In the U.S., meanwhile, the Securities and Exchange Commission proposed a more limited rule on climate risk disclosures for publicly traded companies in 2022. The rule has yet to be finalized, though.

Convergence of ESG and green IT

In addition to green computing practices in data centers, ESG strategies are converging with other approaches for making the use of technology in companies greener. That includes green IT , a broader concept that encompasses the efforts to make data centers more energy-efficient along with initiatives such as green storage, green networking and green software development.

Another aspect is green cloud , which involves the steps that cloud platform vendors are taking to improve energy efficiency and reduce carbon footprints in their data centers. AWS, Google and Microsoft have all made commitments to increased sustainability and energy efficiency, with various goals on using renewable energy and becoming carbon neutral or negative. The growing number of IoT devices is also leading to an increased focus on how to address sustainability concerns and meet ESG goals in IoT deployments .

ESG tools and technology

Software that can help companies manage ESG initiatives is available from various IT vendors. That includes IBM and major business applications vendors, such as Microsoft, SAP, Salesforce and smaller rival IFS. More specialized providers also sell ESG and sustainability management software , which typically provides a broad set of features for data collection, reporting, analysis and carbon accounting, among other tasks.

For example, these tools can be used to measure greenhouse gas emissions in both a company's own operations and across supply chains using the Greenhouse Gas Protocol's scope 1, 2 and 3 categories as a basis. Key ESG reporting frameworks that are commonly supported include CDP, the GRI Standards, the SASB Standards and the TCFD recommendations. The software can also be used to conduct ESG materiality assessments, track metrics and, in some cases, support DEI programs and other social ESG initiatives.

In a February 2022 report on sustainability management tools, Forrester Research said the following product features were among the criteria it used to evaluate products for the report:

• Support for materiality assessments.
• Carbon calculation and accounting.
• Data management functionality.
• Performance monitoring, benchmarking and auditing.
• Sustainability reporting and risk disclosure.
• Climate action strategy development and tracking.
• Sustainability intelligence dashboards.

Dig Deeper on Sustainability and ESG strategy and leadership

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What was Trump found guilty of? See the 34 business records the jury decided he falsified

Donald Trump was found guilty of 34 felony counts of falsifying business records after prosecutors successfully convinced a jury he disguised hush money reimbursement as legal expenses. He is the first former president to be convicted of a crime.

Each count is tied to a different business record that prosecutors demonstrated Trump is responsible for changing to conceal or commit another crime .

Those records include 11 checks paid to former lawyer Michael Cohen , 11 invoices from Michael Cohen and 12 entries in Trump's ledgers.

The jury found that Trump authorized a plan to reimburse Cohen for the $130,000 hush money payment issued to Stormy Daniels and spread the payments across 12 months disguised as legal expenses.

Live updates: Former President Donald Trump found guilty on all counts in hush money case

Breakdown of 34 counts of falsifying business records

Here are the 34 business records Trump was found guilty of falsifying, as described in Judge Juan Merchan 's jury instructions :

• Count 1: Michael Cohen's invoice dated Feb. 14, 2017
• Count 2: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated Feb. 14, 2017
• Count 3: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated Feb. 14, 2017
• Count 4: A Donald J. Trump Revocable Trust Account check and check stub dated Feb. 14, 2017
• Count 5: Michael Cohen's invoice dated March 16, 2017
• Count 6: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated March 17, 2017
• Count 7: A Donald J. Trump Revocable Trust Account check and check stub dated March 17, 2017
• Count 8: Michael Cohen's invoice dated April 13, 2017
• Count 9: Entry in the Detail General Ledger for Donald J. Trump dated June 19, 2017
• Count 10: A Donald J. Trump account check and check stub dated June 19, 2017
• Count 11: Michael Cohen's invoice dated May 22, 2017
• Count 12: Entry in the Detail General Ledger for Donald J. Trump dated May 22, 2017
• Count 13: A Donald J. Trump account check and check stub May 23, 2017
• Count 14: Michael Cohen's invoice dated June 16, 2017
• Count 15: Entry in the Detail General Ledger for Donald J. Trump dated June 19, 2017
• Count 16: A Donald J. Trump account check and check stub dated June 19, 2017
• Count 17: Michael Cohen's invoice dated July 11, 2017
• Count 18: Entry in the Detail General Ledger for Donald J. Trump dated July 11, 2017
• Count 19: A Donald J. Trump account check and check stub dated July 11, 2017
• Count 20: Michael Cohen's invoice dated Aug. 1, 2017
• Count 21: Entry in the Detail General Ledger for Donald J. Trump dated Aug. 1, 2017
• Count 22: A Donald J. Trump account check and check stub dated Aug. 1, 2017
• Count 23: Michael Cohen's invoice dated Sept. 11, 2017
• Count 24: Entry in the Detail General Ledger for Donald J. Trump dated Sept. 11, 2017
• Count 25: A Donald J. Trump account check and check stub dated Sept. 12, 2017
• Count 26: Michael Cohen's invoice dated Oct. 18, 2017
• Count 27: Entry in the Detail General Ledger for Donald J. Trump dated Oct. 18, 2017
• Count 28: A Donald J. Trump account check and check stub dated Oct. 18, 2017
• Count 29: Michael Cohen's invoice dated Nov. 20, 2017
• Count 30: Entry in the Detail General Ledger for Donald J. Trump dated Nov. 20, 2017
• Count 31: A Donald J. Trump account check and check stub dated Nov. 21, 2017
• Count 32: Michael Cohen's invoice dated Dec. 1, 2017
• Count 33: Entry in the Detail General Ledger for Donald J. Trump dated Dec. 1, 2017
• Count 34: A check and check stub dated Dec. 5 2017

Jurors saw copies of these records entered as evidence. Evidence from the entire trial is available on the New York Courts website .

Contributing: Aysha Bagchi

What is ChatGPT & 10 Creative Ways To Use It in 2024

As one of the best AI chatbots available, ChatGPT is a fantastic tool that can help you with nearly everything, from crafting engaging video scripts to designing stunning websites. With its ability to generate unique output quickly, it’s an excellent tool for creating exceptional work, regardless of your skill level. In this post, we’ll explore ten creative ways to use it, some of its limitations, and tips on how to get the most out of it.

Let’s dive in.

• 1 What is ChatGPT?
• 2.1 Benefits of ChatGPT
• 2.2 What Are the Limitations of ChatGPT?
• 3 How to Generate Prompts with ChatGPT
• 4.1 1. Blog Topics and Keyword Research
• 4.2 2. Assist in Generating Copy for a Website
• 4.3 3. Proofreading and Editing
• 4.4 4. Creating WordPress Plugins
• 4.5 5. Writing and Debugging Code
• 4.6 6. Generate Video Scripts
• 4.7 7. Generate Surveys and Quizzes
• 4.8 8. Market Research
• 4.9 9. Write Product Descriptions
• 4.10 10. Generating AI Art
• 5 Final Thoughts on Using ChatGPT
• 6 Frequently Asked Questions (FAQs)

What is ChatGPT?

ChatGPT is a conversational software that uses three advanced models called generative pre-trained transformers (GPT) to generate text and code based on user input. These models have been trained on vast amounts of text data from various sources like books, social media, websites, and Reddit discussions. During this training process, the models learn language rules, such as how words are used in sentences.

It’s important to note that ChatGPT’s 3.5 version only has information up to 2021. However, if you upgrade to the 4.0 version with a paid plan, you can access a limited amount of information beyond that date.

Although ChatGPT is a series of language models, it generates output differently. Instead of using individual letters, ChatGPT uses tokens and pieces of words to create words. For example, the word dog is one token, but the word alligator is made up of two tokens: all and igator . To create output, ChatGPT calculates the likelihood of one word appearing with other words. However, there are other factors in generating output. The temperature setting is also essential.

Temperature determines how random or focused the output will be. A lower temperature setting, such as .2, will give a more focused and predictable answer. A higher temperature setting, such as 1.0, will provide more creative and random output, giving you a more comprehensive range of possibilities. By default, ChatGPT’s temperature setting is around .7, giving you a balance of focused and creative output.

Now that you understand ChatGPT and how it works, let’s discuss what it can and can’t do.

Understanding the Capabilities of ChatGPT

ChatGPT has been one of the most popular AI chatbots since its launch in 2022. It’s so popular that over 100 million people signed up for it in the first two months. With AI technology evolving at unprecedented rates, it can be challenging to determine what it can and can’t do.

Benefits of ChatGPT

ChatGPT is an incredibly versatile tool with limitless possibilities, making it an excellent choice for various tasks. Whether you need to research topics, extract and paraphrase information, translate text, grade tests, or want to have a conversation, ChatGPT can help.

As AI is still a relatively new technology, there’s still much to learn, and there may be some hiccups. Some say that technology is evolving too quickly and could lead to the loss of jobs. However, it’s undeniable that AI is here to stay. You can achieve more in less time by embracing it and learning how to use it ethically.

That said, some potential drawbacks to using ChatGPT and AI, in general, are worth considering.

What Are the Limitations of ChatGPT?

The first and most important thing is to take what it gives you with a grain of salt. It has been known to provide entirely inaccurate information, so always double-check the facts. Another area for improvement with it is the fact that it can’t access the Internet for up-to-date information. As previously stated, ChatGPT’s results are based on information available as of 2021. Therefore, it can’t give you the latest news or information on the latest technologies, which can cause issues.

Furthermore, it cannot generate images or videos, so you may need to use other AI technologies, such as AI art generators or video generators, to create digital assets. Nevertheless, there are plenty of great tools available to help with that.

Lastly, ChatGPT’s results may not be as human-like as some would like. You’ll need to do a lot of fine-tuning to get the most out of it. However, that’s a good thing, considering using what it gives you word for word is unethical. After all, it’s designed to assist you, not do your job for you.

How to Generate Prompts with ChatGPT

To be successful with ChatGPT (or other AI Chatbots), you’ll need to develop the skill to create effective prompts. It’s more complex than you would think. As previously mentioned, AI models tend to spit out falsehoods occasionally, so starting with a good, descriptive prompt is essential. It’s so important in this evolving technology that new jobs are being created for prompt engineers . If you find yourself looking for a new way to make money with AI, it all starts with the prompt.

Here is a short list of practical ways to generate prompts:

Talk to AI like it’s human: ChatGPT is conversational AI, so to get the best results, talk to it like you’re sitting across the table from someone having a conversation. When entering prompts, try to include casual details, be descriptive, and clarify what you want, down to even the most minute details.

Provide context : Try to include some explanatory text when crafting prompts. Don’t just make statements like create a headline about WordPress . Instead, use something like: I’m looking to introduce new users to WordPress so they’ll know how easy it is to use. Can you craft me some potential headlines that will entice users to read about WordPress? ?

Have ChatGPT assume an identity:

Another tip is to have the AI embody the person or company you’re inquiring about. For example, let’s say you want to write a review about Divi . Rather than saying tell me why Divi is a great theme , say something like from the point of view of its CEO, describe why Divi may be the best choice for WordPress users .

Those are just a few specific examples of ways to enhance AI’s output, but there are additional tips to consider:

• Re-ask the question until you get the answer you desire
• Make changes to your prompts to alter the output
• Specify the length of the answer you’re looking for
• Ask it to cite sources

Regardless of the type of answer, using a well-constructed prompt when using ChatGPT will give you better results than a standard prompt devoid of context, descriptors, or clarification.

10 Creative Ways to Use ChatGPT

There’s a long list of things that ChatGPT can help you with, including creative tasks. If you are a creative professional or new to design, writing, or web development, incorporating ChatGPT – or another good AI chatbot – can make your job much easier. Let’s look at ten ways to boost your creativity and save time on your projects.

1. Blog Topics and Keyword Research

Sometimes adding a new blog post to your website can be challenging. If you need a little help with keyword research and creating effective headlines for your posts, ChatGPT is a great tool to use. Using a good prompt, ChatGPT can generate keyword ideas based on the subject of your choice.

After picking a topic, you can ask ChatGPT to generate some related headlines. As an example, it gave us a list of 15 topics related to WordPress. After choosing WordPress Design Trends , it gave us ten pretty engaging titles that we can use.

Next, we prompted ChatGPT to provide an outline based on responsive design in WordPress. It ironed out a list of main points to craft our outline. While we had to make adjustments here and there, it provided a great start to draft our post.

2. Assist in Generating Copy for a Website

Using ChatGPT as a guide, you can generate copy for your posts, blurbs, FAQs, and more. However, as previously mentioned, you should never use AI to write your entire post. Using it to generate ideas is OK, but you should rewrite any generated copy in your voice. Aside from the ethical implications (a huge part), Google doesn’t care for AI-generated content, which could hurt your ranking in search engines . It’s always best to have it guide you, inspire you, and discover facts that you might not know. That said, be sure to fact-check everything it gives you, as it can generate false information.

Better yet, rather than having it generate copy for you, it’s best to refine copy that you have written yourself.

3. Proofreading and Editing

When writing new content, especially as a beginner, it can be too easy to be wordy, misspell words, or omit a point that may be relevant. Thankfully, ChatGPT is the perfect tool to help revise, condense, or make your original content flow better. After writing a few paragraphs for your posts or other web content, input it into ChatGPT and prompt it to improve your content. One tip to follow is telling it to keep the original tone of voice . This lets the tool know that you intend to control what is written yet improve it based on the parameters you provide.

As an example, we took the paragraph we’ve written above and asked it to make it more concise while keeping the original writing tone. Because ChatGPT is a conversational tool, it will try to utilize earlier prompts in the thread for relevancy. Based on this process, you can use ChatGPT to trim excess fluff, spot misspellings, make things more concise, or provide ideas on making your copy more relevant.

4. Creating WordPress Plugins

Another great way to use ChatGPT is to create plugins that you can use on your WordPress website. For the plugin to be functional and avoid further prompts, you must be more creative with your initial prompt.

For instance, we provided this information:

Create a WordPress plugin called “Dee Maintenance” that does the below actions once activated.

• After a user logs in, redirect them to the home page after logging in.
• If a user lands on the site but is logged out, show them a maintenance mode message that says this website is under maintenance. Give us a little time as we’re making things look awesome for you.
• Style the maintenance message with a grey background with a 5px border radius.
• Give the text a font size of 2em and make it red.

It provided a functional PHP file and told us how to implement it on our website. While you could use ChatGPT to code complex plugins, it can also be essential in creating plugins like these to help you keep your website bloat down.

5. Writing and Debugging Code

If you’re a web developer, chances are you’ve encountered errors with your website’s code or discovered console errors on your website. Thanks to ChatGPT, you can get the assistance you need with a well-crafted prompt. For example, we asked ChatGPT to identify a common console error to get help understanding the problem and how to fix it. It successfully identified the problem and provided us with the steps to correct it.

So, what happens if you have a more complex problem to solve? No worries because ChatGPT can assist with that too. In addition to debugging code issues, it will also write code for you. It understands various programming languages such as CSS, HTML, Javascript, PHP, etc.

If you’re a beginner, ChatGPT is an excellent tool for explaining what a code’s function is. For example, we grabbed a script from a Divi website and asked it to explain it. It described the code’s purpose with detailed information to make it easier to understand (as if we were a beginner). As a result, ChatGPT turned into an instructor, making it an excellent tool for people wanting to learn more about coding.

6. Generate Video Scripts

If you want to create promotional videos for marketing campaigns, ChatGPT is a great asset. Generating video scripts is the same process as blog posts but with a few differences. Of course, you’ll need to start with a keyword or title, then provide as many details as possible to get the best results. Anyone who creates videos can tell you the process can sometimes take hours or even days to develop a script. ChatGPT can do it in minutes. You can even use detailed prompts for effects and transitions that you can copy and paste into a good AI video generator to enhance it.

It can even be used to create YouTube videos, TikTok videos , and much more. For instance, we asked it to make a 30-second clip about five unknown dog facts. It generated a full script with ideas on which assets to use—pretty amazing stuff.

7. Generate Surveys and Quizzes

Quizzes and surveys are great tools for gaining valuable insights from your customers. Marketers can take these answers and use them to develop good marketing strategies . They are short, simple, and engaging, making good conversation pieces for users to share on social media. ChatGPT excels at this, so making them is a lot easier. You can create topics, titles, descriptions, and, yes, questions to include in your surveys and quizzes in a few short minutes.

For example, we asked ChatGPT to create a survey for an online jewelry store with lagging sales. We entered a concise prompt and got some pretty good questions about their shopping experience. You can take what ChatGPT gives you to gain other ideas for questions or reformat them to meet the needs of your specific business.

If you’re a WordPress user, you can use a good quiz plugin or survey plugin to add a quiz to your site quickly. That said, the possibilities are endless. You can ask ChatGPT to create HTML to incorporate your quiz into a static website, prompt it to make a text-to-image description to use with an AI art generator, and more.

8. Market Research

When conducting market research with ChatGPT, being specific is the best way to start. Tell it about the product or service you’d like insight on, provide specific demographics to look at, and even ask it to embody your target audience .

For instance, we asked ChatGPT to help identify people in Birmingham, Alabama, that would likely be interested in purchasing web design services. With a well-crafted prompt, it provided us with the age groups, income and education levels, and the specific locations of that area that would be our best demographic to target. While this is a basic example, it gives you a good concept of what ChatGPT can do.

Additionally, you can prompt ChatGPT to give a perspective or speak as a particular entity. It will help if you continue feeding it after the initial prompt to ensure you get the best results. Finally, as we’ve stated many times in our article, please don’t take what it says as absolute. Following up with your research is essential to ensure you have the correct facts.

9. Write Product Descriptions

If you have an ecommerce website , one of the most tedious tasks is writing good product descriptions. This is especially true if you have hundreds of products to create. Thankfully, ChatGPT and other AI writing software  can help with that. As with any other task you ask of ChatGPT, you get what you give. So, to get the best results, be descriptive yet precise in telling it what you want.

We asked it to create a product description for an insulated 20-ounce cup we want to sell. After the initial prompt, it spits out five paragraphs, which is too much for a product description. So, in a follow-up prompt, we instructed it to provide two concise yet easy-to-read sections that make our product sound fun .

10. Generating AI Art

Our final creative way of using ChatGPT combines it with other AI programs to create beautiful artwork. Since ChatGPT is a language model, it can’t currently create images for you. However, there is a plethora of AI software that can help. When you are ready to create your art, you can combine it with a program such as MidJourney to design webpages , image assets, and so much more.

Alternatively, you can use ChatGPT to generate prompts for AI image generators. However, this method requires quite a bit of tweaking to get things like you want them, and most text-to-image AI software can do that for you.

Final Thoughts on Using ChatGPT

ChatGPT is a powerful tool with many practical uses, from blog topics and proofreading to coding websites and WordPress plugins. While it does have some mighty AI chops under the hood, it’s important to remember that it does have some limitations. We highly suggest you use it as a guide rather than having it do all of your work for you. After all, it’s meant to be an assistive tool, not a job replacement.

With its innovative technology, ChatGPT has the potential to revolutionize how we approach content creation, marketing, and technology. The sky’s the limit with AI, and it is exciting to see what kind of advancements it will bring.

Frequently Asked Questions (FAQs)

Before we wrap up, let’s answer some of your most common questions about ChatGPT. Did we miss one? Leave a question below, and we will respond!

Is ChatGPT free?

Is chatgpt plus worth it, how does chatgpt work, can chatgpt write essays, does chatgpt save your data, what is the best chatgpt alternative, how does the chatgpt ai detector work, can chatgpt write code, who owns chatgpt.

How do you use ChatGPT, and are there other AI tools you swear by? Let us know in the comments below.

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An advantage of the Utopia P2P ChatGPT assistant is its ability to provide real-time information. It can fetch live data, such as weather updates, stock prices, and news articles, ensuring that users have access to the most current and relevant information.

Great ideas. At first it freaked me out – now it’s not going anywhere and a great tool to leverage. I use it to A/B test headlines for blogs as well as help come up with metadata content that uses key phrases I need. It saves me tons of time on little things that I would have spent at least 40 minutes on. It’s a great assistant, let’s just say that. 🙂

AI is not intelligent. It is an algorithm of wholesale robotic plagiarism that is looting the content of the web without credit or compensation to the original sources.

Here you are endorsing it’s use in a way that undermines & defrauds the livelihoods of professional writers.

It’s not just disrespectful, it’s actually destructive, and I’m not impressed.

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What is generative AI?

In the months and years since ChatGPT burst on the scene in November 2022, generative AI (gen AI) has come a long way. Every month sees the launch of new tools, rules, or iterative technological advancements. While many have reacted to ChatGPT (and AI and machine learning more broadly) with fear, machine learning clearly has the potential for good. In the years since its wide deployment, machine learning has demonstrated impact in a number of industries, accomplishing things like medical imaging analysis  and high-resolution weather forecasts. A 2022 McKinsey survey shows that AI adoption has more than doubled  over the past five years, and investment in AI is increasing apace. It’s clear that generative AI tools like ChatGPT (the GPT stands for generative pretrained transformer) and image generator DALL-E (its name a mashup of the surrealist artist Salvador Dalí and the lovable Pixar robot WALL-E) have the potential to change how a range of jobs are performed. The full scope of that impact, though, is still unknown—as are the risks.

Get to know and directly engage with McKinsey's senior experts on generative AI

Aamer Baig is a senior partner in McKinsey’s Chicago office;  Lareina Yee  is a senior partner in the Bay Area office; and senior partners  Alex Singla  and Alexander Sukharevsky , global leaders of QuantumBlack, AI by McKinsey, are based in the Chicago and London offices, respectively.

Still, organizations of all stripes have raced to incorporate gen AI tools into their business models, looking to capture a piece of a sizable prize. McKinsey research indicates that gen AI applications stand to add up to $4.4 trillion  to the global economy—annually. Indeed, it seems possible that within the next three years, anything in the technology, media, and telecommunications space not connected to AI will be considered obsolete or ineffective .

But before all that value can be raked in, we need to get a few things straight: What is gen AI, how was it developed, and what does it mean for people and organizations? Read on to get the download.

To stay up to date on this critical topic, sign up for email alerts on “artificial intelligence” here .

Learn more about QuantumBlack , AI by McKinsey.

What every CEO should know about generative AI

What’s the difference between machine learning and artificial intelligence, about quantumblack, ai by mckinsey.

QuantumBlack, McKinsey’s AI arm, helps companies transform using the power of technology, technical expertise, and industry experts. With thousands of practitioners at QuantumBlack (data engineers, data scientists, product managers, designers, and software engineers) and McKinsey (industry and domain experts), we are working to solve the world’s most important AI challenges. QuantumBlack Labs is our center of technology development and client innovation, which has been driving cutting-edge advancements and developments in AI through locations across the globe.

Artificial intelligence is pretty much just what it sounds like—the practice of getting machines to mimic human intelligence to perform tasks. You’ve probably interacted with AI even if you don’t realize it—voice assistants like Siri and Alexa are founded on AI technology, as are customer service chatbots that pop up to help you navigate websites.

Machine learning is a type of artificial intelligence. Through machine learning, practitioners develop artificial intelligence through models that can “learn” from data patterns without human direction. The unmanageably huge volume and complexity of data (unmanageable by humans, anyway) that is now being generated has increased machine learning’s potential , as well as the need for it.

What are the main types of machine learning models?

Machine learning is founded on a number of building blocks, starting with classical statistical techniques  developed between the 18th and 20th centuries for small data sets. In the 1930s and 1940s, the pioneers of computing—including theoretical mathematician Alan Turing—began working on the basic techniques for machine learning. But these techniques were limited to laboratories until the late 1970s, when scientists first developed computers powerful enough to mount them.

Until recently, machine learning was largely limited to predictive models, used to observe and classify patterns in content. For example, a classic machine learning problem is to start with an image or several images of, say, adorable cats. The program would then identify patterns among the images, and then scrutinize random images for ones that would match the adorable cat pattern. Generative AI was a breakthrough. Rather than simply perceive and classify a photo of a cat, machine learning is now able to create an image or text description of a cat on demand.

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How do text-based machine learning models work how are they trained.

ChatGPT may be getting all the headlines now, but it’s not the first text-based machine learning model to make a splash. OpenAI’s GPT-3 and Google’s BERT both launched in recent years to some fanfare. But before ChatGPT, which by most accounts works pretty well most of the time (though it’s still being evaluated), AI chatbots didn’t always get the best reviews. GPT-3 is “by turns super impressive and super disappointing,” said New York Times tech reporter Cade Metz in a video where he and food writer Priya Krishna asked GPT-3 to write recipes for a (rather disastrous) Thanksgiving dinner .

The first machine learning models to work with text were trained by humans to classify various inputs according to labels set by researchers. One example would be a model trained to label social media  posts as either positive or negative. This type of training is known as supervised learning because a human is in charge of “teaching” the model what to do.

The next generation of text-based machine learning models rely on what’s known as self-supervised learning. This type of training involves feeding a model a massive amount of text so it becomes able to generate predictions. For example, some models can predict, based on a few words, how a sentence will end. With the right amount of sample text—say, a broad swath of the internet—these text models become quite accurate. We’re seeing just how accurate with the success of tools like ChatGPT.

What does it take to build a generative AI model?

Building a generative AI model has for the most part been a major undertaking, to the extent that only a few well-resourced tech heavyweights have made an attempt . OpenAI, the company behind ChatGPT, former GPT models, and DALL-E, has billions in funding from bold-face-name donors. DeepMind is a subsidiary of Alphabet, the parent company of Google, and even Meta has dipped a toe into the generative AI model pool with its Make-A-Video product. These companies employ some of the world’s best computer scientists and engineers.

But it’s not just talent. When you’re asking a model to train using nearly the entire internet, it’s going to cost you. OpenAI hasn’t released exact costs, but estimates indicate that GPT-3 was trained on around 45 terabytes of text data—that’s about one million feet of bookshelf space, or a quarter of the entire Library of Congress—at an estimated cost of several million dollars. These aren’t resources your garden-variety start-up can access.

What kinds of output can a generative AI model produce?

As you may have noticed above, outputs from generative AI models can be indistinguishable from human-generated content, or they can seem a little uncanny. The results depend on the quality of the model—as we’ve seen, ChatGPT’s outputs so far appear superior to those of its predecessors—and the match between the model and the use case, or input.

ChatGPT can produce what one commentator called a “ solid A- ” essay comparing theories of nationalism from Benedict Anderson and Ernest Gellner—in ten seconds. It also produced an already famous passage describing how to remove a peanut butter sandwich from a VCR in the style of the King James Bible. Image-generating AI models like DALL-E 2 can create strange, beautiful images on demand, like a Raphael painting of a Madonna and child, eating pizza . Other generative AI models can produce code, video, audio, or business simulations .

But the outputs aren’t always accurate—or appropriate. When Priya Krishna asked DALL-E 2 to come up with an image for Thanksgiving dinner, it produced a scene where the turkey was garnished with whole limes, set next to a bowl of what appeared to be guacamole. For its part, ChatGPT seems to have trouble counting, or solving basic algebra problems—or, indeed, overcoming the sexist and racist bias that lurks in the undercurrents of the internet and society more broadly.

Generative AI outputs are carefully calibrated combinations of the data used to train the algorithms. Because the amount of data used to train these algorithms is so incredibly massive—as noted, GPT-3 was trained on 45 terabytes of text data—the models can appear to be “creative” when producing outputs. What’s more, the models usually have random elements, which means they can produce a variety of outputs from one input request—making them seem even more lifelike.

What kinds of problems can a generative AI model solve?

The opportunity for businesses is clear. Generative AI tools can produce a wide variety of credible writing in seconds, then respond to criticism to make the writing more fit for purpose. This has implications for a wide variety of industries, from IT and software organizations that can benefit from the instantaneous, largely correct code generated by AI models to organizations in need of marketing copy. In short, any organization that needs to produce clear written materials potentially stands to benefit. Organizations can also use generative AI to create more technical materials, such as higher-resolution versions of medical images. And with the time and resources saved here, organizations can pursue new business opportunities and the chance to create more value.

We’ve seen that developing a generative AI model is so resource intensive that it is out of the question for all but the biggest and best-resourced companies. Companies looking to put generative AI to work have the option to either use generative AI out of the box or fine-tune them to perform a specific task. If you need to prepare slides according to a specific style, for example, you could ask the model to “learn” how headlines are normally written based on the data in the slides, then feed it slide data and ask it to write appropriate headlines.

What are the limitations of AI models? How can these potentially be overcome?

Because they are so new, we have yet to see the long tail effect of generative AI models. This means there are some inherent risks  involved in using them—some known and some unknown.

The outputs generative AI models produce may often sound extremely convincing. This is by design. But sometimes the information they generate is just plain wrong. Worse, sometimes it’s biased (because it’s built on the gender, racial, and myriad other biases of the internet and society more generally) and can be manipulated to enable unethical or criminal activity. For example, ChatGPT won’t give you instructions on how to hotwire a car, but if you say you need to hotwire a car to save a baby, the algorithm is happy to comply. Organizations that rely on generative AI models should reckon with reputational and legal risks involved in unintentionally publishing biased, offensive, or copyrighted content.

These risks can be mitigated, however, in a few ways. For one, it’s crucial to carefully select the initial data used to train these models to avoid including toxic or biased content. Next, rather than employing an off-the-shelf generative AI model, organizations could consider using smaller, specialized models. Organizations with more resources could also customize a general model based on their own data to fit their needs and minimize biases. Organizations should also keep a human in the loop (that is, to make sure a real human checks the output of a generative AI model before it is published or used) and avoid using generative AI models for critical decisions, such as those involving significant resources or human welfare.

It can’t be emphasized enough that this is a new field. The landscape of risks and opportunities  is likely to change rapidly in coming weeks, months, and years. New use cases are being tested monthly, and new models are likely to be developed in the coming years. As generative AI becomes increasingly, and seamlessly, incorporated into business, society, and our personal lives, we can also expect a new regulatory climate  to take shape. As organizations begin experimenting—and creating value—with these tools, leaders will do well to keep a finger on the pulse of regulation and risk.

Articles referenced include:

• " Implementing generative AI with speed and safety ,” March 13, 2024, Oliver Bevan, Michael Chui , Ida Kristensen , Brittany Presten, and Lareina Yee
• “ Beyond the hype: Capturing the potential of AI and gen AI in tech, media, and telecom ,” February 22, 2024, Venkat Atluri , Peter Dahlström , Brendan Gaffey , Víctor García de la Torre, Noshir Kaka , Tomás Lajous , Alex Singla , Alex Sukharevsky , Andrea Travasoni , and Benjamim Vieira
• “ As gen AI advances, regulators—and risk functions—rush to keep pace ,” December 21, 2023, Andreas Kremer, Angela Luget, Daniel Mikkelsen , Henning Soller , Malin Strandell-Jansson, and Sheila Zingg
• “ The economic potential of generative AI: The next productivity frontier ,” June 14, 2023, Michael Chui , Eric Hazan , Roger Roberts , Alex Singla , Kate Smaje , Alex Sukharevsky , Lareina Yee , and Rodney Zemmel
• “ What every CEO should know about generative AI ,” May 12, 2023, Michael Chui , Roger Roberts , Tanya Rodchenko, Alex Singla , Alex Sukharevsky , Lareina Yee , and Delphine Zurkiya
• “ Exploring opportunities in the generative AI value chain ,” April 26, 2023, Tobias Härlin, Gardar Björnsson Rova , Alex Singla , Oleg Sokolov, and Alex Sukharevsky
• “ The state of AI in 2022—and a half decade in review ,” December 6, 2022,  Michael Chui ,  Bryce Hall ,  Helen Mayhew , Alex Singla , and Alex Sukharevsky
• “ McKinsey Technology Trends Outlook 2023 ,” July 20, 2023,  Michael Chui , Mena Issler,  Roger Roberts , and  Lareina Yee  
• “ An executive’s guide to AI ,” Michael Chui , Vishnu Kamalnath, and Brian McCarthy
• “ What AI can and can’t do (yet) for your business ,” January 11, 2018,  Michael Chui , James Manyika , and Mehdi Miremadi

This article was updated in April 2024; it was originally published in January 2023.

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