This article discusses the importance of managing computer based processes in business and how it can enhance efficiency. It focuses on Eureka Limited, a family-owned company that is considering introducing accounting software to improve their financial management.
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MANAGEMENT OF THE COMPUTER BASED PROCESSES Eureka Limited ,a family-owned company, with it’s foundation as old as 55 years is strategically involved in supplying beverages to various businesses such as departmental stores and pub- chains. The company has an employee base of 73 people and had reported revenues of more than $18.5 million during the past year. Though the company has a mixed history of leaps and bounds, in the recent years it has been experiencing quite an increase in demand for its healthy product ranges. Managing such huge business by hiring a single accountant, who shall manage and produce financial statements, the way company was conducting traditionally, appears to be inefficient and ineffective way as it requires lots of more information which a single accountant cannot accomplish. Hence, Eureka has been considering of introducing accounting software so that they can nourish and flourish their business and reach higher levels. (Digitalcommons.bryant.edu, 2019) Use of computers in the business management and systems tend to enhance the speed as it helps in almost all the sectors, thereby increasing the productivity, lowering the time consumption and the costs incidental to the company. Management, the word itself means the way/art of getting the things done by others in order to achieve organizational objective in an effective and efficient manner. Managing computer based processes is similarly getting the process managed through computers as the systems can be enabled to be more intuitive than human logic. It is basically an art which needs skilled application of the knowledge possessed, both physical and computer based and is intended to offer systematic treatment to the accounts.(Kumar, 2019)By using software tools during the
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problem solving process and accounting, the company can achieve higher efficiency and reach higher standards. KEY PROCESSES FOR EUREKA LIMITED Eureka Limited , a family owned business, indulges into the supplying of beverages to the supermarkets, the chain pubs and bars. In order to elaborate, a family owned business is one in which more than 2 family members are employed and the majority of the ownership vests in the hands of the family. Family owned businesses has equality in both challenges and rewards. Such business requires even more surveyance than the average entrepreneurs just to ensure that the company not only survives and stand in the present time but also strives to achieve excellence in the upcoming years.(Anon, 2019) Businesses , whether family oriented, entrepreneur or any other form requires important managerial processes and key strategies to be followed to achieve excellence. Let’s enumerate some of the processes below: ●Strategic Planning: This relates to the process of setting variety of plans and strategies, their implementation and evaluation. ●Family Planningis where the entire family members (involved in the business) unite together to set the desired goals, priorities of the business formation, their strengths and weaknesses.(Pressman and Choi, 2013) ●Business Planningwhere hired professionals of the business like advisory boards, board of directors strategies the desired term goals and objectives of the designed business.
●Succession Planning- as the term suggests, is a process where decision is taken regarding the head lead of the business in the future generation. ●Estate Planning– such planning involves entire valuation and analysis of the assets and liabilities,its owned belongings and the payables. A good and strategically designed business plan can lead the organisation to achieve higher profitability over long run and vice versa. References
Digitalcommons.bryant.edu. (2019). [online] Available at: https://digitalcommons.bryant.edu/cgi/viewcontent.cgi?referer=https://www.google.com/ &httpsredir=1&article=1005&context=honors_management [Accessed 27 May 2019]. Kumar, V. (2019).Importance of computer in business - KLIENT SOLUTECH. [online] KLIENT SOLUTECH. Available at: http://www.klientsolutech.com/importance-of-computer-in- business/ [Accessed 27 May 2019]. Anon, (2019). [online] Available at: https://www.lntinfotech.com/blogs/5-key-areas-in-the- food-and-beverage-industry-transformed-by-digitalization/https://www.inc.com/encyclopedia [Accessed 27 May 2019]. Pressman, S. and Choi, Y. (2013). Paradigms, Conventions and the Entrepreneur:.American Journal of Economics and Sociology, 56(1), pp.51-6