Evaluating Strategic Management at TechnologyOne: A Detailed Report

This report provides a detailed analysis of TechnologyOne's strategic management approach, focusing on its mission, vision, and strategic objectives. It evaluates the effectiveness and appropriateness of the company's current mission and vision statements, identifying gap areas and offering recommendations for improvement. The report suggests incorporating competitive advantages and employee management strategies into the mission statement and including business and product strategies in the vision statement. Furthermore, it proposes strategic objectives such as effective recruitment and selection, market expansion, and employee training to support the achievement of TechnologyOne's mission and vision. The analysis aims to provide insights that can enhance TechnologyOne's business operations and competitiveness in the long term. Desklib offers additional resources, including past papers and solved assignments, to aid students in their studies.

Running head: STRATEGIC MANAGEMENT
Strategic management
Name of the student
Name of the university
Author note

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Executive summary
The aim of this report is to discuss about the current approaches of mission, vision and strategic
objectives of TechologyOne. This report also elaborated about the profile of TechnologyOne. In
addition, the gap areas are being identified in the existing mission and vision of TechnologyOne.
There are number of gaps being identified and given a few recommendations. It is concluded that
strategic objectives for TechnologyOne discussed in this report will help them to effectively
achieve their mission and vision and enhance their business operation in long term.

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Table of Contents
Introduction......................................................................................................................................3
Mission statement of TechologyOne...............................................................................................4
Recommended mission statement................................................................................................5
Vision statement of TechologyOne.................................................................................................6
Recommended vision statement..................................................................................................7
Strategic objectives of TechologyOne.............................................................................................7
Conclusion.......................................................................................................................................9
Reference.......................................................................................................................................11

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Introduction
In the current business scenario, it is important for the business organizations to have
effective approach of strategic management. This is due to the reason that, effective approach of
strategic management can help the business organizations to stay ahead in the competition. In the
recent time, business organizations are also having the issue of intensive competition in the
market due to the presence of huge number of competitors. Therefore, they should have proper
approach of strategic management to drive their business effectively (Box 2014). In the current
time, one of the most competitive business sectors is the information technology sector. It is
reported that by 2018, the global information technology sector will stand at US$ 1.5 trillion that
is one of the highest among all other sectors. This sector is also witnessing huge growth in the
competition due to the entry of the firm from mainly India and China. These companies are
providing cheaper services to the customers. Thus, it is important for the companies from other
countries to have effective strategic approach to compete in this industry (Hill, Jones and
Schilling 2014).
TechologyOne is one of the leading companies in this sector based in Australia. They
were founded in 1987 and offered software solutions to the customers for financial services in
their initial stage. Afterwards they also entered in different sectors by offering more diverse
products (Technologyonecorp.com 2018). Currently, TechologyOne offers solutions to different
business sectors such as education sector, government sector, financial services, and healthcare
sector and for corporate. In addition, they also offer cloud services to their customers. It is being
reported that TechologyOne is having their business operation in New Zealand, Malaysia and
United Kingdom apart from Australia. However, on the other hand, they should also consider the

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competitive challenges in the market and accordingly, they should have mission, vision and
strategic objectives.
This report will discuss about the current approaches of mission, vision and strategic
objectives of TechologyOne and will also analyze their effectiveness and appropriateness for the
organization. In addition, this report will also discuss about the effectiveness of the strategic
objectives of TechologyOne in meeting their mission and vision (Ekpe, Eneh and Inyang 2015).
Accordingly, some recommended strategic approaches will also be discussed that will enhance
the business of TechologyOne in the long term.
Mission statement of TechologyOne
The current mission statement of TechologyOne states that they deliver cost effective
solutions for different business needs. In addition, it also states that TechologyOne is striving to
initiate innovative approach in delivering services to their customers. In addition, TechologyOne
is committed to be a trustworthy partner for their customers in the long term. Thus, it can be
concluded that the mission statement of TechologyOne is stating the organizational approach
effectively. Moreover, it is also being identified that the mission statement of TechologyOne is
appropriate in the current business state of affairs due to the reason that it states the objective of
offering services in affordable cost. This is helping them to compete with the cost effective and
affordable services offered by the organizations mainly from India and China (David, David and
David 2014).
In the mission statement of TechologyOne, it is also being stated that they are willing to
provide services to their customers for long term. This denotes that customers of TechologyOne
are going to get lifelong assistance and services. This is another competitive advantage for

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TechologyOne over their competitors due to the reason that customers also expects that they will
receive proper and swift services from the vendor (Rajasekar 2013). Hence, it can be concluded
that the mission statement of TechologyOne is helping them to offering cost effective services
along with providing after sales service and assistance to their customers.
Recommended mission statement
Though the existing mission statement of TechologyOne is effective and appropriate in
guiding them in the competitive business scenario but there are few gap areas being identified
that can be further enhanced. This can help them to having more effective mission statement. It is
recommended that mission statement of TechologyOne should also include some of their major
competitive advantages. This is due to the reason that TechologyOne is having number of
competitive advantages over their contemporary competitors. Stating these advantages in brief in
their mission statement will help TechologyOne to have more attractiveness in the market. For
instance, TechologyOne is the leading name in providing financial services to the customers.
Thus, they should give more leverage to their financial services in order to aware their
stakeholders (Bridoux and Stoelhorst 2014). On the other hand, it is only stated that employees
are being motivated in gaining new ideas and techniques. However, it is also important for
TechologyOne to have statement of how their employees are being managed and how the skills
of the employees are helping them in driving their growth. This will help TechologyOne to
enhance their employer branding in the market. Thus it can be concluded that the recommended
steps in the mission statement of TechologyOne will help them to have more effective and
appropriate approach.

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Vision statement of TechologyOne
The current vision statement of TechologyOne states that they want to be the leader in the
market and wants to gain the market leadership in the global market also. In addition, the vision
statement of TechologyOne also leverages on the importance of having effective customer
relationships. The vision statement of TechologyOne states that market leadership position will
be gained by maintaining the long lasting relationship with the customers and by providing them
cutting edge technologies. In addition, it is also being stated that customer satisfaction is the
main objective of their business and they will strive to provide 100 percent satisfaction to their
customers (Hennig-Thurau and Hansen 2013). The approach of the employee management is
also being briefly stated in the vision statement of TechologyOne. Thus, it can be concluded that
the current and existing vision statement of TechologyOne is helping them in working towards
achieving the market leadership position. This is the most important for TechologyOne due to
the reason that being the market leader is the prime objective of all the business entities. This is
also helping them to design their organizational affairs and processes in accordance to the vision.
The existing vision statement is appropriate due to the reason that approach of the
employee management is also being stated. Thus, the standard of employee management can be
maintained in accordance to their vision statement. In the previous section, it is recommended
that the mission statement of TechologyOne should be more focused towards their approach
employee management (Teckchandani and Schultz 2014). Thus, having that in the mission
statement will further help in working towards achieving their vision. Satisfaction of the
customers is also being given a major importance that will further help them to enhance the
standard of customer service and working towards achieving 100 percent customer satisfaction

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(Carton, Murphy and Clark 2014). Thus, achieving the market leadership position and gaining
100 percent customer satisfaction will ensure that TechologyOne is going in the right direction.
Recommended vision statement
It is recommended that the vision statement of TechologyOne should also include their
business and product strategy for future. This is due to the reason that the current vision
statement of TechologyOne is only having the information about the employee management and
achieving more market share (Eryilmaz and Bektas 2015). New sectors that they want to enter or
new products that they want to introduce in the market are not having any mention in the vision
statement. Hence, it is recommended that TechologyOne should also add their product strategy
and new customer segments that they want to target in their vision statement. This is also
important due to the reason that market leadership position cannot be achieved without having
presence in different customer segments (Madu 2013). However, the existing vision statement of
TechologyOne is not having any brief about how they will grow in the market.
Strategic objectives of TechologyOne
Apart from designing the mission and vision statement, it is also important for the
business organizations to have strategic objectives due to the reason that strategic objectives will
act as the foundation for achieving the mission and vision. Thus, in order to have an effective
approach of strategic management, TechologyOne should also have some strategic objectives
(De Los Reyes 2013). However, currently they do not have any stated strategic objectives and so
this report will design a few strategic objectives that will be appropriate in accomplishment of
their mission and vision discussed earlier.

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 The primary strategic objective of TechologyOne should be effective recruitment and
selection. This is due to the reason that the more effective will be the process of
recruitment and selection, the more will be the probability of having rightly skilled
employees in place. Thus, TechologyOne should have the strategic objective of selecting
the right employees in right place in order to gain maximum competitiveness from them
(Ployhart and Weekley 2014). The approach of the recruitment and selection should be
designed in such a way that employees with having right skills and expertise along with
having the inclination towards innovation should be in place. This will enable to gain
more options of innovation and new ideas from the side of the employees. It should also
be noted that effective process of recruitment and selection will help TechologyOne to
achieve the provision of providing innovative products and services as stated in their
mission statement.
 The second strategic objective of TechologyOne should be to cover the maximum
market area possible in the next few years. This is also important due to the reason that
TechologyOne is currently present in only four countries. Their market potentiality is
limited and they should have the objective of entering in new markets in new countries
in order to cater to new customer segments (Titman, Wei and Xie 2013). The more
presence they will have in the global market, the more they will be able to enhance their
revenue and solidify their market position. On the other hand, having presence in more
countries will also ensure that TechologyOne will have added competitiveness and
resources to compete in the market. According to the Ansoff’s matrix, new market
development is one of the major ways of maximizing the market share and brand
identity. The more will be the market size, the more will be the potentiality for

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TechologyOne in the market and more will be chance of achieving the market leadership
status.
 Another recommended strategic objective for TechologyOne should be offering training
for their employees. The current business scenario of information technology sector is
rapidly changing and thus it is important for TechologyOne to have updated employees
who can deal with the changing scenario. In this case, they should have the objective of
providing training to their employees on a periodical basis (Jehanzeb and Bashir 2013).
This will enable the employees to have the understanding and expertise about changing
scenario. This will help TechologyOne to achieve their vision of offering innovative
products and gaining 100 percent customer satisfaction. Employees will be more skilled
and expert in generating newer ideas in the business and providing effective service to
the customers.
 Another strategic objective for TechologyOne should be the lower cost of production.
This is due to the reason that the major competitors of TechologyOne are providing
services in fewer prices and thus the operation cost for TechologyOne should also be
reduced in order to enable them to offer their services in more affordable cost. Strategies
such as lean operation system and outsourcing can be initiated in order to reduce the cost
of operation and offer the products in fewer prices (Teirlinck and Spithoven 2013).
Conclusion
Thus it can be concluded that TechologyOne is having and effective mission and vision
statement. It is also discussed in this report that the existing approach of mission and vision
statement is helping TechologyOne to work accordingly. However, there are some gaps also
being identified in this report in relation to their mission and vision statement. In accordance to

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the gap areas, a number of recommended steps are being discussed. Major strategic objectives
for TechologyOne are also being identified that will further help them to achieve the mission and
vision effectively.

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Reference
Box, T., 2014. Small firm strategy in turbulent times. Academy of Strategic Management
Journal, 10(1).
Bridoux, F. and Stoelhorst, J.W., 2014. Microfoundations for stakeholder theory: Managing
stakeholders with heterogeneous motives. Strategic Management Journal, 35(1), pp.107-125.
Carton, A.M., Murphy, C. and Clark, J.R., 2014. A (blurry) vision of the future: How leader
rhetoric about ultimate goals influences performance. Academy of Management Journal, 57(6),
pp.1544-1570.
David, M.E., David, F.R. and David, F.R., 2014. MISSION STATEMENT THEORY AND
PRACTICE: A CONTENT ANALYSIS AND NEW DIRECTION. International Journal of
Business, Marketing, & Decision Science, 7(1).
De Los Reyes, A., 2013. Strategic objectives for improving understanding of informant
discrepancies in developmental psychopathology research. Development and
psychopathology, 25(3), pp.669-682.
Ekpe, E.O., Eneh, S.I. and Inyang, B.J., 2015. Leveraging organizational performance through
effective mission statement. International Business Research, 8(9), p.135.
Eryılmaz, M.E. and Bektaş, O., 2015. Can an Innovation Oriented Vision Statement Really
Trigger Innovation in Small and Medium Sized Enterprises?: Evidence from Turkey. In
Research on Internationalization of Entrepreneurial Innovation in the Global Economy (pp. 352-
364). IGI Global.