“Business Process Management”
Business Process Strategy
This paper discusses the Airbnb website that allows ordinary people to rent their residence as tourist accommodation.Investigation Airbnb terms of Porter’s Five Forces Model reasoned that from the fifth models of Porter, Rivalry Among Existing Competitors framework, Threat of New Entrants, Threat of substitute Products or Services and Bargaining Power of Buyers which is the weakest among all (Nurlansa and Jati, 2017).
Figure 1. Five Forces Shaping Industry Competition
Source : Analysis Porter’s Five forces Modelon Airbnb (Nurlansa and Jati, 2017)
I choose this journal because it shows that the final goal is the competitive strategy for tackling the environmental forces in the interest of the company and it is done by the recent changes in the financial services sector payments, especially those related to mobile payments that allow new channels for customer payments for the purchase of goods and services, and other forms of economic exchange (Nurlansa and Jati, 2017).
This conference visualizes the Balanced scorecard implementation which helps as a tool for measuring the performance and also acts as a framework to determine how an organization is structured for human, information, and strategy for organizational initial investment (Siemionek-Ruskan, 2019).
This conference paper signifies that a Balanced Scorecard is a significant tool for business strategy management which is done by improving the efficiency of the tools that are already being used and implementing a Balanced scorecard into different stages to gain a positive outcome(Siemionek-Ruskan, 2019).
This video is about strategic planning and thinking, where Strategic Planning is a process of leading and directing an organization to a smart path towards success which guides people according to their priorities, allocate various resources, and plan how to achieve goals but strategic thinking is a process where we and our teammates create a path to success.
Video 1: Difference Between Strategic Planning and Strategic Thinking
From this source, we have analyzed that for the business Process strategy we must put away the assumption of the past, how things work and always focus on a new strategy to put the small decisions in the context of the organization broader long-term goals, we need to keep alert to our industry, look for any opportunity to serve the customers better away, competitors and to frame decisions based on the future rather than simply reacting about the present (Harvard Business Publishing Corporate Learning, 2017).
The picture in the scenario mainly visualizes the component of a strategic plan to meet the needs of a given business. For this, alignment with business strategy and objective is necessary because business strategy requiring large capital in IT infrastructure should be called out for the long-term initiatives for example if one business strategy is to have a better customer experience we must develop a suite of mobile apps or we must partner with best IT expertise with necessary skills to provide better dynamic and cheaper service (Resolute, 2020).
Figure 3: Process for the application of Integrated Road-mapping
Source: (Resolute, 2020)
Therefore, an IT strategy often covers a set of principles to govern the appropriate level of diligence or risk-taking on new technology trends for different business goals. Thus, we need to adopt or refine the IT solution and IT test strategy considering people, process, and technology to settle on a strategic plan working for IT as well as the business (Resolute, 2020).
This conference paper studies a food processing company for production and packaging which aims for the right tools for its business satisfaction, quick customer satisfaction by cost, quality, process, speed, and the initial investment. The company applies DMAIC (define, measure, analyze, improve and control), SIPOC, VSM, and 5s methods to reduce production fluctuations using lean and six sigma initiatives (Nandakumar, Saleeshya, and Harikumar, 2020).
Figure 4: Fishbone Diagram Showing the Root Cause effect
Source: (The Barone Zone, 2015)
This paper clearly shows that even a food processing company needs a strategy to identify its root problems and tackle the cause of the problem to improve the sustainability of the system by deriving the sustainability metrics such as social, economic, and environmental metrics known as Triple bottom line for creating a greater business value (Nandakumar, Saleeshya and Harikumar, 2020).
Harvard Business Publishing Corporate Learning (2017). The Difference Between Strategic Planning and Strategic Thinking. YouTube. Available at: https://www.youtube.com/watch?v=V2Hndmk18z0 [Accessed 1 Apr. 2021].
Nandakumar, N., Saleeshya, P.G. and Harikumar, P. (2020). Bottleneck Identification And Process Improvement By Lean Six Sigma DMAIC Methodology. Materials Today: Proceedings, [online] 24, pp.1217–1224. Available at: https://www-sciencedirect-com.ezproxy.cqu.edu.au/science/article/pii/S2214785320330583 [Accessed 2 Apr. 2021].
Nurlansa, O. and Jati, H., 2016. Analysis of porter’s five forces model on Airbnb. Evo (Electronics, Informatics, and Vocational Education), 1(2), pp.84-96.
Resolute. (2020). An Example of a Well-Developed IT Strategy Plan. [online] Available at: https://www.resolutets.com/it-strategy-plan-example/ [Accessed 1 Apr. 2021].
Siemionek-Ruskan, M., 2018, May. The Concept of the Balanced Scorecard Implementation for the Polish City of Olsztyn. In Annual Conference on Finance and Accounting (pp. 329-339). Springer, Cham.