Executive Information System (EIS) Meaning, Factors, Characteristics, Advantages, Pros, Benefits, Merits, Disadvantages, Cons, Limitation, and Demerits; An Executive Info System (EIS) is a kind of decision support system (DSS) used in associations to help managers in decision making. It does so by providing easy entrance to important data needed in an institution to achieve strategic objectives. An EIS usually has graphical presentations on a user-friendly interface. They can use for monitoring enterprise performance in many different types of organizations as well as for identifying opportunities and issues.
Here is the article to explain, Executive Information System (EIS) with their Meaning, Factors, Characteristics, Advantages, Pros, Benefits, Merits, Disadvantages, Cons, Limitation, and Demerits!
Early they were developed on mainframe computers as computer-based programs to provide the description, sales performance, and/or market research data for senior managers of an enterprise. Executives, however, were not all lettered or sure about the computers. Also, EIS data endorsed only executive-level decisions that did not necessarily support the entire organization or business. Current EIS data is available on local area networks (LANs) throughout the business or corporation, facilitated by personal computers and workstations.
Workers can access business data to help make decisions in their workplaces, departments, divisions, etc. This enables workers to provide relevant information and ideas above and below the level of their business. Administrative support systems are intended to be used directly by senior managers to support unscheduled strategic management judgments. Often such data is external, unstructured, and even doubtful. Often, the exact scope and context of such details are not known in advancement.
What is the meaning of Executive Information System (EIS)?
An EIS is an Information System that can transform the business data into insights and help the top-level executives of a company in the domain of corporate business intelligence; which consists of the processes, applications, and also practices that support executive decision making. This system delivers the most recent operational data gathered from various internal and external databases.
A Typical Executive Information System;
Executive Information System focuses on the present, usually presenting the executive with information within the budgeting time-frame of the organization. Furthermore, it is exclusively a display technology, oriented to presenting static reports graphs, and textual information on demand. It offers no analysis capabilities to help the executive explain, diagnose, and also understand the information presented to them.
Decision Support System:
A Decision Support System (DSS) is a collection of integrated software applications and hardware that help the analyst, managers of an organization in the decision-making process. Organizations depend on decision support tools, techniques, and models to help them assess and resolve everyday business problems. And make decisions. The decision support system is data-driven, as the entire process feeds off of the collection and also the availability of data to analyze. Business Intelligence (BI) reporting tools, processes, and methodologies are key components to any decision support system and provide end-users with rich reporting, monitoring, and data analysis.
Key Factors and Characteristics of Executive Information System (EIS);
The below-mentioned formation describes key factors and characteristics of EIS,
Exact data – They provide absolute data from its current database.
Output devices; Which provide a visual or permanent record for the executive to save or read. Also, This device refers to the visual output device or printer.
Software Sources;
The basic software needed for a typical EIS includes four components:
Text-based software; The most common form of text probably documents.
Database; Heterogeneous databases residing on a range of vendor-specific and open computer platforms help executives access both internal and external data.
Graphic base; Graphics can turn volumes of text and statistics into visual information for executives. Typical graphic types are time series charts, scatter diagrams, maps, motion graphics, sequence charts, and comparison-oriented graphs (i.e., bar charts).
Model base; The EIS models contain routine and also special statistical, financial, and other quantitative analyses.
Levels of management need it;
An Executive Information System (EIS) is a type of management information system intended to facilitate and support the information and decision-making needs of senior executives by providing easy access to both internal and external information relevant to meeting the strategic goals of the organization. Also, It exists commonly considered as a specialized form of a Decision Support System (DSS).
Is there a relationship between global computing and executive information systems? Explain.
They believe there is a strong relationship between global computing and Executive information systems. Senior executives of the organizations spread globally need constant and also timely access to global information for making decisions. This information originates in different places worldwide for a global organization and needs to organize before it can use for decision-making. The organization and management of global corporate data present unique challenges for developing global executive information systems (EIS) for senior executives of global companies.
The objective of a global EIS should be to provide executives with a consistent, integrated, and summarized view of operational data from subsidiaries worldwide. Due to global computing, the EIS also provides access to external data that capture from different sources. Also, The system facilitates integrating the internal and external data for effective decision-making globally.
What is Alternative Business Structure (ABS)? They what help to do; An alternative business structure could be a firm that has non-lawyers in its possession and management structure; this enables corporations to involve key those who bring further expertise and skills. The non-lawyer is often concerned through investment or as a partner or director.
Here is the article to explain, What is Alternative Business Structure (ABS)?
Before 2007, once the Legal Services Act stood passed, any thus solicitor doing business in a very legal capability for the general public had to try and do so in a very firm that solicitors in hand. Once the act stood passed, they came onto the scene and allowed each non-solicitors and solicitor to have legal service corporations. If you have obtained their license, you’ll offer legal services as a non-legal organization; this enables law corporations to manage by non-lawyers. ABS structures conjointly permit law corporations to supply over simply legal services. Law corporations created as ABS will have outside investors, which is one of the most important attracts of this feature.
Introduction to Alternative Business Structures (ABS);
Alternative Business Structures (ABS) has had and will continue to have, transformational implications in delivering legal services. ABSs entered the UK’s legal landscape through the Legal Services Act 2007 and officially began operating on 6 October 2011. In essence, ABSs have diluted ownership restrictions in favor of non-lawyers, allowing both non-lawyers and lawyers to manage the law firm business. This has similarly brought new entrants to the market and more external investment. This paper will critically assess the transformational impact ABSs have had in delivering legal services, examining both their positive and negative consequences. A case study will then undertake, with national law firm Irwin Mitchell’s decision to operate as an ABS discussed. What they are helping to do below are;
An ABS performance will work where:
An established lawyer-owned firm needs to require a non-lawyer partner.
An established house needs its non-lawyer to follow the manager to become a co-owner.
A professional person needs to line up a house with a non-lawyer partner/owner, and.
A non-legal enterprise sees legal services as complementary and sets up a standalone business.
Time for a change;
As Nick Hood has noted:
“When the Legal Services Act 2007 was enacted, it’s doubtful that its sponsors could have foreseen a Cyprus-based construction consulting firm embracing the concept to enhance its international credibility. Nor would they have anticipated it bringing together Bucks County Council & the Bucks Fire Authority as law services providers.”
And indeed, it has been an era of considerable change. This transformation has seen businesses as diverse as trucking giant Stobarts entering the legal market, stands licensed to set up a firm of solicitors under ‘One Legal Ltd’. For the Stobart Group, which already owns a claims management company, an insurance broker, and Stobart Barristers; this means they can effectively operate as a ‘one-stop shop’. As the Legal Director of the Stobart Group noted:
“[Stobart] can broker the insurance, then handle the claim, deal with the litigation, and provide an advocate”.
Report;
But of course, any evaluation of ABS’s must consider the underlying reason why they existed introduced. A 2001 Office of Fair Trading (OFT) report entitled ‘Competition in Professions’ provides the answer. This report formed the basis for a subsequent White Paper entitled ‘The Future of Legal Services’; itself leading to the Legal Services Act 2007 mentioned earlier. The 2001 OFT report provided that:
“Markets generally work best for consumers when there is unrestricted competition between existing suppliers and unrestricted potential competition from new suppliers and new forms of supply.”
As such, the chief reason ABSs existed introduced was to increase competition between existing ‘traditional’ law firm suppliers and encourage the introduction of new suppliers; both to benefit consumers in the forms of a greater degree of choice, potentially higher quality of service, and potentially a lower cost. Further, with new entrants to the market has come much external investment; “such as private equity or venture capital, to inject into legal businesses by outside investors”.
Example;
A well-publicized example of the colossal amounts of money existing injected into legal businesses by outside investors is that of private equity firm Duke Street Capital and national professional services firm Parabis Group. Duke Street Capital, which already invested £200 million into Parabis Group, invested a further £13 million in December 2014 to help fund the Group’s development of its ABS models. Parabis Group’s ABSs include Plexus Law, Cogent Law, Acumen, Casus Legal, and Greenwoods Solicitors.
Speaking of the impact of the numerous ABS licenses existing issued and to the extremely wide range of recipient businesses, Stephen Mayson has provided that:
“To pretend that these developments don’t matter, or won’t make any difference to the buying of legal services, is plain nonsense… This is not the time to resist, deny or challenge; it is time to reinvent the delivery of legal services. Not just changing a few of the moving parts, but fundamentally re-thinking what lawyers and law firms do”
A word of warning;
Evaluating Mayson’s comments; “undeniably, ABSs offer new ways of working for the lawyers who embrace them and new ways of accessing legal advice for the clients who choose them”. However, such developments and quest for reinvention mustn’t ride roughshod over professional ethics and principles. With non-lawyer owners and external investment comes the introduction of commercial norms, primarily the pursuit of profit above all else. Lord Neuberger has expressed concern over this issue, and speaking to the Association of Liberal Lawyers, stated that:
“Such a professional ethos cannot assume to be in the forefront of the minds of hard-nosed businessmen who want to maximize a return on their investment… An external investor in a legal business may well want the firm only to carry out the most remunerative work.”
Merits;
There is merit in his Lordship’s concerns. Although it would be too naïve to suggest that commercial factors have not entered the law; they have existed tempered by practitioners’ professional obligations, towards both clients and the court. However, one can readily envisage legal practitioners operating in an ABS existing subjected to ethical challenges; which play off the obligations mentioned above with their obligations towards their external owners.
As an indicative example, in the motor claims insurance sector, RBS roughly retains around a 30% market share. If RBS had 40% ownership of one particular ABS, a client, pursuing an insurance claim; may well find their solicitor is standing employed by the company who will have to ultimately pay out their claim.
As Lord Neuberger rightly, and further notes:
“The regulatory bodies will need to work hard to ensure that such pressures are minimized and neutralized. If they fail to do so and allow a culture of conflict to arise and one where that conflict is quietly resolved in the investors’ favor, we run the risk of losing a properly robust and independent legal profession.”
However, opposing this view, one must also recognize the great benefits that ruthless commerciality can bring the legal profession.
Research;
Indeed, very recent research published by the Legal Services Board in July 2015 shows that solicitors practicing in newly created ABS firms:
“Have higher levels of innovative activity of all types than other Solicitors. This is consistent with ABS Solicitors’ higher level of investment, staff engagement, and external involvement in innovation … ABS Solicitors are … more likely to introduce new legal services, with potential benefits for service users. They are also more likely to engage in strategic and organizational innovation.”
The findings of the research are perhaps not that astonishing given “the mood music [that ABSs] have created, encouraging innovation and change”. Asides from an innate commerciality and access capital to invest, from a real, practical perspective; ABSs also have the added advantage over their ‘traditional’ law firm competitors in being able to establish; their own bespoke IT systems, often from scratch, rather than inheriting or having to make do with out-dated systems that are no longer fit for purpose.
The advantages are obvious and numerous, including, for example, better communication between staff, improved service delivered to the customer, and more effective case management. Additionally, not existing confined to the “antediluvian working practices and petty partnership politics”; which have sadly characterized many ‘traditional’ law firms results in opportunities for ABSs to develop attractive, novel alternatives; working patterns, and remuneration packages developed in the commercial arena.
But, unfortunately, as Hood notes:
“One inescapable downside of bringing hard-headed commercial business attitudes and financial discipline to the cozy, coddled legal world is that investors will walk away from failing ventures without a trace of sentiment.”
Case study – Irwin Mitchell;
Irwin Mitchell was one of the first law firms to license by the SRA as an ABS. It has multiple licenses which cover a wide range of its business operations and indeed, most recently, has entered into a joint venture with insurer ensure and will form an ABS accordingly. Below, the reasons why Irwin Mitchell decided to apply for ABS status exist discussed; and the transformational impact it has had in delivering its legal services considered. This will ultimately explain why, as one of Irwin Mitchell’s practitioners has exclaimed, “becoming an ABS was right”.
As Irwin Mitchell’s Chief Executive John Pickering has provided:
“We decided that we wanted to become an alternative business structure because it would better suit our ability to grow our business and if need be and if we wanted to bring in external investment. It would also help fit with the development of our legal and related services,”
Two chief factors can derive from Pickering’s comments, business growth, and external investment. Focusing on the first factor, business growth, how have Irwin Mitchell used the ABS model, to achieve business growth, and how has this transformed their delivery of legal services?
According to Pickering, Irwin Mitchell sought “to restructure the business completely”. Achieving this, they eradicated strict delineations between practice areas; this being a defining feature of many ‘traditional’ law firms, and now operate through two practices, business legal services, and personal legal services. Each division stands headed by a separate chief executive. This move, Pickering notes, existed made “to be very client-focused and client-facing in terms of how we run the business”. This bold decision, it stands suggested, reflects commercial instinct; an instinct to streamline, drive down costs and simplify.
Other things;
Additionally, Irwin Mitchell took advantage of the diluted ownership restrictions to place non-lawyers in senior positions of ownership. Glyn Barker, former Vice-Chairman of PWC, and Mel Eggleston, Senior Partner at KPMG, existed made a chairman-designate and a Non-Executive Director, respectively. Accordingly, Irwin Mitchell was able to acquire the commercial insight and invaluable management expertise of two extremely experienced individuals; who were operating at the upper echelons of the ‘Big Four’. Vitally, they were able to put them in positions of real control and influence.
In Pickering’s own words, such hires reflect Irwin Mitchell’s “clear intention to take advantage of the opportunities we think will arise from becoming an ABS”. Moreover, it is interesting to note that accountancy firms, KPMG and PWC themselves being perfect examples, have gone through transformations from small, standalone accountancy practices to fully-fledged, diverse professional services organizations, offering many business services. The recruiting of Barker and Eggleston by Irwin Mitchell; therefore, arguably reflects “an envious nod to the success of accounting firms in becoming proper businesses”.
Ultimately, as a result of the changes Irwin Mitchell have made since becoming an ABS, and of course not existing confined to the traditional legal model, has resulted in what Pickering has provided is:
“A much more cohesive way of delivering our business. The management structure which underpins this, the divisional structure with all of its machinations behind that, enables us to run the business in a much more efficient and organized way.”
Merits or Pros or Advantages of Alternative Business Structure (ABS);
Merits or Pros or Advantages of ABS for Consumers;
There are many benefits to Alternative Business Structure (ABS) for the consumer. Someone looking for legal assistance who heads to an ABS-type firm will probably face lower legal costs. If a client needs help with a wide variety of things; they might be able to find all of the assistance they’re looking for in one place.
Beginning your business as an ABS could be the decision that gives you the edge over your competitors. Clients will likely appreciate the convenience of various services offered; and, you’ll have the ability to grow with more possibilities for investors.
Merits or Pros or Advantages of ABS for Law Firms;
Law firms can help from choosing to form an ABS for their practice in several ways. As previously said, the ability for ABS firms to offer various services is a huge draw. A firm can market itself as an all-encompassing assistance provider in a particular area when they’re able to protect more bases.
When a law enterprise forms as a typical business structure, like a skilled limited liability company or a corporate law firm, it must own by only lawful professionals. Corporate law firms may only have attorneys as investors. However, this is not the issue with ABS. Employees of the business who are not attorneys can own interest in the enterprise. This could lead to better worker retention and maybe even a better environment throughout the business.
Demerit or Cons or Disadvantages of Alternative Business Structure (ABS);
Demerit or Cons or Disadvantages of ABS for Consumers;
Some believe that the likely drawbacks of Alternative Business Structure (ABS) are too much to choose this structure. But many don’t find these drawbacks to be disadvantageous. Some worry that more ABS firms will drive out smaller enterprises and lead to fewer choices for consumers.
If a law firm stands business structure as an ABS; they could run into difficulty trying to expand or provide assistance overseas. Individual foreign nations do not yet accept ABS. This could be an issue for a client who wants to stick with a certain enterprise as they move overseas or travel.
Demerit or Cons or Disadvantages of ABS for Law Firms;
There are a few possible drawbacks that a law firm might face if they choose to form as an ABS. Some worry that, if a firm is run by non-attorneys, it is likely to have legal work handled by non-lawyers. This already happens in certain areas of the law. For example, much of the work involved in conveyance and deed of assignment matters manage by non-legal professionals. However, ABS companies reserved certain legal activities for only the lawful professionals employed there.
Conclusion;
In conclusion, Alternative Business Structure (ABS) has had a transformational impact in delivering legal services. Their introduction through the Legal Services Act 2007 and operation commencing 2011 has created much furor over how legal services are to offer to consumers. This paper has examined the impact ABSs have had in this regard. The change they have occasioned in the legal profession has been discussed; with the example of the Stobart Group being put forward along with the vast amounts of external investment which have poured in.
In this respect, the role private equity houses are having cannot be understated, financing, in large part, businesses wishing to offer legal provision under an Alternative Business Structure (ABS) license. The various positives and negatives of ABSs’ introduction were then examined. Whilst commercial practice must not curtail solicitors’ professional obligations and principles, devaluing the legal profession in the process; the benefits such a commercial mentality can bring were put forward, primarily increased innovation which can benefit the consumer.
Last, a case study was undertaken on Irwin Mitchell, the first top-20 UK law firm to operate as an ABS. This posited the reasons why its decision to become an ABS has transformed the way; it delivers its legal services, most notably, the significant restructuring of its practices into two clear divisions. In all, whilst there are right “no cookie-cutter ABSs”, as the Legal Services Board has conclusively found, Alternative Business Structure (ABS) has higher levels of innovation than; their ‘traditional’ law firm counterparts and, in turn, have had a related transformational impact on how legal services are delivered in the UK.
ERP Enterprise Resource Planning System Decision with their PPT and Implementation Example; Over the years commercial enterprise packages have evolved from Management Information Systems without a choice assist to Corporate Information Systems; which give some choice assist to Enterprise Resource Planning. ERP stands for “Enterprise Resource Planning” and refers to a kind of software program or machine utilized by a business to plan; and manage each day’s sports which include supply chain, manufacturing, offerings, financials, and different procedures. Enterprise Resource Planning software program may use to automate and simplify individual activities throughout a commercial enterprise or agency; which include accounting and procurement, undertaking management, customer courting management, hazard control, compliance, and supply chain operations.
Here is the article to explain, Definition, ERP Enterprise Resource Planning System Implementation Example PPT!
Individual ERP packages can provide software as a provider (SaaS); even as a whole suite of ERP packages forms an ERP system that may use to effectively communicate; and convey together commercial enterprise techniques to enable drift of records among the programs; usually thru common databases either on-site/on-premise or within the cloud. ERPs join every component of a corporation. An ERP software program system allows for better performance and challenge management that facilitates plan, finances, expect, and appropriately record on an organization’s economic fitness and methods.
Introduction to ERP Enterprise Resource Planning;
In any enterprise, one of the demands managers face is to be value-effective. In addition to that, they additionally confront challenges together with analyzing expenses; and also earnings on a product or purchaser foundation, being flexible to stand ever-altering business requirements; and informing of control selection-making strategies and modifications in ways of doing commercial enterprise. However, some of the challenges protecting managers returned include the issue in achieving accurate information; loss of programs that mimic present business practices, and awful interfaces. When some challengers are preserving a supervisor again, this is in which Enterprise Resource Planning (ERP) comes into play.
Enterprise Resource Planning is a software program answer that tackles the needs of an employer; contemplating the method view to satisfy a company’s desires whilst incorporating all the capabilities of an organization. Its purpose is to make clean the facts flow between all business capabilities inside the limitations of the company; and, manage the employer’s connections with its outside stakeholders. In a nutshell, the Enterprise Resource Planning software attempts to integrate all of the special departments; and, functions of an organization right into a single pc gadget to serve the various desires of those departments.
The venture handy, of enforcing one software application that appears after the desires of the Finance Department collectively with the needs of the Human Resource Department and the Warehouse, seems not possible. These specific departments normally have an individual software program program that optimizes the way each department works. However, if installed correctly this included approach can be very fee-effective for an organization. With an included answer, exceptional departments can easily share facts and speak with one another.
ERP System Implementation with Cost and Time;
Implementing ERP System; Producing Enterprise Resource Planning (ERP) software is complex and also has many significant implications for staff work practice. Implementing the software is a difficult task too and one that “in-house” IT specialists cannot handle. Hence to implement ERP software, organizations hire third-party consulting companies or an ERP vendor.
This is the most cost-effective way. The time taken to implement an ERP system depends on the size of the business, the number of departments involved; the degree of customization involved, the magnitude of the change, and the cooperation of customers to the project. The following cost and time ERP implementation below are;
Cost Implementation:
Even though the price of prewritten software is cheap compared with in-house development; the total cost of implementation could be three to five times the purchase price of the software. The implementation costs would increase as the degree of customization increases. After training the selected employees, strategies such as bonus programs, company perks, salary increases, continual training and education, and appeals to company loyalty work to retain them. Other intangible strategies such as flexible work hours, telecommuting options; and opportunities to work with leading-edge technologies are also being used.
Time Implementation:
ERP systems come in a modular fashion and do not have to implement entirely at once. ERP packages are very general and need to configure to a specific type of business; and, may follow a phase-in approach with one module implemented at a time. Some of the most commonly installed modules are sales and distribution (SD), materials management (MM), production and planning (PP), and finance and controlling (FI) modules.
The length of implementation affects by the number of modules being implemented, the scope of the implementation; Also, the extent of customization, and the number of interfaces with other applications. The more the number of units, the longer the implementation time. Further, as the scope of implementation grows from a single business unit to multiple units spread out globally, the duration of implementation increases.
Benefits or Advantages or Pros of ERP System;
The following Benefits, Advantages, Pros of the ERP Enterprise Resource Planning System below are;
With Enterprise Resource Planning (ERP) software program, accurate forecasting may finish. When accurate forecasting stock levels save at maximum efficiency, this lets in for the employer to be worthwhile.
Integration of the numerous departments ensures communication, productiveness, and efficiency.
Adopting ERP software eradicates the trouble of coordinating modifications among many systems.
ERP software program gives a pinnacle-down view of an enterprise; so data is available to make decisions at any time, anywhere.
Integrating the company’s activities by processing a huge majority of an organization’s transactions and coping with the information desires of corporations.
Facilitation of intra-employer verbal exchange and collaboration.
ERP does the integrating job, permitting the enterprise to spend less time figuring out what’s going on and more time for improving.
Options exist to buy the handiest of the modules wished currently and collect any extra modules wished within the destiny. ERP’s use a corporation-wide database that permits get right of entry to to the facts in real-time.
Both small and huge corporations can advantage each technically and strategically from investments incorporation structures as they enable organizational standardization, remove data asymmetries, and offer online and actual-time facts.
Drawbacks or Disadvantages or Cons of ERP System;
The following Drawbacks, Disadvantages, Cons of the ERP Enterprise Resource Planning System underneath are;
Adopting ERP structures may be pricey.
The lack of boundaries created with the aid of ERP software programs in an organization can purpose troubles of who takes the blame, strains of duty, and employee morale.
ERP’s can hurt the paintings practices and way of life of an enterprise.
It takes a median of eight months after the brand new machine set up to see any benefits.
Lack of function-feature in shape among the company’s needs and the programs to had.
They want for a ready consulting group of workers to significantly personalize the ERP to increase the popularity of a brand new gadget.
There is a need for sizable technical help earlier than its actual use.
ERP Enterprise Resource Planning System for Various Business Size;
ERP implementation is vital for all organizations, regardless of their size. You can also get industry- and agency-specific functionality to satisfy particular business needs. Regardless of your enterprise zone and size, you’ll need to plot your ERP implementation assignment carefully, following first-rate practices.
ERP for Small Business;
ERP software programs for small businesses can help enterprise proprietors; flow past the antique faculty spreadsheets and archaic fashion of retaining their books of accounts updated. This automatic gadget will assist them in successfully manipulating each aspect in their growing business enterprise – from income and patron relationships to financials and operations.
Mid-Market ERP;
Midsize companies purpose at speedy boom and extended marketplace sustenance. ERP systems these days, that goal at supporting midsize corporations grow at an increasing tempo; include capabilities that cater to all the crucial commercial enterprise processes – financials, HR, deliver chain control, and greater. Midsize ERP tools help growing groups scale and compete without the complexity and value.
Enterprise ERP;
Large companies with global or subsidiary operations want a sturdy, market-leading ERP gadget with embedded AI; device gaining knowledge of, and analytics – and shrewd automation to convert techniques. ERP systems can deploy on-premise, in the cloud, or a hybrid situation depending on enterprise necessities. These organizations can integrate their existing software technologies with the ERP systems to get the favored output.
Functions, Purpose of ERP Enterprise Resource Planning Systems;
ERP systems software-driven business management system which integrates all facets of the business, including manufacturing, planning, sales and distribution, financials, and human resources. It is a system that integrates all information that runs through an organization and can categorize as a large information system. Also, It can customize to cater to the needs of an organization. During the 1990s ERP systems became the de-facto standard for the replacement of legacy systems in large and particularly multinational companies.
ERP systems become more widely implemented, software applications developed to help business managers implement ERP in diverse business activities such as project planning and management, subcontracting, material tracking, service, finance, and human resources.
More understand;
However, enterprise systems expanded to include “back office” functions (such as operations, logistics, finance, and human resources) and “non-transaction-based systems” or “front-office” functions (such as sales, marketing, and customer service), as integral components of ERP systems. This expansion result from the emergence of Supply Chain Optimization (SCO), or Supply Chain Management (SCM) and CRM strategies and systems, as illustrated.
“While the names and numbers of modules in an ERP system provided by various software vendors may differ, a typical system integrates all these functions by allowing its modules to share and transfer information freely and centralizing all information in a single database accessible by all modules”.
Due to the importance of these systems in terms of added functionality over legacy systems and potential integration benefits, a large number of organizations are adopting these systems to manage their operations. Also, They adopt these systems due to various technical or business reasons. Technical reasons include Y2K issues (myth), replacing legacy systems that did not work, etc. Organizations that have successfully implemented ERP systems view them as one of the most important innovations that have led to the realization of substantial tangible and intangible improvements in a variety of areas.
Reasons for ERP system;
Five other reasons for acquiring an ERP system are:
1) to integrate financial information,
2) to integrate customer order information,
3) to standardize and speed up manufacturing processes,
4) to reduce inventory level, and
5) to standardize Human Resource information.
According to Kremzar and Wallace, operating the business in a rapidly changing; and highly competitive environment is the primary purpose of implementing an ERP system. Various studies have been done focusing on the adoption and implementation of software applications.
However, the enterprise-wide implications, high resource commitment, high potential business benefits, and risks associated with ERP systems make; their implementation a much more complex exercise in innovation and change management than any other software package. Radding argued that when an organization puts millions of dollars into a core business application; and reengineers its business processes around it, the system is destined to become much more than an application.
ERP Enterprise Resource Planning System Implementation Example PPT!
Best ESL Course Books Advantages, Benefits, Pros, Disadvantages, Drawbacks, Limitations, and Cons. ESL signifies English as a Second Language. ESL Course books are books that teachers use to assist them in the teaching of the English Language in schools and institutions. This book is commonly used as they make teaching English remarkably easy- the teacher uses them to prepare for class, they are visually appealing with pictures and illustrations. They also fit well with school timetables. They were designed for students of all levels and ages. In line with Cheung and Wong, the key principle of an academic curriculum should target developing students’ intellectual abilities in subject study areas that deem most worthy. Best ESL course books have their advantages and disadvantages.
Benefits or Pros or Advantages of ESL Course Books;
The first advantage is that the course books come with a set of achievement goals that set. They tell the learner what he or she will be able to do on completion of a course, and what to expect. The second advantage is that when using the course books, the genres and topics structure such that they cover the four skill areas of reading, writing, speaking, and listening. This greatly eases the burden off the teacher of having to prepare to address those areas. The course books also assist inexperienced teachers as they have ready-made activities and they assist such teachers to prepare for classes.
Limitations or Cons or Disadvantages or Drawbacks of ESL Course Books;
Several problems and issues have come up such as repetitive activities, uninteresting topics, and inadequate language exposure. Many of the activities in the course books come as ‘question and answer’ sections. After doing it several times, there is a likelihood that the students will start finding the lessons uninteresting. In addition, the reading sections in the coursebook tend to be relatively short. Thus, they fail to be effective in helping students develop that component of the skill areas. The reading material also tends not to be challenging enough for learners, and the learners end up not benefitting from studying the course books. If not checked, such issues can end up affecting a student’s overall performance in the English language.
Solutions;
One solution is the addition of outside reading materials to the curriculum to supplement the course books. This would fill in the gap for the areas that the course books have not covered. Another solution would be to increase the reading material in the course books. The encouragement of literature reading even outside the classroom would also be a solution. It confirms that a great wealth of vocabulary and excellence in grammar learn through the reading of literature.
How is this argument right?
ESL course books have been an immense help to the education sector. They have eased the work of the teachers considerably. Before, the making of the lessons and material to study rested solely on the shoulders of the teachers. Now, the teachers can use these textbooks to assist them to prepare for the classes; the teacher can also choose to use the books sometimes, as they come perfectly planned with most of the material needed for each lesson.
The above argument recognizes this. The argument is right in the way it candidly examines the advantages and disadvantages of ESL course books without bias. The weight of the advantages compares to the weight of the disadvantages. A correct representation of the value and worth of the ESL course books shows. An accurate representation of the advantages that the ESL books bring put forth, backed by credible resources like Kayapinar’s Coursebook Evaluations by English Teachers.
An accurate representation of the disadvantages also put forth, backed by credible sources, as Harmer’s ‘How to Teach English’. In the solutions, a correct conclusion makes that the books are a valuable but somewhat inadequate source of information and material; thus, the solution to add additional reading material to the curriculum was sound.
How the argument is wrong?
According to the argument, teachers are depending on the ESL course books far too much. The work of teaching has been taken from the teachers and put on the course books, which is not the way it supposes to be. The teacher supposes to have a majority of the material that needs to teach in a school; the books should just supplement their material. Another way that the argument is wrong is in the way it emphasizes the inadequacy of the course books.
The books seem to be lacking challenging material, adequate reading material, and say to be dull. Instead of looking for additional textbooks, they can consider remaking the course books and filling them with the material that would be most useful to the teachers and students. The argument is also wrong in the way it accommodates the laziness of students. The students have no right to get bored of the course books. They are not in the classrooms to entertain but to study.
The responsibility of learning should be put back where it belongs; on the shoulders of the students. They should take the initiative in the learning process, instilling within them, a self-driven desire to excel. That way, if the course books become inadequate, they will take the initiative of looking for additional information from other books and journals. This would significantly ease the work of the teachers, as well.
Reference; Advantages and Disadvantages of ESL Course Books. Retrieved from https://www.ukessays.com/essays/education/disadvantages-of-esl-course-books-education-essay.php?vref=1
Best ESL Course Books Advantages, Benefits, Pros, Disadvantages, Drawbacks, Limitations, and Cons. Image by Tessa Kavanagh from Pixabay.
Contract Manufacturing Definition, Advantages, Benefits, Pros, Disadvantages, Drawbacks, and Cons. Outsource manufacturing or production occurs when an organization outsources part of the manufacturing procedure to a 3rd-party business enterprise to lessen the prices of manufacturing. Learn about the definition, benefits, and downsides, and real-global examples of settlement or outsource or contract to manufacture.
Here is the article to explain, Definition, Advantages and Disadvantages of Contract Manufacturing
Contract production is a procedure below which an employer does no longer manufactures its products. Also, The production sports outsource to settlement manufacturers. Contract producers are individuals who manufacture different corporation products on a contract foundation.
Contract manufacturers are expert individuals within the production system. Companies placed their label and packaging on the goods synthetic using agreement manufacturers. Companies offer complete details like sorts and specifications of products it wants to the outsourcing manufacturers. Sometimes the agency even presents the raw substances to the outsourcing manufacturers.
There are some standards determine and define by the outsourcing manufacturers via groups. These requirements use for the inspection of products manufactured by way of every other manufacturer. Also, Products require to skip these standards at some stage in the inspection. Contract production is beneficial for the organization as it helps in minimizing expenses and specializing in extra practical regions.
What is Contract Manufacturing?
Simply positioned contract manufacturing is while you engage a third party celebration to provide a product or aspect that then uses inside the production of your very last product. An organization may have interaction with a settlement producer for a ramification of reasons. For example, as a product becomes extra complex, it generally becomes less value-effective to deal with the fabrication of each person piece internally.
A popular example of this may be within the aviation industry. Airplane manufacturer Boeing builds a huge form of aircraft that each requires hundreds of individual additives. While they’ll produce a few of the components and additives in-house, additionally they appoint several agreement manufacturers to supply things like bolts, fasteners, metal components, or even software programs. Once Boeing engages a outsource manufacturer, the third party then turns into responsible for either sourcing or producing the components and delivering them to Boeing.
Outsourcing the manufacturing of these products has several benefits for Boeing. Most importantly it frees up the overhead that would require putting money into machinery, materials, and an additional workforce. It also simplifies the production procedure and streamlines the manufacturing delivery chain. Firms like Boeing may outsource their paintings domestically or are seeking global companions depending on the necessities. Generally, the maximum essential elements whilst choosing an outsourcing production partner can berate, nice, and manufacturing competencies.
Definition of Contract Manufacturing;
Contract Manufacturing Definition is the outsourcing of a part of the producing procedure of a product to a third birthday party. More particularly, agreement manufacturing is an outsourcing of certain manufacturing activities that had been formerly executed by way of the producer to a third birthday celebration. An employer may additionally outsource the manufacture of sure additives for the product or outsource the meeting of the product. Nowadays, outsourcing groups have become specialists in a multitude of services for manufacturers which includes layout, manufacturing, meeting, and distribution.
It is the procedure of outsourcing certain production strategies to a 3rd-birthday party employer. For instance, an enterprise may also outsource the production of unique components for a product that they then assemble. Many firms hire agreement manufacturers to help them triumph over challenges related to product manufacturing, scaling, and deliver chain management.
With the recognition of indicates like Shark Tank and online marketplaces consisting of Amazon and eBay, an entrepreneur can dream up just about whatever, have it manufactured quite easily, and begin selling it to the hundreds, way to agreement manufacturers. These corporations agree to make a sure range of a product in step with the specs given to them through the hiring company.
A contract producer can position within the U.S. Or remote places. Also, The hiring enterprise has to seek out an agreement producer that has information inside the form of product the employer wants to make. That understanding may want to take the form of more than just the producing itself; the company can be able to offer help with chemical or engineering strategies or packaging.
Advantages or Benefits or Pros of Contract Manufacturing;
Just like with any business strategy, there will be pros and cons associated with contract and settlement and outsourcing manufacturing, above definition also help for it.
Lower Overhead & Maximize Profits;
Primarily, settlement manufacturing makes it less difficult for a business enterprise to supply its merchandise without having to take on massive overhead. Once a business enterprise has a finished prototype, all that corporation desires to do is find a top contract production associate to supply the goods for them to promote or additives for them to collect.
For a company that makes merchandise that consists of metallic components, this could suggest a distinction in tens, if not masses of heaps of bucks in startup charges and ongoing overhead. Things like raw materials, fabrication equipment like CNC machines and die casting gadgets, exertions, and equipment upkeep are vast barriers to access for a smaller business enterprise.
Technical Expertise;
Another advantage to outsourcing production is taking benefit of the manufacturer’s technical understanding. For instance, an excellent settlement producer can be capable of manual you at the great substances, methods, and applications when sourcing a brand new product.
Along with the manufacturer’s technical expertise, you may additionally take advantage of their fine manipulate strategies. Typically a manufacturing associate will take duty for examining your merchandise and changing any defective gadgets. This system might not only be time-ingesting for an internal paintings force, however, you’ll also be financially answerable for the wasted substances.
Quality Products;
Under agreement manufacturing, merchandise not manufactures by the corporation itself. Companies essentially outsource their production activities to agreement manufacturers. These manufacturers are notably skill and experts in production activities. Also, They produce extremely good merchandise at decrease charges. This allows organizations to offer correct quality products to their clients.
Saving Cost;
They facilitate the companies in saving the huge capital required for setting up the production system. Companies do not require to invest massive quantities in manufacturing vegetation and several other styles of gadgets. It saves the agency fee of labor concerned in paying wages and schooling. Thus the corporations outsource their manufacturing activities to low-price countries.
Scalability Opportunities;
Typically when an organization thinks about scaling its manufacturing efforts, it will begin to hunt down international companions. International fabricators in international locations like China or India are regularly able to produce products at lots better volumes and for a far decrease price. While there are clear blessings to transferring your manufacturing offshore, this also comes with a brand new set of demanding situations.
Contract production partners can help to simplify those demanding situations and bridge the space with worldwide suppliers. When your agency engages a contract producer with present global relationships, this means you won’t need to worry about things like language barriers and high-priced distant places trips. You can store yourself months, if not years of vetting and relationship constructing via leveraging an agreement producer’s existing relationships.
Economies of Scale;
It facilitates minimizing the value of manufacturing for the corporation. Under this, the company does not manufacture its products itself. Rather the production sports outsource to different manufacturers. These manufacturers produce a huge quantity of products for special clients. This enables them in obtaining cheap substances in bulk and takes advantage of economies of scale. Also, The more they produce the less the price would be.
More Focus on Selling Activities;
They allow organizations in paying attention to practical areas. The selling of products is an important challenge for organizations. It wishes to stand the difficult competition in the marketplace to live on. Companies, through outsourcing of their manufacturing sports, get greater time to attention on these activities.
Easy Entry in Markets;
There are numerous alternate barriers in many nations to perform commercial enterprise there. Companies cannot enter and sell their merchandise there. Under contract production, it becomes easy for businesses to enter into one-of-a-kind international locations. They provide the agreement to the producers in exceptional international locations generating their merchandise. It facilitates in getting into special markets.
Disadvantages or Drawbacks or Cons of Contract Manufacturing;
While there are several pros related to contract to manufacture, there are some cons that need to take into account, too.
Partner Reliability;
The maximum vital component you could do whilst sourcing a settlement production partner is to thoroughly vet them. As you will be depending closely on this accomplice, the agreement producer you engage has to have a nicely documented history and references.
The ultimate issue that you’ll need to deal with is an unreliable companion that misses cut-off dates, produces low-fine products, or makes use of sub-fashionable materials. Any of these eventualities should have a major effect on your commercial enterprise that might turn out to be costing you plenty ultimately.
Intellectual Property Risks;
Just like in any enterprise, there will usually be human beings working inside the contract production enterprise with inherently awful intentions. While it isn’t commonplace, there were contracting producers which have stolen intellectual assets or bought proprietary agency data to 0.33 parties or competition. In some cases, the agreement manufacturer may additionally steal valuable corporation facts and use them to launch its logo.
Unfortunately, while every other logo or company has vital statistics concerning some other employer in the equal area of interest and market, it may use it to become a worthy competitor or rival. Many groups had been destroyed in this manner. While this rarely takes place, it simply is going to reinforce how critical it is to thoroughly vet your potential production companions. In addition to talking with the employer’s representatives, you have to also look to online evaluations and systems for added information.
Quality Issues;
This is one of the risks involved in contract production. Companies need to look into the goods manufactured by way of agreement manufacturers. They need to broaden sure requirements for testing their products. Contract manufacturers might not produce products meeting the specified standards.
Delay in Delivery;
Contract producers are people who are professionals in production sports. These manufacturers produce merchandise, not of one employer however distinctive agencies. They convey production activities on a massive scale. Sometimes, because of workload, they’ll not be able to produce the agency’s products on time.
Higher Long-Term Costs;
While you may shop a ton on premature prices for devices and personnel, there is mostly a long-time period monetary upside to generating merchandise in-residence. Generally, this will represent an “according to-unit” price, as an example, $.25 in line with the unit. When you work with a contract producer, you will in all likelihood get price breaks for your inline with-unit cost as you grow your order amount.
However, there will continually be numerous matters that factor into that value similarly to the cloth fees like delivery, labor, high-quality manipulate, and profitability. Once an organization has paid off the fixed price of the device required for in-residence fabrication, this indicates the per-unit value can drop extensively decrease than a manufacturing associate’s fee which means extra profit and decrease expenses within a long time.
Lacks Control;
Under settlement production, businesses lose control over production activities. Contract manufacturers produce products in line with their capabilities. Companies won’t be able to manipulate or directs manufacturers for the products in their products. It is also feasible that settlement producers aren’t capable of supplying the desired product.
Lack of Flexibility;
Companies beneath contract manufacturing lose the capacity to respond to marketplace situations. There are usually brilliant fluctuations in the marketplace concerning the call for its products. Companies do no longer have direct manipulate over manufacturing activities. Also, They can not affect its delivery chain. It becomes tough for them to satisfy their client’s demands.
Outsourcing Problems;
Under outsourcing, businesses touch producers of various nations. These manufacturers are basically of low-price countries. Different nations have exclusive cultures, traditions, languages, and lead instances. This distinction among countries makes it hard for agencies to manage their agreement manufacturers.
Contract Manufacturing Definition Advantages Disadvantages; Image by iJmaki from Pixabay.
