Wednesday, May 6, 2020

Antecedents of Service Innovation System †

Question: Discuss about the Antecedents of Service Innovation System. Answer: Introduction BDO is one of the biggest Australian companies who provide business and advisory services. It is analyzed that there are many services like corporate finance, wealth management and also financial planning that is taken into consideration by the company. The vision statement of the company is to be a leader so that good services can be offered by considering the attributes like communication, value, and requirement of the consumers. Also, the company serves to the government, media, financial services, and automotive industries. BDO was established in the year 1975 and presently company is based in Sydney, Australia. There are more than 72000 employees who are conducting the routine activities of the company. BDO offers services to the customers in more than 160 nations globally (BDO Australia, 2018). In this paper, the organizational structure of the company will be explained by offering effective services to the customers. The organization has a proper organizational structure that will help in conducting the activities of the company. Also, it is analyzed that there are many internal and external forces which are giving impact on the activities of the organization. The company provides accounting and business advisory services to many Australian companies and to the individuals. The company has a systematic organizational structure by which the company can easily manage and conduct the activities in a proper manner. The organizational structure of the company is hierarchical in which the directions are given from top-level management to low-level management. It is seen that in the top management there are CEO and managers who give responsibility to the subordinates so that activities can be conducted. The level of management is divided into many departments like accounting services, advisory services and secretarial services (Christensen, Dhaliwal, Boivie Graffin, 2015). The activities conducted by the company in the advisory sector are effective but it is seen that there are many internal and external forces which are given effect on the overall growth of the company. External factors which are giving impact are political, social, economic and technological factors. It is analyzed that in Australia there are many decisions related to politics which are given by the government. It has given impact on the auditing and accounting companies so that the changes can be made in the activities of the organization. With the change in the government rules and regulations, it is seen that regulations and taxes are also changed (Bleda Shackley, 2008). New legislation and procedure of the government have given effect on the activities of the accounting companies. The situation in Australia related to politics has stability and also it is seen that there are skilled and educated workers. It helps the company to increase the activities of the organization by focu sing on hiring the experienced employees. The economic condition of Australia is good and there are many resources which attract foreign investment from many different nations. The economic factors are related to the unemployment rate and also it is seen that economic conditions give impact on the activities of the company. There are many opportunities available for the company to conduct the activities in a proper manner. It is analyzed that in Australian market the service sector is the biggest contributor so it can be easy for them to conduct the activities and can achieve the overall profitability. It is important for the company to emphasize on the customized planning so that the activities can be managed in a proper manner (Prajogo McDermott, 2014). It can be beneficial for both the customers and for the organization. Social factor also plays a great role to conduct the activities in a smooth way. In the recent scenario, the individuals are becoming aware of the services related to auditing and accounting. The individ uals are contacting the companies like BDO for taking advice related to tax. It is also seen that demand for the BDO has enhanced in the Australian society. Technology also plays a great role in the services related to advisory and accounting. It is seen that for the company, it is essential to ensure that latest technology are taken into consideration so that activities can be conducted smoothly. There are various internal factors which give impact on the growth of the organization. The internal factor of the organization takes into consideration strength and weaknesses. The strength of the company is that there are various services offered to the customers as a top financial consultancy. The company has also recruited the candidates who give advice to the people related to tax and businesses (Porter Kramer, 2019). By focusing on the Australian market it is seen that the company has an opportunity to enhance the overall activities of the company. Weaknesses that are possessed by the company impact on the brand image of the company. The weaknesses of the company are related to weak information technology that effect at the time of managing the information of the people. It is difficult for them to consider and manage technology and accounting software in a proper manner. The company is working to be one of the best advisory firms in the Australian market. Also, it is difficul t just because of the high fees and expertise. The company also has a less visibility of the brand in the Australian market if a comparison is made with the competitors (Rosemann vom Brocke, 2015). By achieving benefits and opportunities, the company has to face many risks at the time of conducting business in Australia. It is seen that one of the biggest risks is related to the overall fluctuation in the economic system. It is also giving impact on the decisions related to investment and transaction of the company. Next risk is also related to the cybersecurity as there are problems of cyber-attacks that is enhancing in the market (Lam, 2014). The company has the information of the customers and also the bank details. It is seen that with the increase in the number of hackers the chance of theft also enhances. Also, the organization is facing the operational risk which impacts the effectiveness of the organization. To reduce the risks and also to enhance the performance of the organization, the company should take into consideration important decisions so that the activities can be conducted. The human resource also plays an important to complete the activities of the company in an effective manner. It is important for the company to execute the employee engagement strategy so that motivation level can be enhanced by the employees towards the activities that are assigned (Armstrong Taylor, 2014). It should also consider middle and low-level employees in the process of decision making so that they can be motivated and conduct the activities with efficiency. This is the best way in which the company can easily enhance the performance of the employees. The company should also emphasize on the training program for its IT department so that they can increase its activities and technology. It will help to increase the knowledge of the employees and direct impact on the activities that are conducted in the organization (Marchington, Wilkinson, Donnelly Kynighou, 2016). It is seen that by taking into consideration above practices the organization can easily enhance the performance and growth. If functions are maintained than it can be easy to attain business strategy in an effective manner (Erasmus, Strydom, Rudansky-Kloppers, 2016). The overall functions of the company are marketing, finance and human resource activities. Human resource plays an important role at the time of conducting the activities of the organization (Bratton Gold, 2017). The roles are assigned to the employees of all levels. The contact is made with the clients so that needs and wants can be analyzed. They offer the customers by offering services in a proper manner. Marketing is also one of the important functions of marketing. There is a lack of brand presence in the market so marketing can help the company in attaining the overall strategy in a proper manner. The company can also promote the services through proper marketing. The company can also understand the requirements of the customers by considering the marketing strategies. Finance function can help the company in offering funds so that objectives can be achieved by focusing on proper strategies. In this way, it is seen that all the functions can enhance the performance of the company. It can also be simple for the company to conduct the activities in a right direction (Wheelen, Hunger, Hoffman Bamford, 2017). Conclusion By analyzing the above essay, it can be concluded that the company is one of the largest companies in the Australian advisory industry. By considering systematic organizational structure the company is conducting the activities in a smooth manner. There are also many external and internal factors that are considered so that growth can be achieved by the company. The company is also facing risk related to cyber security that affects the practices of the business. So the company should focus on offering effective services so that goals and objectives can be accomplished. References Armstrong, M., Taylor, S. (2014).Armstrong's handbook of human resource management practice. Kogan Page Publishers. BDO Australia. (2018). BDO Australia | Audit | Tax | Advisory - BDO Australia. Retrieved from Bleda, M., Shackley, S. (2008). The dynamics of belief in climate change and its risks in business organisations.Ecological Economics,66(2-3), 517-532. Bratton, J., Gold, J. (2017).Human resource management: theory and practice. Palgrave. Christensen, D. M., Dhaliwal, D. S., Boivie, S., Graffin, S. D. (2015). Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance.Strategic Management Journal,36(12), 1918-1938. Erasmus, B., Strydom, J. W., Rudansky-Kloppers, S. (Eds.). (2016).Introduction to business management. Southern Africa: Oxford University Press. Lam, J. (2014).Enterprise risk management: from incentives to controls. USA: John Wiley Sons. Marchington, M., Wilkinson, A., Donnelly, R., Kynighou, A. (2016).Human resource management at work. Kogan Page Publishers. Porter, M. E., Kramer, M. R. (2019). Creating shared value. InManaging Sustainable Business(pp. 327-350). Springer, Dordrecht. Prajogo, D., McDermott, C. M. (2014). Antecedents of service innovation in SMEs: Comparing the effects of external and internal factors.Journal of Small Business Management,52(3), 521-540. Rosemann, M., vom Brocke, J. (2015). The six core elements of business process management. InHandbook on business process management 1(pp. 105-122). Springer Berlin Heidelberg. Wheelen, T. L., Hunger, J. D., Hoffman, A. N., Bamford, C. E. (2017).Strategic management and business policy. UK: Pearson.

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