MGT610 Organisational Best Practice Case Study 3 Sample

MGT610 Organisational Best Practice Case Study 3

Context

Strategy, benchmarking, best practice, and continuous improvement are constant concerns for any organisation. In an ever-changing business environment, this means that every initiative, successful or not, must be measured, reviewed, and reflected upon so that future threats and opportunities can be identified and analysed against a deep knowledge of previous efforts.

This assessment requires students to critically reflect on their earlier efforts to analyse a potential strategic weakness and design a set of benchmarks to help future-proof the chosen organisation. It asks you to compare your early assessment recommendations against the theories and examples covered in the subject modules, and against the growth in understanding you experienced through the unit. Such reflection should form that foundation of a student’s professional body of understanding and practice.

Instructions

You will write a reflective essay focused on the relevance of what you have learnt through this subject. This essay should include your personal reflections upon how you view the importance of strategy, benchmarking, best practice, and continuous improvement for long- term business sustainability and how you believe the tools and methods available may be best utilised as a business analyst and understood by executive management.

In writing this reflective journal you should draw on the learning resources provided during the subject, further readings you have undertaken as part of your own research, your previous assessments, the formative exercises conducted in class and/or online, and your personal experiences and opinions formed in relation to this topic.

The reflective journal should critically review the topic at the highest level, which means reflecting upon the importance of strategy, benchmarking, best practice, and continuous improvement to business sustainability rather than upon the effectiveness of any particular approach or tool.

Solution

Introduction

The Benefits of Benchmarking in Organizational Strategy

Benchmarking is a very sensible exercise and a general practice for every established business for recognizing development opportunities and building a competitive nature within the business organization. We can use such tools to assist organizations in prioritizing and evaluating development opportunities. According to the MBA Assignment Expert Benchmarking gives the organization a self-supporting perspective on how to perform well in other companies (Lankford, 2022). Benchmarking can help organizations to:

1. Trick down into presentation gaps to recognize the areas for development. Improvement of a standardized group of methods and metrics. 

2. Enable a culture and mindset of continuous development and the group of performance expectations. 

3. Monitor the organization's performance and keep managing the changes (Demir, 2019).
Examples of a benchmark business process can be food costs, retention rates, bar consumables, and the benefits of employees. There are some other examples of benchmarking to gain our business goals, which include: call centres, healthcare, hospitality, SWOT analysis, E-commerce, etc. 

The Gibbs Reflective Cycle

The Gibbs reflection cycle is the major aspect of our business and professional development (Adeani et al. 2020). Following are the stages of the Gibbs Reflective Cycle:
 

Figure 1: Gibbs Reflective Cycle
Source: (Adeani et al. 2020)

Description

Throughout my modules, I learned various types of tools and technologies which could help businesses. The first module helped me to learn about the best practices which organizations should follow. The second module described the need for these best practices. Module 3 highlighted the importance of benchmarking and standards. Module 4 was about leadership and Innovation whereas module 5 highlighted more benchmarking business structures. Module 6 was about benchmarking business processes

Feelings

Going through these modules helped me to gain deeper insights into new theories and frameworks. I felt more elated and enlightened after learning about these as I gained knowledge about new theories. 

Evaluation

The leading indicators are a part of the economic data and information that assemble for our business's future development and movement. It can change some phenomena of self-interest. The economic leading indicators help to forecast and predict future trends and events in the market, business, and the organizational economy (Habibi et al. 2018). Leading indicators are mainly used in the economic forecast changing, and the rest of the economy begins to move in a specific direction. It can help the organization market policymaker and observes to predict the significant changes in the organization's economy. It can be more useful and helpful for the forecast timing, duration, and magnitude of the future business strategic condition and economics. 

Analysis

The knowledge gained by me in the modules was thoroughly applied to me to answer the questions and evaluate the business needs as asked in this assessment. I thoroughly analyzed the learnings I gained through my experience in this module to explain the need for benchmarking, leading indicators and the tools which businesses can use. 

Conclusion

The following modules helped me to gain insights into invaluable business frameworks and theories which can be used to solve real-life problems. 

Action plan

Future strategic planning

The various type of tools to help the business gain a clear picture of the market in which it operates
The example of various tools to market strategy and plan our business in the next generation are briefly discussed below.

● The task management tools are cost-efficient and easy for business owners to save money and time. These kinds of online tools like "Trello" and "Asana" help us to stay on top of project progress (George et al., 2019). These are also distributed as collaborative tools to every member of our team that has been done and who has been credited the task.

● In recent days, social media tools have had a major impact on business owners, connecting their prospective customers and clients. The "social media scheduling tools" like "Hootsuite" and "Buffer" allow scheduling posts to release on the times and desired dates. Without setting foot on original social media sites (Abdel-Basset et al. 2018).

● The scheduling meeting can be set up a much of emailing back and can find a reciprocally agreed within the time. These kinds of tools like “Acuity” and “Calendly” help automate the methods of setting up the meetings. 

Conclusion

In this paper, a wide body of evidence has been reviewed regarding the organization's market growth, which is intended to achieve this goal. During this discussion, several benchmark benefits, future strategies, and various types of tools to help the future market opportunities have arisen. Various stages of the Gibbs Reflective Cycle were discussed in the assignment along with their application. The theories from the modules have been considered throughout the assignment. Finally, it has been concluded that the organization needs various types of tools to help the market operators.

References

Abdel-Basset, M., Mohamed, M., & Smarandache, F. (2018). An extension of neutrosophic AHP–SWOT analysis for strategic planning and decision-making. Symmetry, 10(4), 116. fromhttps://www.mdpi.com/283246

Adeani, I. S., Febriani, R. B., & Syafryadin, S. (2020). USING GIBBS’REFLECTIVE CYCLE IN MAKING REFLECTIONS OF LITERARY ANALYSIS. Indonesian EFL Journal, 6(2), 139-148.  Retrieve Fromhttps://journal.uniku.ac.id/index.php/IEFLJ/article/view/3382

Demir, A. (2019). A Benchmarking of service quality in telecommunication services: Case study in Kurdistan Region of Iraq. International Journal of Social Sciences & Educational Studies, 5(3), 216-231.from http://eprints.tiu.edu.iq/25/

George, B., Walker, R. M., & Monster, J. (2019). Does strategic planning improve organizational performance? A meta‐analysis. Public Administration Review, 79(6), 810-819. fromhttps://onlinelibrary.wiley.com/doi/abs/10.1111/puar.13104

Lankford, W. M. (2022). Benchmarking: Understanding the basics. The Coastal Business Journal, 1(1), 8.fromhttps://digitalcommons.coastal.edu/cbj/vol1/iss1/8/

Trotsenko, A. A., Belevsky, T. V., Kievskaya, O. G., Alexandrova, E. Y., & Gurevskaya, L. A. (2018). Definition of the effective strategic enterprise management model in the context of economic security. Revista Espacios, 39(36), 18. fromhttp://w.revistaespacios.com/a18v39n36/a18v39n36p18.pdf