Strategic planning under functional level strategy in a Treasury Department
Introduction
Public or private organisations alike are considering different strategies to ensure efficient flow of operations. Accordingly, there are different styles and types of strategies in which an organisation or even a department in a bigger organisation can consider and one of these is about the functional level strategy of the organisation. This strategy covers the operating department and division of the organisation. It can be said that the strategic issues at the functional level are relevant to the process and value chain of the business. Functional level approaches in finance, marketing, human resources, research and development and operations considers the coordination and development of resources through which industry unit level approach can be applied effectively and successfully (Miller, 1992).
Functional units of an organisation are covered in greater extent strategies by delivering input into the business unit level as well as corporate level approach, which include the provision of data and information on resources as well as capabilities on which the higher level methods and systems can be based. Once the superior and upper-level strategy is enhanced, the functional units decode and interpret it into distinct action-plans that each level of division and department must consider for the approach to become successful (David, 2001).
Like any other department, the treasury department of the company should be able to consider strategic planning to achieve functional level approach.
Strategic Planning
For this strategic plan, the mission is to promote efficient functional level strategy across the treasury department of an organisation.
1. Information Dissemination
The management of the treasury department should be able to distribute information that the department will initiate changes to achieve functional level approach and efficiency with regards to the development of a new information system so that the stakeholders and the top management will be aware in the situation. This is also essential to minimise issues which might be encountered by the management before, during and after the strategic plan has been implemented.
B. Developing a Strategic Purpose
Generally, this strategic planning for the treasury department will give emphasis on the development of a new information system this division. Aside from its purpose, of considering information system to prevent issues as the expansion of the department occurs, one of the main purposes of this new information system development is to permit and facilitate collaboration with the management and the members of the treasury department leading to the entire members of the organisation. Furthermore, the development of this information system also objects to make the department adhere to the financial needs of the company.
A. Team Organisation
The strategic planning will not be able to meet its purpose if the tasks are not appointed to the respective individuals in the treasury department team in designing as well as installing the accounting software packages for the department. Allocation of tasks and responsibilities is not simply a case of giving out the various tasks on different people. For this strategic planning, roles are assigned to individual treasury department members to be able to avoid miscommunication as well as misunderstanding. In designing as well as installing information system software packages, the members needed are the strategic planning manager, one designer, one quality inspector, one installer and two staff trainers for the treasury department.
Accordingly, the main role of the strategic planning manager is the allocation of the tasks for other team members in the treasury department. The strategic planning manager will also be the one that will consider the preliminary study and the requirements definition for the design and installation to achieve functional level approach. On one hand, the designer will be accountable for the data base design, logical design, and up to the computer programme design. The quality inspector will be held accountable in the software selection and the testing of the systems. While the installer which accountable for installing all the necessary equipments needed to install to achieve the objective of the plan. Lastly, the staff trainers that are accountable for the user training and the final training after the new information system software packages were installed in the treasury department.
The strategic planning team leader and other strategic planning team members has provided computer monitors in all their participating distributions spots and gave free-training for the staffs in the treasury department at the distribution sites. Since, the core problems of the organisation is to establish functional level approach for the treasury department of an organisation, consideration of this new information system will help them achieve this objectives and will also enable the management to efficiently monitor the progress of their financial and economic status.
Reference
David, F.R. (2001). Strategic Management: Concepts and Cases. 8thed. Prentice Hall, Inc: Upper Saddle River, NJ
Miller, D. (1992). The Generic Strategy Trap. The Journal of Business Strategy. 37-41.
Credit:ivythesis.typepad.com
0 comments:
Post a Comment