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Introduction of
ABC Hypermarket and Risk Assessment
ABC Group
of Companies run the ABC Hypermarket with its headquarters in Muscat. Similar
to other organizations, it has the objective of growing and expanding its
functions with the hopes of increasing its sales, revenues, and customers.
Regardless of industries and sectors, almost every organization has the goal of
gradually expanding its operations and increasing the sales that it generates
through them. ABC Hypermarket has the same objective. However, it is important
to note that expansion is not a simple but complex process. Numerous functions
are interconnected with each other and all of them have to be observed and
ensured. Expansion of functions also has some risks and if these risks are not
mitigated or eliminated, it can adversely influence the organization
Project Scope
and Stakeholders
This
project has the aim of helping ABC group of companies in expanding the business
to Dhofar, Sur, and Sohar. It will help in determining the risks which might be
faced by the newly opened branches in these areas. There is a significant
possibility of different risks. These risks might be related to people, supply
chain, or even inventory. If these risks are not identified with time and
effective measures are not taken against them, they can adversely influence the
operations of organization and investments put in this objective. Thus, this
project is very important in determining these risks and finding solutions to
mitigate them. Meanwhile, the stakeholders of this project include management,
employees, customers, suppliers, governments etc. Without their support, it
would become difficult for the new branches to thrive in the market.
Situation of
ABC Hypermarket and Risk Assessment
ABC Group of Companies run the ABC Hypermarket with its
headquarters in Muscat. Similar to other organizations, it has the objective of
growing and expanding its functions with the hopes of increasing its sales,
revenues, and customers. The management has plans about setting up new stores
and outlets in Dhofar, Sur, and Sohar. In order to ensure the effectiveness of
these stories, systems have to be implemented which can establish an
interconnection among them. Enterprise Resource Planning will stay the same and
the main group has to receive inventory related reports and sales reports on a
monthly basis. Systems have to be implemented which can be monitored and
controlled from the headquarters. In this manner, if there is an issue in the
branches, they can be resolved from the headquarters.
It is, however, important to note that expansion into these
areas and regions is not as simple as it seems. Besides the establishment of
interconnection, there is a significant possibility of different risks. These
risks might be related to people, supply chain, or even inventory. If these
risks are not identified with time and effective measures are not taken against
them, they can adversely influence the operations of organization and
investments put in this endeavour. Such risks cannot be ignored as they put a
large amount of investment and efforts worth years at stake. In this paper,
these risks will be identified with the use of risk assessment and
identification techniques. In addition to it, strategies will also be devised
which are necessary for their mitigation and elimination. Lastly,
interconnected systems will be implemented among these branches to ensure a
joint function.
Interconnected
Systems of ABC Hypermarket and Risk Assessment
As explained above, since the headquarters of ABC
Hypermarket is in Muscat, there is a significant need for interconnected
systems which can enable the management in headquarters to ensure the proper
functioning of systems in branches. In order to do this, an interconnected
system or framework which can enable the head management to check systems
implemented in all branches. There are two solutions which can be considered in
this case including the implementation of a custom interconnected system
framework or a software which can perform the same functions which are performed
by an interconnected system framework
Interconnected
Framework System of ABC Hypermarket and Risk Assessment
An interconnected framework system has the capabilities of
integrating each and every process and operation in a single system, providing
access to all the functions, and monitoring of operations. However, it is
important to note that the development of such a system depends on the
management. For instance, the management has to hire a team of developers and
provide them with the necessary instructions which they require for the
development of an accurate system. This process is not only time-consuming but
also requires significant efforts to be invested in it. For instance, in order
to develop this system, the process of recruitment has to be conducted. It has
been determined that the recruitment of necessary employees requires a lot of
time to be invested in the process. And once the necessary talents are hired,
training has to be provided to them. If the organizations wants to save the
time which is normally invested in the training of employees, experts have to
be hired who require a significant wage.
TIBCO of
ABC Hypermarket and Risk Assessment
The second solution to this issue of interconnected systems
is the application of software which has already been developed by a third
party. For instance, TIBCO is a software which provides the users with the
capability of managing and monitoring all the processes applied within the
branches. The management only has to purchase the software without having to
worry about its development. Actually, this solution is better than the
development of a custom integrated framework system because it is not only less
time consuming but expensive as well.
For
instance, this solution doesn’t require the recruitment of developers or their
training. As soon as the management purchases the system, TIBCO can be
implemented within the headquarters and its branches. It will enable the
management to monitor different applications and processes which are being
performed within the branches without any type of difficulty. This solution is
more feasible and it is more cost-effective as well. Thus, TIBCO can be
implemented within the branches and in the headquarters of ABC Hypermarket to
establish an interconnection. With the use of this application, if there are
issues within the processes or systems, the main management can be notified
quickly and effective measures can also be taken
Monthly Reports of
ABC Hypermarket and Risk Assessment
It has been
determined that the main management requires the branch managements to prepare
reports on a monthly basis which can provide it with the necessary information
about the sales and other processes. The solution to this issue is quite
simple. For instance, once managements are established among the branches, they
can be informed about the requirement of these reports. In this manner, the three
branch managers will be responsible for the making of these reports. In
addition to it, TIBCO can also be utilised to notify the managers about the
reports once the month is close to an end. This can ensure that timeline
reports are delivered to the main management without any type of delay.
Risk Assessment of
ABC Hypermarket and Risk Assessment
There are a
number of techniques which can be utilised for assessing and identifying risks
to the organization. In this case, two techniques of risk identification are
considered feasible. These techniques include SWOT Analysis and Fishbone
Analysis. Both of these risk assessment techniques are capable of effectively
pinpointing the issues which are might occur in the organization and its
branches. It is, however, important to understand that even though Fishbone
Analysis can be applied for identifying issues, it will not be as effective as
SWOT analysis because in this case, the branches have yet to be established.
Fishbone analysis proves to be effective when it is applied within established
organizations. Meanwhile, SWOT analysis can identify risks and weaknesses even
though the said firm is yet to be developed and function in the market. Thus,
SWOT analysis will be considered in this case
SWOT Analysis of
ABC Hypermarket and Risk Assessment
SWOT Analysis for the branches of ABC Hypermarket is as
follow:
Strengths: One of the major strengths of ABC Hypermarket is its loyal
customer base. It has a large number of customers and these consumers are loyal
towards the store. Another significant strength is its established position in
the market. It offers high-quality yet affordable products which serve to
attract customers. The last strength is its management which adapts to
situations quickly and provides certain flexibility to the organization.
Weaknesses: An important weakness of ABC Hypermarkets is its rigid
workforce. The employees are not ready to accept a change and due to it, the
introduction of new systems and applications is hindered significantly. Another
weakness is the lack of automation in the organization due to which a number of
processes are not efficient. The last weakness is inefficient inventory
management. Since there are no applications to facilitate the process, it often
lacks in terms of effectiveness.
Threats: There are a number of threats which are being faced by ABC
Hypermarket. The first threat is the lack of flexibility from employees with
respect to the change of expansion. The second threat is the undetermined needs
of customers in new markets. The third threat is concerned with the attraction
of customers to the products. Meanwhile, the fourth threat is inefficient
inventory management due to the lack of reliable software or processes for
facilitating the process. The fifth threat is the training of employees in
terms of integrated system while the last threat is concerned with the
possibility of inefficient results due to the lack of automation within the
branches.
Opportunities: Other than risks, there are a number of opportunities which
can be considered by ABC Hypermarket as well. As explained above, the most
important opportunity is to expand into other areas which can enable the
organization to not only increase the number of customers but also its sales.
Another opportunity which can benefit the organization is to automate a number
of processes. This can serve to increase the efficiency of its operations and
accomplish its objectives in a less amount of time
Risk Mitigation
Strategies of ABC Hypermarket and Risk Assessment
In order to
mitigate and eliminate the above-identified risks in the section of threats,
there are a number of strategies which have to be implemented. For every risk,
there is a different strategy which can enable the organization to resolve the
issue and enhance its efficiency.
Lack of
Flexibility and Communication: The first
threat to the new branches is the lack of flexibility of employees to work in
new environments. If employees are reluctant to work in new environments then
they cannot contribute to the efficiency and success of their respective
branches. In order to eliminate this risk, effective communication has to be
established between the management and employees. Once the objective of change
is communicated to employees and they understand how it can benefit them and
the organization, employees will not be reluctant to change. Instead of it,
they will become flexible to change.
Market Dynamics
and Marketing Mix: Another risk is the
undetermined needs of customers in different regions. If the requirements of
customers are not comprehended, they cannot be targeted in an efficient manner.
In order to resolve this issue, the marketing mix can be conducted again. The
marketing mix allows a firm to determine how it should target customers and
what is desired by them.
Customer
Attraction and Differentiation Strategy: The
third risk posed to the branches of ABC Hypermarket is how to attract
customers. If they are not attracted to the products, it will not increase
sales. This risk can be eliminated with the implementation of a differentiation
strategy. First of all, competitor analysis should be conducted which can
determine the elements necessary to achieve a competitive edge in the market.
For instance, if competitors are offering costly products, the organization can
utilise a price differentiation strategy. It can serve to attract customers and
develop loyalty among them as well
Inventory
Management Software: The management
of inventory is quite a complex process and without the use of an effective
application, this process cannot be performed. In order to eliminate the risk
of inefficient inventory management, it is important to use a software which
can enable the employees to record and manage products without wasting time.
However, it is important to provide training to employees as well with respect
to the software.
Interconnected
System and Employee Training: Although an
interconnected system is necessary for the establishment of joint functions, it
cannot be operated properly without the necessary training. Therefore, in order
to mitigate this risk, employees should be trained with respect to the
interconnected system.
Inefficiency
and Automation: In this digital era,
there is a significant need to automate processes in order to raise their
efficiency. In order to eliminate the risk of inefficiency, a number of
processes within the organization have to be automated. For instance, marketing
management must be automated to ensure the effective targeting and
advertisement of products. Other processes similar to marketing management can
also be automated to enhance their efficiency and contribution to the
effectiveness of ABC Hypermarket branches within the markets
Contribution to
Society and Organization
This
project will enable ABC Hypermarket to understand the markets in which it is
going to operate. In addition to it, this project will also facilitate the
mitigation of risks which might be faced by the organization in those markets.
In turn, this will allow the organization to meet the expectations of customers
and provide them with the products they require. Gradually, the organization
will also contribute to the economy by generating sales and establishing a
sustainable environment. This project is performed in accordance with the
ethical standards as no right is violated and the safety of every concerned
person is ensured while performing this project.
Conclusion and
Reflection of ABC Hypermarket and Risk Assessment
Overall, it
can be said that there are a number of risks which are being faced by ABC
Hypermarket. However, these risks can be mitigated by communicating the
objectives of expanding into other areas, re-evaluating the marketing mix,
utilising a differentiating strategy, training employees, and automating
necessary processes. This can enable the organization to accomplish its desired
objective of attracting customers and increasing its sales.
I believe
that with each project and hurdle, a person gets to learn and acquire knowledge
about something he doesn’t know. The same applies to this project. It has
served to clarify my concepts about project management and risk assessment
techniques. If I talk about the whole case study, it has played an important role
in improving my writing and researching skills. I depended on a number of
resources for collecting the information and using it to complete the project. I
can easily say that this case study has enhanced my knowledge of project
management, risk assessment, management, and case studies.
References of
ABC Hypermarket and Risk Assessment
Armstrong, G. M., Kotler, P., Harker,
M. J., & Brennan, R. (2018). Marketing: an introduction. Pearson UK.
Baker, M. J. (2014). Marketing strategy and management. Macmillan
International Higher Education.
Cameron, K. (2015). Organizational effectiveness. Wiley Encyclopedia of
Management, 1-4.
Ghazinoory, S., Abdi, M., & Azadegan-Mehr, M. (2011). SWOT
methodology: a state-of-the-art review for the past, a framework for the
future. Journal of business economics and management, 12(1 ), 24-48.
Gürel, E., & Tat, M. (2017). SWOT analysis: A theoretical review. Journal
of International Social Research, 51 (10).
Meredith, J. R., Jr, S. J., & Shafer, S. M. (2017). Project
management: a managerial approach. John Wiley & Sons.
TIBCO. (2020). Home Page. Retrieved from TIBCO: https://www.tibco.com/
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