Question

What Management, Marketing, Finance/Accounting, R&D and CIS issue, if any you foresee. Your recommendations to address them.

Recommend procedures you�ll have in place for strategy review, evaluation and control specific to your business entity.

Answer 1

The business environment is dynamic. It involves many changes daily. There are many functions of the company: Marketing, Finance, Research & Development, and CIS. In the marketing function, the anticipated issue is the change in the marketing trends—the trends in the market change regularly. The managers might find difficulty in adapting to the changing environment. The manager can take steps to address the issue. The first step is to research about the factors in the market. The company should anticipate changes in the environment. The second step is to take corrective actions to mitigate the risks. Marketing is a dynamic field, and the managers have to keep track of every change. The next function is Finance. The finance department might face an overload of data. The company and managers can easily foresee the amount of data according to the number of customers. The managers can adopt measures like Big Data and Artificial Intelligence to store the data. Big data is an efficient software to store the data efficiently. The next department is the Research & Development department, as it deals with innovation and resources. Hence, a significant risk is the change in technology. The solution is the same as marketing. The manners should observe the business environment, and anticipate the risks. The next is the CIS department. The department includes subcontractors, and the significant risk is there between the employees and subcontractors. The employees are permanently in the firm, and the subcontractors function daily and based on the contract. The solution here is to convince the employees about the importance of contractors. It will make them understand about the development of the company.