Question

What kind of accounting/finance/IT//quality/marketing standards and principles are used in the organization??

Provide a process chart of a major service a branding agency would have (make one up and guess what they would use )

Answer 1

IT Standards:

ISO/IEC JTC 1 — Information Technology

JTC 1 has a number of principles that guide standards development within the organization, which include:

Standards development conducted with full attention to a strong business-like approach (e.g., cost effective, short development times, market-oriented results)

Providing a wide range of quality products and services, within the JTC 1 scope and mission, to cover identified global needs

Promoting the use of its products and services and the timely implementation of JTC 1 standards within the form of useful products on a worldwide basis

Ensuring that its user needs, including multicultural requirements, are fully met, such that its products and services promote international trade

Recognizing the value of the work of other organizations and the contribution they make to international IT standardization and complementing existing and forthcoming JTC 1 programs through other leading edge activity with the objective of providing the best standards worldwide

Providing a standards development environment which attracts technical experts and users having identified standardization needs.

Accounting: International Accounting Standards

Finance: International Financial Standard Board

Principles:

Generally accepted accounting principles (GAAP) refers to a set of rules, standards and practices used in the accounting industry for preparing and standardizing financial statements issued outside a company. The standards help investors and creditors better compare businesses.

Many countries and multinational companies would like the differences between GAAP and IFRS eliminated. Blending the two would help comparisons between businesses based in different regions. Advocates believe the merger would simplify management, investment, transparency and accountant training.

The main difference between the standards is that IFRS is principles-based and GAAP relies on rules and guidelines. The goal of the IFRS is to provide good information, whereas the standards offer guidelines on achieving that goal.

Marketing Standard: Internationally Accepted Marketing Standards by IIPM

Principles:

The Internationally Accepted Marketing Standards™ setting process will be based on underlying principles encompassing objectivity, international review and feedback, comprehension and practicability, public exposure and credibility. These will be the fundamental constituents in the standard setting framework that will enable the standard setting process to produce the highest quality of marketing standards on an international basis.

Quality Standard: ISO 9001:2015

Principles:

Principle 1: Customer Focus

Just as you’d expect, customer focus is the first principle: just where it should be. It covers both customer needs and customer service. It stresses that a business should understand their customers, what they need and when, whilst trying to meet, but preferably exceed customers’ expectations.

As a result, customer loyalty increases, revenue rises and waste reduces as the businesses ability to spot new customer opportunities and satisfy them improves. More effective processes result in improved customer satisfaction.

Principle 2: Leadership

Without clear and strong leadership, a business flounders. Principle 2, is concerned with the direction of the organisation. The business should have clear goals & objectives, and its employees actively involved in achieving those targets.

The benefits are better employee engagement and increased motivation to satisfy customer needs. Research shows, if employees are kept ‘in the loop’ and understand the business vision they’ll be more productive. This principle seeks to rectify employee’s complaints about ‘lack of communication’.

Principle 3: People Involvement

An organisation is nothing without its staff whether part-time, full-time in house or out-sourced. It’s their abilities that maximised to achieve business success.

Employee motivation and increased innovation and the benefits here. When people feel valued, they’ll work to their maximum potential and contribute ideas. Principle 3 emphasises the importance of making employees responsible and accountable for their actions.

Principle 4: Process Approach

The process approach is all about efficiency and effectiveness. It’s also about consistency and understanding that good processes also speeds up activities.

Great processes reduce costs, improve consistency, eliminate waste and promotes continuous improvement.

Principle 5: Systematic Approach to Management

ISO define this principle as:

“Identifying, understanding and managing interrelated processes as a system contributes to the organisation’s effectiveness and efficiency in achieving its objectives.”

A business focuses their efforts on the key processes as well as aligning complementary processes to get better efficiency. This means that multiple processes are managed together as a system which should lead to greater efficiency.

Principle 6: Continual improvement

This principle is very straight forward: continual improvement should be an active business objective.

The benefits of this are clear: increased ability to embrace new opportunities, organisational flexibility and improved performance. Especially in difficult economic times, the businesses that thrive are those that can adapt to new market situations.

Principle 7: Factual Approach to Decision Making

A logical approach, based on data and analysis, is good business sense. Unfortunately, in a fast paced workplace, decisions can often be made rashly, without proper thought. The efficiency that will have been imbued in the organisation after the implementation of prior principles will allow decisions to be made with clarity.

Informed decisions lead to improved understanding of the marketplace as data is collated and analysed, and the ability to defend past decisions.

Principle 8: Mutually beneficial supplier relations

This principle deals with supply chains. It promotes the relationship between the company and its suppliers; recognising it is interdependent. A strong relationship enhances productivity and encourages seamless working practices.

The result is optimisation of costs and resources, fostering long term relationships and the ‘flexibility of joint responses to changing market or customer needs and expectations’.