Given my SWOT analysis, the approach that I plan to take regarding my top priorty at the company is focusing more on TQM(Total Quality Management) and the triple bottom line instead of focusing solely on its finances, thereby giving consideration to the company 's social, economic and environmental impact. As a result, the company will be able to drive down cost, reduce, reduce errors and R&D cycle time, produces time quality products, maximizing cost efficiency, and securing a competitive advantage.
Total quality management can help improve the quality of the latest line of the company’s product by continuously improving all aspects of the firm. The company never ending improvement includes its employees, equipment, suppliers, materials, …show more content…
Elkington 's triple bottom line is intended to advance the goal of sustainability in business practices. The three measures include the profit that is the economic value created by the company, or the economic benefit to the surrounding community and society. Then, there are people in whom the fair and favorable business practices regarding labor and the community in which the company conducts its business. Lastly, there is the planet that considers the use of sustainable environmental practices and the reduction of environmental impact (Triple Bottom Line Definition, n.d). Social and environmental sustainability do not exist with economic sustainability. Economic sustainability refers to how companies remain in business which entails the requirement of business making investments and investments require making profits. The profitable aspect of the bottom line is considered relatively easy to determine, and other measures can also be used to gauge economic sustainability (Heizer & Render, 2014). To support economic sustainability the firm can supplement standard financial accounting and report with some version of social accounting. Social accounting may include brand equity, management talent, human capital development and benefits, R&D, philanthropy, taxes and productivity. During the company operations, design and production process operations manager at the company can examine the environmental impact of a product for sustainability. The examination will consist of raw material and energy inputs all the way to the disposal of the product once it becomes obsolete. The goal will be to make decisions that help reduce the environmental impact of the product throughout its entire life while making it profitable by appealing to consumers that in today’s standard are more involve with finding ways of going green to support the environment. Furthermore, because the product design is the most critical
Total quality management can help improve the quality of the latest line of the company’s product by continuously improving all aspects of the firm. The company never ending improvement includes its employees, equipment, suppliers, materials, …show more content…
Elkington 's triple bottom line is intended to advance the goal of sustainability in business practices. The three measures include the profit that is the economic value created by the company, or the economic benefit to the surrounding community and society. Then, there are people in whom the fair and favorable business practices regarding labor and the community in which the company conducts its business. Lastly, there is the planet that considers the use of sustainable environmental practices and the reduction of environmental impact (Triple Bottom Line Definition, n.d). Social and environmental sustainability do not exist with economic sustainability. Economic sustainability refers to how companies remain in business which entails the requirement of business making investments and investments require making profits. The profitable aspect of the bottom line is considered relatively easy to determine, and other measures can also be used to gauge economic sustainability (Heizer & Render, 2014). To support economic sustainability the firm can supplement standard financial accounting and report with some version of social accounting. Social accounting may include brand equity, management talent, human capital development and benefits, R&D, philanthropy, taxes and productivity. During the company operations, design and production process operations manager at the company can examine the environmental impact of a product for sustainability. The examination will consist of raw material and energy inputs all the way to the disposal of the product once it becomes obsolete. The goal will be to make decisions that help reduce the environmental impact of the product throughout its entire life while making it profitable by appealing to consumers that in today’s standard are more involve with finding ways of going green to support the environment. Furthermore, because the product design is the most critical