ADP company is among the leading company in offering some services which include human capital management, payroll services, benefits administration, talent management, human resource management, time and attendance management, insurance services, retirement services, tax and compliance services, HR administration, employee benefits, and employer liability management services . Even so, the company has various strengths and weaknesses that affect its operations. Operational performance examination assists a company to mitigate its weaknesses and capitalize on its strengths. Some of the weaknesses presented by ADP Company include weak performance compared to its peers and limited networking and the use of social media. The company can use the following strategic plan to improve its performance
Purpose
The plan is intended to assist ADP Company to improve its performance in the key business segments of the company. This strategic plan focuses on the weakness of the company which is stagnant growth compared to its peers. It has identified the vision and mission statement for the company through its identified SWOT and given recommendations that could be adopted by the company to enhance its operational performance
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Strategic Vision Statement
The company hopes to grow its customer base and increase its annual sales and revenues in the next financial year. To achieve this growth, the company will invest in social media and online advertising. Through partnerships and introduction of products on smart phone devices, that company will be able to be competitive. ADP Company will continue to expand its operations through acquisitions and organic growth in its various business segments. It will continue to find ways to tap into the search market.
Strategic Mission Statement
ADP Company wants to be the leading organization in the offering its operation to their customers. The company will continue offering its service to their customers at a friendly and affordable price.
Corporate Values
The company will consider the values and contributions of all its stakeholders, including employees, customers, suppliers, and the society for purposes of development.
Strategic Goals
ADP Company wants to improve its revenue in the next financial year through increased by improving the quality of its services
The company hopes to maintain and strengthen its user base by producing world-class products that would delight its consumers.
ADP Company intends to further its growth through acquisitions that will help the company strengthen its experience in its service provision.
Also, the company wants to diversify by establishing a presence in its service provision market segment
Strategies to implement the goals
To achieve the goals mentioned above that are based on the SWOT analysis, the company is recommended to use the following strategies.
Since the company wants to establish a presence in the service provision segments, it should fasten the process by having a strong research and development team.
Additionally, the company should assess its key markets and the needs of target customers
ADP Company should establish strategic alliances and partnerships with key players in the Technology industry to gain a competitive advantage over its competitors
The company should strengthen its web presence by investing in online advertisement and offering products that web platform advertising.
Develop training programs for its employees to explain to them the identified goals and ensure that they are objective to achieving the goals.
Strategy Implementation
Before the company can implement the strategies identified in the plan, it should be able to conduct extensive research on its business segments. The company should continue offering quality service. It should also consider tapping into the search market if they evaluate it to be a viable option. Additionally, ADP Company could consider improving its foreign markets through emphasizing on the intensive market to give them a competitive advantage and increased customer base.
The company should also develop technological products that can use the company’s brand name as a strategy to diversify. For example, it could develop android mobile phones.
The company needs to develop policies and strategies that are in line with its strategic goals if it wants to improve its performance. Additionally, the company needs to implement employee training and have rewarding systems that can enhance employee motivations and reduce turnover. Since the company intends to tap into service provision market, it should have a contingency plan in case their services do not do well in this market.
Key Performance Indicators
The company should categorize its indicators into financial, customer, process, and people metrics. The company can measure its performance based on increased revenue, quality of products, return on investment, market share percentage and employee turnover rates. Quality of products is based on customer satisfaction. The company should be able to evaluate and get customer feedback when it launches its services in the market segment. The company wants to enhance its sales through digital marketing; it should be able to monitor its sales on such platforms and identify ways of improving the advertisement.
Measuring Performance
To measure its performance, the company can employ various decision-making techniques based on the selected indicators. These techniques include real options, balanced scorecard, decision trees, and Monte Carlo analysis. Managers can use the balanced scorecard as a performance management tool. This tool translates what the management has defined as its measure of performance into goals. The balanced scorecard ensures that company’s vision and strategy are in line so that decision making can be enhanced. Primarily, it aims at translating the mission and vision statement into attainable goals based on financial, processes, employees, and innovation.
Real option is another performance management technique, which involves the evaluation of the viability of a project. In this case, it assists managers to make investment decisions. A company forecasts its cash flows for various projects and evaluates them considering the project costs to identify investment options with positive net cash flows. Performance decision trees are designed to evaluate the chances of an outcome and costs using a tree-shaped model. Decision trees can be used to measure the performance by analyzing the outcomes of two or more projects. On the other hand, Monte Carlo simulation is a mathematical tool that enables businesses to determine the level of risks associated with various projects.
ADP Company can use either of these methods to measure and evaluate whether it has achieved its objectives based on the performance indicators identified. However, it would be advisable that the company considers the balanced scorecard as the appropriate tool. This is because the technique will enable the company to measure its overall performance on all key areas that are mentioned in its goals and objectives.
Recommendations
After reviewing the company, it is evident that the company has more strengths and weaknesses. This is because of its identified and well-established customer base. As such, I would recommend that the company in the future that the company engages it, employees, to enhance its productivity. Additionally, the company should employ the total quality management (TQM) technique to enhance its services. TQM requires that a company improve the quality of its operations in the organization and not the products only. If the quality of employees, management, process, customer services, and distribution channel among other areas with ADP Company is improved, then productivity will be efficient, and the company will have increased sales, which would translate to growth. TQM will give the company a competitive advantage since the consumers will be able to identify with their services. Through customer retention, operational performance will be enhanced.
In conclusion, the company should adopt the plan because it will enhance its efficiency. The plan will be beneficial to ADP because it will assist it in coping with its weaknesses. Also, the plan has identified key performance indicators that the company can use as the basis of measuring its performance. Through the indicators, the company will evaluate the progress of its implemented strategy. The used or balanced scorecard as decision-making technique will help the company to offer better products and services. Finally, adoption of TQM will enable the company to have a competitive advantage.
Works Cited
Audley, R. (2004). Enterprise Project Portfolio Management. London: London.
Bovis, C. (2013). Enterprise Project Portfolio Management. Cheltenham, UK: Edward Elgar.
Jane E. Palmer i& Carmine Perrott. (2016). Enterprise Project Portfolio Management. Journal of Student Affairs Research and Practice , 5-10.
