British Journal of Economics, Management & Trade, ISSN: 2278-098X,Vol.: 4, Issue.: 5 (May)
Enterprise Excellence through Growth Strategy and Risk Management
1North Carolina State University, Raleigh, NC, USA.
(1) Prof. Stefano Bresciani, Department of Management, University of Turin, Italy.
(4) Dr. Patrick B. Ojera, Maseno University, Kenya
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The Enterprise Excellence (EE) philosophy is a holistic approach for leading an enterprise to total excellence by achieving a sustainable significant growth in revenue and profitability, and a reduction in business cycle time while mitigating the enterprise risk and primarily focusing on the needs of the customer. There are various organizations within an enterprise but they all focus on to meet/exceed customer needs. This principle applies to all types and sizes of enterprise.
The top level elements of EE philosophy are the enterprise growth and the enterprise risk management. Enterprise growth is an integrated approach affecting every employee, every functional area and strategy within the organization. It is important to note that successful enterprise growth is likely to require significant investments in skills, processes, organization and technology. Enterprise growth initiatives may be driven by external opportunities such as market segment/customers which will force the development of strategies such as targeted market, value proposition, or new/upgraded product/service offerings. Enterprise risk must be identified, assessed and prioritized as developing growth strategy proposal which leadership has to execute to achieve goals. As business leaders lead the efforts, they have to minimize, monitor and control the probability and/or impact of unfortunate events and maximize the realization of opportunities.
Therefore, the need for enterprise growth entails a fundamental change in the way enterprises are started to optimize the probability to flourish. Those that succeed eventually must face the challenges of change; which some master and succeed in enterprise growth strategy. Most enterprises fail to transform or grow.
The EE philosophy is applied to two businesses (Boeing and Airbus) in aerospace industry and analyzed their products and market data of more than fifty years. This analysis will demonstrate how business leaders are trying to achieve the enterprise excellence (EE) through the enterprise growth strategy while mitigating the enterprise risk.
Enterprise excellence; growth strategy; risk management; core competency; enterprise transformation; economic impact.
Full Article - PDF Page 804-821
DOI : 10.9734/BJEMT/2014/6759Review History Comments