Samsung is a multinational conglomerate company located in Samsung town, South Korea. I work in the sales and marketing department where I manage six staff members. I am also in charge of human, finance and physical resources management which help me to achieve the objectives. Management requires constant development and planning. Other resources usually used by managers to achieve their objectives include; physical resources such as equipment, computers, tools, land, vehicles and buildings. Human resources include; personal and partner skills, team morale, workers experience, workers loyalty, employee’s skills and competence, as well as team work morals. Financial resources required include capacity to raise money, cash, current credit availability, cash equivalents and credit lines with financial institutions (Liao, 2009).
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In order to identify the type and quantity of resources required in Samsung, the company analyses the business plans and carefully breakdown its objectives in the resources required to achieve them. Samsung plans to attain $400 billion in sales by 2020 thus the company may need human resources of sales person with extensive sales experience, high work ethnic and customer contact details. The company requires physical resources such as computer, vehicle, and mobile phone. Finally, the company might require $X cash to finance the selling expenses and the wages until break-even point is achieved. Listing and summarizing the resources required to achieve every objective is vital since it will enable the company to have all the required resources.
Samsung new strategy and vision include finding new markets for their high-tech electronic goods. Samsung also strive to secure a competitive advantage in businesses such as mobile hand set, memory chips, and LCD panels. Samsung also Endeavour to follow a market driven system by studying consumer preferences. Samsung lays more efforts in finding the required resources to achieve their objectives. This will ensure the company becomes one of the ten summit companies in the world in stipulations of annual sales (BarceloÌ, 2007).
Resource Time frame Quantity Cost/budget
Worker’s experience & proficiency
Private & cohort skills
12 months Samsung Electronics’ overall global employment level stands at 161,700, which is broken down into 84,464 workers in Korea (80,084 regular employees, 900 contract workers, 3,356 internship employees and 124 in other categories) and 77,236 in foreign countries(65,746 regular laborers;2,008 contract employees, 4,483 intern employees and 4,999 short-term workers) $x cash
12 months Appropriate number of physical resources. $y cash
The objectives should be smart. This implies that they are specific, measurable, acceptable, and realistic and can be achieved within a given time frame. Targets are very crucial in a business since every stakeholder of the company knows what they should achieve and when they need to achieve the objective. Planning involves determining the number and competence of the employees to be hired in different departments. The manager then allocates responsibilities to the workers depending on their skills and experience. Team morale and team morals are other crucial factors to consider. The company should change rapidly owing to the fact that the world is experiencing drift changes. In order to achieve the objectives the manager should acknowledge the need for constant revision and integration of the existing skills. Managers should know how to motivate their employees as well as building an appropriate team (Autry & Goldsby, 2013).
The manager should also allocate the resources equally and in a transparent manner. The objective should align with the company strategy as well as ensuring that the company maintains competitive advantage. The manager should choose an appropriate set of human and physical resources since they are very vital in planning process aimed at achieving the company objective. Employees who are experienced and competent will work appropriately such that they will not incur extra cost apart from their wages. This will ensure that the company reduces their expenses. On the other hand, appropriate allocation of physical resources such as machine, adequate and strategically placed working areas, tools and equipment will ensure that workers have adequate equipments which will lead to an increase in productivity. Samsung Company will be able to achieve its objective by reducing costs while increasing its sales and annual revenue (Liao, 2009).
Experienced and competent employees have good customer relations which will ensure that the company will retain the existing customers as well as attract more customers. Skilled and highly motivated employees will lead to production of superior products which will attract more customers. Proper allocation of physical resources will ensure that the company has excellent customer service, and increased customer loyalty. Samsung does not involve their employees in long working hours since they believe in innovation instead of command or control. They believe that their employees are competent and thus by employing the required resources, they will be able to produce high-tech digital products. The managers also believe in constant development and investment which will enable them to achieve their objectives. The associated costs to human resources is the wages to the employees while costs incurred in physical resources is the cost of tools and equipments, as well as the cost of building and maintenance of the company (BarceloÌ, 2007).
The company hires employees from all over the world. The hiring process is transparent and provides equal chances to experienced and highly skilled workers. Samsung plans to invest more in human resources since its digital and innovative management depends on its highly trained employees. The company should also invest more in training programs. The company should also allocate more funds to equipments, training and education programs. Hiring qualified personnel will ensure production of high quality products as well as growth of technology innovation. This will enable the company to retain its competitive advantage. Samsung usually purchase its equipments abroad. New equipment calls for highly skilled employees to operate the machines.
Physical resources include tangible resources; they include the manufacturing plant equipments, land, and equipments. Samsung is based in China with almost 78 other branches in other countries. Samsung is the leading company in technology and they are famous as producers of high-tech digital products. Production resources include information technology resources and production resources. The company should invest more in physical products since they help in manufacturing of the products. The company should invest more in educating and training the employees which enables to have reliable supply of human resources. To ensure constant supply of the physical resources, the company should ensure that the company has competent and high skilled workers who are able to develop software and other integrated products that will attract customers. The company should also provide adequate plant equipments as well as adequate land to build more joint companies (Bowersox & Cooper, 2007).
Supply management is more than acquiring goods and services at an appropriate price. It involves recognizing possible disruptions to the supply chain and taking necessary approach to alleviate them. There are several steps that the company applies to develop a plan for dealing with potential supply disruptions. The company identifies the life cycle of every service and product that the company manufactures. Samsung Company chairman is famous for his forecasting and deciding power. This is very crucial to the company since it enable it access the financial impact that can be caused by supply disruption (Autry & Goldsby, 2013).
Supply risk is an external risk which is the disturbances to the flow of product within the company supply chain. The company is very keen on the supplier base. The company is able to identify every raw material needed, recognize the strategic suppliers to the company and recognize strategic raw materials. The company is also more focused to vulnerability where the company identifies the probable risks to take place, their cause and the possible remedies. The company also recognizes the probable implications of the supply disruptions by good understanding of the vulnerable risks. Mitigation is whereby the company set targets and goals and how to accomplish them. For example, if there is supply disruption of material A, purchase orders will be placed with alternative supply source within 24 hours to ensure there is no disruption of supply of material A (Autry & Goldsby, 2013).
The company also uses cost and benefit analysis to assess risk and uncertainty. This helps the company to measure the value at risk. The company thus implements appropriate actions and measures to combat the supply disruptions at all levels in the company. Appropriate handling of the supply disruptions has enabled the growth of Samsung Company.
The company understanding of risk and uncertainty helps them in decision making regarding record management. The company is able to make informed choices regarding security and privacy policies that they use in the company. Regardless of the format, human and physical resources are subject to the risk of inappropriate access. The company records both human and physical resources in paper and electronic records. Human resources and physical resources records are very risky and should be subject to inappropriate access to avoid alterations and other modifications.
Paper records of human and physical resources are susceptible to intentional and accidental inappropriate access and thus they should be secured by isolating records into separate protected storage locations, recording sign in and sign out programs, and restricting physical access to storage areas. Electronic records of human and physical resources can also be risky but the company has come up with necessary measures to combat the inappropriate of electronic records. The company develops measured to prevent hacker bypass access and control of user credentials. The paper records deteriorate slowly necessitating regular creation of new copies. Electronic records on the other hand can degrade disastrously calling for appropriate computing technologies. The loss of information might be very costly since sometimes it might be impossible to retrieve the lost data (Adam, 2008).
The risk of losing human resources data and physical data makes the company very cautious when it comes to the issue of handling paper and electronic records. The company keeps updating the records of human and physical resources which will enable future use of the data to enable the company achieve its objectives. Human and physical records are very crucial since they will be used to Plan Company’s future of expansion. However, the company should be aware of the vulnerable risks that can occur and thus come up with appropriate reforms for sustainability.
Adam, A. (2008). Implementing electronic document and record management systems. Boca Raton: Auerbach Publications.
Autry, C. W., & Goldsby, T. J. (2013). Global macrotrends and their impact on supply chain management: Strategies for gaining competitive advantage. Upper Saddle River, New Jersey: FT Press.
BarceloÌ, D. (2007). Sustainable management of sediment resources. Amsterdam: Elsevier.
Bowersox, D. J., Closs, D. J., & Cooper, M. B. (2007). Supply chain logistics management (2nd ed.). Boston, Mass.: McGraw-Hill/Irwin.
Liao, H. (2009). Research in personnel and human resources management. Bingley: Emerald/Jai.