MOUNT KENYA UNIVERSITY

NAME: KALAWA JOSEPHINE

REG. NO: DCM/2017/72243

UNIT TITLE: ENTERPRENUERSHIP

UNIT CODE: DUCU 003

COLLEGE: HEALTH SCIENCES

SCHOOL: CLINICAL MEDICINE

COURSE: DIPLOMA IN CLINICAL MEDICINE AND SURGERY

LECTURER: MR. KABURU NJERU

DATE OF SUBMISSION: 5TH JULY 2019

ATTEMPT QUESTIONS

1. What is enterprise management?

2. What is the importance of studying enterprise management in current business

environment?
QUESTION 1.

Enterprise management- is a term used for modern examples of ERP that allow business to manage vital day to day

processes such as inventory management, accounting, human resources and customer relationship management. It

supports how different business units work by sharing information through a shared database.

There are six components of enterprise management.

i) Human resources

ii) Customer relationship management

iii) Business intelligence

iv) Supply chain management

v) Inventory management

vi) Financial management.

Supply chain management

It is a broad range of activities required to control, plan and execute a products flow, from acquiring raw materials

and production through distribution to the final customer. It analyses an organizations procurement, storage and

distribution process for products and services.

Supply chain management is important because it increases competitiveness and Customer satisfaction. Efficiency

running supply chain allow firms to quickly deliver products to the end user for a low cost.

The role of supply chain management involves the movement, management of the flow of goods and services,

storage of raw materials, of work-in-process inventory and of finished goods from point of origin to point of

consumption.

Financial management

It is dealing with and analyzing money and investment for a person or business to help make business decisions. It is

an organic function of any business organizations needs finances to physical resources, carry out the production

activities and other business operation. Financial management is important because it helps to make decisions

towards the maximization of value of the firm. This helps in setting clear goals and a clarity of the goal is important
for any firm. The purpose of the financial management is planning, organizing, directing and controlling the

financial activities such as procurement and utilization of funds of the enterprise. There are three types of financial

management they include decisions are capital budgeting, capital structure and working capital management.

Customer relationship management

This is an approach to manage a company’s interaction with current and potential customers. It uses data analysis

about customers’ history with a company to improve business relationships with customers, specifically focusing on

customer retention. Benefits of CRM. It helps manage all your custom date in one place and allows workers to be

more productive and efficient by adding reminders for the sales calls and meetings. The importance of CRM is

helpful in running a successful business through better relationship the easier it is to conduct business and generate

revenue. It is significant in leading management and sales which makes it valuable to the marking teams and sales

staff.

Human Resource Management.

It is strategic approach to the effective management of people in a company or organization such that they help their

business gain a competitive advantage. Major functions of the Human Resource are strategic management, policy

formulation, and employee and labor relations, Human Resource. Development, workforce planning and

employment.

QUESTION 2

Learning about management

This helps in managing people, working together to achieve results, interpersonal relations and communication.

Before business programs focused on finance to prepare business owners and managers to be able to budget and

understand profit and loss. Poor communication causes problems in many ways and it starts and stops with

management. How you will communicate will determine how your directors and department heads will

communicate and filter down the line.

It exposes one to networking opportunities with the likeminded business professionals, professors and peers. This

can open up new possibilities for partnership and mentoring.

Expanding business skills

Business men study can equip entrepreneurs, owners and managers with essential business skills and knowledge.

Those with no formal business training might be ill-prepared to handle tasks on the business side of the venture such

as creating a business plan, accounting and negotiating studying business management can improve a business

owner’s ability to analyze data, improve financial decisions.

Learning better service and customer experience.

Studying enterprises service management. It ups the corporate service provider game to better deliver against

employee expectation across ease –of-use, self-service, knowledge availability, anytime and anyplace access to

services and information, social or collaborative capabilities.

Increases control and governance

Enterprises services management process and enabling technology can be used to implant much needed internal

controls and to provide insight into who did what, when as well as higher-level reporting.

Risk management

It is a function of the company or organization which deals with concerns that are related to the staff of the company

in terms of safety, performance, compensation, hiring, benefits, motivation and training.

Inventory management

It is about specifying the shape and placement of stocked goods. It is required at different location within a facility

or within many location of supply network to precede the regular and planned course of production and stock of

materials. It is important to small business because it helps them prevent stock outs, manage multiple location and
ensure accurate record keeping. The purpose of inventory management is to supervise the flow of goods from

manufacturers to warehouse and from this facilitates to point of sale. There are four types of inventories, raw

materials, work-in-progress, finished goods and packing materials. The objectives of the inventory management are

sufficient inventory and supply tracking, minimizing waste and losses and storage of items.

Business intelligence

It is technologies, application and practices for the collection, integration analysis and presentation of business

information. One of the most important reason as why you invest in an effective business intelligence is because

such a system can improve efficiency within your organization, as a result increases productivity. Important skills

needed in business intelligence are Data analysis, problem-solving, specific industry knowledge, communication

skills and advanced visions and attention to detail.

Standardization

This is not only business-wise optimal processes but also a common way of working, a common look and feel and

common service model for employees. It also offers the potential to provide a single point of service, no matter the

service provider, companywide.

Opportunity for improvement

The increases visibility into operational performance from enterprise service management allows improvements

opportunities to be identified.

Increased credibility (and salary)

Studying business management involves pursuing master’s degree. Through this small business owners can be

provided with additional level of credibility to the owner and his company. This could be lead to an easier time

securing financing or investment from banks, private investments and ventures capitalists.
Improves accountability even across business-function boundaries.

Not only does enterprise service management technology make it easier to assign and see responsibility and

accountability within business functions it does to the same across business functions e.g some business services,

such as boarding of new employees , require multiple business functions to work together to ensure that everything

is delivered on time.

Teaches self-service efficiency and workload reductions.

Employees can get to the solution they need more quickly through self-help. Then this and the ability for employees

to log issues and requests via self-service means fewer telephone calls to the service desk or the business function

equivalent.

Improves efficiency and reduced operational costs

Optimized process, workflow, automation and alerting can remove unnecessary manual effort and network. It is

added when self-service and self-help capabilities are used by employees.

Improves effectiveness

Using a fit-for-purpose ITsm solution for enterprise services management can help to ensure that all employee issues

and requests are dealt with and where possible, to agreed services levels.

Good enterprise management should cover the following order entry and change order entry.

Production and production scheduling and capacity management IT and application management.

Maintenance management and scheduling

Purchasing and supply management

Customer manage- marketing and sales

Human resources- management and capacity.