Busm2567 Business Decision Making Assessment Assignment Sample

Introduction: BUSM2567 Business Decision Making Assessment

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This assignment's purpose is to develop a digital report structure on Harvey Norman company of Australia. This assignment helps in achieving a comprehensive understanding of the organisation's position within the Australian little market and its several adopting approaches for sustainability maintenance and future growth. In this aspect, this report goes into several aspects of company operation including corporate social responsibility approaches competitive landscape and financial performance. After that, considering all aspects of the research, a concise conclusion has been developed here.

Company Overview

Harvey Norman is a popular retail company that specialises in electronic products and electrical things, bedding, homewares, several customer goods and furniture selling. The organisation was established in 1982 by Ian Norman and Gerry Hervey. At first, it was a normal Rose retail chain.

Figure 1: Harvey Norman's sales revenue from 2014 to 2020

(Source: Statista, 2022)

The above report represents Harvey Norman's sales revenue from 2014 to 2020. This reflects its increment (Statista, 2022). However In the year 2023, the company revenue was 2.78 billion USD; the Net income was 539.5 million USD in the profit margin was 19%. That reflects its revenue decrease by 1.1% from the financial year 2022 (Finance, 2023). The organisation operates their Services within the details sector offering a one-stop shop for large customer goods. In this current era high competition within the retail sector is driven by the quick evolution of customer demand, preferences and technological advancement. With increasing competitiveness, the company Highway Norman also experienced high competition from several entities including the Good Guys, Amazon, JB Hi-Fi and many more. In order to hold a reputable position within the global retail market they adopted adaptable and dynamic strategies. The organisations concentrated The firm expands its business in several countries such as Ireland, Northern Ireland, Slovenia, Malaysia, Singapur, New Zealand and more.

Corporate Social Responsibility

The company has undertaken several CSR activities that can be categorised into environmental philanthropic economic and ethical activities.

Environmental initiatives

Benabou & Tirole, (2019) opined that the company is committed to maintaining sustainability which includes several environmental approaches. The launched energy-efficient appliance range promotes old electronics recycling. Along with that, the corporation is committed to minimising its carbon footprint through implementing energy-saving measurements within distribution and store centres. They also help they are a customer to minimise environmental footprint. Aligning with ethical values this initiative has a high contribution towards environmental preservation that help resonate with eco-conscious customer.

These approaches have represented positive influences on the environment and the Company as well (Latour, 2022). Energy efficient appliances help customers to minimise they are energy bills by making a high contribution to minimising greenhouse gas emissions. The recycle electronic wastage promotion has alignment with the international airport for minimising electronic wastage by promoting company-responsible disposal. This help to attract eco-conscious customer by enhancing their interest in eco-friendly products. That helps the company to hold a sustainable image within the global market.

Philanthropic activities

The company has supported the local society for many years through several philanthropic endeavours. They supply donations through partnerships with several charitable corporations for disaster relief efforts and sponsor local events (Quamrul Alam & Grose, 2022). That represented their commendable effort toward paying back to the community.

These philanthropic approaches of the company have generated effective goodwill with positive customer relationship development. Local society gain advantage from company final support that helps to reflect their CSR commitment. Through this the company faster it's positive and reputable image within the global market (Everson et al., 2019). Some evidence suggested that clients show more interest in a socially responsible organisation that helps reinforce company fill and tropic efforts effectiveness.

Economic contribution

The organisation's economic contribution within Australia includes proper support to the local suppliers tax revenue contribution development of job opportunities and many more. These actions are essential for maintaining those regions' economic development in that the company operate their stores (Quamrul Alam & Grose, 2022). The economic contributions developed by the company are essential for the country's economy as well and the local economy has a direct influence and the country's GDP. This helps in generating employment scope by stimulating economic growth and helps in maintaining tax revenue flow back toward society (Everson et al., 2019). Several research studies show that organisations that effectively support the economies of the country and locally hold a more powerful position within the region that reinforces their economic contribution effectiveness.

Diversity, equity and inclusion policy

In order to hold a reputable position within the global retail market the company added several adaptable and dynamic strategies. In the aspect of short term, the organisation concentrated on increasing its presence online by optimising its supply chain management and maintaining a simulation customer experience. Additionally, in the long term, the company focuses on continuous expansion in the global market by diversifying the product range to achieve growing customer demands (Alam & Grose, 2023/2022). Additionally, the company also take policies in the context of inclusion equity and diversity as a strategy that outlines its promises to foster an inclusive and diverse workplace.

Discrimination-free hiring and recruitment practices

This DEI policy of the company is adequately framed encompassing multiple fundamental elements such as inclusive workplace culture and hiring and recruitment practices. The organisation deals with equal employment scope with promoting drivers' workflows.

Figure 2: Discrimination-free hiring process

(Source: Norman & Limited, 2023)

The above figure demonstrated their discriminations and biases in the free hiring procedure. They commit to hiring an employee through effective recruitment policies that do not consider discrimination and bias. For intense company commitment towards and biased and fair recruitment is a positive approach. According to the "workplace gender equality agency public report of 2022 to 2023" they pose specific payment quality objectives including they are formal policies. In order to meet this goal they maintain gender pay quality by ensuring no gender biases conjugate at any point within a point of view procedure (Norman & Limited, 2023). They also ensure that their managers are held responsible for paying equity results. They also committed to implement rigorous and term performance assessment procedure

Inclusive work culture development

The policy also underscores generating inclusive workplace culture significance in that employees who are from all backgrounds can feel respected and valued. That helps in encouraging their communication and collaboration to develop a collaborative workforce (Sweeting & Haupt, 2023).

According to the company's "corporate governance statement of 2023" the company code of conduct enforced for their senior executive directors, employees, suppliers and contractors helps in promoting an ethical and fair behaviour culture. The company also poses a whistleblower policy that frames for empowering employees to disclose any wrongdoing while ensuring such disclosure protection.

AI and visualisation impact

Advantages

The adaptation of AI utilisation in supply chain management offers several advantages which are as follows

Increasing customer experience

AI technology has significantly developed Harvey Norman's customer experience. For instance, the company used the “AI-powered chat box” that helps in supplying personalised and instant responses to customer concerns by helping the client address several products and resolve their concerning area efficiently (Ploug & Holm, 2020). That helps enhance customer loyalty and satisfaction.

Inventory management

Ai-driven technology is also helpful in optimising the inventory management of the company. Through analysing market Trends and customer data, the company can predict their market demands and customer preferences with accuracy (Fuller et al., 2020). That helps in minimising excessive inventory budget while maintaining popular product availability that guides toward development profitability.

Disadvantage

Concern with data security and privacy

With increasing the vitriolisation of I tribune technology the organisation maintain a large customer base with extremely challenging data (Ploug & Holm, 2020). Additionally, data protection is also challenging for them to safeguard from data bridges by ensuring data privacy regulation compliances such as the GDPR Act in Australia's law.

Employee adjustment and training

The use of AI technology also needs skilled and efficient employees (Fuller et al., 2020). Additionally stops require proper training to manage and adapt the AI technology to handle properly.

Stakeholder map

In order to visually communicate with AI uses increment influences at the company the key stakeholders are employees, customers, shareholders, government, regulators, suppliers, competitors, society and the community (Santana & Díaz-Fernández, 2022).

Customers

The adaptation of AI technology helps in developing the shopping experience online by enhancing they are convenience and personalisation (Dwivedi et al., 2022). That help in supplying proper recommendation on their selected product with discovering the particular product. It also helps to gather customer feedback that demonstrates their preferences with accuracy.

Employee

The AI technology implications help to enhance they are productivity by increasing their efficiency within the work procedure. As AI helps in minimising human error it also maintains safety within the workplace (Santana & Díaz-Fernández, 2022). Through this application, the employee can develop skills that help to increase their motivation toward work.

Shareholders

The implication of AI increases long-term growth by enhancing company efficiency which leads towards profitability. AI has a positive impact on a corporation's financial performance that helps to remain engaged with shareholders.

Government and regulators

The AI-driven technology helps in compliance with security and data privacy regulation that assist in demonstrating its effort towards data protection and compliance measurement (Dwivedi et al., 2022).

Conclusion

In conclusion, it can be stated that her way Norman is a popular company with retail software however it faces revenue loss in the year considering this phenomenon this report supplies a comprehensive evaluation of the organisation's profile diversity equity inclusion policy CSR initiative and AI with visualisation influences. Additionally it also not an Australian retail company it engages with environmental philanthropic economic and ethical CSR activities that define its promises to our positive transformation. the implication of AI also has a positive impact on company profitability.

Self-reflection and Professional Identity

During the researching and writing report on Hervey Norman, I have gained several scopes to reflect on my experience, my point of view and its relationship with my professional identity.

This course supplies me with a valuable platform to expand and explore my knowledge on several management and business aspects. It generates issues for my preconvenience notions however that motivates me to engage with more complicated corporate world aspects. That also concentrated on real-world examples and practical applications that are valuable in generating more relatable and engaging learning experiences.

The experience permitted me to apply the concepts and knowledge that gained during the review of this real-world case study. It also helps me to reinforce critical thinking significance with effective communication. I also do not think that the theoretical concept has a positive approach in translating practical initiatives and strategies such as diversity equity enclose and principles and corporate social responsibility.

I also learned about CSR initiative evaluation and AI assessment influence on corporations that can be inspiring or challenging. The challenging aspect tells me to think innovative and critically by collecting more evidence for generating informed perception. That enhances the requirement of multi-disciplinary initiative within the current era.

This report also helps me to expose my different perspectives and alternative business practice interpretation. That broadened my point of view and permitted me to consider the environmental social ethical and economic implications of the industry point of view. I also learned to appreciate CSR complexities and its philanthropic approaches.

Through this report, I have gained a large insight into the procedure for generating a personal identity that influenced my career. In the context of the business world, I gained a holistic and critical point of view that helped me to understand all business world concepts and enhanced my interest towards gaining more knowledge on this aspect. I also address that successful organisation need to maximise their profit while maintaining their environmental and social responsibility. In my point of view through maintaining this they not only develop a socially responsible image it also helps them to maintain their supply chain. I also understand that effective and essential strategies need to be alive with company sustainable and ethical principles. That not only enhances they are ethically responsible image but also help to create barrier towards legal consequences.

In my future career I intend to part time this newly discovered point of view within my professional life. Through this I can actively looking for working scope with several corporation through sharing my valuable point of view on the aspect of sustainability ethical business and corporate social responsibility practices. That can broaden my future career. This report also emphasize data driven decision making significance that enhancing my further skill and knowledge within data visualisation and analysis for accurately supporting my career growth. I also learn about diversity equity and inclusion role within workplace that have actively supported and promoted within the organization to foster a positive and effective working environment that can guide toward successful business.

References

• Alam, Q., & Grose, R. (2022). Regional Businesses in a Changing Global Economy: The Australian Experience. In Google Books. Routledge. https://books.google.com/books?hl=en&lr=&id=rSdaEAAAQBAJ&oi=fnd&pg=PT112&dq=+Diversity (Original work published 2023)
• Benabou, R., & Tirole, J. (2019). Individual and Corporate Social Responsibility. Economica, 77(305), 1–19. https://doi.org/10.1111/j.1468-0335.2009.00843.x
• Cdn. (2023). Corporate Governance Statement FY2023. https://cdn.shopify.com/s/files/1/0593/8003/9732/files/Corporate_Governance_Statement_FY2023_FINAL_FOR_UPLOAD_29_September_2023_1c725bf0-c0b4-4c58-811c-a39435ce2559.pdf?v=1695950739
• Dwivedi, R., Dave, D., Naik, H., Singhal, S., Rana, O., Patel, P., Qian, B., Wen, Z., Shah, T., Morgan, G., & Ranjan, R. (2022). Explainable AI (XAI): Core Ideas, Techniques and Solutions. ACM Computing Surveys. https://doi.org/10.1145/3561048
• Everson, L., Wood, B., & Wood, B. (2019, July 1). The drivers of motivation. Researcharchive.wintec.ac.nz. https://tst-researcharchive.wintec.ac.nz/id/eprint/6277/
• Finance. (2023, August 31). Harvey Norman Holdings Full Year 2023 Earnings: Beats Expectations. Yahoo Finance. https://finance.yahoo.com/news/harvey-norman-holdings-full-2023-201141346.html#:~:text=Harvey%20Norman%20Holdings%20(ASX%3AHVN)%20Full%20Year%202023%20Results&text=Revenue%3A%20AU%242.78b%20(down
• Fuller, A., Fan, Z., Day, C., & Barlow, C. (2020). Digital Twin: Enabling Technologies, Challenges and Open Research. Access, 8, 108952–108971. https://doi.org/10.1109/access.2020.2998358
• Latour, B. (2022). Why Has Critique Run out of Steam? From Matters of Fact to Matters of Concern. Critical Inquiry, 30(2), 225–248. https://doi.org/10.1086/421123
• Norman, H., & Limited, H. (2023). Corporate Governance Statement FY2023. https://cdn.shopify.com/s/files/1/0593/8003/9732/files/Corporate_Governance_Statement_FY2023_FINAL_FOR_UPLOAD_29_September_2023_1c725bf0-c0b4-4c58-811c-a39435ce2559.pdf?v=1695950739
• Ploug, T., & Holm, S. (2020). The four dimensions of contestable AI diagnostics - A patient-centric approach to explainable AI. Artificial Intelligence in Medicine, 107, 101901. https://doi.org/10.1016/j.artmed.2020.101901
• Quamrul Alam, & Grose, R. (2022). Regional businesses in a changing global economy : the Australian experience. Routledge. (Original work published 2023)
• Santana, M., & Díaz-Fernández, M. (2022). Competencies for the artificial intelligence age: visualisation of the state of the art and future perspectives. Review of Managerial Science. https://doi.org/10.1007/s11846-022-00613-w
• Statista. (2022). Harvey Norman: profit before tax 2020. Statista. https://www.statista.com/statistics/1089616/australia-reported-profit-before-tax-of-harvey-norman-holdings-limited/
• Sweeting, K. D., & Haupt, B. (2023). Overcoming Neutrality as an Organizational Learning Impediment. Public Administration Review. https://doi.org/10.1111/puar.13641