(5) E-Commerce As the competition in business area is growing rapidly, the business organisations started redefining their business activities. According to Fortune Magazine — “Electronic commerce is the new industrial order. It will change the relationship between consumers and producers.”
As electronic commerce involves the exchange of products, services and information of payment through the electronic medium of computers and networks, it facilitates the COflUflUUOUS relation between the company and the customer, which is a prerequisite for any company to excel.
(6) CRM (Customer Relationship Management) : In the process of achieving corporate excellence in the present day highly competitive market, the organisations ability to compete depends on its relationship with its target customers. The basis for continuity ofrelation between the company and the customer, over a period of time is value maximization to customers, which will lead to customer loyalty. In an attempt to achieve corporate excellence the organisations should try to develop strong customer relationship management.
(7) Social Consciousness : Organisations can achieve corporate excellence by means of contributing to the well being of the society. As the customers are becoming aware of the cause and effect of polluted environment, all the business firms should have a concern for society, by introducing environment friendly products or services.
Many companies in India are redesigning their business activities, giving importance to society and are launching non-government organisations.
e.g., Satyam Computers of Hyderabad started by Raju Foundation, which is specialized in the field of rural development. Emergency ambulance services by the name 108 has been a mega hit in various districts of Andhara Pradesh.
Dr. Reddy’s Laboratories of Hyderabad floated Dr. Reddy’s foundation in field of youth welfare and development.
(8) Business Ethics: In order to achieve excellence, the companies should have basic positive values and attitudes. Ethics deals with what is wrong and what is right in various disciplines of the organisation. Unethical practices may yield short-term gains but organisation can’t be successful in the long run. The organisation should develop and formulate the right approaches and strategies to excel. Because it is to be noted that being right in ethical behaviour always pays off.
Besides the above said elements, there are certain areas by which corporate excellence is facilitated in the modern business world. Young entrepreneurs and business mangers must pay attention to all these areas in order to see their organisation excel in the industry.
(a) Excellence Through Manufacturing: In the manufacturing industry, a new concept called – World Class Manufacturing (WCM) has emerged recently. The companies adopting WCM are able to introduce the products and services very much closer to the needs and wants of the customer. This helps the company to be successful because WCM has the following characteristics:
(I) Products of high quality.
(ii) Products with enhanced features.
(iii) Products at the right price.
(b) Excellence Through Marketing Mix: In the ever changing, highly competitive business field new directions have to be shown in order to strive and achieve corporate excellence.
All organisations, irrespective of the product they offer and the service they provide, are always in search of achieving excellence. The basic area of concern to accomplish corporate excellence is effective management of marketing mix of the company. Innovation in product attributes, reasoning in prices, wide spread and easy reach in placing of the product, the right distribution networks, objective in promotion, are the fields that a firm seeking excellence should concentrate on.
(c) Excellence Through HRM: Among all the organisational resources, the human resources are the most vital and require constant refinement. Organisational objectives and strategies must match with HR strategies. Since the change is the fundamental element in achieving corporate excellence, change management is to be backed by human resources of the firm. The change can be facilitated by means of HR activity—Training. Hence, the training programmes in the new age business organisations should focus on—team work, leadership, initiation and interpersonal communication