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SNHU: PROJECT MILESTONE ONE 3M

3-1 Module For 3M

Aligning Resources to Market Opportunities

Organizational analyses offer opportunities for other ventures to benchmark and learn several aspects related to a particular field. Current case analyses will focus on 3M, which is an American conglomerate company that uses science and innovation to ignite progress and catalyze development among communities globally. Healthcare and consumer goods are among the main areas on which the organization has centered its efforts. The firm's history dates back to 1902 when an initial sale was made in Minnesota from an entity dealing with mining products. However, financial stability was achieved in 1916, which catalyzed the firm's ability to pay dividends ("3M Science Applied to Life", 2022). Hence the focus will be on the approaches used to align the firm with market opportunities and management of the quality imperative within the global competition.

Company's Internal Capabilities and Limitations

3M has majored its operations in the industrial, transportation, healthcare, safety, consumer and safety of the office workers and finally the display and graphics of the electro band overall communication equipment's. Feasibly the organization has managed to attain the milestone due to the exploitation of most of its internal capabilities, including huge research and development capacity with over 80,000 employees globally. A diversified business portfolio produces, sells, and distributes more than 55,000 products (Bogers et al., 2018). A strong brand name explains the unlimited capacity since the organization has established operations in more than 65 countries. A robust cash positioning based on the increased number of retailers and networks in more than 200 countries explains the huge revenue capabilities enshrined within the organization (Bogers et al., 2018). Expansion of the human resource around the globe accounts for increased integration of the organization's culture among the global community. Jointly, organizational and infrastructure factors are haunted negatively since a single mistake dents the brand image (Bogers et al., 2018). Other limitations the organization is exposed to include environmental issues and several litigations from external stakeholders.

Business Development Opportunities

Some of the business opportunities available based on the capabilities and limitations include globalization to increase global presence and investment in the automotive industry. Further, it will need to proceed and acquire other complementary small businesses that will strengthen its positioning in the global market. Incrementing global presence will attract huge profits, create more job opportunities and elevate joy and satisfaction in their customers (Bran et al., 2020). The opportunities will align with current global markets since the organization has a structure, plan, and capabilities to conform to legal authorities, privacy policies, and intellectual property guidelines. Laws, licenses, and trends in the global market will increase the alignment of the global opportunities with the 3M strategical approach in exploiting the opportunities that will guarantee development (Bran et al., 2020). Technology in healthcare, concentration on federal governments to impact the quality of citizen’s life, and economic funding available for the company will complement the positive achievement of the identified opportunities.

Cost-Savings Opportunities

Some of the significant cost-saving opportunities include the strategic approach by the organization to eliminate redundancies and capitalize on the e-commerce trends, safety, healthcare, and home improvement global (Brunswicker & Chesbrough, 2018). An embodiment of the approach will save the organization $ 200 to $ 500 million before taxation in each financial quarter.3M company is planning to build 15,000 greener storey globally (Brunswicker & Chesbrough, 2018). Actualization of the move will save the organization $ 100 million in the next decade in utility costs. Despite the cost-saving, the organization will assist in aligning with the global and domestic market in achieving green technology (Brunswicker & Chesbrough, 2018). Political, social, and economic facets are up against the development of the global companies in some nations; hence, saving costs will assist in leveraging the investment in various product portfolios.

External Threat Factors

               Accordingly, when developing the business opportunities and implementing strategical approaches to save cost, 3M should condition several threats that emanate from technological, social, economic, and government confines. In particular, the organization should be aware of the unfriendly business environment and strict government regulations in various parts of the world. Globalization may appear realistic on paper but is tough to implement practically due to the increased exposure to the threats mentioned above (Chesbrough, 2019). Other threats to note will include the intense competition and low quality due to increased diversification of the product portfolio. Failure to mitigate the risk of the threats will increase the probability of failure when investing in the business opportunities and dealing with the strategical decisions, management, and investment options (Chesbrough, 2019). Ultimately the organization should be aware of cultural diversity globally to avoid the trap of market failure due to the inability to correlate with the local community, needs, and preferences on products.

Managing the Quality Imperative for Global Competition

Total Quality Management (TQM) Means

3M could employ a quality control approach as an ideal TQM to strengthen the organization's performance globally. Frequent quality checkups will guarantee improved quotes among the customers and services rendered to both the internal and external stakeholders. Arguably, the organization deals with a huge community of staff, logistics, supply chain, customers, prospective buyers, and donors, among other critical shareholders (Chesbrough, 2019). Hence, initiating the random quality service control will enhance the organizational performance in the long term. Supervisors and senior officials may perform random checks on healthcare products, electronics, and digital resources, among other equipment in the firm's product portfolio, to ensure each aligns with global standards.

The TQM will double up as a risk mitigation approach since it will limit the probability of lawsuits and litigations suffered by other major organizations around the globe. Exposure to a huge market size creates an opportunity for such unprecedented ordeals, and thus imploring the possibility of incorporating the TQM will act as the savior (Chesbrough, 2019). With an excellent research capability, the organization will manage to empower its employees as the ambassadors of quality services and products. Huge employment benefits, incentives, and a healthy working environment are among the rewards accorded to the organizational employees; thus, shifting them towards enhanced, intelligent quality control will not be a problem.

Appropriate Series from an ISO 9000 Family of Standards

ISO 9000 standards are pegged on the seven management principles, and the senior management within 3M can employ the same to promote organizational improvement. Hence, the suitable series of the ISO 9000 for 3M will include the engagement of the customers, prospects, shareholders, and stakeholders both within an internal and external organizational framework. According to the 3M employee engagement, the organization may invite team and project managers to their $ 45 million leadership conference laboratory to engage and collaborate on the ideas to promote 3M global growth (Brunswicker & Chesbrough, 2018). Here the organizational performance will improve since the collection of global insights, ideas, and strategies will bring the organization firsthand experience with the problems and issues experienced by customers. According to the series, engagement will charter an involvement culture that will configure clients as appreciated stakeholders whose input is critical in decision making. Although the organization will not register all its customers on the board, it will revolve and list representatives from each country, region, or segment to suffice the engagement policies in the future (Brunswicker & Chesbrough, 2018). Employees, customers, and stakeholders will feel happy, appreciated, and valued, thus pushing the organizational performance higher globally.

Global Best Practices That Strengthen Organizational Performance

Organizational performance currently is higher, but 3M will need to maintain the momentum to guarantee sustainability in the market within the coming decades. First and foremost, the organization will need to capitalize on its capabilities and opportunities in the market to adjust the uniqueness of its product in the market. The approach will make sure there is a limited imitation from their competitors (Brunswicker & Chesbrough, 2018). A considerable product portfolio can be challenging to keep pace with the current trends, but with diversification, strategic approaches and competent leadership, the task will be simple. Another method is to absorb creative marketing and branding techniques. Corporate image awareness and positivity will improve, placing the organization at higher bargaining power than other market players (Brunswicker & Chesbrough, 2018). Finally, market research will facilitate keeping pace with competition and eliminate unnecessary downward trends in the projection of the demand and supply. Overall, the organization has the financial prowess to execute the above recommendation in alignment with the global market's political, social and economic factors.

Conclusion

Summarily the analyses unravel some of the exciting aspects of 3 M, and they may act as indirect SWOT and PESTLE analyses. Despite the rich historical tenets attached to the organization, the company has enormous room for improvement, and the recommendations on global performance will assist in making the goals and objectives of the organization a reality. Future growth requires a high-risk appetite and calculated strategic approaches since the modern business dynamics are volatile compared to the past. Hence the organization stakeholders will need to do something beyond the ordinary since the capabilities, opportunities, and projected growth is in their favour.

References

3M Science Applied To Life. (2022). Retrieved 28 June 2022, from https://www.3m.com/.

Bogers, M., Chesbrough, H., & Moedas, C. (2018). Open Innovation: Research, Practices, And Policies. California Management Review, 60(2), 5-16. https://doi.org/10.1177/0008125617745086

Bran, F., Bodislav, D., & Mitriţă, M. (2020). The Age of Automatization and the Evolution of Globalization. SHS Web of Conferences, 74, 02002. https://doi.org/10.1051/shsconf/20207402002

Brunswicker, S., & Chesbrough, H. (2018). The Adoption of Open Innovation in Large Firms. Research-Technology Management, 61(1), 35-45. https://doi.org/10.1080/08956308.2018.1399022

Chesbrough, H. (2019). Open Innovation: Where we’ve been and Where We're Going. Research-Technology Management, 55(4), 20-27. https://doi.org/10.5437/08956308×5504085

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