Life Vision Objective Discussion

Life Vision Objective Discussion

Life Vision Objective Discussion

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Life Vision Objective

Michelle Husbands

School of Business, Purdue University Global

August 22, 2021

Life vision objective

As a technology developer, assessing the gaps in the market and the mistakes made by other developers equips one with the knowledge that may enable them to accomplish the key objective. Technology development is mainly based on the fact that understanding the market’s needs can equip one with the knowledge they need to implement when addressing all the challenges experienced in the industry (Jabbour et al., 2020). With the right tools that can help one identify the nature and impact of competition, one can create all components that can meet the key opportunities to help realize all the goals (Nickols & Ledgerwood, 2006). The development includes using the factors that can assist in elimination, reduction, raising and creation of the elements that identify some of these opportunities. GB 580 Life Vision Objective Discussion

Vision

To be a successful technology developer that focuses on the current gap and continuous improvement on the errors noted in the past development initiatives.

ERRC Grid

The ERRC grid refers to a tool that most start-up companies and organizations are willing to identify and utilize the new market opportunities to attain growth (Leavy, 2018). Applying this instrument as one of the models to differentiate one from the other developers with similar products is essential for developing the necessary knowledge. Through the ERRC grid, one gets to eliminate, reduce, raise, and create necessary elements that can enable them to identify and fully meet most of the identified opportunities. The following section addresses the approaches used to learn about the opportunities, their impact, and the best strategy to address gaps.

Eliminate: These are some of the factors that the industry has recorded for a long time. However, despite having been in the industry for long, they can no longer have any value to the industry. Therefore, it is essential to eliminate them since they continue to increase production costs to the company and with no significant returns. GB 580 Life Vision Objective Discussion

Reduce: there are several factors in any company’s operation that come with high production costs and that define the company’s operations (Longo et al., 2019). Reducing the factors that are below the standards of the organization. Some usually come at a relatively high cost with high returns that give the company a relatively highly competitive advantage. Although the costs are high, the business can not do without them. The best solution that the company can do is to eliminate them.

Raise: in production, several factors require additional input. These factors need to be raised to ensure that the company can continue adding value to the customer experience.

Create: the new standards that have not been used in the industry can succeed or fail to depend on the applied measures. They can make the company more attractive to new customers and ensure that they get the needed value.

Eliminate

1.     In my personal life, I need to eliminate time wastage and inappropriate usage of financial resources.

2.     In professional life, specifically in this industry, I will need to eliminate storage spaces that increase the cost and lack adequate income.

Reduce

1.     in my personal experience, I need to reduce the time to apply technology aspects and their roles.

2.     In the professional business, reducing manual operations will make it easy for me to rely on automation and view it as an element that can replace human operations.

Raise

1.     I need to improve the speed, and the productivity noted in the supply chain sector by making the interaction with the customers automated.

2.     Also, increasing investment in automation of logistics process to improve the productivity while cutting down the cost.

Create

1.     Involve robots in this business to assist in manual operations and help in adding value to the customers.

2.     Incorporate big data in the decision making process that will ensure that there will be a streamlined flow of information about the materials needed in the growth of the company.

 

The ERRC grid presents an area that I need to focus on to bring about growth and eliminate all the factors affecting success (Chan, 2005). From the ERRC model, waste elimination at both the personal and professional levels and improving the production speed are the essential goals I need to invest in fully. The first goal aligns with the vision. It allows me to have a high chance of success. I have to focus on the initiatives that enable me to learn from past mistakes that have enabled me to lean on initiatives that promote my professional life. This knowledge has enabled me to eliminate anything that has no use to me in my life. With my life vision, the second goal promotes new technology business features that call for continuous development that has led to improvement.

 

 

References

Jabbour, C. J. C., Fiorini, P. D. C., Wong, C. W., Jugend, D., Jabbour, A. B. L. D. S., Seles, B. M. R. P., … & da Silva, H. M. R. (2020). First-mover firms in the transition towards the sharing economy in metallic natural resource-intensive industries: Implications for the circular economy and emerging industry 4.0 technologies. Resources policy66, 101596.

Leavy, B. (2018). Value innovation and how to successfully incubate “blue ocean” initiatives—strategy & Leadership.

Longo, F., Nicoletti, L., Padovano, A., d’Atri, G., & Forte, M. (2019). Blockchain-enabled supply chain: An experimental study. Computers & Industrial Engineering136, 57-69.

Nickols, F., and Ledgerwood, R. (2006). The Goals Grid: A New Tool for Strategic Planning. Consulting to Management. 17(1), 36-38.

  1. Chan, K. (2005) Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. HBS.
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