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Importance of Business Processes

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Why are the following business processes important? Which process do you feel is most important? Explain your reasoning.
a. Strategy development
b. Product development
c. Systems to produce goods and services
d. Order fulfillment

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Solution Summary

A discussion regarding business processes such as strategy development, product development, systems to produce goods and services and order fulfillment, including which processes may be most important. 1330 words, 2 references.

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a. Strategy development - Having a strategy for an organization is similar to having a game plan in a football game. If you have no game plan, you have no structure surrounding how you will win the game or achieve success as an organization. "To be successful means knowing how to use your talent and resources to best advantage, and it's very difficult to "win" if you don't have this game plan in place" (MindTools, 2012, para 3). Having a strategy allows for increased profitability, more gains in market shares, increased customer, and increased approval ratings. It also creates the necessity to understand the environmental factors and governmental regulations the organization also must adhere to as well as identifying the available resources both internally and externally.

To me, this process is of vital importance. As I noted above, if you don't have a plan as an organization that provides structure and steps to dictate your success, you will not be successful. Many organizations actually skip this step in lieu of an overall idea that might be shared among executive leadership but without actually writing it down and making it a more formalized process that is shared with the company at large, it is highly likely that it will not come to fruition.

b. Product development - Product development is the process of not only the initial innovation applied to the product but also the future implementations and advancements of the product. The process for product development commonly follows eight stages. All of these stages interact with each other and each is vital to the entire process. An example of this process might be with a toy for children ages 12 to 18 months old.

Below I have taken you through an example in each stage.

- Idea generation - In this phase, the idea for the new toy is generated and initially processed. Let's use the example of a toy that assists a child of 12 to 18 months with learning to walk. That is the initial idea and the brainstorming occurs in ...

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