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Autor: anton • November 23, 2010 • 2,508 Words (11 Pages) • 1,733 Views
Riordan Manufacturing Inc. is a leader in the manufacturing of plastic bottles in conjunction with other production lines that create fans, heart valves, medical stents and custom plastic parts. Riordan Manufacturing has projected annual earnings of $46 million. The company has four locations on two separate continents in North America and China.
The headquarters is located in San Jose, CA and employs 125 people. Most of the Riordan research and development is done at the headquarters in San Jose. There also is a plant in Pontiac, MI that employs 130 personnel. At the Pontiac plant many different types of plastic parts are created too include custom plastic parts for a very diverse customer base. The Albany, GA plant has 44 employees and makes all the plastic beverage containers that Riordan sells. Riordan ManufacturingÐ²Ð‚™s largest plant is in Hangzhou, China where 251 employees work. This is RiordanÐ²Ð‚™s largest joint venture and is where the plastic fans are manufactured.
Riordan has plans to move the Hangzhou plant to another location within the next five years. The new location is in the city of Shanghai, closer to the shipping port. By moving the Hangzhou plant to Shanghai, Riordan will save money on the costs that are incurred by trucking their products to Shanghai where they need to go to be shipped out of the country.
Riordan Mission Statement
A mission statement needs to clear in communicating the companyÐ²Ð‚™s goals and proposition. Ð²Ð‚ÑšA good mission statement can be a rallying point that the entire company can embrace, while a bad one can confuse employees to the point of apathy.Ð²Ð‚Ñœ (Dao, 2007) In other words, the mission statement is a way to give direction to a companyÐ²Ð‚™s goals and dreams. Not only does it get all the members of the organization to have the same values of the company now but as well as achieving the goals of the business. Riordan ManufacturingÐ²Ð‚™s mission statement is set up uniquely in a bullet system featuring four admirable categories: Their focus, costumer relation, employees and their future. RiordanÐ²Ð‚™s mission covers all aspects that most experts consider exemplary in a company mission statement. Other manufacturers in the industry such as Arrow use an essay format. This is confusing to some because the companyÐ²Ð‚™s main goals are not laid out to the consumer. A suggestion for Riordan is to market a mission statement slogan. Although ArrowÐ²Ð‚™s mission is not laid out for the consumer, they make up for it by marketing Ð²Ð‚ÑšCount on us for reliability, flexibility, and innovation.Ð²Ð‚Ñœ The four main goals are right under the company name on the website. Riordan Manufacturing has no existing marketing slogan and shall consider the benefits one offers.
The principles of mission statement and mission statement slogan are nearly identical. Both need to be clear representation of the businesses purpose except the slogan is normally only around one sentence. Ð²Ð‚ÑšDevelop a strong purposeful identity for a company, and discover that people will go out of their way to be associated with youÐ²Ð‚Ñœ (Patsula, 2007). The reason for this is people like to feel apart or attached to something. If Riordan can gain attachment from costumers, employees, suppliers, and investors, they will be loyal. However, loyalty is difficult for companies to achieve from just a slogan, but loyalty is a key element. Unlike the company name and logo, the slogan can easily be changed with new marketing strategies. A good slogan is also hard to forget. Even if it only has been heard a couple of time. This is because it appeals to a personÐ²Ð‚™s emotion and leaves them with a positive image of the corporation.
A mission statement is a foundation for a corporation. Riordan has a meaningful, clear mission that is shared with everyone in the organization. It shows what the company is currently doing and what the companyÐ²Ð‚™s goals. With an addition of a company slogan, Riordan can expect a more loyal costumer base.
Finance and Accounting
Riordan Manufacturing has three operating entities and a joint business enterprise in China. Each operating entity has its own Finance and Accounting Systems and provides input to the corporate building in San Jose. After information is gathered at corporate the data is consolidated. The basic components of each system are as follows (Riordan Manufacturing, 2006):
Ð²Ð‚Ñž General Ledger
Ð²Ð‚Ñž Accounts Payable
Ð²Ð‚Ñž Accounts Receivable
Ð²Ð‚Ñž Order Entry
Ð²Ð‚Ñž Sales and Purchasing History
Ð²Ð‚Ñž Invoicing and Shipping
Ð²Ð‚Ñž Financial Reporting
Ð²Ð‚Ñž Bar Code Reading*
Ð²Ð‚Ñž EDSS (Executive Decision Support System)*
*San Jose Only
When Riordan acquired the operating entities in Michigan and Georgia the issue of Finance and Accounting capability was not addressed. The current situation does not look efficient. Currently data is provided to corporate by different methods. Some data is being sent as hard copy reports and must be re-entered. Other data is sent by data files but must be converted to proper account codes. RiordanÐ²Ð‚™s balance sheet regularly not complete until 15-20 days after the end of the month. This makes external auditors expensive. The inefficient systems also make compliance with new government required reporting very difficult.
Riordan needs to have all entities using the same Financial and Accounting System. Ð²Ð‚ÑšSan Jose has a license for a fully integrated Windows based ERP manufacturing, distribution and financial management software application specifically designed for plastics processors and process and assembly manufacturersÐ²Ð‚Ñœ (Riordan Manufacturing, 2006). Riordan shall consider all entities integrate this system to be compatible with corporate. All data should all be sent electronically to corporate already converted to the correct account codes.
When all Riordan entities integrate one compatible Finance and Accounting System with corporate, results will show a more efficient system Balance and Income sheets will be produced