BUS FPX 3007 Assessment 1 Organizational Structure and Goals BUS-FPX3007 Developing a Business Perspective
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Caterpillar Internship
The selected company for the internship is Cat-Empire, which specializes in manufacturing its own line of construction equipment and operates in various areas of business management. With multiple locations focused on the operations and maintenance of their machinery, Caterpillar aims to enhance the efficiency of its products compared to previous generations. Additionally, the company has set an ambitious goal to reduce employee injuries by 50% by the year 2030 (Caterpillar, n.d.). During my initial year as an intern, I intend to concentrate on accounting and finance, as well as production and operations. My primary objective is to acquire knowledge in accounting and finance, while my secondary aim is to gain experience in production and operations. Exposure to both fields will provide me with a comprehensive understanding of their functions and the necessary components for success. By experiencing backend operations, I will gain insights into budgeting processes, understanding which expenses are essential and which can be deferred for a more strategic financial approach.
Another area of focus for my internship will be sales and marketing. This experience will help me understand how financial resources are allocated to marketing efforts and how they contribute to sales growth. Additionally, it will provide me with a clearer perspective on the company’s operational framework. The roles of finance and accounting are crucial as they provide data through various statements, including the balance sheet and income statement, enabling investors and lenders to make informed decisions. This financial clarity allows the company to secure funding for various initiatives and projects, even for basic expenditures like business cards (Drury, 2021).
Assessment 1: Organizational Structure and Goals
Caterpillar has established a goal to reduce employee injuries by 50% from 2018 to 2030. Achieving this objective will involve implementing better protective measures and replacing outdated equipment (Caterpillar, n.d.). The finance and accounting departments will need to create a budget that facilitates the exchange of worn-out equipment for new replacements, as well as support initiatives aimed at injury reduction. Production refers to the actual manufacturing of goods, whereas operations involve the overall functioning of the business. Production management is responsible for overseeing product quality and ensuring that safety protocols are followed while optimizing production costs (Weedmark, 2019). Additionally, Caterpillar aims to promote customer safety for all individuals who interact with their products and to reduce landfill intensity by 50% from 2018 to 2030. Meeting these objectives will necessitate effective leadership and guidance within the operations and production sectors, involving training and adherence to new company standards (Caterpillar, n.d.).
My preference for interning in finance and accounting stems from my strong numerical skills and ability to create functional budgets. I believe that gaining experience in operations and production will provide me with a broader perspective on making both short-term and long-term investment decisions for the company. My motivation to excel and achieve organizational goals would significantly benefit the company as a whole. For example, I could advise on the procurement of products that enhance operational efficiency, establish growth-oriented budgets for various business sectors, and conduct financial analysis comparing production costs to recommend strategic directions.
Sales and marketing require effective communication to convey the company’s offerings. Essential skills for success in marketing include creativity, technology proficiency, communication, negotiation, analytical thinking, and stress management (Doyle, 2020). However, I believe that this area does not align well with my current skill set, as I often struggle with communication in unfamiliar settings, which can increase job-related stress. To excel in marketing, I would need to enhance my social skills and develop a deeper understanding of the company’s products to identify customer needs accurately. Having hands-on experience in accounting and operations would not only deepen my understanding of the company but also allow me to provide informed advice on budgeting and resource allocation for various scenarios. The marketing department would enable me to witness the operational side of the business firsthand, thus enhancing the overall effectiveness of marketing budgets that support the company’s objectives.
References
Caterpillar. (n.d.). 2030 Sustainability Goals. Retrieved from https://www.caterpillar.com/en/comp