This website uses cookies to ensure you have the best experience. Learn more

Riordan Manufacturing Outsourcing Plan Essay

2851 words - 12 pages

Riordan Manufacturing - Outsourcing Plan
Riordan Manufacturing, Inc. leads the industry in plastic injection molding. Riordan has six manufacturing locations in the United States, and one location in China. Riordan creates innovative plastic designs using state-of-the-art technologies that have earned them international acclaim. The various business entities of Riordan Manufacturing are using different Financial and Accounting applications and their incompatibility is causing many issues in the day to day operations of the company. In order to improve the productivity and efficiency of the business entities, Riordan management is considering outsourcing the Financial and Accounting ...view middle of the document...

Monthly auditing has become very costly and compliance with government regulations has become a challenge. Riordan management has recognized the need for a solution or other alternatives to resolve these operational issues. This solution needs to meet all of the requirements of the business and users as well as being a cost effective solution.
Business Requirements

The existing F&A systems implemented at the operating entities of Riordan Manufacturing have the following modules; General Ledger, Accounts Payable, Accounts Receivable, Order Entry, Procurement, Sales and Purchasing History, Invoicing and Shipping, Payroll, and Financial Reporting. F&A systems implemented at the corporate office also include the modules for EDI, Bar Code Reading, and EDSS (Executive Decision Support System). The proposed solution should provide all of these modules, and more. Since the operating entities are in different time zones and countries, the new application should provide the features like multi-currency, multi-time zones, etc. to support a global implementation. The proposed application should be compatible with the existing applications implemented at Riordan Manufacturing while performance, scalability, and modularity are also deciding factors in the selection of the new application. The expectation is that the process of consolidating the close of the general ledger and subsequently the income statement and balance sheet report generation will be straight forward and it can support the requirements of the external auditors. The effective management of the general ledger can provide greater control over the accounts receivables, accounts payable, payroll expenses and much more. At present each entity is maintaining invoicing, payments, etc. for their customers and suppliers. The new application also should support this business process, so that the entities can continue to manage invoicing and payments for their customers and suppliers. These types of tools provide a much more accurate time and cost accounting as well as a better management of departmental budgets. The cost of the proposed solution should be reasonable and the return of investment (ROI) should be attractive so that the Riordan Manufacturing Executive Committee approves the project.

Implementation Plan
The implementation of a financing and accounting software package is an important step in the Riordan Manufacturing outsourcing plan. Many factors go into properly implementing a new software package including company budgets, available support and software package reputation. One key factor to consider with such an implementation plan is the level of interruption this may cause for the daily financial activities that take place in the company. It is important that new financial management software be implemented as quickly as possible with minimal training since financial processes cannot allow much time for disruption. Rolling out a new financial software package...

Other Papers Like Riordan Manufacturing - Outsourcing Plan

Riordan Mfg Essay

3662 words - 15 pages RIORDAN MANUFACTURING, P. 5 FEBRUARY 13, 2012 NEW PROCESS DESIGN RECOMMENDATIONS CONT… Quality at the Source: This concept requires management to hold employees accountable for productivity in their own work center and calls for employees within a work center to hold each other accountable as well. We recommend you first train employees on how to minimize reworks and plan for fast changes. To motivate employees to embrace such

Riodran Manf Outsourcing Essay

2450 words - 10 pages Riordan Manufacturing Outsourcing Plan Introduction Riordan Manufacturing (RM) is an established global plastics producer, which employees 550 individuals and their projected annual earnings are $46 million. RM has production divided among three plants. RM’s mission is to focus on achieving and maintaining profit that ensures that the financial and human capital is available to sustain growth. In week three, team C established four potential

Riordan Mnfg Outsourcing Paper

2424 words - 10 pages Riordan Manufacturing Outsourcing Plan Introduction Riordan Manufacturing (RM) is an established global plastics producer, which employees 550 individuals and their projected annual earnings are $46 million. RM has production divided among three plants. RM’s mission is to focus on achieving and maintaining profit that ensures that the financial and human capital is available to sustain growth. In week three, team C established four potential

Corporate Compliance at Riordan Manufacturing

2241 words - 9 pages plan for the company. Corporate Compliance at Riordan Manufacturing Riordan Manufacturing is a global plastics manufacturer. Doctor Riordan started Riordan Plastics, Inc. in 1991 and the name changed to Riordan Manufacturing, Incorporation in 1993. The company is headquartered in San Jose, California and has plants in Albany, Georgia, Pontiac, Michigan, and a new facility in Hangzhou, China. The company products include plastic

Competitive Advantages

819 words - 4 pages revenues with the delivery of their product, which in turn strengthens their competitive advantage. The structure of their plan is based on financial goals, action plans and objectives with reviews of their performance. Riordan is a plastic manufacturing company that could improve their business operations by producing innovative materials with environmental concerns in mind. These improvements in business practices will redesign their products

Riordan Manufacturing

1164 words - 5 pages Running Head: Riordan Corporate Compliance Plan Riordan Corporate Compliance Plan Law 531 Riordan Manufacturing Corporate Compliance Plan Introduction Alternative Dispute Resolution (ADR) Riordan Manufacturing will implement the use an ADR for conflicts and breach of contracts among clients, employees and supervisors. An alternative dispute resolution offers parties alternative means of resolving differences outside actual

Riordan Manufacturing: Improving Amidst Changes

1212 words - 5 pages tighten up its game then other companies will not stand a chance against them. Production Plan for Riordan Manufacturing Riordan Manufacturing, owned by Riordan Industries, is a plastic injection molding company. The company manufactures products such as plastic bottles, heart valves, medical stents, and fans. This report will evaluate production plan for the fans produced at Riordan Manufacturing. The plan includes developing a strategic

Riordan Corporate Compliance Plan

2116 words - 9 pages Riordan Corporate Compliance Plan University of Phoenix Introduction Riordan Manufacturing founded in 1991 by Dr. Riordan with patent awards from processing polymers into strong plastic substrates, the company's initial focus was against research, development and the licensing of its existing patents; In 1992 Dr. Riordan obtained venture capital which he used to purchase a fan manufacturing plant in Pontiac, MI. In 1993, the company

Competitive Strategies of Riordan

2993 words - 12 pages Competitive Strategies of Riordan The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it

International Business

1123 words - 5 pages create a plan to maintain ethical while conducting business in Malaysia. Environmental issues in Malaysia will affect Riordan Manufacturing brand image. This will show their consumers internationally and domestically that they are careless about the environment. In order for Riordan Manufacturing Company to have a positive image of their brand, they will need to implement some changes in the raw materials that they use in production or by

Ops/571 Process Designs and Supply Chains

2364 words - 10 pages available global opportunities. Additionally, this paper will include a production forecast and as well as an implementation plan for lean production and a just-in-time system to optimize the profit at Riordan and improve customer satisfaction with timely delivery of orders with appropriate inventory management system. Material Requirement Planning       The material requirement planning of Riordan manufacturing is designed to supply the required

Related Essays

Riordan Manufacturing Strategic Plan Essay

2067 words - 9 pages Riordan Manufacturing Strategic Plan Why is strategic management necessary? Strategic management, and business policies are essential for organizations to gain competitive advantage within their respective markets. Organizations like Riordan Manufacturing implement policies, and procedures to provide structure, and standardize operations in efforts to maintain proper control of production, inventory, and logistics. Developing a strategic plan

Riordan Manufacturing: Corporate Compliance Plan Essay

1238 words - 5 pages officers as well as any contracts they authorize. Adherence to this corporate compliance plan will reduce the liabilities of Riordan Manufacturing, Inc. Alternative Dispute Resolution All disputes must go through an alterative dispute resolution process. The following steps will be followed when a dispute occurs. However, depending on business impact, senior management may give direction to bypass or invoke any step of the ADR process at any

Riordan Manufacturing Management Change Plan Essay

1566 words - 7 pages Riordan Manufacturing Management Change Plan MGT 301 Section I: Change Management Plan Identify the current formal and informal power structures in the organization. How might the power and political structure of the organization affect employee behavior? The formal power structure in the organization consists of the top management staff run by the President & CEO, followed by the Executive Assistant, Senior VP-R&D, and the Chief

Production Plan For Riordan Manufacturing: Aiming For Reasonable Profitability

1079 words - 5 pages Running head: PRODUCTION PLAN FOR RIORDAN MANUFACTURING Production Plan for Riordan Manufacturing Introduction ”We must be focused in achieving and maintaining reasonable profitability to assure that the financial and human capital is available for sustained growth” (University of Phoenix, 2004, p. 2). Riordan’s existence is dependent upon its ability to maintain and manage its very own growth and capital. Over the past