Business Management Assignment: Mitigating The Fraudulent Activity In Jaguar Landrover Company
Background: The aim of this business management assignment is to provide you with the key knowledge and understanding of the integrated nature of business functions focusing specifically on marketing and operations. The module explores in detail the strategic and tactical scope of Marketing and Operations management and the relationships between them. As you will discover there is little point selling a product a business does not have the capability to produce and distribute, similarly there is little profit in making a product that customers do not need or want.
The purpose of this assessment is to enable you to explore this relationship between demand generation and management and the impact on operations, production and supply chain management to ensure you will fully understand the complexity of matching supply-side to demand-side requirements to achieve strategic fit.
As part of the module this assessment brief will help you explore these issues within a small group setting. You and your group will develop skills in managerial decision making and professional presentation whilst also developing data analysis skills using spreadsheets. By working in a small group, you will improve and enhance your ability to communicate and collaborate effectively with others both within the context of an integrated business, but also within the context of your award of ‘MSc Management’, which ever pathway you have chosen. This approach aligns with the programme philosophy that ensures that as a future manager you will be able to make effective decisions that take account of the fast changing external and enterprise environments.
Individual Report (Maximum 2,000 words) –
The new information about both the external and internal enterprise situation and you will be required to react by proposing recommendations to optimise the organisation appropriately to this changing situation in the Individual Report together with Group reflection. The Individual Report should therefore answer the following key questions:
- How could the business optimise aspects of its digital marketing and operations to take advantage of this new situation, through incorporating values of responsibility and sustainability in business?
- What key reflections can you make about the efficiency and effectiveness of the group and its decision making during the assessment process? In your answer reflect on the group’s strengths and weaknesses, including an assessment of your skills, and develop an action plan to improve future group working.
Jaguar Landrover Company has a distinct and largest shareholder market that creates an economic balance globally and in this business management assignment report a detailed study has been demonstrated based on their fraudulent financial closing. This report also shed light on the strategic solutions that can be needed for the refinement of the internal policies as well. It also has described the strength and weakness of the company to make a critical analysis of this study as well. It also has the potential benefits from the strategic solution which can further embody an argued and well-built study of this case scenario.
Jaguar Landrover Company has a distinct and largest shareholder market that creates an economic balance globally. In this case a fraud has been made from the last year finances of this company and in this report a detailed study of the investigation has been made. This report has stated the strategic solutions and the benefits from it to mitigate the fraudulent activity in this company. The different aspects of the team reflection and the conclusion have been made to better understand the situation as well. Thus a descriptive discussion has been created for Jaguar Landrover Company for betterment and growth of the company.
According to the investigation of the recent strategic and tactical operations of the market of Jaguar Landrover Company, the misreporting of the finance departments led to a fraudulent activity of previous financial years. A series of external and internal investigations has been set upon to find the main problem of this incident. Marketing and operation has been investigated with thorough checking. The Finance Director of the company resigned due to the following allegations; it creates a chaos into the system and to mitigate the chaos and create a sustainable work environment for the development of the company. As the misreporting of the finances and the 30% overhauled prices to the shareholders become devalued. It has created a keen sense of morality to assess the serious implications with the reputation of the market. It has also seen that excessive expenses and business to business sales accounts need to be reimbursed again.
Finance director had resigned from the company due to some allegations of financial frauds that came up in the investigation of some of the misinterpreting results of the previous year’s financial transactions. His resignations were based on some reasons and they are as follows;
- Misleading data is one of the major reasons behind the resignation of the finance director of the company.
- Misreporting of the company finances is another important thing that boosts up the basic ethical sense to give his resignation.
- 30% fraud in financial reports and calculation forgery is another important reason behind the resignation of the Finance Director.
Jaguar Landrover company is one of the most successful brands worldwide and their major common strength is their reputation (Autonews, 2021). They are well known for their luxurious interior and exterior designs. They have stunning market segments throughout the world and their maintenance of the product is refined to its finest. Improvement of Existing Brands and making more products on a daily basis is another important criterion of their Strengths as a Company. They improve their market on the basis of the customer needs and the sales team works with a dedicated motivation. Minimizing the cost for their products is strength of this company that makes them more popular globally. Affordable range of wide items with luxurious products boosted up the sales and the reputation of this company. It also caters to the strong management team behind it. Customer centric policies and strategies for their needs and requirements and maintain a better understanding with them prove them a better business company worldwide (Autonews, 2021). They show immense confidence in their business which in turn helps their customers to do business with them without any hesitations.
Quarterly loss and low turnover number due to Embezzlement in financial closing makes the company vulnerable to fraudulent and illicit activities which can be a major weakness of the company. Employee retention on the other hand is another weakness due to their lack of human resource management systems is another weakness of this company (Autonews, 2021). Reduced number of production is another major weakness of this company
Fraud awareness is an essential part of the business industry that needs to be thoroughly checked and helped the Company to flourish in this tough economic situation. According to the case study, the 30% fraud in the company expenses in the previous financial year and resignation of the financial director shows the lack of responsibilities and the lack of general awareness of morality in business. In order to mitigate this problem from the company and to sustain a better environment for this company the strategic solutions are as follows;
The transaction platforms that help to process the financial data such as ATM’s wire platforms create a wider range of real and fake data for new crime patterns. This results in the duplication of the efforts of a fraud free business which in turn results in a less collaboration with other stakeholders and shareholders (Blog.cloudera, 2021). Preventing the functional data silos and establishing a holistic approach towards fraud helps to build a better environment for work. According to the case study it will be easier if a Converged Data Approach is implemented which can deal with the duplication of the data storage and the reduction of the third party frauds (Miteksystems, 2021).
Machine learning and real time data
Traditional rules for prevention of frauds in financial aspects are not helpful in locating the illicit activity in the systems. Hence, with the development of the technology and digital platforms new platforms like machine learning and real time data implementation also get a chance to prove their worth in prevention of economic loss (Miteksystems, 2021). Sophisticated analytical approaches are needed for effective financial fraud prevention in which real time data and machine learning comes in handy. Machine learning helps to identify a potential fraud by doing a simulation of the financial claims and thus one business institution can be aware beforehand of the illicit activity.
It is another important strategic solution that starts with the sincerity of the employees in a company. It needs the holistic approach of the interaction of the company sources in a daily run down and a better understanding of it. According to this case study, lack of sincerity of the employees creates a huge devalued 30% share of the market value which in turn can become their worst nightmare of their reputation. Senior management of a company always needs to do the risk assessment beforehand any system implementation or financial transaction (Emerchantpay, 2021). Thus a risk tolerance limit can be grown which results in a less possible illicit activity of frauds in a Company.
The major and common step of the strategic solutions of fraud prevention is to maintain clarity. Clarity can generate the keen sense of the ethical considerations and helps to encourage fraud prevention through a united effort of human resource and with machines (Intechopen, 2021). It is important for a company to create a holistic approach to their firm vision and clarity for the prevention of any kind of illicit or forgery activity that can jeopardize the company. Consistency and proper motivation helps to keep up the fraud activities at check during the financial transactions for a bigger company like Jaguar Landrover.
Monitoring and Report
Risk management is a daily run down business in which fraud prevention is a major part. It is important for the management to report day to day work and maintain a proper monitoring of the situation and potential risks for a betterment and growth of the company (Emerchantpay, 2021). It seems quite easy but it needs more dedication and thorough scrutiny that creates a general sense of responsibility and helps the company to grow without any malpractices. It also helps a Company to retain their reputation in the market places that helps to get their attention in a global range.
Help from a professional
Lastly it is always possible to get help from the professionals for a better judgment for prevention of fraud in financial aspects of a company (Intechopen, 2021). According to the Case study, the company can hire a professional to assess their employees as well as their internal and external factors that are behind the fraudulent activity of the previous year. It can create a second consultation strategy that can also create potential loopholes and by mitigating them the company can retain their reputation with a better version of themselves (Emerchantpay, 2021).
Benefits of these Strategic Solutions
Benefits of all of these mentioned strategic managements for fraud prevention are immense and they have multiple applications throughout the Business Companies. The Benefits are as follows;
Safeguarding: Strategic Fraud management not only prevents fraudulent activities inside the company it also helps to safeguard the company resources as well (Utami et al. 2020). It also helps to maintain a better environment for the work for the employees and the management as well as for the customers too.
Understanding pros and cons: Above mentioned strategies can create a general awareness of the pros and cons of an activity inside the business firms or a company (Emerchantpay, 2021). It also shows the strength and weaknesses of the company as well as the employees which in turn shows the integrity of the management system as well.
Consistency of prevention of frauds: Furthermore, these strategies enable a consistency of prevention of frauds and maintain a tangible line across the board of the Directors, giving a clear direction and action plan to all other departments (Intechopen, 2021). Thus, potential risk management can be acquired in a company and employee retention like Finance directors can be easy without any malpractices.
Employ advancement: It is another important part that helps to generate advancement in the employment strategies that comes up with the recruitment policies as well. It helps to maintain the employment retention as well as the fraud detection at check (Mckinsey, 2021). It also helps them to create a better developmental strategy against the illicit activities.
Training Assessment: Different cases on previous fraudulent activities for the training purpose of the employees can easily create a general awareness about of malpractices (Utami et al. 2020). It also helps to maintain a better environment for the work also.
Improvement of Customer Experience: Above mentioned strategies can easily boost up the customer experiences which can help the business in this tough economic environment. Improvement in customer experience through a clear transaction policy can build the loyalty to each other (Sujeewa et al. 2018). It helps to create a general awareness of the customer-centric business policy as well.
Integrated Approach: Due to these strategic solutions, an integrated approach can be maintained for the prevention of the illicit activities. Integrated approach helps to identify the daily work and define the target data of accomplishment (Mbaka and Namada, 2019). It also shows the great responsibilities of the definitive amount of work done and reporting to the upper management also.
As a team member of the assessment group I can tell the difference that can be made by these strategic solutions and all other disadvantages that we are in now. There is various communication gap we faced as a team. We lacked in cross cultural communication which is an important aspect. During the assessment of financial calculations I observe that lack of Communication among the team mates that make the daily rundowns tougher than it seems. I also observed that there are different suggestions for different team members which were not good for a team working. On the contrary lazy working environment and less motivated mentality can be a reason for initial mishaps that we made. Hence, on the basis of the strategic solutions future actions are as follows;
Future Action plans
- New technology implementation can easily boost up the mentality of us and other team members for a friendly workspace.
- Increase of communication among the team is essential and important.
- Daily reporting of the run downs for keeping up the daily records are must doing future plans.
- Different training session arrangement is another important action plan that can take in action for the development of collaboration and team work.
- Development of cross cultural and interpersonal skills are essential.
- Lastly maintaining the integrity and development of the ethical consideration for what is right and wrong is another important action plan according to me by some value education training sessions.
A detailed study on the case scenario of the company Jaguar Landrover has created a descriptive summarization of prevention of illicit activities. It also has shed light on different strategic solutions that can come in handy for the prevention of fraud inside a company. It has also been seen that employee concerns were increasing and due to that reason a skilled management team is needed as fast as possible. Hence, it has also concluded that thus we can easily demonstrate the strength and the weakness of a company and make necessary changes to sustain it in global business market for the betterment and growth of the company.
Autonews (2021), Jaguar Land Rover weakness drives Tata Motors deeper into junk rating, Accessed on: 11th December 2021 [Accessed from: https://www.autonews.com/article/20181205/COPY01/312059953/jaguar-land-rover-weakness-drives-tata-motors-deeper-into-junk-rating]
Blog.cloudera (2021), Fraud Prevention – 3 Data Strategies for Financial Services, Accessed on: 10th December 2021 [Accessed from: https://blog.cloudera.com/fraud-prevention-3-data-strategies-for-financial-services/]
Emerchantpay (2021), The importance of fraud prevention and risk management solutions, Accessed on: 15th December 2021 [Accessed from: https://www.emerchantpay.com/insights/fraud-risk-management/]
Intechopen (2021), Financial Fraud and Managers, Causes and Effects, Accessed on: 11th December 2021 [Accessed from: https://www.intechopen.com/online-first/74186]
Mbaka, A. and Namada, J., 2019. Integrated financial management information system and supply chain effectiveness.
Mckinsey (2021), Fraud management: Recovering value through next-generation solutions, Accessed on: 11th December 2021 [Accessed from: https://www.mckinsey.com/industries/financial-services/our-insights/fraud-management-recovering-value-through-next-generation-solutions]
Miteksystems (2021), Five best fraud risk management and assessment strategies, Accessed on: 15th December 2021 [Accessed from: https://www.miteksystems.com/blog/five-best-fraud-risk-management-and-assessment-strategies]
Sujeewa, G.M.M., Yajid, M.S.A., Azam, S.M.F. and Dharmaratne, I., 2018. The new fraud triangle Theory-Integrating ethical values of employees. Business management assignment International Journal of Business, Economics and Law, 16(5), pp.52-57.
Utami, W., Nugroho, L., Mappanyuki, R. and Yelvionita, V., 2020. Early warning fraud determinants in banking industries. Asian Economic and Financial Review, 10(6), pp.604-627.