Harvard Case - Expense Tracking System at Tiger Creek
"Expense Tracking System at Tiger Creek" Harvard business case study is written by Shoshana Zuboff, Gloria Bronsema. It deals with the challenges in the field of Human Resource Management. The case study is 23 page(s) long and it was first published on : Dec 7, 1984
At Fern Fort University, we recommend Tiger Creek implement a comprehensive expense tracking system that leverages technology, promotes employee engagement, and aligns with their organizational values. This system should streamline processes, enhance financial transparency, and foster a culture of accountability.
2. Background
Tiger Creek, a successful small-scale manufacturing company, faces challenges with its current manual expense tracking system. This system is inefficient, prone to errors, and lacks the necessary analytics to support informed decision-making. The case study highlights the company's desire for a more efficient and effective solution, recognizing the need for improved financial control and data-driven insights.
The main protagonists are:
- Jim: The CEO, who is concerned about the lack of financial transparency and the potential for fraud.
- Mary: The CFO, who is responsible for financial management and is actively seeking a solution.
- Employees: Who are currently burdened with manual expense tracking and lack clear guidance on expense policies.
3. Analysis of the Case Study
The case study highlights several key issues:
- Inefficient Manual System: The current system is time-consuming, error-prone, and lacks real-time data access. This hinders timely financial reporting and decision-making.
- Lack of Transparency: The absence of a centralized system makes it difficult to track expenses accurately and identify potential areas for cost savings.
- Limited Data Analytics: The current system lacks the capabilities to generate meaningful reports and insights, hindering strategic planning and performance evaluation.
- Employee Dissatisfaction: Manual expense tracking can be cumbersome and frustrating for employees, leading to potential compliance issues and reduced productivity.
To address these issues, a Strategic HR Planning approach is recommended, focusing on:
- Talent Management: Implementing a new system requires effective employee training and change management strategies to ensure seamless adoption and minimize resistance.
- Organizational Development: The new system should be aligned with Tiger Creek's organizational culture and values, promoting transparency, accountability, and employee empowerment.
- Performance Management: The system should provide clear performance indicators for expense management, enabling effective performance monitoring and employee feedback.
- Employee Engagement: Engaging employees in the selection and implementation process will foster ownership and encourage buy-in.
4. Recommendations
- Implement a Cloud-Based Expense Tracking System: This will streamline processes, provide real-time data access, and facilitate automated reporting.
- Develop Clear Expense Policies: Establish comprehensive guidelines for employee expenses, including acceptable categories, approval processes, and reporting requirements.
- Provide Comprehensive Employee Training: Train employees on the new system, including its functionalities, policy guidelines, and best practices for expense tracking.
- Integrate the System with Existing IT Infrastructure: Ensure seamless integration with Tiger Creek's existing accounting software for streamlined data flow and reporting.
- Leverage Data Analytics: Utilize the system's reporting capabilities to generate insights into expense patterns, identify potential cost savings, and support strategic decision-making.
- Foster a Culture of Accountability: Communicate the importance of responsible expense management and establish clear consequences for non-compliance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: The new system aligns with Tiger Creek's commitment to efficiency, financial transparency, and data-driven decision-making.
- External Customers and Internal Clients: The system will improve financial reporting for stakeholders and provide employees with a user-friendly tool for expense management.
- Competitors: Adopting a modern expense tracking system aligns Tiger Creek with industry best practices and positions them competitively.
- Attractiveness: The cloud-based system offers a cost-effective solution with a high return on investment (ROI) through improved efficiency, reduced errors, and enhanced data insights.
6. Conclusion
Implementing a comprehensive expense tracking system will significantly enhance Tiger Creek's financial management capabilities. This will improve financial transparency, streamline processes, and empower employees to make responsible expense decisions. The system will also provide valuable data insights to support strategic planning and drive business growth.
7. Discussion
Other alternatives not selected include:
- Maintaining the manual system: This would be a cost-effective option in the short term but would continue to hinder efficiency and accuracy.
- Developing an in-house system: This would require significant investment in time and resources and may not be as robust or scalable as a cloud-based solution.
Key assumptions:
- Employee buy-in: Successful implementation relies on employee acceptance and active participation.
- Technology adoption: Employees will need to be comfortable using the new technology.
- Data security: The chosen system will meet Tiger Creek's security requirements.
8. Next Steps
- Project Planning: Develop a detailed project plan outlining timelines, responsibilities, and milestones.
- Vendor Selection: Conduct a thorough evaluation of potential vendors and select a system that meets Tiger Creek's specific needs.
- System Implementation: Implement the chosen system, ensuring proper training and support for employees.
- Ongoing Monitoring: Continuously monitor system performance and make necessary adjustments to optimize its effectiveness.
Timeline:
- Month 1-3: Vendor selection and system configuration.
- Month 4-6: Employee training and system rollout.
- Month 7-9: Ongoing monitoring and optimization.
By taking these steps, Tiger Creek can successfully implement a robust expense tracking system that will drive efficiency, transparency, and informed decision-making, ultimately contributing to the company's long-term success.
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Case Description
Mill manager Carl Adelman learns that a group of senior managers is soon to visit the Tiger Creek mill to learn more about the success of the newly implemented Expense Tracking System. The System had been installed on two paper machines to give workers real time cost data enabling them to optimize the papermaking process. Impressive savings resulted from the operating innovations made by the paper machine operators, and this has engaged corporate attention. However, the savings rate seems to have plateaued. Andelman must discover why before the VIP visit.
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