...Riordan Manufacturing BSA/500 September 9, 2013 Riordan Manufacturing This document considers the impact of external influences on Riordan’s business; assesses the current financial state of Riordan Manufacturing, using standard tools to analyze the income statement, balance sheet and cash position; examines the financial and accounting systems in use, and their efficacy; and, recommends potential improvements to these systems and their integration to other systems. These improvements include additional accounting software modules to facilitate reporting, internal and external audits, and regulatory compliance. Influences Riordan Manufacturing is a corporation that has several influences affecting business processes and its financial state. Most organizations are affected by economic, government, and legal influences to varying degrees. The key economic influences affecting Riordan Manufacturing are real GDP growth, inflation, labor cost, interest rates, global monetary values, and fuel prices. These economic influences have an effect on the operational cost and liabilities of Riordan Manufacturing. Tax rates, environmental regulation, customs regulations, and employment regulations are some key government influences that affect Riordan's operational cost and income taxes paid. Riordan is a multi-national corporation, the government influences of each nation Riordan operates in have different affects. The key legal influences are tax laws, environmental...
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...existing and needed business systems of Riordan manufacturing (Smith Services Consulting Inc., 2011). The management of Riordan Manufacturing has submitted Service Request SR-rm-012 – Business Systems to have Smith Consulting create a summary of the business systems needed for effective management. Technical Team Bravo will begin with an overview of the current systems that exist in the areas of Finance and Accounting, Payroll and Human Resources, Information Technology, and Sales and Marketing. For each area covered, Technical Team Bravo will describe the business systems and subsystems used, identify who uses them, identify interrelations between business systems and subsystems, and include any noted disparities. Technical Team Bravo will conclude with a summary of suggestions for a systems plan to improve management (Smith Services Consulting Inc., 2011). Accounting Systems Riordan Manufacturing currently has six Enterprise Resource Planning (ERP) and Manufacturing Resource Planning (MRP) systems throughout four locations. These servers are accessed at the local level by 16 clients (PC’s.) The current challenge to management is the disparate systems and inconsistencies with respect to reporting capabilities and collaboration. Management needs to consolidate these systems into one Cloud-Based ERP/MRP solution that can handle real-time inventory management controls, and comprehensive, robust reporting tools. The San Jose office has an ERP and MRP system that handles inventory...
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...Riordan Manufacturing-Business Systems Review Student Name BSA/310 Riordan Manufacturing-Business Systems Review Mission Riordan Manufacturing is the industry leader in the field of plastic injection molding. Innovative plastic designs are Riordan's specialty used in the manufacture of medical stents, heart valves, fans, plastic bottles, and other custom parts. One of the fastest growing organizations in its field, Riordan Manufacturing is a for profit organization with annual earnings of up to $46 million. Full potential of growth and profit generation for Riordan Manufacturing is not being achieved. The focus for the company's future and their mission statement is "achieving and maintaining reasonable profitability to assure that the financial and human capital is available for sustained growth. By assuring that our employees are well informed and properly supported, we will provide a climate focused on the long term viability of our company. And we will strive to be a solution provider for our customers and not be a part of our customer's challenges." There is room for improvement in all successful companies, including Riordan Manufacturing. To reach its full potential of generating profit, and to grow as an organization, there is a need for improvements to all business systems in all departments. Description Finance and Accounting All financial transactions for the company are the responsibility of the Financial and Accounting Department of Riordan Manufacturing...
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...Riordian Manufacturing Accounting Riordan Manufacturing, Inc., the global leader in the field of plastic injection molding. The company produces plastic bottles, fans of all sizes, heart valves, medical stents and custom plastic parts. Riordan Manufacturing is fully owned by Riordan Industries and has 550 employees and generates an excess of $1 billion in revenue with a projected $46 million of annual earnings. Riordan has facilities in San Jose, California, Albany, Georgia, Pontiac, Michigan, and Hangzhou, China. Riordan has demonstrated they can be very successful and contend with their competitors as a Fortune 1000 company. There are a few major economic influences affecting Riordan’s operations and strategy including interest rates, unemployment rate, inflation rate, gross domestic product, consumer confidence and currency exchange rates. History Dr. Riordan started Riordan Manufacturing after purchasing a in 1992 when he obtained the venture capital to purchase a fan manufacturing plant in Pontiac, MI. Riordan’s primary plant for making custom plastic parts is the Michigan plant. In 1993 the company also began to produce plastic containers for beverages out of Albany, GA. The most recent the venture for Riordan is its expansion to China as the main manufacturer of fans. Riordan’s main customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers and bottlers, and appliance manufacturers. Riordan Accounting System Each...
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...Riordan Manufacturing Service Request SR-RM-012 Learning Team B Tony Jones Michael Jackksen George Thomas University of Phoenix Online CMGT578-IT Strategic Planning September 2, 2013 Company Overview Riordan Manufacturing is a global plastics manufacture with around 550 employees, Riordan annual earnings is project to be 46 million. Riordan Manufacturing is owned by Riordan Industries, a fortune 1000 company based in San Jose California with more than 1 billion in revenues. Dr. Riordan a chemistry professor founded the company in 1991 and it has grown to a global organization with locations in Michigan, Georgia, and China. In 1992 the company got its name after Dr. Riordan obtained venture capital and purchased a fan manufacturing plant in Pontiac, Michigan. Mission Statement Riordan Manufacturing mission is to be the leader in using polymer materials to provide solutions to their customer challenges and to be the leader in identifying trends. Riordan customer focus is to build long-term relationships through maintaining quality controls, innovative solutions, a responsive business attitude, and reasonable in price. The company committee to maintaining an innovative and team orientated work environment providing a climate focused on the long term growth of the company. Service Request Riordan Manufacturing placed a service request for all locations to review existing business systems. All areas within the organization are...
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...Introduction: Riordan Manufacturing was founded in 1991 by Dr. Riordan, a professor of chemistry. Dr. Riordan “had obtained several patents relative to processing polymers into high tensile strength plastic substrates.” (Apollo Group, Inc.). Dr. Riordan realized the commercial value of his application processes and launched Riordan Plastics, Inc. Since that time, Riordan has become the industries global plastics manufacturer leader. Riordan Manufacturing’s technology department continually grows and expands in order to remain competitive. The Operations Department of Riordan is in charge of all service requests. Operations define requests with detailed analysis before they are given to the Information Technology Department for implementation. Currently Operations is working on Service Request SR-rm-001 with the purpose of: • Suggest specific systems changes that improve our inventory or manufacturing processes. • We would like to use computer system utilization to become more efficient • Create a business requirements definition for system upgrades/improvement to be given to the IT department or information systems consultants This summary identifies business areas which need improvement, purpose of the project, and lists of stakeholders involved: Purpose of Project: Analyze IT systems at Riordan Manufacturing. Identify IT systems that are in need of upgrade in order to improve the inventory, shipping, accounting, finance, customer service, and manufacturing processes...
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...that Riordan Manufacturing, Inc. overhaul and upgrade their IT infrastructure. The Riordan information system is fragmented and redundant; which created inefficient policies. It is necessary to align the staff with technology that will ensure a more efficient and accurate job role. It is recommended to integrate all of the locations by purchasing and ERP and CRM system and ensure security of all data transferred. The most crucial change is to verify that all the new hardware being used is compatible with the inventory database. Riordan Manufacturing, Inc. Information Systems Analysis Riordan Manufacturing, Inc. is an industry leader in the manufacturing of polymer plastics. The company began as a research and development (R&D) company, which created innovative patents, but later expanded to plastic beverage containers and fan production. The information systems vary in each plant; which are antiquated and decentralized. Most information is manually recorded and transferred, allowing for input errors and indefinite data. The variety of legacy systems is labor intensive and unsecure; which affects the company revenue and stability. Operations Riordan Manufacturing completes numerous processes through operations. The procedures include the procurement of raw materials, tracking products while manufacturing, shipping and accounting of the finished product. Raw Material Receiving Process A truck from a supplier arrives with raw materials to the Riordan factory...
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...Accounting Systems Various accounting systems has affected Riordan Manufacturing Inc. started with the sales and marketing. The sales and marketing department investigates sales that are filed in many databases, paper records, and some in microfiche. Members of the sales force maintain their own set of customer records using variety of tools. Some use paper documentation, others sales management software (Act) and others a hybrid. The company will need a new integrated sales database, management systems, and accounting systems. That would allow the departments to better understand and anticipate customer requests. This shared database would include production records of number of units produced of each item by shift and overall yearly production, which would allow for the sales department to better estimate the time of project completion and delivery. The database would also include profit and loss statements by item and group to assist the marketing, finance and production departments with future strategic plans. Riordan Manufacturing puts out annual budget allocations for marketing and accounting research. The activities include: sales force promotions, price/ volume discounts to key accounts, public relations. This data and associated trends are very important for future strategic plans to boost sales and enhance accounting and marketing. Thus it is necessary for Riordan Manufacturing to invest in advance IT system that would all centralizing historical and...
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...Riordan Manufacturing Business System Proposal Paul Belanger, Aaron Ledger, Dacia Faulk, Ian Westerfield, Jennifer Gallaway University of Phoenix Introduction Being the industry leader in polymer materials and per our mission statement, Riordan Manufacturing must remain in step with industry trends. In order to effectively attain this objective, we must acclimatize, embrace, and take advantage of new and innovative technologies. In addition to identifying existing systems employed within the company that are in need of upgrades, the remainder of this paper will also address new systems as well as sub-systems needed and present a brief summary of why these systems would be advantageous to the future of Riordan Manufacturing. Finance and Accounting Overview Riordan manufacturing employs nine basic finance and accounting subsystems globally and three additional subsystems at the San Jose, California corporate headquarters. The atmosphere of interoperability between each of Riordan’s offices (California, Georgia, Michigan, and China) is at best hostile. At present, each operating entity has its own finance and accounting system resulting in a number of inefficiencies due to company-wide systems incompatibility, a lot of which stems from the Michigan and Georgia acquisition. To better establish potential interoperability between existing subsystems, it is first necessary to define the current subsystems of each Riordan office, existing software solutions, and how these...
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...Riordan Manufacturing Business Plan BSA/310 Riordan Manufacturing Business Plan Overview Riordan Manufacturing creates plastic designs and makes plastic products through a custom use of plastic injection molding. A few major customers who purchase materials from Riordan are automotive parts manufacturers aircraft, the Department of Defense, beverage makers and bottlers, and appliance manufacturers . Currently, Riordan Manufacturer has three plants located in Pontiac, Michigan; Hangzhou, China; and Albany, Georgia. Each plant supplies specialized products to customers. Riordan’s corporate headquarters is in San Jose, California and is also the location for the company’s research and development. With the popularity of these high-tech designed products Riordan is increasing in sales and growth. Riordan Manufacturing’s global business currently employs 550 people at the four locations. The company projects it will have annual earnings of over $46 million, and because Riordan Industries owns it; a Fortune 1000 enterprise, continued growth, and expansion is likely. To improve management of this profitable and growing company; it needs to review existing business systems. This review will show the current system including: finance and accounting, sales and marketing, human resources, legal, and operations. After this review has been accomplished; recommended business system and subsystem needs will be addressed...
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...Riordan Business Systems Christina Cruel, Steven Keller, Mick Robey, James Simkins BSA/310 November 4, 2013 Paula Billups Table of Contents Abstract……………………………………………………………………………………………3 Company Background…………………………………………………………………………….4 Business Systems Overview...…………………………………………………………………….4 Riordan Business Systems……………………………………..………………………………….5 Accounting and Finance……………………………………………………………….….5 Sales and Marketing…………………………………………………………….…………8 HR……..………………………………………………………………………….……….9 Legal……………………………………………………………………………………..11 Operations………………………………………………………………………………..12 IT Security……………………………………………………………………………………….13 Conclusion……………………………………………………………………………………….14 References………………………………………………………………………………………..15 Appendices: Service Requests…………………………………………………………………...16 Appendix A: Accounting and Finance...…………………………………………………16 Appendix B: Sales and Marketing……………………………………………………….17 Appendix C: Human Resources - HRIS…………………………………………………18 Appendix D: Human Resources – CM...……………………………………...…………19 Appendix E: Operations – CAD...……………………………………………………….20 Appendix F: Operation – ERP…..……………………………………………………….21 Appendix G: Operations - Legal…...…………………………………………………….22 Appendix H: IT Security…………...…………………………………………………….23 Abstract This is a formal response to Service Request, SR-rm-012 Business Systems, which requests analysis and recommendation of Riordan Manufacturing’s current business systems. This paper evaluates the electronic...
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...Riordan Manufacturing is an organizations that operating with incompatible accounting program. Each facility may operate on its own well, the financial data supplied to the corporate office comes in many different forms from hard copies to spreadsheets. This has led to countless man hours that being lost while data is input at one operation and then manually transferred to another system, when it arrives at its destination. Corporate Accounting must then assemble its financial statements and budgets based on data information. The system overhaul needed the ERP (Enterprise Recovery Program) system. It insures that the purchase new system for Riordan will have application source code rights to customize software to their growing needs. This wills improved Riordan Manufacturing flows of financial information throughout the corporation Riordan will again benefit substantially improve its Financial & Accounting systems with an implementation of the recommended ERP system, NetSuite®. NetSuite® ERP system contains a complete financial and accounting system, including general ledger, financial reports, accounts receivable and payables, and budgeting. This system will dramatically enhance the data flow between facilities and into the corporate office producing real-time financial information. An ERP system that will connect the Finance and Accounting information with all the other departments will only strengthen Riordan going forward. While the initial costs of bringing all facilities...
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...Riordan Manufacturing System Kao Yang, Tiara Smith, Greg Scott, Thomas Adams BSA 310 December 5, 2013 Oswald Angst Riordan Manufacturing System Riordan Manufacturing was founded with the intention to provide patents for processing different types of plastic. The founder, Dr. Riordan, already had several of these patents ready for licensing. While in possession of these patents, the company would be able to provide a unique product to its consumers. Alternatively, the company could charge other businesses simply for the use of their patented plastics. The initial business strategy revolved around research and development to take advantage of their patents and generate revenue through licensing. Riordan's business plan expanded and adopted production when the company opted to purchase a manufacturing plant. Riordan Manufacturing use this plant to produce plastic containers and custom plastic parts. The home page for Riordan Manufacturing provides a company overview as well as several links to important resources for employees. The company goals and expectations are clearly presented, as well as a brief history about the company. It could be seen as a human resources system to help employees find more information regarding their position. Additionally, it can be used to review the business plan for each aspect of the company to include: finance, sales, human resources, operations, legal or information technology. Riordan Finance Systems Riordan Manufacturing’s...
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...Riordan Manufacturing Riordan Manufacturing Corporation consists of four locations. The corporate office in San Jose, California, specializes in research and development. Riordan has three production plants, Pontiac MI with 130 employees, Albany, Ga. with 45 employees, and a foreign joint venture in China with 250 employees. Riordan has specific needs concerning management of its accounting and financial information. The objective of a good financial statement for the company is to provide information about the current financial position, or the performance and changes of the financial position of the enterprise that can be essential to making corporate economic decisions. Team A will provide Riordan Corporation with solutions to its accounting needs by proposing fully integrated accounting modules with a design specifically for the manufacturing industry. Riordan Manufacturing has the opportunity to use many accounting modules as there are several options available. Some of the resource tools available are: • General Ledger, helps to minimize, or possibly eliminate Journal posting errors, and results in real-time financial reporting. • Cash and Bank, assists a company to avoid unapplied payments and illegal or incorrect cash disbursements. • Cash Advance will allow the organization the ability to control and simplify cash advance requests and payment agreements by employees. • Account Receivables helps Billing Department create Invoices from sales, project the sales receipt...
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...Riordan Business Systems Verne Weikle BSA/310 August 12, 2012 Michele Petrone Executive Summary Riordan Manufacturing’s (Riordan) Chief Executive Officer has requested a review of all Riordan’s business systems issued on Service Request SR-rm-012 (University of Phoenix, 2013). The comprehensive review will provide management the information needed to determine any improvements to Riordan’s business systems. First, the review will assess Riordan’s existing business systems by department while noting any interrelationships between departments. The review will also provide any business system suggestions that will increase productivity in each department. The Accounting & Finance and Operation department’s two primary alternatives are consolidating the Enterprise Resource Planning (ERP) at San Jose and the Enterprise Application Integration (EAI). Other improvements are implementing Vendor Management Inventory (VMI), adding access control to the intranet, implementing both Customer Relationship and Management systems, and workstation upgrade at the Pontiac plant. Departments reviewed are Accounting & Finance, Human Resources, Legal, Sales & Marketing, and Operations. Accounting & Finance The accounting systems at Riordan’s 3 plants and headquarters operate completely independent of each other. Monthly accounting records from the 3 plants are all consolidated to the headquarters’ accounting system at San Jose by uploading files and manual entry...
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