...The inclusion of a brief summary (‘Executive Summary’) is standard reporting practice and is meant to act as a guide to the contents of the report and to highlight major conclusions and recommendations. The Executive Summary derives its name from the practice of providing the executives of an organisation, that is, those responsible for making decisions and taking appropriate action, with a concise outline of the major points in a report to save them time. The detail can be pursued in more depth later by a complete reading of the report. The structure of the Executive Summary should follow the structure of the report and include brief statements on the following: definition of the problem aims and objectives methods/data sources key findings conclusions any recommendations for action. The Executive Summary should be brief and succinct, and may use point form to achieve this. As a rule-of-thumb, allow one page for every 5,000 words up to a maximum of five pages, and using headings in longer Executive Summaries. The inclusion of an Executive Summary is not a substitute for discussion/exposition in the full report. Example of an Executive Summary Problem context & Purpose of report Method Results Conclusions Recommendations Limitations This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Outdoor Equipment Ltd. Methods of analysis include trend, horizontal and vertical...
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...joint venture between Otis Elevator Company, CITIC and TEC, and some changes I think may be necessary in the Joint Venture proposal. Exhibit A summarizes the current business overview of Otis and its competitors, which is important to understand the context of the JV and how will a JV in China would be helpful for Otis’s market position. I think this is a good time for Otis to enter the Chinese market. Otis entered China earlier in 1930, and left the country in 1951 due to political instability of the country. A quick timeline of China’s political evolution is highlighted in Exhibit B. The conditions persistent in the country in 1951 are very different from the present conditions in 1983. China has experienced immense growth in all sectors, and the construction industry is booming due to modernization efforts. Even after the death of Deng, I think his successors would encourage foreign investments because all these effort are producing good results in terms of GDP growth, exports, and technological know-how (Exhibits 3, 4 and 5 of the case) for China. In addition to all these, China-Schindler joint venture has proved very successful. This strengthening position of Schindler poses a threat to the market share of Otis. Other smaller players, such as Hitachi, are also entering into agreements with Chinese elevator companies. Also, the JV proposal is for Tianjin, the third largest Chinese city which is also emerging as a major exports hub. This gives Otis an excellent opportunity...
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...Summary of the case Otis Elevator was founded by Elisha Graves Otis, the inventor of the safety-brake elevator, in 1853. The main business of Otis was to design, manufacture, install and provide service for elevators and relevant products such as moving walkways and escalators. The market was very competitive in the elevator industry, and Otis investigated that customer cancelled maintenance agreements due to dissatisfaction for service quality rather than product quality. In order to increase its market share and become the well-known leader in service excellence among all companies worldwide, the goal of Otis was to differentiate itself from other companies through logistics and service. Otis’s objectives were 1. To improve innovation, quality, cost and speed during the continuous transformation process and; 2. To move Otis core business from product and service management to customer solution management, and in the end to logistics and information management. Using a single finance and manufacturing system enabled Otis to add value to its entire supply chain. Below, two main transformation waves shown the progress of changes from the manufacturing company toward a total solution company to customers by Otis. Firstly, Otis introduced OTISLINE and REM, which facilitated the company to increase the efficiency of customer service and customer satisfaction. OTISLINE was a 24 hour customer service center, which produced excess callback reports to improve product...
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...TIS ELEVATOR Accelerating Business Transformation with IT Company Background Otis Elevator is named for the company’s founder, Elisha Graves Otis, who invented the “safety brake elevator” in 1853, then become of the company under United Technologies (UTC). Otis core business was the design, manufacture, installation, and service of elevators and related products, including escalators and moving walkways. By 2004, Otis had 1.5 million elevators and 100,000 escalators operating throughout the world. Otis had elevators in 10 of the world’s 20 tallest buildings and more than 1.4 million elevators and escalators under maintenance. Otis sold products in more than 200 countries and territories. Engineering headquarters was in Farmington, Connecticut with international facilities in Japan, France, Germany, Spain, Korea, and China. Revenues climbed from $6 billion in 2000 to $8 billion by the end of 2003 with 80% coming from outside the United States. The company had always provided solid and steady profit contribution to UTC since its acquisition more than 25 years earlier. In the period from 2000 through 2003, Otis’s contribution to UTC’s profit increased from 25% to 35%. Otis’s sales and profit growth helped drive the strong performance of UTC, which had projected revenue of $35 billion for 2004, 14% over 2003’s. Early Application of IT (OTISLINE) In The early 1980s, Otis created a centralized customer service system to dispatch service mechanics. IT worked...
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...Otis and the Central Role of Information and IT May 18, 2011 I. Key Business Objectives Bousbib developed several key business objectives in response to the changing operational landscape of elevators, escalators and moving walkways industry. No longer would Otis be considered an “old-line industrial company.” Among these key initiatives and changes were: * Vision: Become the “recognized leader in service excellence among all companies – not just elevator companies – worldwide.” * Culture: Change the norms, values and processes of Otis – how they do business – so that the company focus shifts from a manufacturing company to that of a service company. Become the number one service company in the world. * Systems/Functions: Both systems and business functions need to be changed to align their processes and procedures with the new company vision and culture. This included integrating pre-existing systems already established in the company such as Otisline and REM and go from managing the flow of products, to managing the flow of information. * Growth: Provide excellent service in mature elevator regions as service and repair account for 75% of revenues in these locations. Expand to key growth areas and emerging markets such as China in order to win new business and stay ahead of their competitors. * Redefine Services: Go beyond traditional support tools such as Otisline and REM and include new equipment design, supply chain, new equipment delivery...
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...Otis Elevator: Accelerating Business Transformation with IT At Harvard the only thing considered duller, safer, and less adventurous than working for a bank was working for some old-line can't-miss industrial firm like Otis Elevator, which only needed caretakers. —Tom Wolfe, A Man in Full (New York: Farrar, Straus and Giroux, 1998), p. 31 At the northeast corner of 20th Street is the turreted red-brick Victorian Apartment house . . . the first cooperative apartment house in New York City. Peek into the luxurious lobby! The foyer is adorned with stained glass and Minton tiles, and the building is equipped with Otis hydraulic elevators installed in 1883, and among the oldest of their kind still in service. —Gerard R. Wolfe, New York: 15 Walking Tours (New York: McGraw-Hill, 2003), p. 261 In early 2004, Otis Elevator President An Bousbib (pronounced boozbe) finalized his presentation to United Technologies (UTC)—the parent company. The past 12 months had been a success for Otis, as highlighted in the 2003 Annual Report: Otis completed the second-largest acquisition in its history with the addition of Amtech Elevator Services. Amtech brings . . . a customer base spanning universities, hotels, hospitals, airports and convention centers throughout the United States. Overall, Otis revenues grew by more than $1 billion to $7.9 billion. Operating profit increased by more than $300 million to $1.38 billion, and operating profit margin grew by more than one point to 17.4%) Otis was the...
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...Business Context Elisha Graves Otis founded the company when he first founded the ‘Safety brake elevator’ in 1853. From then the company’s main focus was to design and manufacture the safety systems according to the customers need. The Otis Elevator Company became a subsidiary of United Technologies (UTC). It is one of the largest manufacturing industries in the world. It not only manufactures but also installs the equipment in the respective customer desired locations. It then continues its relationship with the customers by providing timely service facilities. It was soon recognized as a leader in service excellence among all the companies. The main competitors included multinational companies such as Hitachi, Kinetek, KONE, etc. Otis grew aggressively by acquiring elevator business in China. By 2004, the company had 1.5 million elevators and 100,000 escalators operating in the world. Its revenues increased by $6 billion. The company was a huge success. Initiatives taken to improvise 1. OTISLINE customer service center During any service emergency, the service panel was dispatched from the local offices that caused huge delay time and hence decreasing customer satisfaction. The OTISLINE customer service center was created to dispatch service mechanics on immediate requests. The main aim was to implement 24x7 concept. This initiative also allowed Otis to produce ‘excess’ callback reports for various levels of management. The managers had the information they needed...
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...Business Context/Key Business Drivers * Otis is the largest manufacture, installer, and servicer of elevators, escalators, and moving walkways in the world * Specialize in logistics, service excellence, and total solutions for customers * Key drivers: * Transform the culture of Otis to become a single-customer centric business model to increase profitability, attract new and maintain current customers to beat out competition * Shift focus of the Otisfrom manufacturing to logistics and information management Initiative Objectives/Benefits * Redefining the processes in the engineering, supply chain, sales, and field operations sectors to improve innovation, quality, cost, and speed * Convert the culture and migrate core business competencies from product and service management to customer solution management and logistics and information management * OTISLINE Customer Service Center * Centralize customer service system to improve service delivery, response time, and cumulative product issues in the field * Improveperformance visibility of the elevator service business to management * Reduce callbacks, improve product reliability resulting in improved customer satisfaction, thereby, reducing maintenance contract cancellations * Restructuring the company, eliminating several layers of management and speeding communication between field mechanics, customers, and company management * REM elevator monitoring ...
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... Otis Boykin By Summer Owens Black history mouth is a time to remember those who have made an impact on others. There are famous poet, inventors, civil rights leaders, and athletes that are celebrated. In my essay I am celebrating the achievements of Otis Boykin. As a inventor, he single handedly changed the world. He truly is a creative inventor that change the further to olden and to new. Otis F. Boykin was born on August 29, 1920, in Dallas, Texas. His mother was a housewife and his father was a carpenter. Boykin graduated from high school, and then he attended Fisk College in Nashville, Tennessee in 1938. After he graduated from college in 1941, Boykin got a job as a laboratory assistant at the Majestic Radio & TV Corporation in Chicago. Otis Boykin did well at his job of testing automatic aircraft controls, and he soon made it to the rank of supervisor. In 1944, Boykin left Majestic and he went to work at the P.J. Nilsen Research Labs in Illinois. He was a research engineer there. Finally, he left the Research Labs and tried out on his own and founded his own company. He named it "Boykin-Fruth Incorporated." Boykin also continued his education at the Illinois Institute of Technology. Working at his company and going to school was difficult, but Boykin managed to handle his busy schedule. Unfortunately, after two years, he couldn't afford to attend college anymore, so he was forced to drop out before his studies were finished. Not being able to finish...
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...attitude of employees and increase their productivity. In the era of business competition, there is an intense flow of competition if company not maintain and improve their quality because lower quality will lead to the bad reputation and dropping market position. Thus, causing company’s competitive position to drop in the long run due to the low productivity of employee and poor quality of management and product. So, heavy loss and failure in business are the ultimate results of a poor quality. Statistic found that highest quality plants had the highest employee’s ratings of job security, management, company performance, cooperation, goals and objective. (Ulrich, Halbrook, Meder, Stuchlik& Thorpe, 1991) 2. Quality was so poor at Otis due to the damaging of poor design, lack...
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...In 1965, Otis Redding wrote and released the song “Respect” which two years later became a smash hit for Aretha Franklin. The stories told by Franklin’s version are significantly different from Otis Redding’s original. Otis Redding’s version describes a man who will give anything to his woman as long as he gets respect. However, Aretha Franklin’s cover demands respect not only from her man as well as the man. “Respect” is not only a catchy song about relationships, but has an underlying meaning that focused on the social movements at the time. The song was able to have multiple meanings due to Aretha Franklin making noteworthy changes from the original. Aretha Franklin reinvented the song, “Respect” with notable revisions to the music, lyrics...
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... what a great collaboration, and a smooth fellow caressing the notes and keys to his trumpet. The group was led by two awesome vocalists of which were male and female. They had astounding voices and quickly aroused the audience, even captivating the local pedestrians who were strolling around the neighborhood. I believe the best part about this performance was that it was free admission and therefore, I had extra pocket change to snag a beer and socialize with other attendees. The set up and arrangements were nice and it all seemed well planned but I strongly felt that they could have used a bigger stage so they would have more room to dance and get jiggy with it. Other than that, I loved that they played several old school hits such as: Otis Redding’s “Sitting on the dock of the Bay,” Aretha Franklin’s “Respect,” and The Temptations’ “Poppa was a Rolling Stone.” The performance overall was a great mixture of instruments and vocals. It would have related well with the Christian community as far as drawing people near with good vibes and great...
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...In the Case of Otis Toy Train and Joyous Luck Prosperity Toy Company, it may not be wise for Otis to go ahead with JLPTC’s proposal. Although increasing labor costs are a large problem for Otis and decreasing these costs by 40-60% may seem appealing, there are many underlying disadvantages to outsourcing that Otis needs to take into consideration. Part of the reason Otis has been so successful is because they are American based. Their headquarters are based in Minnesota and much of their productions facilities are located around that area. Also, many of Otis’s products are based on North American History. Should Otis decide to outsource their production, it is possible that they may lose a good portion of their customer base who takes pride in this purely American product. Otis must also take quality into consideration. Very often when companies decided to outsource their products the quality is downgraded which can upset many loyal customers. With China being so far away, it would be difficult for Otis to monitor the quality of the product during production to make sure it is up to par. Not only will geographical distance be a problem for quality control, but it will also cause many problems with communication. In a company with such a loyal customer base and with such authentic products, it is vital the communication be a number one priority. All aspects of the business should be on the same page at all times. If Otis should outsource to china they will find many...
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...Otis Elevator: Accelerating Business Transformation With IT Otis Elevator, a subsidiary of United Technology, has witnessed many transformations since Elisha Graves Otis first found the company in 1853. As a result of these transformations, the company has become the leader in its industry as the world’s largest manufacturer, installer, and servicer of elevators, escalators, and moving walkways. Across the world, the company has over 1.5 billion elevators and over 100,000 escalators in operation, with some operating inside some of the world’s most prominent building structures. Today, mainly informational technology (IT) is responsible for the company becoming the leader of its industry. During the years from 2000 to 2004, the company experienced significant growth and grew to over 61,000 employees with operations in over 200 countries. As this growth occurred, the elevator service market became more stable as there were now elevators installed in almost all buildings in the world’s major cities. The company’s profits now relied heavily on the service and repair of elevators and escalators. The problem at hand was that the company was facing new competitors in the global market, including other similar elevators manufacturers and also other companies that exclusively offered elevator services and repairs. At this point in time the then president of Otis Elevators, Ari Bousbib, knew it was time to remake the company “To become the recognized leader in service excellence among...
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...Nature of the case Otis McDonald joined three other Chicago residents in filing a lawsuit claiming that his Second Amendment right to bear arms was being infringed by a handgun ban established in 1982 in Chicago. He argued that the selective incorporation process afforded by the Fourteenth Amendment applied the liberties of the Second Amendment to individual states, not just federal enclaves. Concise Rule of Law The Fourteenth Amendment clauses of Due Process and Privileges and Immunities through selective incorporation requires states to honor liberties provided by the Second Amendment for citizens to bear arms. Facts Otis McDonald, an elderly (age 76) retired maintenance engineer had lived in the Morgan Park suburb of Chicago since...
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