Question.2855 - Business Plan Topic: Launching an Innovative AI-Powered Virtual Assistant Platform for Small Businesses
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Company Name: TechhWide Innovations Ownership and Management Plan Management Team and Team Members and their Qualifications: TechhWide Innovations is lucky to have a management team with a wealth of expertise and experience committed to the company's success(Shrestha et al., 2019). John Smith (CEO and co-founder): John has been working with AI and software development for over ten years and holds a bachelor's degree in computer science. Sarah Johnson (The COO and co-founder): Sarah has experience in operations management and a master's degree in business administration. Michael Brown (CTO): Michael holds a Ph.D. in computer science and is a seasoned AI and machine learning specialist. Emily Davis (CMO): Emily is a seasoned marketer with over 15 years of expertise in brand management and digital marketing and a bachelor's degree in marketing. Compensation and Ownership: The management team's benefits package aligns their interests with the company's success by offering competitive salaries, performance-based bonuses, and stock options. Top employees receive stock options as part of their remuneration packages, and each co-founder owns 50% of the business (de Man et al., 2019). Qualifications of Other Investors and Directors: TechhWide has obtained commitments from angel investors with significant technology and artificial intelligence backgrounds. Their knowledge and financial assistance will be crucial to the expansion of the business. The Board of Directors comprises professionals from the sector who will offer strategic direction. Outside Resource People and Their Qualifications: The business has enlisted the services of prestigious accounting and law companies to offer professional advice on financial and legal issues. Furthermore, TechhWide has cultivated partnerships with artificial intelligence experts to guarantee the ongoing enhancement of its AI systems. Plans for Hiring, Developing, and Maintaining Staff: As the business expands, TechhWide intends to hire more software engineers, artificial intelligence experts, and customer service representatives. Thorough screening will be part of the recruitment process to ensure new workers share the company's values. Implementing training programmes will ensure that staff members are knowledgeable about the most recent technological developments (Clarke, 2019). Organizational Structure: TechhWide's organizational structure aims to promote creativity and teamwork. The CEO would be at the top of an organizational structure, with the COO, CTO, and CMO managing their respective departments in order of responsibility. Operating Plan Geographic Location and Facilities: The headquarters of TechhWide Innovations will be located in Silicon Valley, California, which is well-known for its thriving technology sector. In order to keep overhead costs down, the business will first operate out of a co-working facility. When the business expands, it may think about renting office space. Production: The virtual assistant platform's development will be managed internally to preserve control over quality and innovation. However, non-core duties can be contracted to specialized builders if demand rises. Suppliers of the hardware and software essential to the platform's functioning will be the subject of strategic alliances (Panda & Chakravarty, 2022). Purchasing and Inventory Management: TechhWide will employ a just-in-time inventory system to reduce carrying costs. This pertains to purchasing and inventory management. Inventory control Policies and procedures will be created to track and manage goods effectively. Returns will be processed by industry guidelines, giving customers a smooth experience. Quality Assurance Plan: TechhWide is dedicated to providing a top-notch product. Comprehensive testing, ongoing customer feedback loops, and frequent updates to improve platform performance and dependability are all components of a strong quality assurance strategy (Shrestha et al., 2019). Accounts Control: Billing clients, overseeing supplier payments, and pursuing accounts receivable are all aspects of the company's stringent management of accounts. Accounting software and automation solutions will guarantee accuracy and speed up these procedures (Mateo & Redchuk, 2021). Reporting to Management: To give management access to up-to-date information on the company's performance, extensive reporting tools and software will be used. Management meetings will be conducted regularly to monitor progress and make data-driven decisions. Environmental Factors: The virtual assistant platform has little environmental impact because it mostly functions in a digital setting. The company will use eco-friendly practices in its office operations to reduce its carbon footprint, such as energy efficiency and recycling. Risk management: To reduce the risks connected to software development, data security breaches, and liabilities, TechhWide will maintain the necessary insurance coverage. Risk assessments regularly will be carried out to find and deal with possible hazards (Mori, 2021). Cybercrime Prevention: TechhWide will put security measures in place, such as data encryption, access control methods, and cybersecurity best practices, to protect its company and workers. In addition, employee safety will be given high attention, and safeguards for a safe workplace will be implemented. References Clarke, R. (2019). Principles and business processes for responsible AI. Computer Law & Security Review, 35(4), 410–422. https://doi.org/10.1016/j.clsr.2019.04.007 de Man, A. P., Koene, P., & Ars, M. (2019). How to survive the organizational revolution: A guide to agile contemporary operating models, platforms and ecosystems. BIS Publishers. How to survive the organizational revolution: A guide to agile contemporary operating models, platforms and ecosystems — Vrije Universiteit Amsterdam (vu.nl) Mateo, F. W., & Redchuk, A. (2021). The Emergence of New Business and Operating Models under the Industrial Digital Paradigm. Industrial Internet of Things, Platforms, and Artificial Intelligence. Machine Learning. Journal of Mechanics Engineering and Automation (JMEA), 11(2), 54-60. Microsoft Word - 4-JMEA-E20210129-1 (davidpublisher.com) Mori, M. (2021). AI-powered virtual assistants in the realms of banking and financial services. In Virtual Assistant. IntechOpen. Virtual Assistant - Google Books Panda, S., & Chakravarty, R. (2022). Adapting intelligent information services in libraries: A case of smart AI chatbots. Library Hi Tech News, 39(1), 12–15. https://doi.org/10.1108/LHTN-11-2021-0081 Shrestha, Y. R., Ben-Menahem, S. M., & Von Krogh, G. (2019). Organizational decision-making structures in the age of artificial intelligence. California Management Review, 61(4), 66-83. https://doi.org/10.1177/0008125619862257More Articles From Business Management
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