General electric is a World digital industrial corporation founded in 1892 with its headquarters at Boston, Massachusetts. This Company operates various activities ranging from: Renewable energy, Aviation, Global research, Transportation, Software development and Medical services. Currently, General Electric is categorized among the greatest Companies in United States based on revenue generated. The power department offers its energy production services and gadgets to government, Companies and other customers from various locations around the globe. This corporation has maintained a long term competitive advantage as a result of integrating various organizational strategies and practices leading to its success Daniel and Grace (2013). These success ways and practices include;
Reputable and strong brand
The brand for General Electric focuses heavily on expressing a digital Company that concentrates highly on transforming the industry by uniting people and machines to data. Adopting a strong brand ensures that various fields such as airplanes function properly, cities run softly and hospitals have improved health care facilities. This brand has been applied successfully to differentiate and implement various basic competitive strategies through development and research activities. The Companies’ brand is assembled in an engaging, optimistic, courageous and purposeful way for customers to obtain maximum benefit out of it (Duke, 2016). The efforts to build a strong brand recognition is among the extensive growth strategies employed by this Company to ensure that it remain on top of other countries in United States and the world.
Efficient research and powerful development schedule
This practice forms one among the greatest competitive advantages enabling General Electric to survive within its market environment. This practice is significant as it facilitates the Company to develop and invent products based on consumer demand. An example of this is establishment of technologically advanced healthcare equipments for organizations and professionals through application of Companies’ development and research processes. The Company has also constructed a systematic approach towards solving different challenges and problems within the industry. This practice has highly contributed towards technological advancement, success and growth of General Electric Incorporation (Duke, 2016).
Offering assorted services and product collection
General Electric Company comprises of several industries that offer different products and services to the market. This practice is ideal as it reduces vulnerability of decline in specific industry and spreads risks between unrelated business operations. It applies effective marketing campaigns such as “progress for people” to promote its products across the globe with a single message of unifying all nations. Products and services diversification is as a key marketing principle and an indication for strengthening ability of the Company to grow successfully and institute more industries.
Creative and Innovative
General electric Company uses inventory and creativity techniques in all of its eleven major subdivisions. For instance, Aviation department designs military and commercial aircrafts among other aircraft systems through use of its technological concepts. General Electric has creatively decided to offer after sales services to increase awareness and boost reputation of its products. The healthcare section also provides patient monitoring systems, drug discovery and performance improvement systems. The professionals working within this department provide repair facilities in case customer equipment manufactured by this Company breaks down (Simeon, 2017). Operating cellular technologies and biopharmaceutical industry ensures that the Company delivers high quality services and products and as a result upholding the image of life science section within healthcare segment. General Electric also operates in transportation segment whereby it supplies drilling industries, railroad, stationary power and mining. The capital section provides financial services and products other business dealing with their products around the world. Through these operations, it can be deduced that through the invention of healthcare, transportation and capital section among others has contribute heavily towards growth and success of General Electric Company (Morgan, 2015).
General Electric Company is good model for other Companies to follow
Other Companies should consider spreading risks by investing in different types of products. This Company has remained a strong exemplary for many years as a consequence of mastering the most significant variables for industry success. This business can be termed as a good model for others because it specialized mainly on centric transformation of its products over the last four years. Following the emergence of General Electric as the global largest digital industrial business, other Companies are therefore obliged to go behind strategies and practices of General Electric and realize their success and growth.
The reason why General Electric stays young is through operating in a way that remains appropriate to the digital generation. The Company practiced various digital advancements in medical information systems, lighting technology and smart home solutions among others. Maintaining this continuous advancement in facilities has played a critical role in assisting General Company stay young despite operating for many years.
General Electric Company engages in a successful business model featured by predominantly by core competencies and culture (Morgan, 2015). The Company ignores the normal set of management skills and focuses highly on picking effective practices that are critical to its immediate future. The management practices adopted are flexible enough to facilitate changes as need arises. These practices are typically implemented perfectly to ensure that the Company obtains maximum benefit out of them. On the other hand, culture is key activity that leads to Company success, the General Electric culture is completely adopted from American. It is centered on Companies’ achievement and building of a strong brand to draw more customers. The culture also supports that all workers and leaders for all industries must work as individuals rather than focusing more on team work or groups. General Electric culture encourages business competitiveness both externally and within the Company.
General Electric Corporation implemented Six Sigma in the year 1995 during the reign of then Chief Executive Officer Jack Welch. The Six Sigma was initiated in this case to increase excellent quality of products and services produced by the Company. Implementation of the Six Sigma played a significant role in streamlining the business, eradicating wastage and improving production efficiency. The execution of this strategy took approximately five year after which the Company saved more than twelve billion dollars. Following successful application of this method by General electric, many Companies such as Amazon and Samsung started using it.
To effectively integrate Six Sigma to its operation, General Electric trained its employees to get information on statistic based problems (Morgan, 2015). The Company instituted legislations whereby the employees were required to take education on application of Six Sigma methodologies in their place of work. They were trained on various input control processes and identify and classify them appropriately. The Company hired special individuals know as Master Black Belts responsible for training staffs and implementing the Six Sigma. To ensure success and long term efficiency of this strategy, General Electric adopted a reputable leadership, guidance and advising concerning use of the Six Sigma.
The current expansion and success of General Electric Corporation has been fueled by these strategies and practices. The Company has been internationally recognized for its technology and energy investment structure and as a result, it has been given several awards including Top renewable deal award. Practices such building strong brand, conducting product research, offering diversified products and inventing more customer services has enabled General Electric to rank among the most successful and top Companies globally based on revenue generated.
Daniel, L. E., & Grace, F. J. (2013). Strategies General Electric. New York: J. Wiley & Sons.
Duke, R. S. (2016). Forbes 500. Chicago: Raintree.
Simeon, R. A. (2017). The Most Successful Companies Globally, Selangor: UiTM Press.
Morgan, J. F. (2015). General Electric Corporation. Redding, CA: BVT Publishing.
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