The work was developed in its first phase as an evaluative type research, because the information regarding the diagnosis of the current situation was collected and analyzed, through documentary reviews, surveys and a tour of the areas of the process, obtaining as a result that the 86 % of those surveyed consider that there is no investment management system which should be designed and integrated into the company's business management system, which would facilitate work as there are procedures that guide specialists. For the design and implementation of the Quality Management System for the investment process, the purpose of this work is to propose stages applying the evaluative parameters of the standards: ISO 9000, ISO 9001,The Delphi Method was applied based on the criteria of experts in order to consult and determine by statistical analysis if there is consensus or not on the proposed proposal, obtaining its acceptance.
Keywords: Investment Management System, integrated business management system.
1. Introduction
In developing countries, the fight for efficiency, effectiveness and competitiveness has become a task of the first order and for this, attention must be paid to the needs of the client, their complaints or signs of dissatisfaction as well as the process of quality conditioned by the way in which the organization carries out all the activities that affect the service it provides to its clients (contracting, purchases, maintenance, investments, service control, documentation, detection and correction of failures or incidents on time, adequate training of staff, etc.
In 1987 the first technical standards of the ISO 9000 family for quality assurance systems emerged, revised in 1994 and declared as quality management systems, undergoing modifications in 2000, 2008 and in the 2015.
The activity of the entity selected to carry out the research on the design of the Quality Management System in Investments is part of the sphere of services aimed at the commercialization of fuels
Due to the absence of antecedents of studies on the application of the Quality Management System in Investments, the business interest in designing the system in the activity, the need to do management with the highest quality is identified as a scientific problem that justifies the realization of this project: How to methodologically design a Quality Management System in Investments for the company, to achieve the expected quality of service?
Course objective: Define stages to design the Quality Management System in Investments of the Camagüey Combustible Marketing Company.
The research methods were the historical-logical analysis, the analysis and synthesis; the hypothetical method - deductive, observation, documentary review. Expert judgment.
As a direct result of this research, a methodological design is proposed for the Quality Management System (SCG) in the company's Investments.
2. Work Results
Companies, regardless of their size, face demands for profitability, quality, technology and sustainable development, so an efficient investment management system tailored to their business processes could help meet the challenges of today's changing global market. and turn those pressures into a competitive advantage.
The proposal of an investment management system for the company contributes to obtaining valid results to obtain a future profit and to the integration of this system itself with the requirements of the integrated management system implemented and certified in the company under study, but for this It is necessary to reflect on some basic concepts related to this topic.
2.1 Management systems
The term system comes from the Latin systema, it is a set of functions, virtually referenced on axes, whether they are real or abstract. It is also usually defined as a set of dynamically related elements forming an activity to achieve an objective operating on data, energy and / or matter to provide information.
There are also other definitions, such as; a system is considered a set or combination of things or parts that form a complex or unitary whole.
Zhamin (1977) defines system as "a certain integral totality based on certain laws of existence… The system is made up of elements that have a certain relationship between them."
Harrington (1993) defines system as controls that are applied to a process to ensure that it works efficiently and effectively.
On the other hand Amozarrain (1999) considers that system is an organizational structure, procedures, processes and resources necessary to implement a certain management.
The ISO 9000: 2005 standard defines system as the set of mutually related or interacting elements.
But all the definitions coincide in identifying a system as:
- A set of elements that have a certain order and organization. It has elements related to each other and that do not work by themselves. ü They pursue a common goal.
The system has certain parameters such as: input or input or impulse (input), output or product or result (output), processing or processor or transformer (throughput), feedback or feedback or feedback (feedback), environment, quality control, characterized by their properties, the value and the dimensional description of a specific system
Similarly, the concept of management has received different definitions by various authors.
The Illustrated Dictionary of the Spanish Language defines that managing is doing errands to achieve any object, business or desire, Ten years later this concept receives a modification by adding that these proceedings may change over time and according to the scenario where the business is carried out..
According to Resolution 399/03 of the Ministry of Audit and Control (MAC), management comprises all the activities of an organization that guarantee compliance with the goals and objectives outlined from the strategic design developed with the participation of management and other workers, It includes the timely and systematic evaluation of its operational performance based on the planned strategies.
The Cuban standard ISO 9000: 2005 defines management as the coordinated activities to direct and control an activity or organization with respect to quality and that the organization is the set of people and facilities with a provision of responsibilities, authorities and relationships.
Similarly, this standard defines management systems as the system to establish policy and objectives and to achieve said objectives, it also clarifies that an organization's management system could include different management systems.
Gonzalo Vergara (2009) defines a management system as a set of stages joined in a continuous process, which allows an idea to be worked in an orderly manner until improvements and continuity are achieved.
Similarly, the Cuban standard ISO 14001: 2015 defines management systems as the set of interrelated elements of an organization or that interact to establish policies, objectives and processes to achieve these objectives.
An efficient management system can help companies to manage the multitude of challenges they must face, develop processes and standards to measure and comply with those standards.
An effective management system should provide added value to the business, essentially allowing things to be done better, cheaper or faster, as the system develops. The main management system standards emphasize continuous improvement
Implementing a management system gives the opportunity to focus on optimizing the areas that most interest the entity and its environment.
Facilitating the marketing of its goods or services is one of the reasons why a company would like to have its management system certified by an independent certification body. Regulations could be another reason, as well as the demands of globalization, with more sophisticated processes and greater responsibilities in terms of business conduct towards interested parties (stakeholders).
In these cases, companies seek independent evaluation and certification of their management systems as a means to demonstrate compliance. However, a more obvious reason could simply be that company management saw added value when a trained organization independently audited its management systems and evidenced the result by means of a certificate. Management needs to anticipate and cannot afford incidents due to lack of control, which affect the value of its products or services.
To implement and certify a management system is to communicate to the interested parties in your environment, of your commitment to continuous improvement in the field of quality, the environment and safety. External validation helps companies to constantly improve their strategies, their operability and the quality of their products or services. Choosing the appropriate certifying body guarantees an independent objective validation of your management system.
This will take you beyond the mere certification of compliance, in a direction always marked by a focus on risk, which should bring you benefits.
In general, organizations, over time, tend to increase their size and with them the amount of information and amount of data that must be managed. Faced with this situation, companies often face the great challenge of harmonizing and making all their information systems compatible. One solution to facilitate this work is to install a business management system.
These systems are designed to coordinate and integrate all the processes of the organization, combining activities, decisions and knowledge through different functions, levels and business units.
The concept of business management systems refers to the set of applications that are used in companies to perform each of the steps of its administration.
Business management systems are the set of policies, practices, procedures and processes used in the development and implementation of strategies, their execution, and all associated management activity. Companies currently use information systems at all levels of operation to collect, process and store data, optimizing daily operations.
The goal of business management systems is to provide quality information to users in the form of reports and mathematical model simulations that help them predict the future and decide accordingly.
The objective pursued by a certain organization in the process of implementing a business management system is to have a system that allows automating and simplifying processes by eliminating redundant or unnecessary ones, reducing response times and having information in a precise and timely manner.
However, one of its most important functions is to support decision-making, especially when the decision is not routine, so the person responsible for defining the initiative to be applied must provide judgment, evaluation and knowledge about the definition. of the problem. In this work, the contribution of business management systems is irreplaceable since, without them, it would not be possible to evaluate all the variables that can affect the resolution of a problem or take into account all the data that must be taken into account for a complete and quality vision of reality.
There are companies that make massive investment and often obtain a feeling of dissatisfaction with the result of the implementation of a business management system, perceiving its implementation as another obligation and not as an option, however the acquisition of this technology allows managing an important resource: information.
So it is valid to question Is implementing a business management system a cost or an investment?
The business management system by itself does not impact in the least on the profitability of the company's results if it continues to do the same as before its implementation.
Good business management must be based on the best preparation of its human, material and intellectual components to face the events through which such management develops.
The creation and application of a system can be summarized in the following sequence:
- Write what is done Do what has been described Show that it has been done well Review what has been done for improvement
2.2 Investment Management System
The Latin word inversio is the etymological origin of the current term investment. Specifically, it is determined that it is made up of the sum of three parts: the prefix in– which can be translated as “inwards”, the word versus which is synonymous with “turned around” and finally the suffix –ion which is equivalent to "action".
An investment, in the economic sense, is a placement of capital to obtain a future profit. This placement supposes an election that forgoes an immediate benefit for a future and generally unlikely one.
The term investment is not limited solely to investments that are capitalized for accounting or tax purposes. In this context, an investment can be any measure that initially generates costs and that can only generate income or provide other benefits after a certain time (for example, investment projects).
Companies usually make investments at all times. Some are necessary for its daily operation, others are specified with a view to the future.
Within the business environment, you find what is known as an investment plan. It is specifically a project where the destination of the financial resources that a company has is clearly stated.
An investment includes three variables: the expected return (how much it is expected to earn), the accepted risk (how likely it is to obtain the expected profit) and the time horizon (when the profit will be obtained).
Companies are always in search of increasing their assets not only from an economic point of view, but also through the acquisition of fixed assets and for this they resort to investments.
By integrating the definitions of investment with management and system, the author of this paper conceives the investment management system as a “set of policies or mechanisms that integrate certain activities, with the aim of obtaining future benefits, although unpredictable, which are destined to satisfy the production and / or service needs of the entities that require it ”.
The investment management component provides features to assist in planning, investing, and financing processes for:
- Capital investments, such as the acquisition of fixed assets such as those resulting from in-house manufacturing or acquisition Investments in research and development Projects that mainly carry overhead surcharges, such as continuing education of employees or the establishment of new markets Maintenance programs.
Every company must have a control of the investments it makes based on their progress, for this it must have a system that allows it to check their compliance and the quality of the result.
The investment management system is a non-standardized system because it is not covered by technical standards but obeys the criteria of authors, resolutions, other legal documents such as laws, decrees, laws and decrees, so it is considered as an input element of another process for the functions it performs; that is why it has to be adapted to the NC ISO 9001: 2008. Quality management systems-Requirements.
The ISO 9001: 2008 Standard specifies the requirements for a quality management system that can be used for internal application by organizations, for certification or for contractual purposes. It focuses on the effectiveness of the quality management system to meet customer requirements.
This standard is the basis of the quality management system since it is an international standard and it focuses on all the elements of quality management that a company must have in order to have an effective system that allows it to manage and improve quality. of your products or services
The ISO standards describe principles that are applicable to all types of service.
The non-existence in the country of a standard for a management system does not limit an organization to use a standard from another country, region or of an international nature.
These standards are voluntary, although in contractual relationships and market demands they are seen as a requirement to demonstrate competence in the segment for which they have the scope set.
All these management systems are certified by the bodies of each country, and may also be certifiable by international organizations and other countries.
The investment activity for the objective pursued within the entity is identified as an internal client, since it provides services to the areas of the company.
In all entities, objectives are set in terms of sales, services, benefits, production and their results are periodically checked and corrective actions are taken to avoid deviations, obstructions in flows, etc. that affect its development and achieve customer satisfaction.
The application of the ISO 9001: 2000 and 9001: 2008 standards in the entities certified in the integration of the quality system, are in themselves a requirement that imposes quality on the investments, so it considers it is the opportune moment to move forward in this process, given the advantages that the domination and development of the integrated management system implies.
The investment system manual to be prepared for those entities that are certified in the integrated quality management system must incorporate, in addition to the requirements established in the ISO 9001: 2000 and 2008 standards, the:
- Design tree of the documentation of the Common Integration Zone Tree of the design of the specific documentation of the investment management system.
The preparation of procedures, records and controls must be supported by the ISO 9001: 2008 standard, mainly for entities already certified in Integrated Quality Management Systems, analyzing their close link with other processes.
2.3 Integrated management system
In the traditional organizational structure of a company, each department focuses on solving the tasks assigned to it effectively and efficiently.
In principle, this approach seems the most logical to improve productivity, since it is based on a division and specialization of work, so that one department is in charge of commercial and marketing activities, another is in charge of all financial management and administrative, etc. The gradual introduction of information technology in companies made it possible to support each of these departments and functional areas in isolation.
But, in this way, each department focuses on its assigned function and loses the global vision of the organization's activities. The separation between the different functions can hinder interdepartmental communication and the flow of activities that are developed globally by the company.
Integrated management systems emerged with the objective of providing a system that covered all functional areas of a company in an integrated way: finance, production, purchasing, sales, human resources, etc.
Integrating management systems is a new way of approaching the activities of a company to fully and effectively control the different variables that are key to it, placing as the maximum objective the achievement of an integrated management policy, thus ensuring competitiveness and that to respond to the demands of international and local markets.
According to Arias (2014), integration constitutes a valuable mechanism to rationalize and organize work, enable coordination between the different areas, rationally use available resources, contributing to the development and adequate performance of all its activities.
The purpose of integrated management systems is to make companies aware that a continuous growth of the business culture allows organizations to operate with excellence and competitive advantage.
According to Delgado (2006), the fundamental requirement for the implementation of an integrated system in the organization is to obtain the commitment of the personnel who, duly trained and motivated, provide ideas and points of view that facilitate adaptation to changes.
An integrated management system is not simply the integration of the requirements of the different systems that comprise it; It is the formation of a new unique system in the organization as an instrument for management that allows its use to satisfy the expectations of the interested party where it impacts and that generates new properties that are impossible to achieve without integration.
In other words, all the systems that the company has in place and that will make up an integrated system must have the following coincidences regarding the structure of the rules.
- In these management systems, there is a commitment and leadership on the part of the management because only if the management of the organization is committed will success be achieved.These management systems are immersed in a process of innovation and continuous improvement.They are fundamentally based in preventive action and not in corrective action. They must be applied in all phases of the product life cycle and in all stages of production processes. They must be measurable. They will only be effective if they are able to measure and evaluate the situation in which the entity finds itself and towards where it wants to move forward. In systems, evaluation techniques are similar and identical. Systems imply the commitment and participation of all the people who work in the organization.It would really be difficult to obtain success without the participation of all the personnel in matters of quality, environment or safety, since they are continuous and integrated processes in the entire structure of the organization Training is the main key of all those management systems that are developed in organizations.
The implementation of an integrated management system provides benefits to the company because it allows the organization to demonstrate its commitment to all interested parties in it and not only to the client, since an integrated management system covers all aspects of the company from product quality and customer service, up to the maintenance of operations within a situation of acceptable environmental performance and occupational health and safety.
According to Turmero (2009) the main benefits produced by the implementation of an integrated management system in the company are the following:
- Improves the efficiency and effectiveness of the organization by adequately adapting to market needs Improves relationships with suppliers, by making them part of the philosophy of quality Improves performance, skills and training of the members of the organization, as individuals and as a team.It improves the morale and motivation of the staff, by feeling participants and makers of the continuous improvement of their organization.It improves job opportunities, by having the certification of international organizations with worldwide validity, simultaneously satisfying current market requirements.
In general, companies with a system already in place could expand their management system to other fields, at least in terms of document processing, by only increasing existing documents, avoiding redundancies and including cross-references and interrelationships between the different specific elements. of the different systems.
According to Turmero (2009), the integrated management design aims to facilitate a profitable and efficient approach in management systems, which will allow having a single documentary system, integrating the policy and the objectives.
Finally, organizations have the power to decide the elements or systems that will make up the integrated management system according to their needs, expectations and characteristics.
3. Conclusions
Companies are free to decide the elements that will make up their integrated management system according to their needs, which shows that management systems will continue to be an instrument to which companies will dedicate constant study in search of competitiveness, efficiency and the effectiveness.
The application of the evaluation and diagnosis methodology made it possible to evaluate the current situation of the Quality of Investment Management, demonstrating the need for its implementation in an integrated manner with the other components of the Cupet Camagüey Company Management System.
The proposed Investment Management System of the CUPET Company satisfies the technical requirements of its preparation and allows the company management to further integrate the management of the entity.
4. Thanks
To my co-workers and other professionals who contributed, without their contribution it would not have been possible to carry it out. To my family for their support.
5. Bibliographic references
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