Historical Background and Current Financial Position of General Electric Company

General Electric Company has a vast product line and it is interesting to mention here that many of these products were part of the business even when the business started. It is regarded as an achievement of Thomas Edison that his inventions were present in many fields related to medical health care, transportation, consumer electronics, industrial types of equipment and power transmission, etc. GE has established its GE brands with its rich product line and all the sub-organizations are headed by dedicated CEO and Chairman.
GE is a successful name when viewed from the perspective of business owners, customers and employees alike. Customers prefer buying GE products because of their guaranteed performance and reliability. The customer’s loyalty paves the way for the profitability of GE and pays favorable returns against the investment of owners. GE is ranked among the top employers of the choice which attracts high talent at high compensation rates.
The secret of GE’s success is its strategic management techniques. Through its continuous improvement programs, innovation in business plans and research competencies, it is leading the market of technical specialized products. These products are exported all over the world and GE honorably welcomes talented employees from every country, it is present.
There are certain challenges associated with GE’s business. The biggest challenge is cost reduction initiatives. GE is running multiple business organizations with dedicated administrative setup and facilities. No doubt, GE is the biggest supporter of the Six Sigma technique which ensures waste and variation reduction from the products, however, there is also a cost associated with conducting the six sigma projects. As per the policy of GE, every employee has to complete one six sigma project every year. In addition to the training required for functional performance of employees’, GE also provides specialized training of Six Sigma. It is again a cost addition factor.