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104 Ghicajanu, M. 6. CONCLUSIONS Business Process Reengineering (BPR) is beginning to be a concept with a higher and higher incidence among the Romanian companies. It's true, not too often in small companies, and not even in the medium or large companies, which reduces the area of use. But there are arguments that a real demand for BPR begins to take shape in Romania, too. The Japanese management model has shown that progress in small steps, but fast, leads to reliable long-term victories. The Japanese prefer to obtain performance progressing with "small steps". Many companies in the country have adopted the Kaizen philosophy of management. These include companies operating in the automotive, banking domains or providing services in design, architecture and marketing, and public services in the county state or national agencies. This interest could be explained by the fact that although the Kaizen management type requires daily efforts to improve the production of all the company employees, progresses are seen over time and persist for a long time. The reasons why the interest in the concept of Business Process Reengineering or the Kaizen is growing in Romania, besides other countries, are numerous and intertwined. On the one hand, there is already a critical mass of companies with an appropriate volume of business, combined with significant experience in the local market and / or regional, which have reached a threshold of maturity and which for the remodelling and continuous improving the business processes is a real need. So there are many reasons for the need of the Romanian companies to seek the complex processes of the re-engineering or to implement methods of the Kaizen management type to record an upward trend. It remains to be seen if the need is actually understood and acknowledged. Then who are the potential customers and what their requirements are. And last but not least, what is the most suitable strategy for the company. Also, the practice has shown that companies can successfully apply both the principles of U.S. management based on the processes of reengineering and the principles of the management that is based on Japanese Kaizen. REFERENCES: [1]. Calin, C.; Aldea, L. (2000) The Reengineering of the company, innovation in the company’s leading domain, a necessity in the current world, Economy magazine article, no.1-2, pp.63-66 [2]. Ghicajanu, M. (2009) The Kaizen Philosophy In Romanian, Annals of the University of Petroşani, Economics, Vol.9 [3]. Hammer, M.; Champy, J. (1996) Bussines Reengineering (redesign): a manifest for a revolution in the business management, Technical Publishing House, Bucharest [4]. Imai, M. (2004) The "KAIZEN - continuous improvement management” Conference, BRACO SA etc, October 6, Timisoara [5]. Stan, C. (2007) Reengineering - a new philosophy of management, Expert Publishing House, Bucharest [6]. (2004) The Kaizen Management, the secret of the Japanese efficiency, Capital Magazine, April
Annals of the University of Petroşani, Economics, 11(1), 2011, 105-114 105 PROPOSAL FOR STRATEGIES TO BUILD MISSING FOUNDATIONS OF THE CURRENT MICROFINANCE INDUSTRY TOMÁŠ HES, KAREL SRNEC, MARTINA DRAŠAROVÁ * ABSTRACT: As microfinance approaches the status of mainstream asset class, it inevitably starts to entice Socially Responsible Investment 1 . However, precoscious capital inflow can be detrimental to all players involved. The industry is unprepared for global SRI arena. The gap between different microfinance concepts is widening, while identic terms are being used to describe different contents. The term „microfinance“ continues losing its informative value as divergent development foments nomenclative disorder. Microfinance is becoming too varied to be presented under a single term. MIVs 2 , States and multilateral institutions must therefore in a concerted action impose basis of unified definitions, methodologies and coordinates, otherwise different concepts might mislead international public. The lack of standartized set of definitions, social impact reporting, bankrupcy procedures and evaluation infrastructure, while overstating development benefits can discredit microfinance, once SRI systems open their gates. KEY WORDS: microfinance; funding; inefficiency; coordination; centralization; development; FX risk; guarantee; SRI. JEL CLASSIFICATION: G21, L26, O16. ABBREVIATIONS: ESG - environmental, social, governance; GMFA - Global Microfinance Financing Authority; MFI - Microfinance Institution; MIS - Management * Dipl. Kfm., PhD. Student, Czech University of Life Sciences, Prague, Czech Republic, thes@myelen.com Ing., Ph.D., Czech University of Life Sciences, Prague, Czech Republic, srnec@its.czu.cz Ing., Ph.D. Student, Czech University of Life Sciences, Prague, Czech Republic, drasarova@its.czu.cz 1 Sustainable and Responsible Investment concept incorporates Environmental, Social and Governance issues into fund management. 2 MIV: microfinance investment vehicle
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