Changes in the economic and social structures of modern societies have seen the emergence of new platforms for business and socializing. The concept of a platform society has emerged from this trend and it refers to the use of digital markets to complete transactions or foster social engagements. The concept of the platform society is contested because researchers have varied limits of accepting the above description. Nonetheless, globally, five technology companies dominate the digital market space and dominate traffic across major internet platforms. They include Google, Facebook, Apple, Amazon and Microsoft. Collectively, they have the power to shape the geopolitical landscape of human populations through their controls on information exchange and discussions that occur on their platforms. Jointly, these tech companies have billions of users, which means they control knowledge flow to a degree. This extensive power attracts concerns from skeptics who highlight the potential for information manipulation and censorship Continue reading
Modern Management Concepts
Integration of Six Sigma into Enterprise Architecture (EA)
Today, more than ever before, enterprises are increasingly being faced with unparalleled competitive and regulatory demands, along with elevated levels of business uncertainty as they wade through the upsetting waters of contemporary global economy. On yet another front, the convergence of technology witnessed in the 21st century has made many enterprises increasingly concerned with how to productively transition to an enterprise exploiting information technology to its fullest strategic potential. In the light of these concerns, it is obvious that executives must embrace a paradigm shift from the traditional enterprise management approaches to more market-oriented approaches, which underlines the need to balance capabilities, manage risks, improve processes and systems, and engage in agile decision-making with a view to achieve the desired business end-states. As has been witnessed in the company, the organization’s Enterprise Architecture (EA) plays a critical role in this transition, particularly in integrating key processes and systems to enable Continue reading
Trompenaar’s Four Types of Corporate Management Culture
Nowadays, the effectiveness and growth prospects of international companies directly depend on the development of internal corporate culture. After studying such aspects of the work of large organizations as the relationship between employees, the subordination system in the company, and employees’ attitudes and views on the development of the MNCs, Alfonsus (Fons) Trompenaars (Dutch organizational theorist, management consultant, and author in the field of ethics) states that the fundamental orientation should be on the personality and objectives of the company. Thereby, the scientist identified four types of corporate management culture, which received symbolic names: family, guided missile, incubator, and Eiffel Tower. 1. Family Culture The family type of culture is strictly hierarchical and focuses on the execution of instructions from leaders. The system as a whole is based on a paternalistic attitude: the initiative and efforts of subordinates should correspond to the leadership’s goals, but people do not call the functions Continue reading
Telecommuting – Definition, Management, Benefits, and Drawbacks
Meaning and Definition of Telecommuting Telecommuting is the practice of working from one’s home, or at a satellite location near one’s home, where employees use communication and computer technology to interface with internal and external stakeholders. The advent of telecommuting has changed the profile of the global workforce dramatically. The workers are no longer confined within the walls of the office. They are becoming more technologically savvy and work on flexible timings at remote locations. Telecommuting has been defined in many ways, but all such definitions are based on two concepts: the office is not the only place where work can be conducted; and secondly, information technology (IT) is necessary for telecommuting. Telecommuting is also defined as the case in which an employee is paid for work conducted at an alternative worksite, so total commuting time is reduced. The success of telecommuting is seen in the fact that the total Continue reading
Corporate Reputation – Meaning, Definition, Elements and Importance
Meaning and Definition of Corporate Reputation Corporate reputation refers to perceptions of an organization held by all stakeholders acquired over time. This indicates that corporate reputation must be earned. It represents the image of an establishment that the customers have. While a section of scholars believes that reputation cannot be directed and controlled, most believe that it is an integral part of a business and must be managed. Therefore, reputation management refers to an attempt by organizations to influence how their clients perceive them. Corporate reputation defined as overall estimation in which a company is held by its constituents. A corporate reputation represents the net affective or emotional reaction – good bad, weak or strong – of customers, investors, employees and general public to the company’s name. World’s leading companies such as Coca cola, Unilever, Johnson & Johnson, Disney, etc. had truly created their corporate identities that define their who Continue reading
10 Important Theoretical Concepts in Business Analytics
Making informed choices in the workplace is of great importance since strong data analysis and decision-making skills enable teams to maximize the chances of success. In organizational contexts, those involved in making important decisions should be aware of different methods helping to analyze data sets and make accurate predictions. This article is aimed at analyzing 10 important theoretical concepts in business analytics and discussing their applications in data analysis and decision-making. Ten concepts discussed below facilitate the process of decision-making in business environments. The concepts are relevant to the workplace since they can be utilized to support strategy development, inform inventory and investment choices, establish effective internal policies, and maximize profits. 1. Probability The concept of probability can be justly listed among the terms having numerous applications in decision-making in everyday and professional problems. Based on class activities, the probability is basically the chance that a specific event will happen, Continue reading