Business, innovation and creativity are interlinked terms. Business, any business, cannot exist without creativity. The very notion of starting up your own business, take calculated risks and give your best to succeed, is the definition for entrepreneurial creativity. Innovation is what makes the difference, what gives a company a competitive edge, what turns a small “garage” business to a multinational with offices around the world and with billions of pounds in its corporate accounts. Creativity, realized through innovation is what drives our economy, is what capitalism is built on, is what creates companies like Apple, Microsoft, and Dyson and Goldman-Sacks. Important Role of Creativity and Innovation in the Entrepreneurial Process Every sector of business and every sector of life is subject to creativity and innovation. If is strange that when the word creativity is mentioned most people think of painters or sculptors or even photographers and when the word innovation Continue reading
Modern Management Concepts
Triple Bottom Line (TBL or 3BL)
The concept of Triple Bottom Line (TBL or 3BL) is a popular concept that has been applied in the understanding of social duties among companies that are looking forward for the incorporation of non monetary values in their businesses. Its notion has become of much fashion in management, investing and management over the last few years. It has been explained that the ultimate success of corporations ought to be measured not just by the use of traditional financial bottom line, but need also to be measured by on the ethical and environmental factors. In fact most individuals have accepted that, organizations have a lot of responsibilities to their stakeholders to have responsible behaviors. In addition, it is also true that, it is not possible for firms in the long run to be successful if they disregard key stakeholders interests. Its apparent novelty lines in the contention of its supporters that Continue reading
The Business Applications and Benefits of Business Intelligence
Business Intelligence or BI is a computer-based system which is used by organizations for decision making purpose. It consist of huge data warehouse or data marts of business data, from which it performs mining, spotting, digging or analyzing operations to produce appropriate results or reports. BI applications include a wide range of activities for statistical analysis, Data mining, querying and reporting, business performance analysis, benchmarking, Online Analytical Processing (OLAP), Decision Support System (DSS), forecasting and predictive analysis. It provides organizations with meaningful information regarding employees, customers, suppliers and other business associates, which can be used in effective decision making. Applications of Business Intelligence The implementation of business intelligence helps organizations to achieve their goals in an effective way. Its application is not restricted to limited segments. It has a wide-spread use. It has now become mandatory for organizations to implement BI to sustain and maintain their market share in the Continue reading
What is Business Process Management?
Business Process Management (BPM) helps an organization in adapting to changing conditions in the market place so as to remain competitive. A well designed BPM system can help an enterprise run efficiently and effectively, move according to the company’s regulations, and spot inefficiencies in the business activities and bottlenecks to the smooth flow of work. Business Process Management systems help in recognizing certain situations that may pose trouble in the future. They enhance the overall quality and quantity of the various services and products being provided by the organization. Business Process Management can be extremely useful to employees and top managers of an enterprise. It assists the top executives in monitoring business activities and employee productivity. It is helpful to the employees as it reduces their working hours. It also helps an organization in abiding by the governmental rules and regulations set for the business world. A good BPM helps Continue reading
HR Scorecard: A Balanced Scorecard for HR
The new economic paradigm is characterized by speed, innovation, quality and customer satisfaction. The essence of the competitive advantage has shifted from tangible assets to intangible ones. The focus is now on human capital and its effective alignment with the overall strategy of organizations. This is a new age for Human Resources. The entire system of measuring HR‘s contribution to the organization‘s success as well as the architecture of the HR system needs to change to reflect the demands of succeeding in the new economy. The HR scorecard is a measurement as well as an evaluation system for redefining the role of HR as a strategic partner. Managers often use an HR Scorecard to measure the HR function’s effectiveness and efficiency in producing employee behaviors and thus in achieving the company’s strategic goals. The HR Scorecard is a concise measurement system. It shows the quantitative standards or “metrics” the firm Continue reading
Intergroup Interventions in Organizational Development
Inter-group team building intervention intends to increase communications and interactions between work related groups to reduce the amount of dysfunctional competition and to replace a parochial independent point of view with an awareness of the necessity for interdependence of action calling on the best efforts of both the groups. Inter-group interventions are integrated into Organizational Development programs to facilitate cooperation and efficiency between different groups within an organization. For instance, departmental interaction often deteriorates in larger organizations as different divisions battle for limited resources or become detached from the needs of other departments. Conflict resolution meetings are one common inter-group intervention. First, different group leaders are brought together to get their commitment to the intervention. Next, the teams meet separately to make a list of their feelings about the other group(s). Then the groups meet and share their lists. Finally, the teams meet to discuss the problems and to try Continue reading