The concept of knowledge itself is not new, because the need and importance of knowledge has been the basis for the development of various cultures, philosophies and religions. What has really made it possible for people and even organizatins today to even contemplate harnessing knowledge energies for better management has been the rapid evolution in technology that we have seen over the last decades. The role of technology, particularly information technology in defining and revitalizing corporate strategy has evolved over the last forty years or so. In the 1960s and 70s, computers were confined to glass cabins and sometimes as departmental number crunches. Information strategy was always seen as something that would come in after the corporate strategy had been defined. It was only with the introduction of the personal computer in the early 1980s and the subsequent spread of the networking phenomenon that changed the role of information technology Continue reading
Modern Management Concepts
Innovation Theories: Bottom of the Pyramid and Dominant Design
The use of innovation for sustaining businesses have been in time since the advent of businesses themselves. The ability to exploit technological developments in order to solve real problems bring about value to the people using the businesses’ products or services. The value created by a business is the result of proper innovation taking place in a multi-faceted fashion in the spheres of technology and business administration. Hence, innovation theories are a concept to extensively address and analyze real world problems to get the most valuable benefit whilst the solving the problem. Creativity lies the in heart of innovation and it is a critical ingredient that catalyzes the process of value generation via the services and products of the business. Different innovation theories have been coined and discussed globally by businesses to strategically place their products or services in a way that helps their clients or customers the most. This Continue reading
What is Work Life Flexibility?
Work life flexibility is important to have an effective and productive work at the workplace. It is seen that there are various advantages on having flexibility in work life. Having an appropriate work life balance is also essential to have a healthy lifestyle and a successful career. Work life flexibility helps the employee to be more responsible towards his family and adjust himself in various situations. The traditional method of job is found to be from 9am to 5pm. This is usually found as working hours in office. However, this traditional method of office hours is dying with time. In the modern world, people think that this traditional method of office hours does not make any practical sense. It is seen in the modern world that both the parents of a family are working. They need to stay outside the house more than they can give time to their family. Continue reading
Approaches to Knowledge Management Practice
There are two fundamental approaches to knowledge management practice, tacit and explicit approaches. The approach of tacit knowledge accents understanding the individuals king of knowledge in an organisation make the people to transfer knowledge within the organisation, the people managing the key as knowledge carriers and creators. The approach of explicit knowledge explains marches for express knowledge applied by one person, the pattern of organisation approaches for invention of new knowledge, and including information systems (development of systems) to distribute and express knowledge within the organisation. The comparative merits and demerits of both tacit and explicit approaches to knowledge Management are explained here. Tacit Knowledge Approach The tacit knowledge approaches have some outstanding features is staple impression that knowledge is about personal knowledge in creation and unmanageable to deduce from the heads of single person. In all organisations tacit knowledge consists in an large amount ruins on the head of Continue reading
Cost Control Techniques in Business
During the 1990’s cost control initiatives received paramount attention from corporate America. Often taking the form of corporate restructuring, divestment of peripheral activities, mass layoffs, or outsourcing, cost control techniques were seen as necessary to preserve – or boost – corporate profits and to maintain – or gain – a competitive advantage. The objective was often to be the low-cost producer in a given industry, which would typically allow the company to take a greater profit per unit of sales than its competitors at a given price level. Cost control and reduction refers to the efforts business managers make to monitor, evaluate, and trim expenditures. These efforts might be part of a formal, company-wide program or might be informal in nature and limited to a single individual or department. In either case, however, cost control is a particularly important area of focus for small businesses, which often have limited amounts Continue reading
Blue Ocean Strategy – Shift from Red Oceans to Blue Oceans
“Blue Ocean Strategy” by W. Chan Kim and Renee Mauborgne is a strategy that challenges companies to distance itself away from fierce competition by establishing uncontested market space that makes existing competition irrelevant. One of the reasons why the authors have used the colors red and blue is to describe the market. Red ocean is the market space where industry boundaries are defined and known. The red ocean contains a massive conflict between companies where they are constantly trying to outperform each other to achieve a greater share or demand. When market spaces become crowded with competitors, companies try out perform each other and profits and growth is greatly reduced due to cutthroat style competition which turns the red ocean bloody. In contrast, blue oceans is the unknown market space where it is unaffected by competition and demand is created rather than fought for. In blue oceans, competition is not Continue reading