The growth of the internet over the past two decades has come as a welcome development for businesses, both big and small. The internet has provided a whole new, vast and efficient advertising space. However, bad publicity surrounding the brand can also spread faster than ever, tarnishing the image of the brand. The reputation that a brand projects towards its customers, business partners and stockholders can have dramatic effects, not only on the company’s revenue but on its very existence. Many brand owners and managers are still ignorant of the concept of Online Reputation Management (ORM) for businesses. Online reputation refers to a company’s image online. The online environment poses a great risk to businesses and their brands. The online image of a company can be the creation of third parties. Both the company and third parties influence online reputation. It is the responsibility of the company to control its Continue reading
Modern Management Concepts
Platformization of Strategic Business Communications
A digital business or communication platform offers a method to recombine technology in novel and transformational ways to create new business functionalities and competences. It offers a logical boundary that divides the technological applications driving digital transformation and technological change from the organizational logic behind those applications. For instance, the Amazon corporation elaborates and designs its digital media, business, and communication platforms as marketplaces and communication channels for clients and colleagues. The implications of platformization for communication and business industries are positive, but can encompass negative aspects related to ethical and privacy issues. Any online communications technology, including desktop, mobile, interpersonal, and email applications, is referred to as a “digital platform.” This notion, in fact, encompasses social networks, media, and websites. Particularly in the media and entertainment sectors, digital platforms have frequently been identified as the key participants in a wide range of marketplaces. Corporate and governmental players in contemporary Continue reading
Assessing Triple Bottom Line (TBL) Progress Using KPIs
Every organization’s success depends on its ability to adopt decisions and execute essential procedures swiftly, effectively, and consistently, including introducing new strategies or projects. Implementation of new strategies, projects, or extending the definition and reaching of CSR is always associated with some risks and requires careful preparation and monitoring of the result. Key performance indicators (KPI) are the most suitable tool for assessing progress in achieving the specified Triple Bottom Line (TBL) objectives within corporate social responsibility (CSR). It would be best to start by asking a strategic question for each element of Triple Bottom Line (TBL). This is a powerful technique that helps both in developing a strategy and understanding the tools and criteria for monitoring its effectiveness. Strategic questions force one to think in a way that inspires movement and helps you find new approaches. It is imperative to implement TBL because many of the challenges that the Continue reading
How Artificial Intelligence (AI) is Changing the Future of Businesses?
Most devices have now advanced as a result of the development of technology. Several sophisticated devices have been introduced to assist with various tasks. Utilizing these tools to fulfill specific responsibilities within their businesses has helped many organizations advance. Robots, self-driving cars, intelligent assistants, virtual travel agents, illness mapping, automated financial investments, and social media monitoring are some of these gadgets. These tools are designed to make work more accessible, accurate, cost-effective, and time-efficient. As a result, these machines continue to take the place of human work. According to a study, employment has decreased by 10% due to most businesses now adopting these machines to carry out various tasks that people could undertake. This has a significant impact on the economy, both favorably and negatively. Artificial intelligence has, however, had a significant impact on global trade through enhanced production and service delivery. Future economic performance measures how effectively a company Continue reading
Open Innovation and Co-Innovation – Definition and Differences
Open Innovation and Co-Innovation Defined Innovation and innovators play a critical role in the business world. When speaking of innovators, the role of outside innovators is considered to be fundamental, and the success of companies like Apple Inc. confirms this fact. The aspect of having a reliance on outside innovators is what has given companies like Apple Inc. a name, especially when looking at the iPhone. Open innovation is the tendency of businesses to make use of knowledge inflows and outflows as the sources for ideas and acceleration of innovation strategies. Co-innovation, on the other hand, is considered to be a type of open innovation. Co-innovation is to involve the collaboration of two or more partners that work purposively in the management of the flow of mutual knowledge across the boundaries of the organizations through joint innovation and commercialization of the said innovation. Overall, open innovation allows companies to commercialize Continue reading
Incumbent vs. Challenger Business Models – Major Differences with Examples
An incumbent can be described as an individual who is responsible for his or her office in a governmental or organizational position. The concerned person has the obligation to the position or the office he or she holds. Thus, an incumbent from a business perspective is generally referred to a leader or a person who is being discussed. The incumbent in a specific industry can change in the responses to bring changes in the market. An incumbent can also be referred to as the business relationship like those that exist between a supplier which is providing materials to another business. A challenger can thus be described as the firm or a leader which has a low market share or a person which is aiming similar leadership position. Challengers are the competitors that are aiming towards for the power and authorities which is already held by an incumbent person (incumbent vs Continue reading