Billions of people create trillions of connections through social media each day, but few of us consider how each click and key press builds relationships that, in aggregate, form a vast social network. Passionate users of social media tools such as email, blogs, microblogs, and wikis eagerly send personal or public messages, post strongly felt opinions, or contribute to community knowledge to develop partnerships, promote cultural heritage, and advance development. Devoted social networkers create and share digital media and rate or recommend resources to pool their experiences, provide help for neighbors and colleagues, and express their creativity. The results are vast, complex networks of connections that link people to other people, documents, locations, concepts, and other objects. New tools are now available to collect, analyze, visualize, and generate insights from the collections of connections formed from billions of messages, links, posts, edits, uploaded photos and videos, reviews, and recommendations. As Continue reading
Modern Business Concepts
Barriers to Innovation and How to Overcome Them
Innovation is doing things in new ways in order to achieve significant results and make a huge difference in performance compared to others. Innovation’s goal is to have a positive change, to make someone or something better. Innovation is also defined as new ideas that work and a successful innovation can be achieved through the creation and implementation of new processes, products, services and methods of delivery which will result in significant improvements in the profitability and enhance the growth of an enterprise. Innovation is a special case of planned change and learning that either transforms current products, services, and markets, or creates an entirely new market by introducing a radically new product or service. An organization is considered innovative if it stirs up the marketplace, by creating competitive pressures and new opportunities. It has been recognized that innovation success in an established organization requires balancing the stabilized efficiency of Continue reading
Public Private Partnership – Definition, Types, Strengths and Weakness
The Concept of Public Private Partnership The concept of Public Private Partnership (PPP) has been described in several ways. The Agency theory, which is often called the principal-agent theory, shows the affiliation between the principals and agents and emphasize that the principals have the basic task of choosing and controlling their agents. The theory that sees parties engaging in exchange as contracting is called transaction cost theory. It emphasize that contract should account for both personal and social expenses while reaching a contract and further noted that the process of contracting could be costly because it includes cost of structuring, bonding, monitoring, negotiation and residual loss due to principal agent problem. Partnership under evolutionary theory, is about efficiency and prudent utilization of available resources, which is aim at plummeting replication in the overhead expenses. The exchange and dependency theory, highlight on integrating disjointed policy landscape. Others viewed Public Private Partnership Continue reading
Innovation – Definition and Types
Innovation is an important concept to understand as a manager and for an organisation as a whole. Used in the correct manner, innovation can give an organisation the competitive advantage they need to be a success in their market. Firstly, it is useful to look at innovation in general. Innovations are ideas that are developed into new products or processes. They result in changes that customers recognize as new. Put in even simpler terms, innovation is the process of making improvements by introducing something new. Therefore, the two words that sum innovation up are ‘process’ and ‘new’. Defining Innovation Innovation is doing things in new ways in order to achieve significant results and make a huge difference in performance compared to others. Innovation’s goal is to have a positive change, to make someone or something better. Testing and evaluation of ideas is critical in achieving this goal. The ideas that Continue reading
An Overview of the Sarbanes-Oxley Act of 2002
About Sarbanes-Oxley Act The Sarbanes—Oxley Act of 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. There have been found a number of corporate financial scandals (e.g. Enron Accounting Scandal) that provides various type of weakness in the governance and auditing practice in the organization. It represents the failures in controlling the reliability and integrity to the stock markets. The scandals cost billions of dollars for the investors when the affected companies were collapsed. As a result, these scandals make upset the public confidence in the nation’s security markets. The Sarbanes—Oxley Act was passed in positive response by the American congress on July 30, 2002 in Continue reading
Tacit Knowledge versus Explicit Knowledge
Knowledge is an capability or a ability acquire the man through the understanding. To manage this knowledge human implements the process called Knowledge management. Knowledge management is the targeted skillful and effective interaction movements in knowledge. In other words, the knowledge management is not only the managing of knowledge, but its an process of managing the organisation with a detail focus on knowledge. It is central resources that accept us to function intelligently. Knowledge management is also the transformation to other clear appearances such as traditions, technologies, books and practices within organisation of all kinds and in society in general. Procedural knowledge that carries the way of related process and action performed. Declarative knowledge is also prescribed as knowledge of knowing (something) or ‘know what’. Procedural knowledge also prescribed as process knowledge or ‘know-how’. The procedural and declaration of knowledge is used to build the structure on knowledge base. And Continue reading