Data in any form is considered as the new gold in the 21st century. Organizations that primarily focus on data-driven approaches have the potential to be ahead of their respective game. One of the important and core objectives of any company would be to maintain a solid and strong relationship with its customers, understanding them and providing them what they want. Customer Analytics is this field of analytics, where one dives deep into the consumer data and brings about useful insights on their clients. Customer Analytics finds its utmost use in the marketing as well sales departments where the customer data is the key to understand the customer behavior for them chart their marketing as well advertising strategy. Customer Analytics supports business decision-making through targeting specific groups based on income groups, age groups, and customer segmentation as understanding customer groups would help the businesses to create more strong strategies for Continue reading
Modern Business Concepts
Changing Nature of Modern Work Organizations
New forms of work organisation have come up in last 25 years which is known as modern work organisation. Many organisations have adopted these new forms and become more successful work organisation. Work has been restructured by new technologies; new looms that attempt to involve staff in improving product quality using less inventories. Employee’s involvement can provide employees with control over their operational lives or it can provide employees with the opportunity to mention on work organisation but leave the real authority relationships untouched. The work organisation was changed a lot over the time from 19th century (traditional work organisation) to 21st century (modern work organisation). Traditional work organisational structure was layered with functional departments while Modern work organisational structure is more flat containing process teams. Traditional work organisations’ employees were controlled and did specified task only while modern work organisations’ employees are empowered and doing multi tasks. Managers and Continue reading
Blockchain Technology – Features, Types and Benefits
A Short History of the Blockchain Technology When an unknown scientist under the pseudonym Satoshi Nakamoto published his white paper about Bitcoin – a “purely peer-to-peer version of electronic cash”– in 2008, it was not the cryptocurrency itself but its underlying mechanism, known today as the blockchain, that was considered revolutionary. But overall awareness of the blockchain technology remained rather limited, as Bitcoin itself was not yet widely known. Starting in the year 2012, increasing activity surrounding Bitcoin could be observed, as the cryptocurrency’s market capitalization grew and start-ups in the field of payments and coin wallets started to emerge. But still, Bitcoin and the underlying blockchain remained subject to a general scepticism, being associated mainly with the financing of rather sketchy online activities and other misconceptions. Nonetheless, by the year 2014, over 80 uses of blockchains had been reported. Slowly, the initial scepticism gave way to the increasing efforts of Continue reading
Objectives and Scope of Internal Audit
Internal audit is and self-governing assessment function established by the management of an organisation for the review of the internal control system as a service to the organisation. It separately examines, evaluates and reports on the sufficiency of internal control as a involvement to the correct, economic and successful use of resources Scope of Internal Auditing The possibility of internal auditing currently embraces wider concepts of community governance: risk and power – recognizing that organize exists within an organization basically to manage risk and advance valuable governance . The most significant vary is that the internal auditors are estimated to modify their mindset: from faultfinders to advisers. Internal auditors should take care of the auditee as their consumer. As with a client, the internal auditor should obviously communicate with the auditee, engage management in the audit development process, consider organizational risks that are prospective areas of audit anxiety, work with Continue reading
Nurturing Innovation in Teams
Innovation in teams can be defined as the act of starting something new for the first time, something that has not yet been done by the team. The creation may rise from a study or experiment. Innovation could be termed as the brain child of creativity of the team members. Proper motivation is needed so as to be able to foster proper innovation in the team. The team must have a clear guideline and understanding of what innovation is and what it entails. Benefits of Innovation in Teams Nurturing innovation in a team also has great benefits on not only the team members but also to the organization as a whole. This includes: The organization benefits greatly by being the first organization to take a product or service to the market before any of their competitors. Innovation gives the organization an edge over its competition. By being the first organization Continue reading
Business Strategy Games
The Business Strategy Game is a hands on learning exercise that will give managers valuable decision-making practice and develop powers of business judgment. Business strategy games involving management process before confirming the decision to be made. Lesson learned taken from the business game, from the process and the content from the case (industry and situation & condition of the business) is used for decision making. Various processes involved in business strategy games are; Management Process Planning was the first process taken. Reading and understanding the relevant information was necessary and plays a significant role in planning process. Expectation was established in the planning, and followed stepping process until all aspects have been determined, including all distinctiveness in production (capacity, model, etc.), transportation (shipping), labor, etc. Planning is critical, and it was indicated in the business strategy games, in which it required quite some time to achieve an agreement. Time Continue reading