Meaning and Definition of Corporate Reputation Corporate reputation refers to perceptions of an organization held by all stakeholders acquired over time. This indicates that corporate reputation must be earned. It represents the image of an establishment that the customers have. While a section of scholars believes that reputation cannot be directed and controlled, most believe that it is an integral part of a business and must be managed. Therefore, reputation management refers to an attempt by organizations to influence how their clients perceive them. Corporate reputation defined as overall estimation in which a company is held by its constituents. A corporate reputation represents the net affective or emotional reaction – good bad, weak or strong – of customers, investors, employees and general public to the company’s name. World’s leading companies such as Coca cola, Unilever, Johnson & Johnson, Disney, etc. had truly created their corporate identities that define their who Continue reading
Modern Business Concepts
10 Important Theoretical Concepts in Business Analytics
Making informed choices in the workplace is of great importance since strong data analysis and decision-making skills enable teams to maximize the chances of success. In organizational contexts, those involved in making important decisions should be aware of different methods helping to analyze data sets and make accurate predictions. This article is aimed at analyzing 10 important theoretical concepts in business analytics and discussing their applications in data analysis and decision-making. Ten concepts discussed below facilitate the process of decision-making in business environments. The concepts are relevant to the workplace since they can be utilized to support strategy development, inform inventory and investment choices, establish effective internal policies, and maximize profits. 1. Probability The concept of probability can be justly listed among the terms having numerous applications in decision-making in everyday and professional problems. Based on class activities, the probability is basically the chance that a specific event will happen, Continue reading
Essential Characteristics and Skills of Entrepreneurship
Essential Characteristics of Entrepreneurship Entrepreneurship is considered to be the driving force for economic and industrial growth. These growths arise from the ingenuity of business managers, leaders and administrators. Additionally, entrepreneurship is regarded to be a way of thinking that is motivated by existence of a particular opportunity. The objective of entrepreneurship is to create value. Entrepreneurship has resulted into significant transformation of the society. There are numerous attributes that make a successful entrepreneur. Some of these attributes are discussed below. 1. Self Confident Business environment is very dynamic and challenging. As a result, it is characterized by a high degree of uncertainties. For example, an entrepreneur may establish a business venture but be faced with challenges that may limit its success. However, entrepreneurs do not back off from challenges. Instead, their optimism enables them to tackle challenges head-on. Succeeding is such an environment requires one to be persevering and Continue reading
Reputation Risk – Meaning, Definition and Management
Reputation is an accumulation of perceptions and opinions about an organization that reside in the consciousness of its stakeholders. Reputation has becoming increasingly important to any company as the world becomes more complex. Tangible factors of business are becoming less significant and rapidly replaced by the intangible factors. Reputation is considered as the most valuable intangible asset. Though reputation is considered as an intangible asset which will not be presented in any balance sheet, it will represent the market value. Warren Buffet said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” The hard-owned reputation is much more vulnerable in 21st century, as the globalization and development of technologically interconnection make news more easily transmitted and more transparent. Once reputation is compromised, it may be costly to rebuild reputation and the period may be extremely long. Continue reading
Artificial Intelligence (AI) in the Workplace
Introduction to Artificial Intelligence A man is endowed with the ability to comprehend, respond, and perform. Creatures do not have the knowledge or responsiveness in this manner. Intelligence is characterized as the capacity to study, think, and find solutions. Artificial intelligence is defined as the execution of certain activities by a set of machines working together. Machine intelligence, as the name implies, is knowledge developed digitally when computers are programmed to act intelligently like people. Devices, if programmed with intellectual orders, would produce guaranteed results since they are effective. The nervous system might or may not be able to do so, depending on how the brain is functioning at the moment. In 1950, the word Artificial intelligence in 1950 was devised by John McCarthy who is frequently viewed as the initiator of AI skills because he was the primary person to discover the theory. It is the technique of programming Continue reading
Impact of Artificial Intelligence on Unemployment
Fast technological development and automatization have caused many changes in people’s lives. As soon as the industrial revolution impacted the manufacturing process, productivity skyrocketed, and corporations became major societal driving factors. However, a downside of the industrial revolution was the fast improvement of equipment that worked more efficiently, cheaply, and faster than any person could. From this perspective, the jobs that were previously executed by people were quickly replaced with machines. A similar concern correlates with the current technological development, namely artificial intelligence. Artificial intelligence (AI) is a machine’s ability to learn through certain algorithms, which creates an environment in which it can become fully autonomous and used in any industry while performing any task. There are multiple uses in which AI can be applied, including medicine, physics, the economy, and other essential areas of life. However, similarly to the development of automatization during the industrial revolution, AI may correlate Continue reading