Setting an agenda, reviewing activities, and allocating time and effort in such a manner as to provide maximum value in a short amount of time is essential in thoughtful prioritizing. Addressing the emails with the various situation also requires certain prioritization and strategic approaches. Because low-priority work may need to be stopped to accomplish urgent tasks, prioritization should also be flexible. We should keep in mind that no matter how carefully focused, there is only so much that can be accomplished in a single day, and certain unpredictable variables are unavoidable. Setting objectives and prioritizing work should both be practical, and the emails have to be addressed in a similar fashion – first, the most urgent and the most potentially valuable case. It is vital to remember that the goal of prioritizing is to spend time on the most important activities, the ones that will matter in the long term, Continue reading
Modern Business Concepts
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
Views on Business Model: As a Business System and Profit Model
A business model creates a picture of how an organization operates to provide quality services and value to customers. Therefore, the business model assists the company to beat their competitors in the markets. Consequently, the model enhances the value of the company to rapid profits and revenue growth. Therefore, a business model comprises of two elements such as a profit model and business system. The business model does not only work as a system of works but rather as behavioral indicators of customers and suppliers. A successful business model integrates the profitability level of a company and its operations. As a result, it can realize the strategic objectives of the company. When an individual conceptualizes a business model as a system, he/she focuses on delivery and production of the company. Therefore, the system has several interdependent activities to go beyond the boundaries and focal industry. As a result, the business 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
Role of Open Data in Business Innovation
In today’s competitive business world, organizations are constantly struggling to generate a competitive advantage over others in order to sustain their future growth. Companies are facing fierce competition from local as well as international organizations due to globalization and digitalization. In fast pace and rapidly changing industries, corporations rely on an innovative approach to generate and maintain their competitive advantage. Incumbents in industries are threatened by challengers because they use innovation to create a competitive advantage over them. In order to stay relevant and match industry demand, corporations invest in new technology to ensure that they satisfy customers’ requirements and improve their operations. Along with the popularity of internet which is fueled by the growth rate of smartphone users, the popularity of open data has grown as well. Open data is referred to an idea which provides that some data should be freely available and accessible to everyone to republish Continue reading
Sustaining and Disruptive Technologies
In 1997, the best-selling book, “The Innovator’s Dilemma” Harvard Business School professor Clayton M. Christensen came up with two basic categories of technologies: sustaining and disruptive. Christensen in his sequel, “The Innovators Solution” has changed the term disruptive technology to “disruptive innovation” to accentuate that it is not exactly the technology that is disruptive but the strategy of the innovation that leads to disruption. Read More: The Innovator’s Dilemma Sustaining Technologies Sustaining Technologies is an incremental increase in the features or performance for an established product. Some sustaining technologies can be discontinuous or radical in nature, while others are of incremental nature. They basically rely on improvements along with the dimensions of performance in an already established technology. We can see some significant percentages of the innovations we come across are sustaining innovations. We can consider an example of desktop computers. The significant natures of computers have not changed since Continue reading