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 Business 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
Whistle-Blowing: Definition, Reasons, and Issues
Definitions of Whistle-Blowing Whistle-blowing has been defined as the act of a man or woman who, believing that the public interest overrides the interest of the organization he serves publicly ‘blows the whistle’ if the organization is involved in corrupt, illegal, fraudulent or harmful activity. It has also been defined as the disclosure by organizational members (former or current) of illegal, immoral or illegitimate practices under the control of their employers, to persons or organizations that may be able to affect the action. Many other definitions of whistle-blowing exist, though they run into problems of inclusion and exclusion and create problems for the researcher attempting to operationally the concept as a form of organizational communication. The following definition comes close to providing sufficient clarity: Whistle-blowing occurs when an individual performs an action or series of actions intended to make the information public. The information is made a matter of public Continue reading
Art of Prioritization – A Must Tool for Effective Business Management
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
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