Changes in the economic and social structures of modern societies have seen the emergence of new platforms for business and socializing. The concept of a platform society has emerged from this trend and it refers to the use of digital markets to complete transactions or foster social engagements. The concept of the platform society is contested because researchers have varied limits of accepting the above description. Nonetheless, globally, five technology companies dominate the digital market space and dominate traffic across major internet platforms. They include Google, Facebook, Apple, Amazon and Microsoft. Collectively, they have the power to shape the geopolitical landscape of human populations through their controls on information exchange and discussions that occur on their platforms. Jointly, these tech companies have billions of users, which means they control knowledge flow to a degree. This extensive power attracts concerns from skeptics who highlight the potential for information manipulation and censorship Continue reading
Modern Management Concepts
Trompenaar’s Four Types of Corporate Management Culture
Nowadays, the effectiveness and growth prospects of international companies directly depend on the development of internal corporate culture. After studying such aspects of the work of large organizations as the relationship between employees, the subordination system in the company, and employees’ attitudes and views on the development of the MNCs, Alfonsus (Fons) Trompenaars (Dutch organizational theorist, management consultant, and author in the field of ethics) states that the fundamental orientation should be on the personality and objectives of the company. Thereby, the scientist identified four types of corporate management culture, which received symbolic names: family, guided missile, incubator, and Eiffel Tower. 1. Family Culture The family type of culture is strictly hierarchical and focuses on the execution of instructions from leaders. The system as a whole is based on a paternalistic attitude: the initiative and efforts of subordinates should correspond to the leadership’s goals, but people do not call the functions Continue reading
Advantages and Disadvantages of Outsourcing Strategy
Outsourcing constitutes one of the fundamental sourcing strategies that organizations can adopt. Outsourcing entails an approach whereby certain business processes are undertaken by an external entity. Thus, outsourcing is based on a contractual relationship. The concept of outsourcing has gained remarkable significance over the past few decades. Traditionally, outsourcing was limited to peripheral organizational tasks. This trend is changing as evidenced by the high rate at which outsourcing is being integrated into diverse organizational activities. Organizations perceive outsourcing as an essential strategy in their commitment to value addition. Some of the industries that have adopted the concept of outsourcing include aviation, manufacturing, and medical services. Firms in the oil and gas industry are also adopting the concept of outsourcing. Organizations’ motivation towards this strategy has been spurred by the need to attain competitiveness concerning high return on assets and better and quality service delivery. Secondly, the pressure to outsource has Continue reading
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
Workplace Cooperation – Cooperation in the Workplace and Knowledge Sharing
Cooperation in the workplace refers to a situation in which the workers and managers resolve their issues of common concern, through discussions and consultations. Workplace cooperation has a number of characteristics, for example; it is a voluntary process in which the employees and the employer choose to work together as one team. In this team, each of them places a greater emphasis on the success of their relationship and the building of the company as opposed to emphasis on their individual rights in the company. Workplace cooperation can be supported by a legal framework which can either be facilitative or prescriptive. Workplace cooperation involves open communication where the employer and his employees talk to one another, listen to one another and even share information together. Cooperation in the workplace also aims at coming up with a common approach that is acceptable to both the workers and the management in the company Continue reading