Corporate Philanthropy is when the business decides to the promote welfare of the society in which they work and live. It is focused on treating people right, working for a cause to make changes for the betterment of the community. The organizations undertaking corporate philanthropy make donations to other organizations working for the development of the community or work directly by undertaking some initiatives. These donations could be in cash or by volunteering time or offering use of company’s facilities. The organizations usually have a separate team looking after this aspect. The company aims to create and achieve a positive social impact by supporting these beneficiary causes. The business has to utilize its resources and put them to use, so that they become useful for the society. Corporate philanthropic initiatives add value to the company, but the most important aspect is that these values have to align with the long-term Continue reading
Modern Management Practices
Green Productivity for Sustainability
With the start of the new millennium, the world has seen rapid change and change in the approach of the manufacturing industry with regards to sustainable development. Formerly, lone voices were urging a concern for the environment with a thought for sustainable development while improving business performance are now coalescing into a “movement”- new thinking and new ways of approaching old problems have made it perfectly possible to address these issues together, most effective when planned as part of a total review of the life-cycle of products and their manufacturing and delivery processes- and this movement being called Green Productivity. The global economy is coming under growing pressure to pay for the restoration of damaged environments. But this economic engine is being asked to help solve other pressing problems at the same time. The challenge is to solve all of these problems in a sustainable manner, so as to generate Continue reading
Using Information Technology to Achieve Competitive Advantage
The world has grown more than enough in the context of information technology in such way that organization work more efficiency to enhance and maximize their daily productivity. Storage devices, data protection, cloud application and faster communication are the main advantages that information technology can provide to businesses. IT/IS has big impact in computer application on which nearly every work environment is dependent, therefore, since those applications are computerized and widely used, it is advantageous to incorporate IT into business. Information technology is categorized into major three group known as operation, financial and strategic system. If the operation and financial system are well integrated may result strategic system for other enterprises, however, it depends on the core business objective of the enterprise. For instance, cloud application and cloud storage are advance technology where most of the organizations are not aware of it, organization don’t consider much about technology even though Continue reading
Benchmarking Analysis
In a complex, dynamic, fast-changing environment, companies must strive for superiority in order to survive. Competitive edge cannot be achieved or maintained by setting goals based on past or even present performance. Benchmarking is a management practice that can be used to pursue excellence. It does this by identifying, comparing and emulating best practice wherever it occurs. Read More: Benchmarking as a Strategic Business Tool Benchmarking is defined as a continuous systematic process of evaluating companies recognized as industry leaders, to determine business and work processes that represent best practices and establish rational performance goals. It is a search for industry best practices that lead to superior performance. It illustrates how good a company currently is in comparison to its competitors, that is benchmarking analysis demonstrates what others are doing as well as what others are achieving. Benchmarking analysis is an integral part of the organizational improvement process and it Continue reading
The Emergence of Frugal Innovation
The old innovation paradigm was called closed innovation which was based on the strict control of successful innovation. Under this view, organizations generate their own ideas, develop them, finance them and support them on their own. In short, companies maintain complete control of all aspects of the innovation process and inventions are kept highly secretive. Traditionally many organizations followed this model and it worked well for most of the twentieth century. However, over the years a number of factors have led to the erosion of the closed innovation approach. First, due to an increase in the mobility and availability of highly educated people, large amounts of knowledge leave the research laboratories of many companies. Second, the availability of venture capital has increased significantly in the recent past making it possible for promising ideas and technologies to be further developed outside the organization. Third, other firms in the supply chain began Continue reading
Advantages and Disadvantages of Starting Up a Business
Currently, the development of market relations implies a free and equal coexistence of various forms of entrepreneurship and sectors within each type of ownership. A special place in the international economy at this stage belongs to start-up businesses. These are small enterprises that do not require large initial investments and guarantee a high rate of turnover of resources that can quickly and economically solve the problems of economic restructuring. The formation and saturation of the consumer markets are the key elements in the current destabilization of the economy. It should be noted that for a highly monopolized economy, the small business acquires paramount importance since it makes a significant contribution to the development of a competitive environment. However, there are both rewarding advantages and serious disadvantages of starting a business, which need consideration. If a person plans to open a business, it is important to consider the upcoming possible gains Continue reading