Managing Communication, Knowledge and Information - Case Study Example

Managing Communication, Knowledge and Information Learning Outcome 2 Information and Knowledge Information can essentially be defined as data which has been processed. Often the information which is extracted from the environment cannot be directly used as they are not in the correct format. The data is processed and presented through appropriate usage of software and analysis skills (Torrington, Hall, Taylor, 2007). Information can be mainly of two types formal and informal. Formal information is presented in a highly orderly format and is supported by adequate number of documents. The most common types of formal information are project reports, assignments, presentations, midterms, newspapers. Contrarily informal information has no definite format. It is not structured. Telephone calls, notice boards, memos, notes etc. are most common types of informal information. Knowledge can be stated as the useful insight and wisdom which gets developed from the processed information (Bazerman and Chugh, 2006). Knowledge can be essentially of two important types, namely tactic and explicit. Tactic knowledge is found through the companies own vision, experience, practice, values, thinking and perceptions. While on the other hand explicit knowledge is largely found existing in documents and other recorded forms. It is highly formalized and codified. Such knowledge can be recorded in different artifacts, books, records, patents and database etc. The spiral conversation is a model which interlinks socialization, externalization, combination and internalization. The model states that communication moves from being tactic to explicit and vice-versa in a spiral or revolving form. Hence it is understood that for explicit knowledge to exist, the tactic knowledge must be generated. Similarly, tactic knowledge derives out of explicit knowledge. Classic badges can make use of the system by incorporating a systematic conversation technique which transforms tactic into explicit knowledge and the reverse. Information Required for Effective Decision Making The processed form of data serves as valuable information which managers and employees of an organization may use for effective decision making. In case of Classic badges, for making their business successful, timely information from customers in respect of demand is essential. This would require suitable communication channels which would transmit information within less time. Also, suitable information channels must be established with suppliers of materials (Robbins and Judge, 2013). Knowledge Required for Effective Decision Making From the procured information, organizations are required to establish rational connections exercising their skills and understanding and formulate knowledge base which guides in taking crucial decisions. In case of Classic Badges, the timely information in respect to demand and predicted market and environmental analysis serves as basis for effective decision making. Accordingly, orders are placed with suppliers and resources are utilized so that business targets can be achieved (Baldoni, 2010). Learning Outcome 1.4 Sources Recommendations Internet (External) Classic Badges may consider using the internet as a platform for providing E-commerce services, whereby the consumers may directly place orders with the company, apart from only using it as a promotional only (Courtney, 2001). Newspaper (External) Apart from advertising and promotion of products, Classic Badges may consider using newspapers to popularize their Corporate Social Activities and long term corporate aims and objectives (Schreiber, 2000). Journal (External) The company may consider publishing journals which highlight important organizational achievements and provide recognition to efficient employees. The overall business achievements as compared with other firms can also be included. They may also be used to inform employees regarding their future goals (Berkes, 2009). Cash Flow (Internal) The cash flow reports can also include the estimated cash flows for future periods considering both risk laden and non risk laden conditions. Suggestions in respect of how earnings can be improved may be incorporated (Coombs, 2014). Human Resource Reports (Internal) Apart from existing functions, the human resource reports can be further used to create awareness amongst employees in respect to major corporate decisions, organizational changes and code of ethics (Scott and Lane, 2000). Operational and Production Reports (Internal) The operations reports can be further used to analyze the differences between planned and executed activities and how the variance can be corrected in the future (Welch and Jackson, 2007). Learning outcome 2.1 Internal Stakeholders Reason/Why? Contribution Managers Managers are responsible for taking essential executive decisions and hence are important stakeholders (Riege and Lindsay, 2006). To coordinate all business activities. Effective control and appraisal of activities. To monitor the use of resources. To establish communication with suppliers and consumers such as schools, local authority, organisations and health service. CEO The CEO is responsible for taking long term corporate decisions and managing the needs of the shareholders and other stakeholders (Freeman, 2010). To enhance the productivity of the firm through important strategic decisions in respect to resources. To develop strategic alliances with suppliers. Shareholders They are internal stakeholders who invest in the company through shares (Bollinger and Smith, 2001). Classic Badges is expected from shareholders to keep investing if any money is required. Company also wants them to make effective contribution through different ideas. External Stakeholders Reason/Why? Contribution Suppliers They are external stakeholders who provide raw material to Classic badges when required (Coombs, 2014). Classic Badges company is expected from suppliers to sell quality raw material at good price. It is also very important to make raw material available for the company on credit if money is not available with immediate effect. Creditors They provide the company with the necessary amount of finance for functioning effectively (Morsing and Schultz, 2006). Classic Badges requires the short term financial support provided by creditors to meet their operational obligations effectively. Government Government can significantly influence Classic Badges to adopt or refrain from different types of business alliances (Massey, 2001). Classic badges must pay taxes to government authorities on time. The company is required to provide the government with reports of their operations to ensure that all principles are complied with. Learning Outcome 2.2 Business Relationships Businesses are required to establish relationships with their stakeholders for enhancing effective performance of business operations. Such relationships facilitate long term business contracts. An efficient system of communication is essential for maintaining such business relationships (Massey, 2001). Importance of Business Relationships Business relationships facilitate the development of a greater number of channels for attaining resources. Also such relationships lead to the development of long term business contracts. A firm is liable to meet the expectations of its stakeholders and business relationships facilitate providing timely information regarding business performance. Maintenance of such relationships facilitates a firm to enhance its goodwill and generate greater awareness regarding its products and services through word of mouth. Business relationships should not only be maintained with external but also the internal such as employees and customers. For instance, Classic Badges can maintain their relationship with suppliers of credit by providing them with timely information regarding the organizational performance and financial reports. This would help the creditors to judge the company’s liquidity and efficiency position and accordingly provide credit (Massey, 2001). Impact of Lack of Business Relationships Lack of business relationship may lead firms to the following consequences (Bollinger and Smith, 2001). Lack of resource procurement channels. Lack of business popularity Lack of diversity in suppliers and consumers Business relationships are also a channel for procuring information which cannot be used when the same is in dearth. Facilitates widening of business activities establishing more number of greater strategic alliances. Methods of Contacts There are various ways in which business relationships can be built and maintained suing various methods of contact such as the following: Personal meeting- CEO’s and managers can hold meetings with business clients, creditors and suppliers for taking strategic decisions and developing contracts. Personal meeting can also be held with shareholders to discuss investment matter. Managers may also engage in personal meeting with employees to discuss work related matters and to council them regarding various issues. E-mail- E-mails can be sent to consumers for popularizing their products. They are also used as an important mode of communicating business information to clients and suppliers. Newsletters- Organizational newsletters can be used by employees and other stakeholders to gain information regarding the firm’s performance and future performance plans (Snehota and Hakansson, 1995). Socializing sites and company website- Through the company website and other socializing sites, Classic Badges can effectively communicate with society at large and inform them about the firm’s performance, products, future plans and their contributing to the society. Organizing events- Through various social events, Classic Badges can create more publicity and communicate important messages to the targeted consumers (Waters, et al., 2009). Learning Outcome 2.3 Participants Current Awareness Objective of communication Medium Chanel Deliverables Person(s) Responsible Frequency CEO (CharlesGillbeck ) High level of interest and high influence Performance appraisal, budget Personal meetings, Reports and email. Financial statements and annual reports. CEO Charles Gillbeck Ones a month Customer Least level of interest and less power Satisfaction of quality of product and price Survey, that include a feedback mechanism Revenue from sales Consumers from the target market segments Regular Employee High interest and low power Company’s performance, quality of products and sales effectiveness. Group meetings, trainings, reports, publications and induction. Sales and efficient performance. Sales, operations and production department. Weekly Shareholders High level of interest and high influence To take important long term decisions. Personal meetings and reports. Capital and suggestions regarding long term plans. Board members. Monthly or semi-annual. Supplier High interest and low power Delivery terms and long term contracts. Mobile, online and internal networks of communications. Also reports regarding production plans. Timely goods, services and raw materials. Suppliers of raw materials. Once a month Creditors High interest and high power To provide information regarding financial health. Reports showing financial efficiency. Short term capital Creditors of short term capital such as banks, financial institutions and suppliers of materials. Once a month or weekly. Learning outcome 2.4 Personal Networking Skills Personal networking skills refer to the manner in which organizational members communicate so that business decisions and operations are fulfilled. Such interpersonal networking skills facilitate swift and more effective decisions and timely transmission of information (Post, Preston and Sachs, 2002). Types of Strategies Personal networking skills can be developed through team building, brainstorming sessions, quality circles, knowledge management and various forms of training programs which facilitate building acquaintance with business operations and technologies. Team building Team building aids in developing team unity increasing communication of information. Classic Badges can encourage employees to discuss issues and resolve the same in teams so as to give effect to building the coherence amongst team members. Brainstorming Brainstorming facilitates employees to engage in discussion of ideas to solve complex organizational issues or developing plans of action (Moller and Halinen, 1999). Classic Badges must encourage teams to engage in frequent brainstorming so as to maintain organizational innovative thinking ability. Quality Circles Quality circles are responsible for effective business decisions which lead to improvement in the quality of performance and their ultimate outcome. Classic Badges must ask managers to discuss amongst themselves the avenues for quality improvement. Knowledge Management Knowledge management processes facilitates the movement of information using various electronic networks (Grunig and Dozier, 2003). Classic Badges may consider using knowledge management techniques for suitable conversion of tactical into explicit knowledge. PNS for Classic Badges Classic Badges may use strategies such as personal counselling sessions for employees, focus group discussions and surveys to improve the personal networking skills. Such strategies are directed towards either better decisions making or evaluation or towards communicating important information which may lead to better performance and enhance organizational skills. Reference List Baldoni, J., 2010. What does the organization need me to do? The Journal for Quality and Participation, 1(1), pp. 10-14. Bazerman, M. H. and Chugh, D., 2006. Decisions without blinders, Harvard Business Review, 84 (1), pp. 88-97. Berkes, F., 2009. Evolution of co-management: role of knowledge generation, bridging organizations and social learning. Journal of environmental management, 90(5), pp. 1692-1702. Bollinger, A. S. and Smith, R. D., 2001. 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A stakeholder approach to organizational identity. Academy of Management review, 25(1), pp. 43-62. Snehota, I. and Hakansson, H., 1995. Developing relationships in business networks. London: Routledge. Torrington, D., Hall, L., Taylor, S., 2007, Human Resource Management. London: Pearson Education Waters, R. D., Burnett, E., Lamm, A. and Lucas, J., 2009. Engaging stakeholders through social networking: How nonprofit organizations are using Facebook. Public Relations Review, 35(2), pp. 102-106. Welch, M. and Jackson, P. R., 2007. Rethinking internal communication: a stakeholder approach. Corporate Communications: An International Journal, 12(2), pp. 177-198. Read More