A Key Element to the Success of THB - Assignment Example

A Key Element to the Success of THB 1.0 INFORMATION MANAGEMENT 1.1 Introduction According to Robertson (2005 information management refers to the collection and management of the source(s) and the distribution of information to audience(s). It also incorporates the human aspect through the individuals who have a right to access the information. The aspect of information technology has been a key element to the success of THB. As can be clearly observed, the aspect of management in THB encompasses control and organization of the structures processing, as well as the delivery of information. As an online company, it goes without question that THB has no other option but instead impress technology to the later. It is noted that, as an online company, there are inherent problems it has to deal with particularly in data handling, given the ever increasing demand for services by customers. This paper seeks to analyze the THB Company with a view to contextualize its operations. In doing this, a SWOT analysis shall be done for purposes of highlighting the strengths and weaknesses of the company. Other parameter of interest shall include how the company deals with management of information, factors that inhibit the use of advanced information systems, importance of social networking, Consideration made by THB confectionery prior to adoption of social networking, recommendations and conclusion. SWOT ANALYSIS OF THB CONFECTIONERY Internal organization Strengths THB has a strong reputation in the market since it is viewed as reliable, quality driven as well as professional. The move by THB to customize its services and further outsource trained IT specialists was a major boost in its quest to enhance service production. As such THB has a flat organization that allows for quick decision making and it is easily adaptable to the ever changing market conditions. For instance, it worked out and captured the social networking, which it incorporated it into the business. With a focus on improving the method of operation, it was able to gain access to the millions of people. By this, it capitalized on the method of slow business entry thus making it popular across the world. The move to diversify its services was also a key strength in so far as the sourcing of coins and stamps and answering of questions is concerned. As a result, benefits of the company have been maximized while incurring low operation costs and risks. Weaknesses Although THB has strived to ensure efficiency in service provision, a number of weaknesses can be identified. First, the fact that no other company is inexistence THB has been left to monopolize the market, through setting of prices according to their own view, thus, it is important to ensure that quality systems are incorporated so as to reduce operation costs even to a more less minimal scale. It can also be observed that competition posed by the rival company providing services on bread and butter has not been taken positively by THB. As such there is a need for a more cohesive working environment between the two companies. Additionally, THB has recently focused on the diversification strategies which generally come with a cost to bear. External organization Opportunities It has been observed that, THB present opportunities, through the technological changes aimed at improving the product/service delivery as well as expanding the systems to handle the increase in the amount of data whether structured or unstructured. Considering, that THB has made huge profits within the decade, it is evident that there is a greater potential to realize huge profits in the future. Moreover, most of the THB customers are the rich people of Middle East; this reveals that the business is yet to conquer new markets and thus the potential to expand. Notably, that THB has embraced the digital world where most of the services have gone online through the incorporation of internet. Threats It should be noted that THB the global economy to some extent dictates the performance of the industry, for instance, global financial crisis has the potential to throw the business away from its line. Additionally, THB depend s on customers across the whole world, this has in effect been a problem due to fluctuations in the foreign currency exchange rates, for instance fluctuations in the US/ Canadian dollar exchange rates has the potential to negatively affect the business. With the current technological change, new systems and companies are likely to emerge thus posing as competitors to THB. As such, competitor companies can lead to unfavorable competition through offering much lower prices for similar services, and having a more diversified products and services range. Indeed the entry of new markets may expose THB to competitors who have a more focused Niche as well as outsmart them in decision making Notably, information security systems such as Cryptography could be used by THB, to guarantee more security to the customer’s information (Timmers, 2000). Critique on information management by THB confectionery It cannot be negated that in the digital world, IT provides the basis for growth of the business. From the narrations on THB confectionery gains huge profits while using their systems, however a closer examination of the systems reveals that, they do not meet the international threshold requirements in terms of security, professionalism among other factors. As such, how could the company accrue a lot of money but still fail to adopt current new systems that would have otherwise been more efficient and guarantees security of the customers’ information. Furthermore, the management layout isn’t a concern for THB confectionery, indeed they have taken the business to be a family show where un qualified personnel find their way to the top management. This can have detrimental effects on the overall running of the company. As such, accountability has not been observed, high income is achieved, but still, it raises question on how the money is utilized, are customers given the first priority or is THB confectionery concerned about attracting a larger population for their own benefit. It should be noted that, management of the IT section important for the growth of THB confectionery. Indeed, this is the only way the company can reassure customers of quality service. In their current systems, whether employees have the necessary expertise to handle challenges is not a matter of concern. Another issue that raises concern is the expertise of the executive. As such, what does the company base on when carrying out self evaluation? What are the guiding principles and practices, to be followed by the company? Indeed, these are some of the issues that have not been examined by THB confectionery. Moreover, decision making by THB confectionery involves only the top management, however, research has shown allowing operators to raise their voice on management matters provides the platform for more innovative organization. Management of information Efficient information management serves as the key to success for any company. As narrated, THB confectionery keeps a list of all information in one central place. Moreover THB has achieved old information, this helps to review the progress of the company. Additionally, information management systems such as data ware housing have been adopted by THB confectionery. Technical and non technical information management systems Technical systems that can be adopted by THB confectionery include Cryptography which transforms the customer’s usable information to a form that renders it to be unusable to any other person unless he/she is authorized. As such the process of information transformation is referred to as encryption. When this system is employed information could be transformed back into the original usable form only by the authorized user (possess cryptographic key). Since, THB handles information of clients over the web, such information risks to be leaked, corrupted or tampered with by internet hackers, it becomes essential for such systems could be incorporated to ensure safety of the client’s information while in transits as well as in storage. Indeed these systems can be incorporated by the company for improved authentication, digital signatures message digests, encrypted network communications as well as non repudiation (Timmers, 2000). It is also important to note that THB is engaged in wired communications through its consultation services as well as sourcing for coins thus posing a risk for unsecured wireless communications. Cryptography provides the solution for such problems. As such, application of GnuPG or PGP softwares can be integrated to enhance data encryption as well as the email. Other technical information management systems that can be incorporated include intelligent graphics, the electronic performance and support systems, the fleet technical knowledge of data management. Factors inhibiting the use of advanced information systems THB can enhance the outlook of its website using the interactive 3D models that present the website in a more stylish manner to attract the customer However, a factors number of inhibit the implementation of such systems, due to the technical knowhow involved the system is likely to fail if not implemented properly. As such the systems need to have undergone a rigorous test by independent experts before they are implemented thus this raises the costs involved. It should be noted that poor choices of the variables may result in information that is oversimplified and even misleading. As such, excessive overdependence on the computer as the only source of a solution may in the event create blind spots. Importance of social networking As already narrated in the case study, THB has employed proper management procedures, which have made it achieve its target while satisfying the customer. It should be noted that success in any business venture depends majorly on the good organization skills. In the case scenario there is good interrelationship between the management, and employees as well as the stakeholders. Additionally, the physical, environmental, as well as the technological environment are connected in the manner aimed at realizing the company goals. Currently, social networking has revolutionalized the communication industry. Through this network millions of people are connected by the press of a computer button. The incorporation of the social networking by THB presents potential benefits to be harnessed from the millions of users. As listed the benefits include, an expanded market research thus the company wouldn’t incur a lot of costs in advertisements (Kelleher, 2009), secondly, social networking will provide the opportunity for THB to connect to people directly, thus reaching out to connect with circle of friends. Through that, the company will expand to reach out to reach out to people across the board. It is also important to note that building social networks helps the business to have a better reputation while carrying out small advertisement. Indeed social networks have the potential to improve the company’s image thus, the company will be accredited for its reliability and the efficient source of information(Kelleher, 2009). Moreover, adoption of the social media will help the company in minimizing advertisements costs as well as, relay important information to the millions of users. Consideration made by THB confectionery prior to adoption of social networking Notably, a number of issues have to be settled on before social networking is adopted by TBH. As listed they include, strict guidelines formulated by the company to ensure that employees would not spend most of their productive time Face booking (Kelleher, 2009). It is also vital for the IT specialists to be equipped with knowledge over the running of the social networks and media. Moreover, precautionary measures should be in place to present any possible attack by malware and viruses. Recommendations Based on the SWOT analysis, the following recommendations have been suggested. First, in order to realize greater success in the company THB should consider joining a partnership with other online marketing/advertising companies to ensure sufficient presence of the company in different regions. Online consultation, should be fragmented into sectional approach involving, the help section, videos section, and tutorial section where customers can browse for availability of any demonstration tool, training courses, as well as, assistance in tool operation. As such customers should be encouraged to form accounts to access THB in a much faster way and reduce the incidences of risks from internet hackers. As much as consultation services are made accessible to the customers, security of the whole process comes into sharp focus, thus, THB should guarantee total security of their customers as well as personal information. Notably, an online bulletin should be included on THB website such that the suppliers and customers will have the chance to post ads or notices about the tools and services offered by THB. Indeed, users should subscribe to the online consultation firm in order to receive updates on new consultation services. As much as the services are offered online, it is important for THB to encourage their customers to at times visit their stores and offices or as such organize for gatherings where the personnel can engage in forums with the customers so as to address matters that could otherwise be difficult to be discussed online. These forums are important for both the consumer and management of THB in realizing stronger relationships. Moreover, the management should take careful consideration in terms of development of their web hosting site in order to avoid repetitive development since it may prove to be very costly. Additionally, the management of THB to ensure that trained IT specialists are assigned to the tasks of maintaining their online service provision. Lastly, among the best methods for arriving at an efficient advertising/marketing strategies is to develop brainstorming culture between the personnel and the staff over different methods of offering online services including marketing their site. Indeed, brainstorming acts as a stimulant for the personnel cooperation and involvement. It cannot be negated that that, efficient management of information is the key to success for different organizations weather. As such, increased demand for compliance to the regulations and the inner drive for a more efficient information management systems has necessitated for research to be conducted in the discipline. Conclusion It is important to note that the implementation of the information technology remedies within a complex and the ever changing organizational environment has never been easy. Indeed, inherent challenges within information management sector, gives an insight for new approaches to be considered in tackling the issues in totality. In the case of THB the online company presents opportunities for growth through the integration of the system with emerging technologies as well as outsourcing of employees. Indeed, to ensure a much better information management system THB has advertised for computer technologists that would be significant in the in managing huge chunks of data References Robertson, J. 2005. The principles of effective information management. Retrieved on 11th April 2013 from http://www.steptwo.com.au/papers/kmc_effectiveim/index.html Kelleher, D. 2009. Problems of social networking in the workplace. Retrieved on 12th April 2013 from http://www.information-management.com/specialreports/2009_165/social_networking_media-10016208-1.html Timmers, P. 2000. Electronic Commerce - strategies & models for business-to-business trading. 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