Managing Communications, Knowledge and Information in a Company - Essay Example

Name Professor’s name Course no. Date Managing Communications, Knowledge and Information Task 1 1.1 Range of Decision to be made Setting up Classics Badges Company will require the initiation of three major decisions. Firstly, it is significant for the team to have a feasible internal structure to enable it handle its diverse operations. A leadership structure for the team will enable it to oversee the conception and continuance of the mini enterprise. Moreover, the team will have to decide how the leadership will coordinate effectively with other members and the stakeholders. Secondly, a major decision to be taken is the range of the company’s external jurisdiction. This decision will enable the team to learn and handle the diversities in the market, and how to meet the needs of the customers. Gaining solid information about the external environment of the mini enterprise will enhance its competitive advantage levels. Since the company aims at meeting the individual needs of its customers, understanding the external environment of the company will enable it to devise viable strategies for implementation. A detailed analysis of the external environment of an organization is instrumental in increasing its opportunities in the market place (Baldoni, 11). Lastly, the team is expected to develop a structure of linking the internal and external environments in an effective way. Gathering information and managing communication between the team and the market will play a significant role in achieving its goals. 1.2 Information and Knowledge to Ensure Effective Decision Making Effective decision making will require the company to utilize information and knowledge in the best way possible. The decision-making process encompasses the collective actions of the major stakeholders in an organization (Bazerman and Chugh, 90). To begin with, identifying and establishing the goals and objectives of the company will enable it to make effective decisions in running its operations. Having a firm grip on the objectives of the company will enhance cooperation and constancy of purpose for the company. Moreover, it is important for the company to know the needs of the customers in order to serve them accordingly. Gaining considerable knowledge about the diversities in the badges market will enable the company to meet customers’ requirements as well as attracting potential customers. According to Bazerman and Chugh (93), knowledge on the most feasible business structure is critical in the company’s decision making process. The company’s business structure will set out its criteria on how to deal with its stakeholders, for example how to relate with its suppliers. A practical business structure will enable the company to be effective while making significant decisions. 1.3 Internal and External Sources of Information The internal sources of information required for this project include sales records, financial records, customer reports, employee records and balance sheet records. The sales records for the company are significant in gauging the sales performance. As a new mini-enterprise, sales records give provide current statistics and future prospects. The financial record is suitable and relevant for the project in enabling the company to make strategic decisions of enhancing its financial endowment. Customer reports are highly significant in enabling the company to understand its customer base, as well as articulating their needs accordingly. Moreover, employee records are an important source of information in streamlining the internal operations of the company. Lastly, balance sheet records are suitable for the project as they will enable the company to evaluate its financial endowments and how to effectively utilize them. The external sources of information include the print media, broadcast media and the internet. External sources of information help an organization to learn about its clients and the trends driving the market (Stephen and Timothy, 156). The print media includes newspapers, magazines and journal articles that give reliable information about the industry (Stephen and Timothy, 145). Information from the print media will enable the company to assess the dynamics of the industry. The team values the contribution of this source, since it provides a framework of comprehending the industry’s needs, and enable the Classic Badges Company to respond accordingly. On the same vein, the team finds the broadcast media as valuable in enabling the company to learn how large niche corporations operate their affairs.. The internet is also a suitable and reliable source of information for the company to help in its decision making processes. The wealth of information the internet, on the markets and business trends in the badges industry is relevant in helping the team set up the company on a strong footing. 1.4 Recommendations While setting up this project, it is also important to consider the use of primary sources of information like interviews, surveys and observations. I recommend the use of interviews as a source of information because it gets first-hand information from the customers and potential customers. Hence, Classic Badges Company is able to understand the business environment better by interacting with its stakeholders. Task 2 2.1 Contributions of Stakeholders in Decision-making According to Bazerman and Chugh (96), a company’s stakeholders (internal and external) have a huge influence in determining its performance in a highly competitive business environment. The customers are a major stakeholder in the decision-making process. Potential customers include schools, the local authority, youth organizations, health institutions and dental institutions. Of course, the customers contribute immensely in the decision-making process. For example, they influence the type of badges produced. The badges have to suit their individual needs. Therefore, the quality of the badges will have to match the needs of the customers. The owner of the company, Charles Gillbeck is also a major stakeholder in the company and has a huge contribution in the decision-making process. Mr. Gillbeck desires to start a company that has reputable communication and information networks among its stakeholders, thus the need to develop an able team able to meet the company’s goals. The contributions of the owner are significant in influencing the quality of products and services by the company. Moreover, the employees of the company are also important stakeholders with the capacity to influence the decision-making process. As the personnel involved with the daily operations of the company, they influence decisions, ranging from the number of employees sufficient for the production and distribution of the badges to the number of badges being distribution. 2.2 Effective Relationship with Stakeholders Building effective communication networks is a feasible way of enhancing the relationship with stakeholders. For example, the leadership of the company should create a cordial relationship with the employees by adequately addressing their needs. Some of the needs include their working conditions and payment. Additionally, in order to effectively build the stakeholder relationship, it is imperative for the company to accord all its stakeholders the much-needed respect. With every stakeholder feeling valued by the company, the diverse entities will build strong relationships amongst themselves. Moreover, building effective stakeholder relationships in the company will require high involvement and engagement at all stakeholder levels. This approach ensures that every entity has a chance of contributing in the decision-making processes that affect them. 2.3 A Plan on How to Involve Stakeholders in the Decision-making Process For the business project to succeed there is need to incorporate the input of all the stakeholders in the decision-making process. The following plan shows how to encompass the contributions of the stakeholders. Creating a Favorable Environment The company should create a favorable environment that fosters an inclusive decision-making platform. This will be instrumental in empowering every stakeholder in the process, and according him/her the chance to contribute. Collaborative Consultation Enacting a viable consultative criterion while making decisions for the project will be helpful in embracing the contributions of every stakeholder. For example, the leadership of the company should consult the employees while deciding on how to distribute the badges. Developing a Feedback Mechanism A feedback mechanism is valuable in engaging the external stakeholders (customers) in making sound decisions concerning the circulation and selling of the badges. An effective feedback platform will enable the external environment to influence the company to make sound decisions. Effective Evaluation and Review of Decisions Once decisions have been made and implemented, an effective evaluation and review will bring together the stakeholders involved in the project and appraise the impact of the decision. Through this process, the company will involve its stakeholders accordingly. 2.4 Enhancing Personal Networking Skills Improving my personal networking skills will require me to develop my emotional intelligence in order to consider the feelings of other stakeholders. With emotional intelligence, i will be in a position to involve others and give them a chance to contribute in the decision-making process. Another significant way of building personal networking is through offering support to other members of the group. This can be achieved through creating a platform where colleagues in the company can share ideas. Through this approaches, I will be able to develop my interrelation abilities, which will consequently help me to involve others in the decision-making process. Task 3 Business Overview Accion Texas Inc is a micro-finance organization that was established in 1994. It was established to help individuals and groups in Texas to gain access to capital and enhance self sufficiency through servicing of loans. The company’s mission is to give small businesses an opportunity to secure loans and to offer leadership to the micro-lending business. Though it started by offering services in Texas, it has grown substantially to offer its services to other parts of the US. Moreover, the company helps small businesses to gain useful insights on how to spend their money and expand their businesses. Through its services: giving loans to businesses and offering financial consultancy services, the company has contributed extensively in empowering small businesses and entrepreneurs. The company has established partnerships with other companies in order to sufficiently meet the needs of the increasing number of clients. Accion Texas’ repayment rate of 92% shows its commitment in the micro-finance industry. 3.1 Existing Processes of Communication There are three communication processes in the Accion Texas Inc. The processes include formal, informal and unofficial communication channels. The formal processes of communication in the organization enable the members to articulate their goals and policies in a structured way. The formal communication channel is used by the management team to give directions on its operations. The organization also uses informal channels to promote interpersonal relations and act as a linkage between the members. Unofficial communication is also evident in the organization when employees are having casual talks amongst themselves. 3.2 Pitfalls existing in the Current Communication processes and how to solve them There are various pitfalls that exist in Accion Texas Inc in respect to its communication processes. To begin with, lack of feedback has continuously resulted to challenges between the managerial team and the staff. Without adequate feedback of information, the organization’s decision making process is usually slow, thus affecting implementation of projects. Poor communication in an organization is a major setback in its desire to meet its goals (Stephen and Timothy 272). Another pitfall is the lack of openness among employees. Consequently, this communication barrier creates mistrust among the employees and hinders productivity. Lastly, in some cases, information is not send to the right person, thus affecting how it is handled by the users. Solving the communication pitfalls above requires the management and the employees to engage in effective communication processes. In handling the problem of feedback in the organization, it is vital for it to foster a cordial relationship between the managerial team and the subordinates. Building a favorable vertical communication process will enhance feedback in the organization. Secondly, solving the issue of openness among employees will require the supervisors to encourage horizontal communication channels among the employees, as well as fostering team work among the members of staff. Lastly, the organization’s management team needs to recognize its key stakeholders and provide the right information to the employees with direct contact with the stakeholders (customers). The employees engaging directly with the clients need to have the right information in order to adequately meet their needs. 3.3 Integration of Systems of Communication in the Organization Effective integration of systems of communication is extremely for an organization (Molen and Yvonne 139). In respect to Accion Texas Inc, I believe that putting in place suitable recommendations will play a significant role in improving its communication systems. One of the major recommendations for improving the organization’s system of communication is using a strategic inreach approach. The strategic inreach approach will enable the organization to disseminate its information in a timely, accurate and clear way. The internal stakeholders (management and employees) of Accion Texas Inc will benefit from the strategic inreach methodology by building better collaborative initiatives, trust as well as constancy of purpose among information users. Secondly, it is pertinent for the management of the organization to organize communication training events for the employees at all levels in order to empower them with the necessary communication skills. Based on the discussed pitfalls facing Accion Texas Inc, training the personnel on information collection and dissemination will ultimately improve its integration capacities. More importantly, the organization should organize for more frequent meetings with its internal stakeholders in order to foster more integration. Frequent meetings will act as an important catalyst in enhancing contribution from all members in the organization. This will promote team work and high involvement from the employees. An empowered internal stakeholder will play a primary role in engaging the external stakeholders. 3.4 Personal Plan to Improve Own Communication Skills Effective communication plays a crucial role in improving interpersonal relations and the performance of organizations. The following plan will enable me to improve my communication skills: Learning to listen Learning to listen to my colleagues will cultivate a culture of appreciating their views and ideas. Moreover, I will learn how to think before I speak, thus improving the way I respond to conversation. Strengthening My Emotional Intelligence It will be utterly significant for me to understand my emotions and how they affect other people. I need to learn how to self-regulate my communication in order to accommodate other people. In addition, my communication should be in line with the acceptable norms of the organization I represent. Being Empathetic In order to improve my personal communication, I will need to learn how to interpret information from other people’s point of view. This will require me to avoid clouding myself with preconceived ideas about certain issues. My responses should be based on a logical approach. Task 4 4.1 Existing Approaches to the Collection, Format, Storage and Dissemination of Information and Knowledge Accion Texas Inc uses various approaches to collect, format, store and disseminate information and knowledge. The organization uses client records and feedback to collect information about trends in the market. Interviews and surveys are also used to collect information from other stakeholders of the organization. In the internal environment of the organization, monthly and annual reports are important sources of information on its performance. The organization uses two methods of storage for its information (hard copy and soft copy). The hardcopy information is stored in files and cabinets, while the soft copy material is stored in computer storage devices. The organization uses various ways of disseminating its information. One of the ways of disseminating information is through a mailing system whereby the organization sends emails to the concerned stakeholders (internal and external). Also, the use of face to face conversations is also widely used in sharing information to the relevant people. Lastly, the organization’s website is also a pertinent mode of communication to its stakeholders. It has been used as a rich source of information on the organization’s trends, performance, services and products. 4.2 The appropriate changes to improve the approaches used In order to improve the approaches used by the organization, it is significant for the key players to enhance innovative ways of achieving the same. In respect to the collection of information and knowledge for the organization, there is need to introduce appraisal forms for the employees to evaluate its performance. The performance appraisals will play a crucial role in providing the much-needed knowledge to improve the organization. It is also important for Accion Texas Inc to improve its grip on technology in order to handle its format and storage of information in a more dependable and secure way. Embracing the latest technologies will enable the company to stay up to date with the trends in the market, as well as reaching out to its stakeholders in a more credible and reliable way. In respect to its modes of information and knowledge dissemination, the organization should capitalize on the use of social media sites like Facebook and Twitter in order to reach out to as many stakeholders as possible. This will broaden its scope of information and knowledge diffusion to its stakeholders. 4.3 Strategy Needed To Improve Access to Information and Knowledge Accion Texas Inc’s website is an important tool of disseminating information. Given the amount of impact that technology has on people in today’s world, it is evident that it has a huge significance in the running of organizations. Therefore, it is important for the organization to use its website as a major means of enabling access to its information. In this respect, the organization should upgrade its website elements to enable it to be more appealing to its clients. Through the website upgrade, the organization should be in a position to post relevant information to inform its stakeholders on the current products and services offered. Since the use of a website is strategic in providing access to information and knowledge to the diverse stakeholders of the company, it is highly valuable for the management of the organization to ensure that there is sufficient content for visitors. The strategy will act as an integral tool for advertising the services of the organization. Works Cited Baldoni, John. ‘What does the organization need me to do?’ The Journal for Quality and Participation, April, pp. 10-14. 2010. Bazerman, Max and Chugh, Dolly, ‘Decisions without blinders’, Harvard Business Review, 84 (1), pp.88-97.2006. Molen, Henk and Gramsbergen-Hoogland, Yvonne. Communication in Organizations: Basic Skills and Conversation Models. Taylor & Francis. 2006. Stephen Robbins, Timothy Judge. Organizational Behavior, 15th edition, Pearson Education. 2013. 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