Importance of managing knowledge and information for a successful business Success of a business depends on the information that business going to use and the decisions that going to take using that information. business use information In order to identify the market, customers ,SWOT analysis, etc . This information has to be accurate. In order to make proper decisions, it is important to use accurate and reliable information. Not only information but also knowledge also essential to make effective decisions. When it gets to decisions there are three main decision types.
Such as operational decisions, tactical decisions, strategic decisions. Decisions are different to organization to organization. Even different teams in a same organization have different needs of information. Usually firms make decision such as, to increase sales, to increase production, to improve quality of product, to improve marketing. Not only decisions like this but also decisions like cost cutting, decrease cost, has to be made. When making these kinds of decisions it is very important to have proper knowledge.
Decision like improving sales, in order make this decision, first organization should gather necessary information regarding it. And also these information should be reliable. So the company should go through their previous records about sales. Company should not take data to make decisions. They should consider processed data, which is information. The information types are depends on the decision type. If its strategic decision, company should consider studies such as demographics, government policies. Knowledge and information need to make decision is different from each decision type.
And also the company should seek information from the media, competitors, market. After gathering information from necessary parties, company can make the decision. But also when it get to decision, the party (Which is management) who making this decision should have proper knowledge about it. They must have experience about decision making. And also able to identify and filter the necessary information relevant to their decision. When it gets to information it can be divided into two parts. As internal information and external information. In order to make a decision companies use both information.
All organizations generate a substantial amount of information relating to their operation. This internal information is vital to the successful management of the organization. The information may be available from a number of sources within the organization. And as examples marketing and sales information on performance, revenues, markets shares, distribution channels. And also Production and operational information on assets, quality, standards. These are the internal information. And when it gets to external information, An external source of information is concerned with what is happening beyond the boundaries of the organization.
This covers any documentation relating to a subject area produced as a summary or detailed report by an agency external to an organization. Such information may be obtainable from government agencies or private information providers. And as examples the Internet, trade journals, computer users’ yearbook, telephone directories. Whenever a company makes a decision they consider both information sources. Or it might depends on the decision type. Organizations require information generally to planning, monitoring and controlling, performance measurement.
And when it gets to quality of internal information comparing to external information is higher. And also reliability also higher in internal information than external information. Stakeholders contribute for decision making process within an organization. Decision making can be regarded as the mental processes resulting in the selection of a course of action among several alternatives. Every decision making process produces a final choice. The output can be an action or an opinion of choice. And when it get to stakeholders each and every organization have few stakeholders.
Such as Government, Employees, Customers, Suppliers, Creditors, Community, Trade Unions.. Etc. these stakeholders can be divided into two parties. As primary and secondary. Party which has direct influence for the business is primary stakeholders. And the party that have indirect influence is the secondary stakeholders. When it gets to decision making, identifying the stakeholders is very important. As example decision like increasing production. Before taking decision like this, business should consider about the stakeholders too. If there’s any government regulation related to increasing production.
And also the employees. Due to the new increase in production will there salary increase, will responsibilities increase. Each and every stakeholder does different roles regarding the decisions taken by the business. And also making this kind of decision, as a stakeholder customers also plays reasonable role. Even if the business increase the production if there is no consumers, company will get a loss. To avoid these matters business should maintain proper contact with stakeholders. In order to maintain contact business should built two way communication.
There are many ways to do effective communication. And the purpose of the communication is to give information, to persuade, to ensure understanding. There are few ways for communication. Such as face to face, interactive, static personal, static not personal. These fall in to two main two parts as online and offline. But the richness of the message falls down when moving face to face (real time) to offline. The methods that use for communicate with stakeholders are different from stakeholder to stakeholder. And also they communication could be happen in individually or group.
For internal stakeholders company use meetings, letters, reports, intranet, posters, notes, intercom. Business should select the proper communication system. Considering the stakeholder and the method. If it’s a employee, they can use notes, poster. But if its manager they must use email or telephone. Basically business should consider about the facts like, complexity, confidentiality, cost when sending a message. And there are some noises for the communication too. Such as physical noise(passing traffic) ,technical noise, psychological noise(anger, tiredness). To maintain proper relationship with stakeholders.
There are formal ways and informal ways to communicate. By maintaining proper relationship with stakeholders, it makes decision making process easier and accurate. By managing communication with stakeholders, stakeholders are aware that they are valued. Information should always gather for specific purpose, which is to improve the effectiveness in decision taking. In order to improve the quality of the information organization should follow proper methods to gather information. Because all the information are not necessary for organization. And when gathering external information cost could be higher.
But in order to get accurate information about external stakeholders, company should gather primary data and process it and get information. to communicate with internal stakeholders . By improving personal networking organization decision making process will be more efficient. Networking is one of the most beneficial ways for people to help each other. Organizations should use formal networking as much as possible. Important relationships such as with suppliers are most essential for the organization. Organization can maintain proper relationship with supplier by paying on time, sharing Information, providing adequate lead times.
By setting stakeholder network organization can identify the necessaries and able to act according to it. Tasks like, when to send newsletters, to whom to send newsletters, when to call meetings, will be more accurate. For these communication barriers can be appear in any time. Such as technical errors can be happen any time. Organization should be prepare for those events. Because technology is essential part of business organization. Most of the organizations use Information Technology to store and process data, information. if there is any errors with technology it could directly affect the decision making process.
It is very important to keep IT systems ongoing continuously. And also when organizations calling up meetings, conferences, they should keep relevant parties motivated in order to get maximum participance. Portfolio 3. 1 In this cap manufacturing organization they use formal and informal communication. And two way and one way communication is established in here. This organization use different communication methods with management to employee and within management. Most of the communication methods in management to employee are informal and one way communication.
If management wants to give general message to employees they use microphone system. Its very easy and fast way to communicate with employees generally. And this organization use general notice board to communicate with employees. When it gets to management, they use emails to communicate with each other departments. And also this organization has a telephone network within each department to communicate with each other. Tactical level and strategic level use these formal methods to communicate. When necessary each department use letters to communicate. Communicate to customers this organization use a website.
By using this website, customers can get information about products. When it gets to external communication they use email, posters, telephone, advertisement , to attract customers, partners and suppliers to conduct profitable business transactions. 3. 2 When it gets to efficiency of general notice board, it is in very low stage. Because each and every department should have separate notice board. When using general notice board some employees are unable to use it. Each department is in different places and every employee unable to see the general notice board.
If the organization use different notice boards for specific department, communication process will be more efficient. The microphone system that this organization use is efficient. But they don’t have the option that, if they wants to give a message to employees in specific department they have to announce it generally. But Still it is a efficient and fast way to communicate. If organization upgrades the technology, they can deliver the message to specific department. This organization use intranet facility. But with that they are not able to connect with their nearby branch. Instead of intranet organization should use extranet.
It will make communication process more efficient and proper. In this organizations website they have mentioned about their products. But they haven’t mentioned about price range. This may reduce the customers attitude to make purchases. And written methods of communication have disadvantages. the main part of inscribed communication is that there is no way of informed whether the message has been received and interpreted by the necessary party. 3. 3When it gets to feasibility of these tasks, are in achievable range. For all these modifications listed above, it could minimum cost.
Since this organization is a medium scale business there is a limit of expense that they can do. But most of the modifications/ upgrades, need for this organization are in affordable range. Such as having separate notice boards for each department is not that much expensive. And these notice boards can de use for different purposes. And not only management use these boards but also employees too can use this communication method. For this communications method there are different uses and users also. When it gets to resource feasibility, resources need for this upgrade is affordable.
When it get to schedule feasibility, this modification wont take more time. Organization can install the notice boards and use it in short period of time. Installing extranet facility to business could be costly. Through extranet they’ll get access to their branch. But since they have only one branch, it would not be efficient to have this facility. Because they are medium scale organization. Not only financially but also when it gets to operation this facility could be complicated for employees. And also it takes time to put the system to use. Generally all these modifications heading for higher benefits/ profit.
Because through successful communication it is going to increase the efficiency. 3. 4 In this business production manager take part in a key role. He is the person who responsible for production. He carry out many tasks. Purchasing production material, capacity planning, product design….. etc. in order to make these tasks efficient he has to use proper communication with necessary parties. COMMUNICATION SKILLS Weak: W Good: G Excellent: E Average: A Position : Production manager Langue fluency : E Understandability: G Verbal clarity: G Presenting: A Nonverbal skills: G Hand writing: E
Arguing: G Negotiation skill: G Express delivery : G Listening: G As a production manager his communication standards are in higher level. Still those skills can be improved. Within his communications skills presenting can be more improved. He has higher langue fluency. But it doesn’t mean that it will make communication process effective. Along with that he should have higher verbal clarity. Because he deals with different type of employees, he must able to deliver the message without complexity. Or should consider the employees standard. Listening also a key part in communication.
In order to respond/ communicate listening is essential. This is where two way communication establish. For effective communication nonverbal communication also applicable. Which means he should use methods such as body langue, facial expressions, gestures, eye contact. ACTION PLAN OBJECTIVES TO BE ACHIEVED SUCCESS CRITERIA ACTION WHO BY WHEN IMPACT & FURTHER ACTON Due to the increased amount of projects, there will be a frequent need to present ideas persuasively, both in meetings and in formal presentations to ensure that findings are clearly understood by the audience.
Increased personal confidence in presenting in meetings and presentations Arrange practice sessions Ensure feedback after meetings / presentations to ensure continuous improvements Production manager Within 4 months He can present more clearly and professionally and he will receive feedback to confirm that his ideas and recommendations have been presented effectively. In above action plan, it has mentioned how he’s going to improve his presentation skills. To identify his Goals and objectives, he can use SWOT analysis. Building on strengths Professional knowledge about business Work experience
Determination Langue fluency Financial stability Reputation in organization Multiple language fluency creativity Minimizing weaknesses Average presentation skill Time pressure causes stress Seizing opportunities To develop self confidence Increase the profit To increase benefits Upper management vacancies Counteracting threats Communication barriers Rivals in management An effective way to set objectives is to follow the well-known acronym SMART. Specific, To improve presentation skills to make communication process more efficient in workplace. (To present in meetings, conferences)
Measurable, Beyond current presentation skill, going to improve presentation skills into professional level. After getting that standard, will call meeting and use presentation skills properly. Achievable, While working he can have lessons, practice lessons about presentation. These goals are in achievable range. Realistic To ensure that presentation skills will improved can compare current presenting skills and after improving skills. ( can ask audience to evaluate present skills and after improvement. ) Time scaled Within four months, will improve presentation skills.