As businesses struggle to cope with a dynamic and linked market, they need tools that will drive ingenuity and add business value without increasing infrastructure costs. The trick is to use cloud computing to interact with clients on social networks, probe data trends, and come up with disruptive products. For companies seeking to use IT to meet their goals, Amazon Web Services (AWS) will reduce the costs and barriers to innovation, maximize flexibility, and provide data security while encouraging collaboration among employees.
Take a look around you, doesn’t almost everything need software? From mobile banking to taxi-hailing- not forgetting those who accessed this article via social media. But have we ever thought about what developers and entrepreneurs alike go through to protect their source codes and intellectual property (IP)? Particularly now that foreign governments will only let you trade in their countries if you give them access to your software’s fundamental source of value? Technology vendors are increasingly alarmed by these state inspections that pose future severe threats of hacking and IP theft. There is a genuine need to reemphasize our security protections and adopt strategies that will minimize exposure to vulnerabilities.
As a result of the utility that association management software provides membership organizations, business entities have consistently had to choose between enterprise and software-as-a-service (SaaS). Association management software is any computer program that provides an entity with the support it needs to conduct business activities. These tools aid in record keeping, payment processing, communication, hosting resources, among others. The stark difference between the two is that SaaS is conventionally available for rent whereas enterprise software has to be bought then installed on the company’s servers. SaaS requires the internet and access is from ‘the cloud’ on a multi-tenant platform (where a group of companies operates from one database). However, the distinguishing characteristics stretch beyond this to encompass broad categories like customizability, price, querying and reporting and functionality. Let us expound these categories further.
Regardless of the kind of company you intend to run, launching without appropriate tools is a risk no entrepreneur should take.Especially e-commerce, a popular trend in the business world that has seen investors like Jeff Bezos named the wealthiest man in the world with a net worth of over $100 billion, demands proper planning, contingencies, and systems such as point of sale (POS), customer relationship and retail management. Depending on your budget, products you intend to sell and features your webstore will need, here are some essentials for a successful online store.
According to a theory by Ronald Coase, a prolific British author, and economist, companies exist to reduce expenses so that performing a particular task would be cheaper inside than outside the organization. Also, Coase’s theory lists the charges a business incurs as searching, contracting and coordination costs. Other equally essential cost factors include transaction costs and any expenses set aside to establish trust between parties. Blockchain technology, however, is poised to have a more significant impact on expenditures outside the business and will decrease them more than it will reduce overheads. The innovation will lower costs of searching, introduce smart contracts, computerize both trust ascertaining and coordination costs among others, thus increasing wealth for owners, customer value and facilitate open organizations. Let us have a look at how this technology will affect specific costs.
According to Peter Peverelli, in his book titled Understanding the Basic Dynamic of Organizing, social integration theory is, in fact, another social network model. While people represent network nodes in conventional social network models, in social integration network graphs, social groups serve the same purpose as people. The former are the nodes. In this context, linking occurs by virtue of an individual’s inclusion in more than one social group. Case in point, when a person P belongs to a family unit and has a job, the two inclusions here will be ‘work’ and ‘family.’
A more in-depth gander at the mechanisms of blockchain reveals that its utility extends beyond the finance realm. Other than reducing the cost of running an institution, the technology promises to revolutionize the levels of adaptability, transparency, and inclusivity (some of the basic principles of open organizations) in the corporate business world. In this article, we will first discuss social integration theory as an organization model then see how we can integrate it with the world-shattering technology that is the blockchain. Furthermore, this literature reviews five organizing costs, including searching, contracting, and coordination expenses, and how the blockchain can facilitate open organizations.
For context, see part 1 here: Big Data and Corporate Communication Strategies.
Before we become too enthusiastic about Big Data, let us first look at some of the limitations that would hinder effectiveness during implementation:
The arrival of data in high volumes and from a plethora of sources has driven corporate businesses into acknowledging the importance of managing generated data appropriately. Nestlé, case in point, a Swiss company which targets the Kenyan market as well, recently set up a Big Data center to better handle the data it produces. One of the critical roles of such an investment is to convert the vast chunks of data into information which will form an essential part of the decision-making process, and, as a result, affect the profits. The challenge for companies like Nestlé, however, is to recruit IT gurus who will use their experience with tech, business, and mathematics to help decipher the data. Strategic decisions will, therefore, be evidence-based, much like people do it in medicine, no wonder Harvard Business Review recently ranked the data scientist profession as the sexiest job of the 21st century.
Though there are still speculations on the impact of cryptocurrency on businesses due to its myriad of positive and negative effects, what we can surmise and affirm is that it can no longer be business as usual. However, whether businesses will be affected positively or negatively can be gauged from their decision to accept it as legal tender in their day to day transactions. As we speak, global e-franchises like Microsoft and Amazon already accept Bitcoin, the most widely utilized cryptocurrency today. This innovation ensures zero processing fees, high transaction speeds, all transactions are absolute and additional payment options for consumers. On the downside, it still remains unregulated and prone to price volatility.