- Published: October 31, 2021
- Updated: October 31, 2021
- University / College: University of Westminster
- Language: English
- Downloads: 43
Assignment 2: Information Management and the Digital Firm The Digital Firm is a general term for organizations that have enabled foundation business associations with employees, clients, suppliers, and additional exterior associates during digital networks. These digital networks are supported by enterprise set technology platforms that have been leveraged surrounded by an association to hold up serious business functions and services. A number of examples of these knowledge platforms are Customer Relationship Management (CRM), Supply Chain Management (SCM), Enterprise Resource Planning (ERP), Knowledge Management System (KMS), Enterprise Content Management (ECM), and Warehouse Management System (WMS) among others. The reason of these technology platforms is to digitally facilitate flawless combination and information replace within the association to employees and external the business to customers, suppliers, and other industry associates. Uniqueness of Digital Firm:
• Important production relationships are digitally enabled and mediated. • Center commerce processes are accomplished through digital networks and width the whole association. • Type company resources are managed digitally.
• Interior and external environments are rapidly predictable and deal with advantage and disadvantage of Digital Firms. Pros and Cons of Digital Firm: It’s gain for an institute to make use of the existing technologies to optimize their capital and acquire the maximum production and revenue. Even though there are numerous of advantages in digital firm such as increase elasticity, empowerment, cooperation, and inferior expenses, through the point of view of an organization psychology student, management of digital firm must also anxiety on the welfare and job agreement of employees.
On the other hand, there are some disadvantages of running the digital firm. Numerous of digital firms countenance serious complaints from their employees about their physical condition and high charge of health check claims. If workers bench in front of computer for extended hours, they were simply faces physical condition problem such as back injuries caused by uncomfortable seating bearing, carpel tunnel condition caused by recurring type and emotional pressure caused by work overload. And, these physical condition troubles will end up with high turnover charge. Consequently, protection and physical condition of employees cannot be neglected at the same time as running the digital world. Customer Relationship Management
“(CRM) consists of the processes a company uses to track and organize its contacts with customers. The main goal of a CRM system is to improve services offered to customers and use customer contact information for targeted marketing. Businesses know that keeping and maintaining current customers is less expensive than attracting new customers, and an effective CRM system is useful in meeting this goal. Marketing strategies in a CRM system focus on long-term relationships with customers instead of transactions. These strategies include identifying customer segments, improving products and services to meet customers’ needs, improving customer retention, and identifying a company’s most profitable (and loyal) customers.
To get the most out of these strategies, a CRM system helps organizations make better use of data, information, and knowledge to understand their customers. Grocery stores offering loyalty cards with discounts to customers are an example of how transaction data can be used in a CRM system. Knowing that a customer bought 4 gallons of milk the previous week, for example, doesn’t give a grocery store much information, but with loyalty cards, a grocery store can track all sorts of information on specific customers. With a CRM system, an organization can do the following:
• Provide services and products that meet customers’ needs. • Offer better customer service through multiple channels (traditional as well as the Internet). • Increase cross selling and up selling of products to increase revenue from existing customers. • Help sales personnel close deals faster by offering data on customers’ backgrounds. • Retain existing customers and attract new ones.” (Page 201, 202) Management Information System (MIS)
Management Information System (MIS) provides information for the decision-making actions in an organization. MIs provides precise and appropriate in sequence required to make possible the managerial procedure and enable the organizations preparation planning, organize, and set functions to be carried out efficiently. Management Information System (MIS) is fundamentally disturbed with dealing out data into information and then communicated to the different Departments in an association for suitable executive. MIS is a division of the on the whole preparation and be in charge of activates covering the request of humans, technologies, and events of the association.