Thursday, December 5, 2019
Project Management Business intelligence in Corporate
Question: Discuss about the Project Management for Business intelligence in Corporate. Answer: 1. The readings indicate references to the roles of ethical behavior and theory in stakeholder culture, project conceptualization, customer relationship management, role of technological expertise, business intelligence, corporate culture and the emergence of new modes of governance. These approaches can be distinctively considered for their influence on stakeholder management. Each of these approaches is reflective of measures to address the requirements of different stakeholders and implement transparency in the stakeholder relationships. The operations of an organization are largely dependent on the contribution of stakeholders. Stakeholders were not considered as major attributes of strategic management until the middle of the 1980s (Biccard et al., 2016). However, the evolutions in the domain of business have resulted in major developments especially pertaining to the inclusion of stakeholders in the various decision making processes of organizations. Despite the advantages presented by the different approaches, organizations are hesitant to adopt the approaches owing to contextual differences and issues with implementation. Ethical approach is preferable for engaging stakeholders in a viable dialogue with the organization and sustaining the brand image of the organization for a longer period of time (Mabrito, 2014). However organizations aiming for short term objectives could prefer to leverage ethics for deriving profits through unethical practices such as bribes. Therefore, stakeholders have varying opinions on the efficiency of the different approaches for establishing and sustaining stakeholder engagement. 2. The approach of customer relationship management provided in one of the readings has been selected for the review. Customers are termed as significant stakeholders in an organizations business framework. The capability of an organization to recover its initial investments and continue gathering revenues from a specific market is chiefly associated with the customers of the organization. Customer Relationship Management can be considered as a promising initiative to engage customers with the organization, thereby acquiring their loyalty (Samad et al., 2014). The concept of CRM emerged in the 1990s and was primarily meant for integration of business activities and technologies for identifying and catering the requirement of customers. CRM applications all over the world have enabled organizations to align and synchronize business processes as well as determine the behavioral preferences of customers and the concurrent evaluation of changing patterns in needs of customers. Business o rganizations implement CRM as a promising measure for sustaining the period of declining profits. An organization acquires almost 65% of its revenue from existing customers (Uzoamaka, Nnamani Eze, 2015). Therefore customer retention can be assumed as a prominent outcome of effective customer relationship management. This fact can be aptly verified from the growth in demand for CRM software in the period from 2004 to 2008 which was around 103.5%. 3. The effectiveness of Customer Relationship Management is a credible attribute of the strategic business management framework of many organizations in the modern marketing environment. The foremost criteria for selecting the CRM approach for stakeholder engagement is cited in the rapid growth of the industry. CRM models emphasizing on the human element rather than increasing the sophistication of technology have proved to be successful for organizations (Mabrito, 2014). The chances of failure of CRM in many organizations are due to the focused emphasis on information systems and information technology framework for interacting with customers. Therefore managerial personnel have to apprehend risks in CRM like any other enterprise related entity and thus customer relationship models have been subjected to various functional modifications (Mabrito, 2014). CRM approach to stakeholder engagement especially from the perspective of customers as stakeholder indicates the establishment of coherent interactions between customers and providers. The use of customer relationship management has worked effectively in many industrial domains such as banking, retail etc. The unique advantage offered by customer relationship management approach for interacting with customers and involving them in organizational activities can be considered as a viable rationale for utilizing CRM to initiate and maintain stakeholder relationships with customers. 4. The implementation of an approach for strategic stakeholder engagement is characterized by the influence of various stakeholders related to a particular project. The effectiveness of a stakeholder engagement strategy can be determined only from the concerns of each stakeholder. The utilization of customer relationship management is also subject to evaluation in order to determine the risks associated with CRM from the various stakeholders (Uzoamaka, Nnamani Eze, 2015). The organizations internal stakeholders would have to invest resources in terms of finance and employees have to be trained which invites prospect of change. Therefore, an organization has to weigh the feasibility of implementing a CRM approach in its existing scenario for engaging with customers. Employees as stakeholders could create issues with proficiency and thus the functionality of the CRM model could be hampered. Governmental authorities have certain influence as stakeholders through their influence on the financial decisions of the organization and ethical obligations. Customers play a major role as stakeholders in the CRM approach and they are highly responsible for feasibility of CRM strategy. The interface and activities adopted by the organization for interacting with customers must be flexible for customers in order to be successful. 5. The existing characteristics of customer relationship management models and the review of critical setbacks in CRM have influence of various stakeholders on the effectiveness of a strategy. Stakeholder engagement has to be realized on a personal level and the contemporary business environment requires implementation of strategies which are interactive as well as flexible. Customers as well as the different stakeholders associated with a CRM project in an organization must be appropriately prioritized. The prioritization would help in framing a CRM strategy with implications from other approaches such as ethical theory, technological developments and corporate culture. The recommendation for an improvised CRM model would be incomplete without considering the references to different risks which are associated with the management of CRM systems (Samad et al., 2014). The computerization of enterprise based systems has facilitated easier access to organizational information. However, t he complexity of the business environment is increasing gradually everyday and hence the volume of information as well as required infrastructure for data management activities have increased substantially. Therefore, an organization has to address such type of risks as well as capitalize on specific sectors such as user training and education, business strategy, user interaction and support from the top management in order to realize the CRM approach of stakeholder collaboration effectively. References Biccard, B.M., Alphonsus, C.S., Bishop, D.G., Cronje, L., Kluyts, H.L., Kusel, B., Maswime, S., Oodit, R., Reed, A.R., Torborg, A.M. and Wise, R., 2016. National priorities for perioperative research in South Africa.South African Medical Journal,106(5), pp.485-488. Mabrito, M., 2014. Creating an Online Professional Writing Course for Mid-to Late-Career Nurses. InTCC Worldwide Online Conference(Vol. 2014, No. 1, pp. 42-53). Samad, A.A., Rashid, J.M., Rahman, S.Z.S.A. and Hussein, H., 2014. Investigating the implementation of team based learning in a university level teacher education course.International Journal of Asian Social Science,4(2), pp.249-257. Uzoamaka, O.E., Nnamani, E. and Eze, J., 2015. Employee Empowerment and Team-Work in Management of Change: Techniques, Challenges and Prospects.Journal of Policy and Development Studies,9(3), pp.126-141.