Despite even our best efforts to accurately gather and interpret information, none of us has perfect perception. Instead, a variety of factors limit our ability to gather and process information and make accurate judgements. Discuss the factors that limit and distort our Perception and Contribute to bias. What can Individuals and Organisations do to overcome this?
The possible interferences of information and its current elucidation has been evaluated in the following study. It will help the management of organization in recognizing the factors that will assist in existing discrepancy prevention that is prevailing in organization. Nonetheless, there will be development of biasness and data distortions if data are misinterpreted. Distribution process, manufacturing process and marketing are assisted by appropriate interpretation of data (Alfonso et al. 2013). However, the process of interpreting the data in an organization is hampered by factors such as perception and trends of market. The development of business entity organizational process requires interpreting the authentic market information. It is required to conduct an in depth market analysis for having unbiased interpretation of market data. This would assist the business in achieving their objectives and attainment of pre-determined goals. Hence, the factors influencing the business entities operational process is necessary to be recognized. The organization market demand is considerably affected by some threats and in the long run, business needs to develop appropriate strategies for overcoming such threats (Carmeli et al. 2017). The procedures of interpreting and gathering data are influenced by strategies development that involves advanced technology mechanism interpretation.
The process of decision-making is a crucial part of business enterprise management and data gathering and its interpretation forms considerable part of it. Nonetheless, the decision making process of an organization is affected by different factors. Such factors comprise of preferences and buying behavior of consumers along with external market conditions vulnerability. Furthermore, the management of business entity is impacted by factors affecting the decision making process. Therefore, for overcoming the threats arising from external market conditions and other factors, it becomes important for organization to have the factor determination. For sales and revenue forecasting, management of organization should appropriately interpret the market information (Ott et al. 2015).
Identification of attributes affecting business enterprise operational process is essential. Some factors cannot be controlled by management such as external market conditions that needs to be taken into consideration while designing the strategies for data interpretation. Such factors also influence the buying behavior and preferences pattern of consumers. These factors involve buyers’ purchasing power and economic condition of any particular region. Therefore, organization needs to appropriately gather and interpret data by overcoming factors or threats that create any hindrances in their interpretation.
The process of making decision in an organization are hindered by the following factors and they are as follows:
Nature of segment of business- The process of interpreting data are significantly impacted by nature of segment in which business are operating. Biasness among employees is created if the information are distorted. Process of gathering data is easier in some industries and it is required by organization, analyze, judge, and interpret the information in a way that would help in accurately forecasting the behaviors of consumers and facilitate growth of organization. In order to remove or prevent any biasness among employees in organization, the information collected needs to be interpreted and judged with open mind (Macintosh and Krush 2014). Therefore, assisting the business for operating in their particular segments requires them to make appropriate business policies.
Market trends- Properly interpreting the trend of market facilitates the organizational growth and this would assist business in responding to forecast the trend. Nonetheless, the prices of interpreting the data would be hampered by rapidly changing environment.
Perception- Perception is defined by the attitude of customers toward brand and their image. Some of the perceiving factors include motives, attitudes and buyers interest. Attribution theory is regarded as perception theory that relates to self-serving bias. Absolute information interpretation can be developed by theories that would enable the business in development. The business enterprise operational policies is affected by the perception of customers about the brand value and image of organizations. There exist a direct link between the decision making process of individual and their perception. Factor affecting the business operational process needs to ascertain for proper data interpretation (Bülbül 2014). It becomes of utmost important to identify the factors influencing the interpretation of data that would pose threat to achieving organizational sustainable and growth.
Attributes of external environment- Factors that are beyond the control of organization is external environment conditions. The market condition in which the organization is operating and the data pertaining to market trend should be appropriately collected. Sales revenue of any organization is affected by some macro environment factors such as unemployment and inflation. For facilitating the better decision-making, it is essential for organization to overcome factors and conducting through analysis of market conditions (Sonka et al. 2014).
Definite objectives and goals- The objectives and goals in an organization can be properly executed and facilitated clearly establishing the objectives and goals. Therefore, it becomes essential for organization to define their objectives and goals properly. The potential threats affecting the operations and future growth of business are impacted by overcoming of the pertinent threats faced by organizations in achieving sustainable growth and development.
In order for organization to gather pertinent information from buyers, it is required to have the following steps:
Communication channels- For ensuring proper communication flow from top level management to lower level management, it is essential for organization to develop and adopt to proper channel of communication. Following proper communication channel will help the management in creating balance between different departments and development of coordination in business entity. Identification of the factors ensuring proper communication channel will help in contributing towards the sustainability of business.
Source- It is essential for organization make the identification of authentic information source for accurately interpreting the information. In some case, it becomes impossible for organization to identify accurate information source. The management of business entity can come with mixed opinions and interpretation about the gathered information and data of consumers. The procedures of effectively interpreting the data cannot be facilitated by gathering of enough data having mixed opinions resulting in gaining sustainability in competitive advantage. There is need to depict the proper and authentic source of information. In order to have effective buyers decision, it is essential for business to recognize the proper and authentic information source (Yoshikawa et al. 2017). Nonetheless, for gathering information related to buyers there certain obstacles faced by organization. Therefore, for dealing with various factors creating threat to business, there is a need to substantial investment in research and development for maintaining sustainable business operations.
Factors identification- Business enterprise needs to recognize several factors that would influence their operational policies. Such factors can be listed down as availability of substitute’s products, traditions and local culture. There are external influences that have impact on ever changing market environment. Some of the influential factors relates to changes in external environment and changing market conditions. It is required by organization to have proper assistance from professionals equipped with market knowledge for determination and identification of factors. This would assist the organization in achieving their organizational goals and taking decisions appropriately as per the prevailing market conditions. A trusted source is required to gather the information that would help in maintaining business sustainability. The interpretation of actual collected data is reliable on the factors leading to misleading and misappropriate information (Bratu 2015). It can be said that organization should frame decisions as per their business goals and market conditions.
Data gathering and collection- The process of decision-making involves collection and gathering of data that would assist the business in achieving their objectives and their long-term goals. Business are able to take appropriate business decisions by eliminating discrepancies in collecting process of data. Company while analyzing the data that is primary and secondary collects that forms the two types. Primary source of collecting data is generated directly from the field of enquiry and the interviews gathers data either by conducting an interview with customers and market experts. Collecting data from primary source enables the business enterprise in gathering of valuable information from various sections of society. Secondary source of information also provides relevant information if data is collected from appropriate sources (Harvey et al. 2017). The decision making process of organization is significantly influenced by the type of information gathered and their source. Their interpretation should be in a way that are aligned with the business goals and objectives. Gathering of data would positively impact the decision making process of organization (De Clercq et al. 2016).
Mission, purpose and organization’s vision- The process of operation of organization can be framed by considering their purpose, vision and mission. This would enable business interpret the information according to goals and organizational needs and formulating it for attainment of objectives.
Interpreting the information- Two stages process is involved in information gathering. It is required by business entity to appropriately analyze the information gather from various source to interpret it correctly according to the needs and objective of business. The business entity is enabled by filtering of data to collect the proper data according to organization’s need. Business would be able to achieve sustainability and growth. Smoother communication in an organization would be ensured by application of advanced technology mechanisms that would assist the business in appropriately interpreting the information that is collected from authentic source. Therefore, it can be said that interpretation of information is of crucial importance while formulating and taking business decisions. Appropriately interpreting the information gathered by relevant and authentic source is essential for adopting a proper process for decisions making in organization (Lam et al. 2016).
Feedback of customers- The development of procedures of gathering data requires gathering necessary information from authentic source. As such, business entities would be assisted by the views gathered from their customers in overcoming hindrances that would have an impact on organizational operational policies. Therefore, the business would be assisted in getting suitable and appropriate information about the feedback of customers and their competitors and interpreting them by aligning to their organizational objectives. Information gathered from customers of reliable base is of vital importance and essential to organization. If the organization is not able to rightly analyze the information gathered from customer feedback, the information generated is worthless. New approaches in organization and changes can be made by doing something more than collected data that is performing the proper analysis of information gathered from feedback of customers. Organizations are required to identify the root cause analysis of customer feedback that helps in driving the loyalty of customers (Rose et al. 2014).
Alternative strategies- If the existing and prevailing operational policies of organization cannot overcome other factors creating hindrance in appropriately interpreting the collected data, it is essential for organization to have alternative strategies. The business strategies of organization van be recovered by implementation of technology advanced mechanisms and incorporating various alternative procedures involving innovation. For instance, organization following the trend strategy helps in the identification of trend that is driving change in industry. Organization is required to make the strategic analysis of information gathered by incorporating various elements in the strategies (Cheung 2013).
Conclusion:
For setting up the operational and marketing process of organization, interpretation the information have very important role. Nonetheless, various attributes restrict the interpretation of data such as business entity economic conditions. The market conditions of business can be enhanced by adoption and development of business policies that are transparent and fair. Threats faced by organization in dealing with that interpretation can be overcome by alternative resource development that would help in meeting the goals and attaining the objectives of organization by execution of business functionalities. The data can be filtered and information can be filtered as per the needs of market by adopting the technologically advanced mechanisms. An appropriate market data can be obtained by business by development of proper perception. The procedures of interpreting data in an organization can be framed by considering the primary attribute that is market trends. It has to be ensured by management of organizations that prior to interpretation if information there is not any pre conceived notions or biasness.
References:
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