Context can be defined as the surroundings of the phenomenon. In terms of business, there are several contextual factors that affect the organization functioning. These factors can be from internal or external environment of the company.
Background:
Knowledge management and E-commerce are the factors of the new technology that has its impact on the processes of the organizations (Wang, Dou & Jia, 2016). These are the factors that help the business to enhance their processes and functions. This is the report that discusses about these two contextual factors and their impact on the manufacturing industry or the UNIQUE PRODUCTION PRIVATE LIMITED company in order to enhance its business.
Aim: The aim of the study is to understand such factors and their impact on business. That business that has been focussed in this report is of machinery manufacturing firm.
Scope: the scope of this study is that it helps the business to take decision in order to implement such technological changes in the company so that they can compete with the competitive industry in the market (Kronsbein, Meiser & Leyer, 2014).
Discussion:
Contextual factors: contextual factors are the factors that directly of indirectly affect the business functioning. It has been analysed that these factors can be from the internal environment of the company or from the external industrial environment. These factors have different types of effect on business (O’Sullivan, Andreoni, López-Gómez & Gregory, 2013). With the advancement in technology, there are different changes that have been observed in the businesses. Contextual factors affect the performance of the company as well as its different entities.
It is not only the management of the company that believes in knowledge sharing but the executives and the consultants of the business also claimed that sharing of knowledge is very important for renewal of the organisation and also provides the organization with competitive advantage over others (Hislop, 2013). The organization that believe in knowledge management and sharing have knowledge based views that suggests that creating and organizing knowledge is the assets for an organization to develop. Mainly the multinational organization has their knowledge based views (Liebowitz & Frank, 2016). This is because the companies operate in different countries and regions of the world where people have different skills and knowledge that needs to be shared among all the branches so that a new process can be generated. This allows the companies to use best out of all the knowledge available.
E commerce can be defined as the type of business model that helps the business to conduct their activities on the online portal. It is the medium that supports the businesses to increase their reach. E commerce helps the companies to deliver establish their presence in the market. This is because online portal and internet medium helps the organization reach the customers easily (Holtshouse, 2013). It is very easy to target the market with this medium and this is one of the cheapest ways for the organization to reach and serve the market and the customers. E commerce is available for all types of business such as business to business or business to customers. There are some of the disadvantages of this facility for the countries and for the customers also. The company cannot influence the customers to buy their products as they have other option present as well. It is also difficult for the company to implement such technology so they need a different technical team to handle their portal all the time (Becerra-Fernandez & Sabherwal, 2014).
As far as the business in the above case is considered, it is the company that operates in the manufacturing industry that manufactures machineries for the casting companies. The company follows the business to business model as it serves the customers who are also in the casting business. Knowledge management for these companies is very important. This is because it is the industry that deals with different technology and processes to manufacture the machineries. This requires them to implement different knowledge and skills. Intern organization knowledge transfer is important in this case (Jiménez-Jiménez, Martínez-Costa & Sanz-Valle, 2014). This is because two organisations or the business are involved in the whole process. The client organization from the casting industry is required to share their requirements to the manufacturing company UNIQUE PRODUCTION PRIVATE LIMITED so that they can develop their strategies to develop the machinery for them. Knowledge sharing is important in order to market such products as well. Knowledge management have many benefits for the companies (Alegre, Sengupta & Lapiedra, 2013). The first benefit is about decision making. Gathering the data and the knowledge helps the managers to take the decisions efficiently. Knowledge management system needs to be implemented in the company or in the department so that all the information can be shared among the departments and the effective decision can be made. It has been analysed that managing the knowledge also helps the company to stimulate change. It is very much important for the companies in manufacturing industry to develop innovation in their processes so as to develop the machineries that are innovative and resolve the issues of the casting companies. This requires the manufacturing firms to be updated with the latest technology and the tools. This information or the knowledge from the market helps the company to make innovations in their products. It is required by the organizations to be learning all the time (Laudon and Traver, 2013). Learning helps the company to renew their knowledge and skills according to the market and the industry. Knowledge management and sharing processes or system helps the organisation to learn new things from different areas. If the company works at different countries or regions, it develops its knowledge about the technologies and the skills that are used by the people or the companies in different regions of the world. Thus, knowledge sharing and management in MNC’s is very essential (Turban, King, Lee, Liang & Turban, 2015).
E- Commerce is another factor that affects the organizations a lot. This is the latest and the updated platform that is used by almost all the companies to reach the market and serve them with their products. Whether the company follows the model of business to business or business to customers, it is essential to use the platform of e commerce to show the presence in the market. Using the e commerce platform helps the company to be technologically active and to make an image in the market (Soto-Acosta, Popa & Palacios-Marqués, 2016). There are several benefits that can be achieved by the manufacturing firm by implementing E commerce in their business system. E commerce helps the company to develop the personal catalogue that can be seen by other business. This catalogue includes the great products of the company that are being developed by the company in order to showcase the same to the clients. Tailor made catalogue can be shared to the clients according to their requirements. Another benefit is that the spare parts that are with the company can also be shared to the clients. This makes the company to conduct cross selling activities with the client firm. It creates a win-win situation for the both the companies. Manufacturing companies that have their private label can easily make their brand image through e-commerce platform. A web store or the e commerce portal of the company allows the firm to highlight the products contain the label. This results in creating awareness about the brand among the business clients. B2B marketing can be improved by including knowledge management and e commerce in the business. This is because both these factors help in enhancing the business. Both have different impact on the company. One helps in developing the knowledge of the company to being new innovation in the functions of the company and other helps in enhancing marketing and sales of the products as well as helps in developing the brand image ta the same time.
Conclusion:
It has been concluded from the report that contextual factors are the important part of the company that affect its functioning. In manufacturing company UNIQUE PRODUCTION PRIVATE LIMITED, the inclusion of knowledge management system and Ecommerce would be very beneficial for the company discussed. It is not only the management of the company that believes in knowledge sharing but the executives and the consultants of the business also claimed that sharing of knowledge is very important for renewal of the organisation and also provides the organization with competitive advantage over others. E- Commerce is another factor that affects the organizations a lot. This is the latest and the updated platform that is used by almost all the companies to reach the market and serve them with their products. In B2B marketing, it is required by the manufacturing fir to develop their e commerce portal and market their products so that their business clients can see and approach them for buying the products.
References:
Alegre, J., Sengupta, K., & Lapiedra, R. (2013). Knowledge management and innovation performance in a high-tech SMEs industry. International Small Business Journal, 31(4), 454-470.
Becerra-Fernandez, I., & Sabherwal, R. (2014). Knowledge management: Systems and processes. Routledge.
Hislop, D. (2013). Knowledge management in organizations: A critical introduction. Oxford University Press.
Holtshouse, D. K. (2013). Information technology for knowledge management. Springer Science & Business Media.
Jiménez-Jiménez, D., Martínez-Costa, M., & Sanz-Valle, R. (2014). Knowledge management practices for innovation: a multinational corporation’s perspective. Journal of Knowledge Management, 18(5), 905-918.
Kronsbein, D., Meiser, D., & Leyer, M. (2014). Conceptualisation of Contextual Factors for Business Process Performance. In Proceedings of the International MultiConference of Engineers and Computer Scientists (Vol. 2, pp. 12-14).
Laudon, K.C. and Traver, C.G., 2013. E-commerce. Pearson.
Liebowitz, J., & Frank, M. (Eds.). (2016). Knowledge management and e-learning. CRC press.
O’Sullivan, E., Andreoni, A., López-Gómez, C., & Gregory, M. (2013). What is new in the new industrial policy? A manufacturing systems perspective. Oxford Review of Economic Policy, 29(2), 432-462.
Soto-Acosta, P., Popa, S. & Palacios-Marqués, D., 2016. E-business, organizational innovation and firm performance in manufacturing SMEs: an empirical study in Spain. Technological and Economic Development of Economy, 22(6), pp.885-904.
Turban, E., King, D., Lee, J.K., Liang, T.P. & Turban, D.C., 2015. Electronic commerce: A managerial and social networks perspective. Springer.
Wang, Q., Dou, J., & Jia, S. (2016). A meta-analytic review of corporate social responsibility and corporate financial performance: The moderating effect of contextual factors. Business & Society, 55(8), 1083-1121.
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