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.
Crypto-currency has not only affected how humanity can make transactions but also how they do business. It’s on everyone’s lips at the moment, with the ‘overnight’ success of bitcoin in the money markets, so of course, we’re gonna talk about it. We’ve already discussed cryptocurrency here, here, here and here but we’re going to dive deeper because we all need to understand the implications of the technology behind cryptocurrencies where suddenly, we can exchange value over the phone, without oversight from the government or the banking industry, in an instant.
The internet is currently an integral part of current societies and economies around the world, and this is not any different in Kenya. Development of the Internet has led to a transformation that had not been previously precedented in the business world, social interactions, communication, education and research, philanthropic pursuits, governance and other aspects of life. In Kenya the Internet started in the 1990s, but until 2009, the internet was low and was also an expensive affair, as the country depended on expensive satellite connection.
The influence of FinTech in Kenya started to be notable in 2016 after the Capital Markets Authority of Kenya (CMA) and the Australian Securities and Investments Commission (ASIC) signed a Co-operation Agreement to support FinTech. The agreement aimed at promoting innovation in financial services for the respective markets. The agreement was signed in the margins of the Board meeting of the International Organization of Securities Commissions (IOSCO), which was held in Hong Kong during the same year. After the agreement to support Fintech in the country, a framework for establishing a corporation between the CMA and ASIC was created, as a way of expanding the space and opportunity for innovations in financial services. The parties agreed to share information in their respective markets, which included new market trends and regulatory aspects of growth in innovation.
In any innovative business, there are significant goals that help the entrepreneurs to conduct through building a smarter and more productive working environment. In the current scope of the business landscape, it is impossible to advance without the use of emerging technological developments. The following five hybrid applications can help in innovating businesses.
The world of business has gone through numerous changes since the Industrial Revolution. The rate at which business is developing is so fast that there has been a great necessity in using the different waves of development in the information technology. There are five ways in which Information Technology has impacted business to business communication. These include the following:
Cloud computing has allowed both small and large businesses to move their operations to third-party servers accessible through Internet Connectivity.