Business Continuity Management (BCM)

“An ounce of prevention is worth a pound of Cure” – Benjamin Franklin

The entire businesses around the world are exposed to risk or disruptions whether it is from fire, equipment failure, natural disaster, communication failure, economy downturn or an act of terrorism. There can be hardly superior hazard to any organisation than recession. The organisations experienced more disruptions than ever in the past years. These disruptions can ruin the organisations or make it difficult to survive. This is where Business Continuity Management (BCM) plays integral role to smoothly run the business without any interruption. Business Continuity Management is very important for the endurance of the business.

Business Continuity Management is a method designed to ensure that the functions of an organisation can be managed or restored promptly in the event of internal or external occurrence. One of the most important objectives of the BCM is to reduce the legal, financial and reputational damage of these events which results, increase in profitability of a business.

Business Continuity Management is defined as a holistic management process that identifies potential impacts that threaten an organisation and provides a framework for building resilience with the capability for an effective response that safeguards the interests of its stakeholders, reputation, brand and value creating activities.

In theory Business Continuity Management replicate crisis management to a great extent which has grown rapidly over the past decades, main aim of eliminating focus of social and technological problems. Crisis management approach and Information systems (IS) defense is the foundation of business continuity management.… Read the rest

Social Entrepreneurship – Meaning, Challenges and Success Factors

The rapid growth of the marketing is constantly changing our lives. As a result, entrepreneurs are played the importance role in a market as they are seen as agents of change. Which the change is economically based, the implications are far reaching, affecting other aspects of society such as social, cultural and political. That is why the entrepreneur is willing to take the responsibility and taking business risk to create and expand their business to order to explore more opportunities. Which the goods and services are fulfills customer’s demand and preferences.

Entrepreneurs seen to be the starters and them also assume the role of manager. Which entrepreneurs are observing the fourth factor of production (entrepreneur, land, labor and capital) and improve for the economic development. They were actively form to lead their own business and cultivate and offering new ideas for the economic growth and prosperity in individually. Moreover, entrepreneurs have a good in planning and manage strategically to make a decision and always strive for excellence in a business. Therefore, it can avoid the failure that may threat to an entrepreneur and the lack of continuity of the business and know how to developing the field of social entrepreneurship.

In the scenarios, among a social entrepreneur is motivated to improve and transform social, educational, environmental and economic conditions. Social entrepreneurs are for social improvement but not for the money. They are presents their ideas that are user-friendly and ethical that which applies innovative solutions to support in order to expand the large number of people to tackle their idea.… Read the rest

The Need for Corporate Entrepreneurship

Corporate entrepreneurship or Intrapreneurship is an important element in large and medium organizations. Intrapreneurship exists within the organizations. It plays important role in organizational and economic development. Intrapreneurship leads not only to new ventures, it leads to other innovative activities and orientations such as development of new products, technologies, services, strategies and competitive postures. In good or bad economic times, companies seek innovations to remain competitive. Intrapreneurs are more intelligent and have ability to perceive the big picture. They are self motivated, and optimistic. These people are action oriented and move quickly to get things done.

Corporate entrepreneur is a person who focuses on innovation and creativity to transform dreams into profitable reality. A charismatic leader in a company instills an entrepreneurial philosophy in the employees in an organisation. These entrepreneurs must have leadership characteristics. They must be visionary and flexible. Entrepreneur encourages team work and builds coalition of support. For team performance entrepreneur understand the organization environment they are persist continuously trying to give their best.

Now a day’s market is highly competitive, in order to survive organizations trying to be more innovative. Company’s wants innovative people to work for them. Intrapreneurial techniques have been used throughout the world, some with failure and some with great success.

Categories of Corporate Entrepreneurship

Current change in economy throughout the world pressurize to businesses and industries to change the strategies rapidly to satisfy the multiple stakeholders. Large organisations are focusing on innovation. The need of Intrapreneur arises due to numbers of problem. The number of competitors are increasing rapidly these competitors are very sophisticated, these competitors are not only their backyard but from other countries as well.… Read the rest

What is Intrapreneurship? – Definition, Meaning and Features

In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship. They are entrepreneurs who catch hold of a new idea for a product, service, or process and work to bring this idea to fruition within the framework of the organization. Intrapreneurs with their innovations and dedicated effort are perceived as a valuable asset by the organization, inspiring others. He serves as a champion to others in the organization. In recent times, a number of intrapreneurs are leaving their jobs to start their own ventures. It is found that many are exceedingly successful in their new ventures and they are causing threat to the companies they left a few years ago.

Intrapreneurs – Inside Entrepreneurs

Intrapreneurship refers to employee initiatives in organizations to undertake something new, without being asked to do so. Hence, the intrapreneur focuses on innovation and creativity, and transforms an idea into a profitable venture, while operating within the organizational environment. Thus, intrapreneurs are Inside entrepreneurs who follow the goal of the organization. Intrapreneurship is an example of motivation through job design, either formally or informally. Another important concept is the Corporate Social Entrepreneurship, which is the intrapreneurship within the firm which is driven to produce social capital in addition to economic capital.… Read the rest

Global Supply Chain Management – Drivers and Activities of Global Supply Chain

Nowadays with globalization, global supply chain management is becoming a very important issue for most of businesses. The main reasons of this trend are procurement cost reduction, purchasing risks control, revenues increasing and etc. For instance, companies may set up overseas factories to benefit from tariff and trade concessions, lower labor cost, capital subsidies, and reduced logistics costs in foreign markets. Moreover, easy access to abroad markets and close proximity to customers result better organizational learning. On the other hand, improved reliability can be obtained as a consequence of closer relationship with suppliers.

There are some issues that should be considered in managing a global supply chain. First of all, the company should decide about its general outsourcing plan. For whatever reason, businesses may prefer to keep some aspects of supply chain nearer to home. The second issue that must be incorporated into a global supply chain management strategy is supplier selection. It can be very difficult to comparing bids from a range of global suppliers. Companies usually jump on the lowest price instead of taking time to consider all of the other elements. On the other hand, selecting the right suppliers is influenced by a variety of factors and thus there will be additional complexity in supplier selection due to the multi-criteria nature of this decision. Additionally, companies must make decisions about the number of suppliers to use. Fewer supplies may result reduced inventory costs, volume consolidation and quantity discounts, reduced logistical costs, coordinated replenishment, improved buyer-supplier product design relationship and thus better customer service and market penetration.… Read the rest

Food Traceability – Definition, Meaning and Advantages

Food traceability and safety is an up and coming trend. With the slow food, organic, and natural movements more consumers are wanting to know where their food is coming from. Food producers also are making food traceability a trend because each producer wants to know who they can point fingers at when a customer claims that they have become sick from a producer’s food. For most producers, traceability is just one element of any supply-management or quality/safety control system. Tracking an apple from the tree to your mouth is something that each producer needs to know. They need to know where that apple was to make sure that the apple did not go anywhere it shouldn’t have been. So, what exactly is food traceability? How does it work, and what can it accomplish with regards to safety?

What is traceability and how does it pertain to our food system? The International Organization for Standardization (ISO) defines traceability as the ability to trace the history, application, or location of that which is under consideration. For this paper, that which is under consideration will be food. The ISO uses a very broad definition for traceability which is necessary for several reasons. First, because food is a complex system and traceability has not been developed for every product. Second, because no traceability system is ever complete. Things change, the purveyor changes, the field changes, the picker changes so each company’s food traceability plan must be fluid. For instance, even a hypothetical system for tracking beef-in which consumers scan their packet of beef at the checkout counter and access the animal’s date and location of birth, lineage, vaccination records, and use of mammalian protein supplements-is incomplete.… Read the rest