An Overview of Internet of Things (IoT)

In the 80s and 90s from the last century the world lived in age of personal computing and this computing extended to around 20 years. The internet of things term was named in that name in 1999 by Kevin Ashton, and he was the first person who used internet of things term.

Internet in the beginning were used for specific people who are work in companies or banks, not any one can use the internet because it will cost him a lot of money. Since then the internet evolution every year and take a big step forward until it became a revolution in the communication.… Read the rest

Fraud and Forensic Auditing

Overview of Fraud – The Fraud Triangle

Fraud has become an important topic in today’s business environment, especially in the light of scandals such as Enron (Read: Enron Accounting Scandal) and WorldCom (Read: WorldCom Accounting Scandal). While many think of top corporate executives committing fraudulent acts, especially those considering financial reporting, it is important to note that lower level employees also add to the risk of fraud within a company. The fraud triangle shows the three main elements necessary in order to create fraud: pressure, rationalization, and opportunity.

Financial pressure is often the first reason someone within a corporation would want to commit fraud.… Read the rest

Nurturing Innovation in Teams

Innovation in teams can be defined as the act of starting something new for the first time, something that has not yet been done by the team. The creation may rise from a study or experiment. Innovation could be termed as the brain child of creativity of the team members. Proper motivation is needed so as to be able to foster proper innovation in the team. The team must have a clear guideline and understanding of what innovation is and what it entails.

Benefits of Innovation in Teams

Nurturing innovation in a team also has great benefits on not only the team members but also to the organization as a whole.… Read the rest

Innovation Management – Managing Innovation in Business

For many organizations and countries alike, innovation and innovation management are no longer luxury items, but rather necessities and a means of sustaining economic development and competitiveness. To serve customer well and maintain the competitive position in business, companies are forced to focus on the creation, updating, availability, quality & use of innovation by all employees and teams at work and in the market place.

Innovation can be defined as the implementation of new created ideas for generating business value. Many times, people use the term ‘innovation’ for ‘innovation creation’. But there is a difference between the two. While innovation creation is an important aspect of innovation processes, so is the ability to search for and identify relevant external innovation, applying existing innovation to new contexts, understand and absorb unfamiliar external innovation to blend and integrate different bodies of innovation together.… Read the rest

Open Innovation – A New Innovation Paradigm

An innovation is a product or service with a bundle of features that is new in the market, or that is commercialized in some new way that opens up new uses and consumer groups for it. Innovation is invention implemented and taken to market. Invention however is the creation of something that was previously unknown. In summary, INNOVATION= INVENTION+COMMERCIALIZATION. Today companies who, want to deliver consistent organic growth to their shareholders, customers, and their employees can do that only through innovation.

Concept of Open Innovation

According to American organizational theorist Henry Chesbrough, Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.… Read the rest

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.… Read the rest