Managing Communications Knowledge and Information
MANAGING COMMUNICATIONS, KNOWLEDGE AND INFORMATION ASSIGNMENT
Communication Process at M Limited and Deutsche Bank
This report is based on the communication process at L Limited.
The company is well established real estate Development Company and is known for its perfect complete solution for home construction.
The report will cover the information and knowledge needs of the organization, different approaches to management and leadership, decision making process, developing communication process and improving systems relating to information and knowledge.
M Limited is a real estate development company which provides end to end solutions in relation to designing, financing and construction of homes. The company possesses the right to use or can lease a part of property for long term depending on the type of investment being made (Somes, et.al., 2014). It has four departments namely Admin & HR, Finance, Procurements and Projects and each of them have specific roles and functions. Admin & HR department looks after the administration and human resource of the company. Finance department held responsible for reserving funds and timely payments. Projects and Procurements look after type of staff they require depending on the nature and number of developments. The company maintains its revenue and enjoyed steady growth of profits.
The decision that higher management of company M have to take to choose one option out of two may range from setting of goals and objectives for their entire business enterprise considering long term benefits and growth of their company. M Limited should go for development of real estate market and explore the option of purchasing land so that the company can develop luxury condominiums for the purpose of lease or sale (Schaper, et. al., 2014). For this, company should focus on strategic decisions, tactical decisions and operational decisions in relation to the option chosen. The higher management should develop strategy which in turn results in the speedy development of real estate market. Additionally, the company should develop some tactics, divisional plans and structuring workflows to convert the land into luxurious and attractive building complex. As the company is into real estate business, the business can easily enhance their relationships with existing stakeholders and can earn profits by selling or leasing the developed building complex.
In addition to above, lots of decisions are taken on below areas for its effective operation,
smooth functioning and running of the business.
Resource Management: The Company’s makes a lot of decisions on resource management when multiple projects are been carried out. Decisions such as project priority, budget allocation etc. These are tactical decisions, at times it can be semi structured or unstructured as well depending on the project. If a new or if a different kind of a project then some decisions may have to be unstructured.
Eg; allocating resources to renovate an old building. This can be structured as this is being
done always so most of it would be aware and well known, but in case of buying a land and the constructing a building can be different as the resort owners may have different requirements.
Staff Recruitment: this is an operational level decision and depending on the job requirement it can either be structured or unstructured. When recruiting decisions are made after the interviews and the most reliable candidate is selected based on the knowledge, experience, qualification and skills.
Choosing Suppliers & Vendors: This is done in daily operation suppliers and vendors will be selected based on the work requirement. This can be structured or semi structured as it is an operational decision. In order to make a decision the available vendors and suppliers must be evaluated and then decided.
The knowledge and information which is being needed to ensure successful decision making is that M Ltd should analyse and observe beforehand that to what extent it is beneficial for it to purchase the land from Male and Hulhumale. In addition to this, M Ltd should also identify market conditions prevailing there with regard to real estate and analyse customer tastes and preferences and then develop luxury condominiums and complexes so that it would be easy to sell them or to give them on lease (Hohenthal, et. al., 2014).
Moreover, different information and knowledge are required at different levels in order to ensure effective decision making. At strategic level, profitability, sales, market competitors and many more are required. On the basis of such information, M Ltd’s top management can frame aims and objectives beneficial for effective decision making. Explicit information is required to ensure that decision taken is going to be fruitful in future. With explicit knowledge and information every piece of information is required to be expressed in clear terms without any assumption. Such information is required to be delegated from top management to lower management in a precise and accurate manner so that every employee is clear and is having same consensus. At tactical level, internal information is useful for M ltd like delivery of goods, work progress, use of resources and many more which are contributing factor effective decision making. At operational level, employees working condition, daily wages, daily production and many more, on the basis of which decision is being taken. In all, both qualitative and quantitative information are required at different level of information and knowledge for effective decision making.
The different information and knowledge needs within the organization
Information and knowledge required are different at different levels in an organization.
Strategic Level: Here, information such as forecasts, sales growth, profitability, market share, revenue growth etc. will be required. These are brief information prepared only when required which will be used by directors and senior management to plan out the corporate objectives, business objectives or to build up strategies of the organization. Qualitative information are considered in decision making but quantitative information plays a more vital role in the final decision making, such as investment costs, customer additions & revenue gains
Tactical Level: Here mostly the information source would be internal. These reports or information would be required regularly for instance, weekly, monthly or quarterly. The information required would be how resources are used, progress of the work, customer satisfaction level etc. This information is used by middle management to set directions, controlling and planning. Mostly these are also summarized information but sufficient for resource allocation and planning
Operational Level: Required for operational decisions. Which are collected more frequently on a daily basis or weekly basis, which are detailed and gathered internally, information such as work place incidents, daily cost for the labors etc. These information are used by front line managers for effective daily operations can be in the form of quantitative and qualitative as well.
Managing changes in information & knowledge needs over time
Information and knowledge needs of an organization may change over a period of time and may change due to multiple reasons such as change in the management, change in the organizational strategies, change in the market behaviour and change in the organizational policies etc.
To ensure smooth operation it is crucial for the organization to ensure proper communication is made to all staff, as most of the time changes are hard to accept and follow. And also due due to certain changes there can be new requirements which needs to be fulfilled in order to entertain the change, like man power, new requirement for systems or tools etc.
For the purpose of making effective decision making, it is imperative to analyse the reliable internal and external sources of information which plays a significant role for decision making of M Ltd. The internal sources of information in relation to M company which deals in real estate sector are the company’s secrets, strategy formulation, revenue generation, marketing of their lands and complexes, purchasing and sales of land and buildings, number of personnel working, new developments, administration, financial stability and many more (Alvarez, 2016).
The external sources of the information with regard to M Ltd are existing stakeholders, market conditions of the real estate, dependency on third parties, competitors in the markets, company goodwill and reputation in real estate sector and many more.
As far as the value and quality of internal and external sources are concerned in relation to M ltd, internal sources are the sources and the information which is available within the organisation hence the reliability, trust and quality of such information is much better than external sources. For M ltd, collecting internal and external source of information is a costly affair as it involves time, resources and money but as all the processes are in place so the piece of information being collected is accurate, useful and reliable.
Value & quality of internal & external sources:
Internal sources of information are information is available internally within the organization, internal surveys, expense and revenue, staff attendance. Strategy formulation etc.
External information are information available externally and sources can be media, website,
advertisements, government and consultants. External information can be formal or informal.
Formal are company advertisements, website, published documents / reports, press statements & press releases. Information retrieved from media and other websites are informal sources.
Internal sources are more dependable than external sources of information as the information is provided by the organization itself and are information available within the organization. Similarly formal external sources are more reliable than the external informal sources as formal sources are also made available from the organization. The value and quality of internal & external formal sources are better compared to external informal sources due to originality, reliability and trust issues as external information can be manipulated by these external sources.
Cost of gathering information & processes to gather information
Since information gathering requires resources it is costly.
Information gathering requires;
Time: Information collection takes time, whether it is collected through a system, survey
Research or via any method
Money: There is a money value involved as there is a cost to get these things done. In order to obtain the required materials to get the job done.
Resources (human/system etc.): Resources are required to collect the information either through systems, tools & applications or via manpower.
There are various recommendations for improvement being provided to the company should develop and implement effective strategies in order to achieve its set goals and objective in an efficient manner. M ltd should have involved a large number of employees or workforce for speedy and accurate development of real estate and can explore various options of purchasing land at very reasonable prices (Sharp and Brumberger, 2013). Also the company should develop and enhance their relationships with the existing stakeholders which in turn results in increase in market share and profitability. In addition to this it is also suggested that M ltd. should have advance technology and updated information systems so that it is easily accessible to clients and suppliers which in turn result in getting more clients in less time. Timely meeting with existing stakeholders should be organised so that the views and opinions can be shared in effective development of luxurious apartments as well as it also strengthens the relationship between company and stakeholders as such groups feel important being the part of such effective decision making.
M1 Strategies to find appropriate solutions
There are strategies which can be identified and applied for finding appropriate solutions. Motivation of the employees is one of the best strategies due to which company M can keep on doing continuous and quicker development of real estate. Advertisement and marketing of the luxurious condominiums in a timely manner and providing attractive deals and offers to customers, stakeholders and suppliers result in the expansion of business in an efficient manner (Posse et. al., 2015). Advanced technologies and amenities to the clients and delivering new information through online portal and website to the clients, customers and stakeholders. Building the trust by fulfilling the commitments resulted in increase in business which in turn resulted in enhancing the sales or lease of the property. In addition to this, an efficient IT workforce for handling the queries of the clients and address them in a timely manner.
There are strategies which can be identified and applied for finding appropriate solutions.
Motivation of the employees: is one of the best strategies due to which company M can keep on doing continuous and quicker development of real estate.
Advertisement and marketing: of the luxurious condominiums in a timely manner and providing attractive deals and offers to customers, stakeholders and suppliers result in the expansion of business in an efficient manner (Posse et. al., 2015).
Advanced technologies and amenities: to the clients and delivering new information through online portal and website to the clients, customers and stakeholders.
Building the trust: by fulfilling the commitments resulted in increase in business which in turn resulted in enhancing the sales or lease of the property. In addition to this, an efficient IT workforce for handling the queries of the clients and address them in a timely manner.
As company M decided to invest in guest house market which is considered as the new venture apart from their existing business, it is imperative for company to develop a five step decision making process as well as to identify the stakeholders for the execution of the decision. With regard to five step decision making process,
Company has to first establish their aims and objective, and then they have to define the problem and have to identify the alternative course of action (Possee, et. al., 2015). After analysing the alternative course of action, they have to evaluate the best course of action and finally company has to implement and monitor its decision.
The internal stakeholders who can be identified with regard to the guest house business of M company are employees that will be working within the guest house are top management, operational staff, line managers, functional head and many more. The external stakeholders are new investors, government, new customers, property brokers, land owners, housing finance institutions, regulators and many more (Mitchell, et.al., 2016).
Both internal and external stakeholders of M ltd play an important role in the effective decision making of company. Top management, line managers, operational staff and functional head will set strategic goals and make decisions which would be flowing such decisions to lower management which will carry out those decisions. External stakeholders like regulators, government and customers will give their general views and will approve such decision in relation to laws, rules and regulations.
Stakeholders are important to an organization as they play a key role in decision making process.
|Top Management||Key people of the organization who sets direction and strategic goals. They are final decision takers of the organization|
|Line Managers||Important in decision making because they are the next layer who would pass the decisions to the lower staff for execution, hence their cooperation and buy in is very important to sell the ideas to the lower level staff and for execution|
|Function Heads||They drives the team, important in decision making because they are the next layer who would pass the decisions to the lower staff for execution, hence their cooperation and buy in is very important to sell the ideas to the lower level staff and for execution|
|Operational Staff||They are important, as they will be executing and carrying out these tasks in order to achieve the desired results. Hence they have direct feedback from the customers/suppliers etc. and these feedback (qualitative information) will be very important during decision making.|
|Regulators||Regulators are the regulatory body of the industry who sets rules and regulations hence when making a decision we will always have to consider their feedback and their say.|
|Government||Is also important as laws are passed by the government and certain policies and procedures may require to change due to government enforced laws and regulations|
|General Public||Must always consider the views of general public, as taking a step against the public may impact the business negatively ruining the image, business growth etc.|
|Customers||The most important part of the business, without them the business is not successful. Hence always must ensure customer satisfaction in all decisions that are made|
|Suppliers||Are important they help us to achieve our goals by providing the required products & services which are required to run the business, like construction materials, heavy vehicles etc.|
|Financial Institutes||banks, finance leasing companies are Important as they would be the ones to obtain financial assistance when required. Eg; long term loans, credit policies|
After identifying and analysing stakeholders, it is imperative for the M company to make contact and develop business relationships with stakeholders. For making contact or communicating effectively with stakeholders, company M can arrange monthly and quarterly meetings, can do conference calls by keeping in loop each and every stakeholder. Moreover, newsletters can be provided and emails, monthly magazines and annual reports can be sent, which include the developments and progress made by the company (Coffing, et. al., 2017). Company can develop business relationships with their stakeholders by sharing the vision, mission goals and objectives of company.
For the purpose of creating two way relationships with one internal stakeholder i.e. employees, company M needs to provide every new update to its employees so that employee can work effectively by including those updates in day to day activity which is beneficial for employee and company’s performance. Additionally, they should develop some employee centric policies like rewards and recognition, flexibility which will keep them encouraged and motivated which in turn fruitful for company’s growth.
For creating two way relationships with one external stakeholder i.e. government, for every new decision being taken government or regulators should be informed in timely manner which in turn develop a level of transparency being maintained with external stakeholders and easy approval of such decisions.
After analysing internal and external stakeholders, it is necessary to involve internal and external stakeholders who are considered as appropriate for decision making process in relation to the launch and development of guest house market. As far as internal stakeholders are concerned, employees are involved in the decision-making process. In order to involve them effectively, M ltd should make them aware about company’s vision, mission, goals and objectives. Company should arrange the meetings with employees from time to time to involve them in decision making process and design some strategies and policies to involve maximum employees and make them feel the importance of their involvement in decision making process. With regard to external stakeholders, investors are involved in the decision making as such participants can invest their money in company’s guest house business and can result in business expansion. Taking financial aid from Government and various housing financial institutions for guest house venture will involve such external stakeholders in decision making process. Additionally, property brokers or land owners can participate in decision making process as they help in providing discounts or attractive offers for the land required by the company to construct guest house.
Being an employee of Company M, I have implemented various strategies for improving my networking skills and to build relationship with stakeholders. For the purpose of improving my networking skills I started reaching out people through the way of video conferencing, teleconferencing, emails and other online mediums so that I can give and take advice and can gain plentiful business opportunities. These personal networking tools are very helpful for improving stakeholder relationships by dealing with them politely and with due respect.
In addition to improving networking skills, I started developing relationships with stakeholders by incorporating strategies through the way of arranging well-structured plans to engage and communicate with them (Chang, 2016). I conducted regular or weekly meetings with stakeholders for seeking their advice; guidance and assistance strengthen the relationship between stakeholders and company.
Strategies for personal Improvement
There are various tools and strategies for improving personal networking skills and building and maintaining stakeholder relationships. For improving my own personal networking skills, I tried reaching people by the way of email which shows my mutual respect and interest towards approaching them. Moreover, I use positive language while enhancing my networking with people either meeting face to face or communicating through call. I keep on doing follow up as it is crucial to my networking effort (Posse, et. al., 2015). In all, networking results in building and maintaining relationships which are honest, sincere and valuable to both the parties. These personal networking tools are very helpful for improving stakeholder relationships by dealing with them politely and with due respect. Arranging weekly meeting and teleconferencing for giving and seeking advice and suggestions. Moreover, preparing well structured plans to engage and communicate with them gives a sense of greater likelihood which results in bringing great opportunities for business.
D2 Responsibility for managing and organising activities
Accountability and responsibility of setting up and launching guest house market and managing and organising activities with regard to it have been effectively taken. At the very first, stakeholders are being identified and contacts are being made with them with the aim of enhancing personal networking skills and building relationship in a systematic, organised and effective manner. The importance and interdependency of stakeholder and organisational relationship is being recognised and is considered as very significant for companies and stakeholders success. The Company can develop trust and keep their stakeholders satisfied so that they can retain them and remain competitive in their respective market. Giving and taking services results in increasing the likelihood that such exchange relationship continues in future.
I have been hired by Deutsche Bank and having the task and responsibilities of reviewing the existing process of communication. The process of communication is consists of three elements namely sender, message and receiver. Communicator prepares message neatly and start the communication process. Such message is the idea came into the mind of sender and is being transmitted to the receiver through various methods of communication (Fall, et. al., 2013).
The process of communication chosen in my organisation is face to face communication, oral communication, written communication, formal communication, memo, leaflet and many more. Moreover, one to one meetings, structured or unstructured meetings are organised to enhance effective communication. Through such modes of communication, information is being perceived by top management and being disseminated to lower management in an effective manner by using any of the above mentioned process of communication.
Additionally, various electronic and IT systems like email, intranet, and messenger, office communicator, VoIP and many more are being used to a small extent.
While identifying appropriateness of information, the effectiveness of existing methods of communication and whether it is reaching to appropriate audience, it has been observed that the technology being opted and the softwares which are in current use are not appropriate and need improvement as the communication or message beings sent through emails are delayed and thus leads to delayed decision making.
The communication process can be improved by introducing various electronic methods of communication like emails, weekly updates to employees through company’s website and many more which needs to be implemented and for that innovative technology and updated softwares are required to be put in place.
The implementation process for suggestion for improvement mentioned in above section 3.2 should be designed in the following manner:
- Innovative and advanced technology should replace the obsolete and old technologies for developing effective integration of systems of communication.
- Software in relation to email, website should be updated and reinstalled from time to time with the aim of improving the accuracy through effective electronic mode of communication.
- Training should be given to the employees with regard to innovative technology and updated software.
By implementing the above suggestions, the different systems and processes of the communication can be integrated in the company in an efficient manner.
The problems which might arise during implementation and integration of systems of communication are the lack of proper coordination, lack of knowledge, timing issues and inadequate trainings by the trainers.
4.1 Approaches to the collection, formatting, storage and dissemination of information and knowledge
The different IT systems in the existing communication process for the purpose of collecting, storing and disseminating the knowledge or information from one person to other which is being used by the company are email, website updates and social media. Such different types of existing IT systems in company are considered as reliable, valid and confidential to transmit the information from one place to another place in an efficient manner.
Email is considered as one of the well known electric communication which gives a channel for replacing message in the same manner traditional method does (Somes, et. al., 2014). Through the facility of email, one employee generates a message and conveys it to recipient or other employee and then it is being received by the person at the other end. It is a smooth and less time-consuming process.
Another form of electronic communication or IT systems which company using is website which has several forms and serves as a variety of electronic communication channels. Websites provides information to readers or people who uses and read information on it. Through social media, employees of the company are able to communicate messages and can get the follow up messages of the post from their friends, family and colleagues. Such existing IT systems in company are considered as helpful for transferring messages from one person to another person in an efficient manner
4.2 Appropriate changes to improve the collection, formatting storage and dissemination of information and knowledge
With the aim of developing the changes in the existing IT systems and improving the way of collecting, formatting, storage and disseminating of the knowledge and information, company started using various new and improved different IT systems which are reliable, valid and confidential. With them, one can easily transmit information from one person to another person without any risk and issues and they are as follows:
Through mobile phones, employees easily convey their message either formal or informal efficiently and effectively at the time of urgency. It is considered as the instant messaging service which is reliable and less time consuming (Bcah, et. al., 2013).
Moreover, employees started involving themselves in audio conferencing and considered it as the effective and reliable method for discussing their daily issues, tasks and general updates. In addition to this, company started using video conferencing facility so that sound is being transmitted to other place along with pictures easily and meeting can be arranged irrespective of employees located at any location. These all new and improved communications are being implied by the company in addition to existing ones in order to maintain confidentiality and reliability.
For improving the entry to systems of knowledge and information, it is imperative for the Deutsche Company to implement the strategy in the organisations. The strategy implementation in the corporate houses or organisations is done in such a manner that the reliable, valid and accurate information is being transmitted to the other person effectively within a short span of time. Company should implement change management strategy in order to inculcate the changes in the context of information and knowledge within the organisation in an effective and smooth manner.(Hansen, et. al., 2009). Through different IT systems like email, websites, social media, internet, blogs, online articles, video conferencing, audio conferencing, webcams, mobile phones and many more are considered as significant electronic communication tools through which access to information and knowledge within the organisations and with its external stakeholders is being enhanced to a significant extent. Moreover, such different IT systems will be beneficial within Deutsche and with its external stakeholders as the flow of information can become clear, transparent, accurate, reliable and confidential.
M3 Present and communicate appropriate findings
With the help of below findings in relation to improve the existing information and knowledge systems by making use of different and advanced IT system, it is being analysed that various advanced electronic transmission protocols it is become very easier and convenient for organisations to convey confidential messages, formal messages or informal messages within fraction of time with accuracy, reliability and validity.
For the purpose of creating a personal plan to develop my communication ability I have listed down step by step plan to make my skills effective. For the purpose of improving the communication skills, the first and foremost step is to listen to other what they are saying and to have one conversation at one time. Before communicating, I always check to whom I am speaking with, based on that I decide whether to speak formally or informally (Mitchell, et. al., 2016). With regard to face to face meetings and video conferencing it is imperative that one should have open body language and good eye contact. The communication either written or oral should be specific and brief and it should be done in such a manner that it should be effective and reflect a smile as well as positive attitude. In addition to this, I always take a pause, rethink and then speak. In this way, I tried improving my communication skills and keeps on improving.
|STRENGTHS Technical understanding Good written & verbal communication skills Coaching & Mentoring Communicating supportively Persuasive skills Managing conflict||WEAKNESS Avoiding confrontation Communicating assertively|
|OPPORTUNITIES Higher studies Chances to improve on communication skills and other skills required Broad opportunity to work in other companies due to experience and skills||THREATS New employees with higher educational qualification|
|Objective||Methods||Time Scale||Monitoring review|
1- To improve on|
by the end of Dec 2017
|Read articles from internet on assertive communications||15-Oct 2017||
|Apply on similar situations||20-Nov-17||Weekly follow up|
|self-evaluation after applying||20-Dec-17||
|2-To improve on confrontation by the end of Dec 2017||Read articles from internet on confrontation||Weekly||
|Apply on similar situations||30-Nov-17||Weekly follow up|
|self-evaluation after applying||15-Dec-17||
As per Bender my personality type is “expressive” and as per the strengths I’m a good
Below steps will be followed to implement the plan
|STEP 1||Go through the action plan that I have put in place|
|STEP 2||Check if the methods mentioned can be applied|
|STEP 3||Set a date to start the works as mentioned|
|STEP 4||Set a completion date|
|STEP 5||Carry on the activities as scheduled|
|STEP 6||Check if the methods & activities mentioned are carried out as per the decided deadlines|
|STEP 7||Review the actions & results to see if I have achieved the goals|
|STEP 8||Based on the findings revise the goals if required|
On the basis of
above discussion, it has been concluded that it is imperative to take wise and
effective decision for the success and long-term survival of the organisation. For
such effective decision to be made, both the companies have to analyse the
external as well as internal sources fruitful for such important decisions and
at the same time have to identify stakeholders and have to build strong relationship
with them. Moreover, companies and stakeholders are interdependent on each
other to a significant extent for their mutual success and long-term growth. Various
improvements are required to be done from time to time in relation to existing
process of communication, collection and dissemination of information and
knowledge. For such improvements, appropriate strategies are being implemented
and executed from time to time which in turn results in proper functioning of
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