Business decisions generally involve ethics
1) Business decisions generally involve ethics. In an ever increasing IT/Digital world this takes more importance. Give/discuss an example of this.
In the 21st century, most businesses have embraced Information Technology (IT). It calls for professionals to embrace the necessary ethics to safeguard both business’s and individual’s information security. IT security experts and other professionals such as attorneys and physicians whose duties impact other people’s lives must obtain formal trainings and courses that address ethical issues most common to their duties (DesJardins & McCall, 2014). The trainings are offered to safeguard the important databases that contain crucial data about both businesses and people, for instance secret security numbers, confidential letters, addresses and more. Personnel in the IT security sector often have access to companies’ systems and networks, and confidential information about people, giving them a great deal of authority and power. This accessibility ability can be abused either deliberately or unintentionally.
Ethical guidelines and training of IT security experts and other professionals in businesses inform professionals on the technical skills and knowledge concerning their duties. To boost data protection, particularly for IT security experts, training may entail hacking skills that would enable the experts to be able to encrypt top security data using programming skills. For instance, in a hospital system where patients’ information is kept, IT experts should establish and test the system for security while also ensuring its rigor (Shinder, 2005). Moreover, the physicians are expected to safeguard the patients’ confidential data by keeping the information only known to them and the patient. In cases where sharing may be necessary for the world health benefits, the experts should only avail the performance statistics while keeping the individual names undisclosed.
Various organizations have laid down principles or codes of conduct that govern their employees. This may be a challenge for IT specialists working for more than one company since they probably have more ethical issues to operate on. Their loyalty to all the companies must be kept even if there operations may be affecting one another.
DesJardins, J. R., & McCall, J. J. (2014). Contemporary issues in business ethics. Cengage Learning.
Shinder, D. (2005). Ethical issues for IT security professionals. Retrieved from http://www.computerworld.com/article/2557944/security0/ethical-issues-for-it-security-professionals.html
2) Will the increasing use of the Internet by firms with global business operations change their move toward a transnational business strategy? Explain.
Internet use by firms in the world has tremendously increased. Certainly, the increasing use of internet in firms that operate globally will lead to changing towards transnational business techniques. This is because, as firms extend their product base to compete in the global marketplace, they will remain with little or no choice but to embrace a transnational strategy to survive in the ever-increasing competitive business. A transitional strategy is a management methodology in which an organization or a firm integrates its worldwide business activities by interdependence or close cooperation with its headquarters, international subsidiaries, and its appropriate use of global IT (Bharadwaj, El Sawy, Pavlou & Venkatraman, 2013).
Internet itself is a global marketing place. Therefore, to be effective in it, global business techniques are necessary. The change to a transnational operation strategy by international business firms has multiple factors that dictate either the failure or success of a business (Gershon, 2013). A firm selling a particular product must collaborate internationally to ensure that the product is sold under the right product name. However, if omitted, the firm can greatly make losses. Internet boosts integration of an international firm by ensuring an improved use of e-business strategies, applications portfolios, and data resources. Properly managed and designed information system using an appropriate IT is a major ingredient in a global business, providing crucial data resources needed to strengthen business activities in international markets.
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. V. (2013). Digital business strategy: toward a next generation of insights. Mis Quarterly, 37(2), 471-482.
Gershon, R. A. (2013). Media, telecommunications, and business strategy. Routledge.
3) How can/should knowledge management systems support businesses? (Topic not generally covered in our text but it is important to what we are studying).
Knowledge Management (KM) system is an application system particularly designed to assist in knowledge sharing and integration (Liebowitz & Frank, 2016). The system helps businesses and companies to turn information they receive into knowledge necessary for profit making. KM system, when implemented effectively, has the ability to improve staff performance, quality of service and client satisfaction. In many organizations, KM system is the core of both operations and innovation, and; therefore, considered to be a valuable asset in a business organization. The following paragraph explains how KM system may aid in increased business revenue:
First, it makes it possible to capture fresh knowledge for future use, and to easily support advancing technology. Secondly, due to the available knowledge base, both employees and employers can quickly access the information they require. It also improves communication and engagement among staff. Moreover, it makes a business to be at par with the ever-changing technology. Lastly, the management of in a particular firm can use the KM systems to reduce IT costs without compromising on service quality to internal and external clients.
Active Knowledge Management application system stimulates innovation and cultural change. It enables free flow of concepts and ideas (Quast, 2012). The current business management team can easily convey the latest concepts to the incoming managers, motivate cultural change, and instill cultural values in the organizations. When put into place, managers and employees are able to embrace change, and encourage insights and ideas, which frequently lead to innovation. KM systems build a learning culture where every person looks forward to improve their particular departments. It is, therefore, significant to streamline processes and operations within businesses. Finally, operating with KM system can facilitate better and more informed decisions.
Liebowitz, J., & Frank, M. (Eds.). (2016). Knowledge management and e-learning. CRC press.
Quast, L. (2012). Why Knowledge Management Is Important To The Success Of Your Company. Retrieved from http://www.forbes.com/sites/lisaquast/2012/08/20/why-knowledge-management-is-important-to-the-success-of-your-company/#672bddbf5e1d
Business decisions generally involve ethics
Data privacy and security: Companies collect vast amounts of personal and sensitive information from their customers, employees and partners. With this information, companies have the responsibility to protect it from unauthorized access, misuse and theft. This requires companies to have robust privacy policies and security measures in place, as well as train their employees on how to handle sensitive information ethically.
Additionally, companies must also consider the ethical implications of how they use the data they collect. For instance, they must respect individuals’ rights to control their personal information, avoid using data for discriminatory purposes, and be transparent about their data collection and usage practices. Companies that neglect these ethical considerations can face significant reputational damage, legal consequences, and loss of customer trust.
Therefore, in the digital world, it’s essential for companies to balance the benefits of collecting and using data with the ethical responsibilities that come with it, to make informed and ethical business decisions.