Modern Business Strategies

Modern Business Strategies

The texts of this unit mainly focus on the modern strategies that businesses are using or can employ to enhance their value. The idea of the conglomerate is particularly interesting because new businesses that exhibit such a model are fewer. Many businesses that are becoming large and popular in the contemporary business world are mainly technology businesses whose value is acquired from similar businesses. A company like Berkshire Hathaway, which has been presented in the text, has various companies that one would not have guessed are under the same conglomerate, given the huge difference in their strategy and focus. In my opinion, I think that perfecting a strategy in a single line of business is likely to create more value than focusing on too many smaller companies. Being in a single line enables the business to focus better on perfecting its performance on it. However, companies’ success in conglomerate structures shows that a business can create value while focusing on many business areas.

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Another thing within the readings is the discussion on big data and its impact on creating business value. Big data is a large set of data evaluated digitally and used to enhance business decision-making (Tene & Polonetsky, 2012). I have been fortunate enough to be a person who has lived in the digital age. While using social media, one can witness the significant use of big data by businesses, such as through advertisements. This is a result of the big data analysis of people’s online footprint. Searching on certain sites illustrates that personal information is somehow shared with people who manage such data to customize the kind of data that gets to users. This shows the increased dependence on data for making business decisions in contemporary organizations. Consequently,  it is rare for any company that cares about its direction in the future to not take advantage of big data assistance in decision-making. Data has become essential for businesses to make the right decisions and target the exact target market they need to create value.

In spite of the many benefits that bid data has created, there are some challenges too. Galbraith addresses some of these challenges. One of the challenges addressed is the power shift with digital experts becoming important in the era of big data. People with knowledge and understanding of big data and how it works have become increasingly important in this sphere. The text also discusses the change in the organizational structures with the shift from cross-functional interactions to control tower type of interactions. These new challenges are issues that affect businesses and can be managed. My concern with big data is the ethical nature of data use. Consistently, it is apparent there’s a lot of privacy infringement by big data companies in a bid to get information that can be used to enhance business decision-making. It is important that the social impact of businesses action is also considered in the design of these new decision-making structures.

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References

Tene, O., & Polonetsky, J. (2012). Big data for all: Privacy and user control in the age of analytics. Nw. J. Tech. & Intell. Prop., 11, xxvii.

Galbraith. Designing Organizations: Strategy, Structure, and Process at the Business Unit and Enterprise Levels

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U05d1 Reading Reflection

Reflect on your unit readings. Post your thoughts on the readings in 1-2 page, if 1 page no less than 3 paragraphs.

Modern Business Strategies

Use this discussion to digest your readings and gather ideas for your reflective paper.

Resources

• Discussion Participation Scoring Guide.

DISCUSSION PARTICIPATION SCORING GUIDE

Due Date: Weekly.
Percentage of Course Grade: 20%.