Contemporary Technologies and Decision Making - myassignmenthelp

Question: Discuss about theContemporary Technologies and Decision Making forBlogs. Answer: Collaboration with firm The financial sector of an IT sector can be benefited by the use of various tools like social networking, wikis, blogs and forums. Various social networks are also known as relationship networks which can help people and organization for connecting through online media platform so that they can easily exchange ideas and data containing important information (He, Zha, Li, 2013). Similar to the major networks of relationship this social platform can be proved beneficial for creating an awareness about the brand, engaging different audiences (Aral, Dellarocas Godes, 2013). Media share create a platform where people can easily share their media which include photos, videos. While checking the needs for establishment of a media share network for the organization must check the different resources available to them (Kao Couzin, 2014). Forums can be proved to be beneficial as this provides a network for good resource for market research. Bookmarking and content network can be proved to b e beneficial for creating an awareness about the brand, involvement of various customer (Bhuasiri et al., 2012). Consumer review network can be proved to be beneficial for this industry as positive review form various customers can result in establishment of proof and can help in solving different problems with the unsatisfied consumer. Blogs can be useful for engaging different customer and creation of brand. Improve decision making through collective intelligence Collective intelligence generally relates to the idea of using the power of many people for finding a solution to a given problem The fact is that a large number of people can easily solve different problem in a more efficient way and can prove to provide a better answer than a particular individual (He, Zha, Li, 2013). Internet has provided a platform where a user can have access to more and more data about various customers, employees and stakeholders of an organization which is will result in gaining of better and accurate knowledge of the present environment on the contrary it not enough for decision making. For improving the financial condition of this given IT firm more data must be explored so that it might result in creating more opportunities. Various firms including this IT organization have till now used teams to overcome different problems and has groups of individual which focuses on analyzing the needs of different customer and survey of different consumer for better understanding of current market and conducting various meetings annually for keeping a track of the needs of different stakeholders. Now the whole system has changed because of the recent technologies like web 2.0 applications (He, Zha, Li, 2013). This new technique make use of increasing the use of information that is crowdsourcing or idea from crowd through various platforms like social networks, various softwares and web based tool. This new method will help in increasing the financial background of this given IT firm. Solving a problem mainly comprises of two high level of task that is firstly generation of solution to given problem and secondly creating some assumption about it (Chen, Chiang Storey, 2012). The goal can be generation of solution or both this particular IT firm can have three methods for achieving their objective completely that are outreach, additive aggregation and self-organization. Outreach: During the generation of ideas or their evaluation a firm inclusive of this will look into the people. The value of outreach is generally in number of people who are generating and evaluation of problems. Additive aggregation: Various firms can easily collect information from different sources and some averaging can be easily performed. The process can be used to collect data from various decision groups. The simplest examples are inclusive of the implication of law of large number. Complex examples are inclusive of information, prediction or market. Self-organization: Various mechanism can be used for interaction among members of group. One such example of such can be Wikipedia where people can easily value by adding or removing from different participation. Now if there is danger if the mechanism of interaction is not whole part will result in being much less than sum of its parts. An application which taps into collective intelligence for improving the decision can be sound simple on the contrary it may create problem during its implementation (Chen, Chiang Storey, 2012). The manager of the following of this given IT firm needs check on the following issues that are control, diverse vs expertise, Engagement, policing and intellectual property. Control: One common form of collective intelligence can be considered to be loss of control in different ways. Simply undesirable and unwanted outcomes and the second one is unpredictability. Diversity vs Expertise: Various decisions making between different firms generally makes use of different collective needs the requirement of a firm to maintain a proper balance between diversity and expertise. Engagement: Incentive like cash reward and prizes can be considered to be a proper way for simulation of individual of in the participation like market prediction. Policing: During the gathering of decision over a particular topic then it is common that misbehave increases with increase in the size of group (Kao Couzin, 2014). For overcoming such problem mutual policing can be considered to be an effective way in this an implicit code of conduct helps in analyzing the behavior of different people. Intellectual property: Intellectual property can be considered as an effective method which works in two ways. Firstly, the given IT firm needs to provide information about the issue so that other can give a solution on the contrary it can compromise with transparency of the firm. Secondly when a firm looks for idea from outside the given IT firm then it will become difficult for the assumption of ownership from the resulting ownership. New Technologies Business API (Application Programming Interface) can be easily implemented into the financial system of this IT firm. Till now API has been used by various software developers for assembling different components of a program within a provided application (Bhuasiri et al., 2012). This particular new use of API can be used to make business functions as a component on the internet. API focuses to increase the volume of customers and attract new customers without any issues. API can be used to increase and diversify various channels for creativity and generation of revenue (Kao Couzin, 2014). API promotes communication between two applications which emphasizes on the exchanging of message or data containing important information. Various types of API are web service API, Library based API, and class based API. API are generally considered as a door to outer world which ultimately aims improving various product and services through experience and training. It is considered as a key factor for various innovation process (Aral, Dellarocas Godes, 2013). With the development of various teams in the IT firm various automation process results in saving of expense, effort and time. There are certain technical names which are assigned to this task that is BPA which stands for business process automation and BPI which stands for business process integration. Benefits and Contribution This new business API software will be beneficial to all the user of financial system of IT industry. This new business API software will help the users in using various business function as a part of internet. It will also help in increasing the number or volume of customer without any problem. API software can be used for increasing the channel for new ideas and new revenue can be created. The ultimate goal for implementation of API in the financial system is to increase the income of given IT firm. There is certain other reason for implementation of API is that success of an organization generally comes outside, innovation and lastly process automation. Critical success factor Critical success factors are generally limited number of key variables which have a huge impact on efficiently an organization meets a goal or a mission. Proper analysis of critical success factor can aim in providing various business teams (Chen, Chiang Storey, 2012). There are large number of software based solution which is used for identification of success factor various product and services (Estells-Arolas, Gonzlez-Ladrn-de-Guevara, 2012). Typical CSF may result in controlling the cost of different products and which ultimately result in building a better product. Certain critical success factor analysis for the given API is user deadline, availability, functional requirement and lastly cost. User deadline: Deadline is very important for any project and given business API is successful in managing deadline for any provided project. Deadline is considered to be very important factor for any project. Employees from different domains have an impact on different projects like financial system in this case which is being implemented in the IT sector. It ensures how efficiently and fast a project can be in completed by the employees of an organization. Availability: Availability of user is one of the key factors successful of any project like financial system in this case. Availability of resources can be of different types that are employee, materials, equipments and other things. The project manager of this new Business API will undertake will manage for everything like programmers, software engineers, and office staff for successful implementation of this business API in the financial system of this given IT sector. Functional requirement: Functional requirement is a key factor for any project and it generally checks the functionality of a given system or any of the subsystem. Functional requirement reduces bugs in the version of production of software by building a clear framework for the various users, developers and managers of different project. In this case of financial system it also performs the same activity. It helps in choosing of right of task that is there are many programming language available in the market on the contrary choosing of right is very important. Functional requirement helps in the choosing of right programming language which will help in elimination of problem related to it. Cost: Cost is an important factor for any given project and this given business API is successful in minimizing the expenditure of this financial system. Project cost management is nothing but an activity which is generally used for estimation, allocation, and control of cost of different projects. It helps monitoring of different cost involved in a project. Monitoring cost is an important tool which helps the manager in comparing the incurred cost with remaining cost of the project like business API in this case. Crowdsourcing beyond the firm Crowding is nothing but a method or way to get work or funding from a mass or crowd of people. The given word is a combination two words that crowd and outsourcing (Brabham, 2013). The ultimate goal is to take the wok and outsource it to the crowd of workers. Different types of crowdsourcing are crowdsourcing design, crowdfunding. The well-known beverage firm Coca-Cola is famous for hiding the ingredients of the given beverage. Coke uses a better business model which focuses increasing the position in the corporate outsourcing (Kacprzyk Fedrizzi, 2012). Crowdsourcing has some advantage as well as some disadvantages. Crowdsourcing aims in providing better service quality as many people offer the best ideas, skill and support. Crowdsourcing creates a platform where best result can be selected out of the provided or given options. Crowdsourcing is also known as form of freelancing where various results can be delivered at a much faster rate. Advantages of using crowdsourcing Advantages of using crowdsourcing are cost efficient, no or very little overhead, free marketing, loyalty of customer. Crowdsourcing in comparison to Research and development is cost efficient with less time and money. Compensation to member of crowdsource members developing ideas is generally limited to the ideas that are being developed (Kacprzyk Fedrizzi, 2012). Crowd source members do not need to be trained efficiently for the given task or working even after the date of project and providing some work benefits. When crowdsourcing is presented through various social media platforms like twitter or Facebook crowdsourcing can create an important platform for various business firms including this coca cola firm (Brabham, 2013). Different crowdsourcing platform can be used for creating awareness for publishing of different products and brand name. The best members of the crowd can be easily retained for future crowdsourcing of products or projects. By proper analyzing the members of the mass or crowd it will help in creating a proper ecommerce business for the firm. Large number of user can aim in providing large diversity in the field of their experience. Normative decision model Normative model of decision making is nothing but a model which helps the various managers to check the degree of participation of in the various decision making process (Bhuasiri et al., 2012). The five strategies of normative model are deciding, consulting with everyone, consulting with groups, facilitate, delegate (Brabham, 2013). The model mainly focuses on choosing of different strategies of management for keeping a track of the degree of participation of the various managers and team leaders of Coca cola during crowdsourcing. Decide: Managers of this coca cola is only person for making the decision which depend on his or her decision for the expertise. Consult individual: Manager of this coca cola firm keeps the problem in front of the various team members and after that individual feedback is taken and proper decision is made. Consult group: Manager of Coca Cola firm places the problem in front of the team members and after that feedback is collected in group and proper decision was made. Facilitate: Manager of this team aims in presenting problem in to the different members of the team during meeting and aims in reaching a goal with a proper decision. Delegate: In this stage the manager provides the freedom to make proper decision while keeping his role as a source provider. The degree or amount of participation will ultimately affect the quality of decision through various factor like the quality and the way it is implemented (Eddy et al., 2013). The quality of decision will increase or decrease which will ultimately result from the participation of the various team members. Role of technology Technology has made crowdsourcing possible on a large scale and because of the development and upgradation of technology it is now possible for various companies including coca cola to collect knowledge from various masses ranging from data entry to coding due to advancement in analytics and development of the product. Technologies like social media plays an important role for crowdsourcing as various social medias create a platform where various people comes up with in new ideas (Poetz Schreier, 2012). Technology such as social media aims in creating an important platform for small business firms and startup for mainly two reasons that are firstly it helps in establishing a proper connection with the various audiences and secondly it is considered to be free. Overcoming of decision making problem Crowdsourcing aims in overcoming certain problems like designing of products, marketing, Question and task, funding and lastly engineering. Crowds can easily create new products to overcome different challenges and problems. Quirky has a lot of problem in the development of given product (Poetz Schreier, 2012). Anyone can easily submit new idea for coca cola on the contrary the community of Quirky which aims in providing certain tools which are necessary for the development of the product. In generally it works to evaluate, refine and proper manufacturing of the product. Tongal is a well group of startup which mainly focuses make the crowd more creative. This is well known platform which is used by various companies inclusive coca cola where writers, animators and creators can easily come up with new ideas (Eddy et al., 2013). There are certain rounds of approval like an organization and the winner at each stage is rewarded properly. Crowdsourcing has resulted in overcoming certain problems by creating certain platforms like Quora or mechanical Turk. The ultimate work of mechanical Turk is to break down large problems of this firm that is coca cola into small bits which can be easily by crowd or mass of individual users within fraction of minutes. Quora is a well-known platform for simple question and answer exchange where the managers can get better result than a simple mobile phone. Funding: There are certain platforms available on internet which aims in providing connecting among creators and consumer (Poetz Schreier, 2012). Various product designers run different programs if they want to overcome the problem of gathering various things. Crowdsourcing create a platform where various problems of decision making can be overcome like gathering of new solution or concept through crowdsourcing aims in saving of time by using different parts from the library. Various firms can be minimize the cost and time to market by increasing the design of various products. Resistance of crowdsourcing for decision making Crowdsourcing bring a number of challenges and need certain compromises in many cases. Crowdsourcing aims in creating certain problems and aims in managing them properly. These are cost involved in management, establishing a proper marketplace and controlling of Quality. Crowdsourcing ultimately relate to the fact that outsourcers needs to come in contact with the various workers directly which ultimately focuses on the fact that buyer of services that is various organization or firm needs to speed a considerable amount of time and money or capital for proper management of various resources (Eddy et al., 2013). Another issue that is being faced that various users are dealing with one another is that many rules and regulations need to be properly checked. Control of quality by making an online platform in which various people can engage themselves, trust and can be highly challenging as many users need to managed properly. When a firm hires a few professionals for running an advertisement or social media effort then it can quickly result in making changes into the platform on the contrary if the firm is large then certain problems can be faced while dealing with many crowdsources. Crowdsourcing sites mainly aims in providing a certain number of services like members must agree to the terms and condition of the website before participating into the website (Estells-Arolas, Gonzlez-Ladrn-de-Guevara, 2012). Crowd members do not oppose or object to the use of their information a competitor can easily take the information and upgrade it. Some of the crowdsource members can post bad review or ratings about an organization and any conflict arising between the members of crowdsource can result in developing ideas and products (Poetz Schreier, 2012). As the plan of marketing is open to many members then anyone can easily gain a quick access to it and whole image of the organization has been spoiled. From the above discussion it can be concluded that crowdsourcing can be beneficial for an ecommerce industry as it creates a platform where new ideas can be gathered (Estells-Arolas, Gonzlez-Ladrn-de-Guevara, 2012). By using some special techniques or methods customers and public at large can look into any problem of a given business. Benefits of using of crowdsourcing are many and it is considered to be a low cost method. Reference Aral, S., Dellarocas, C., Godes, D. (2013). Introduction to the special issuesocial media and business transformation: a framework for research.Information Systems Research,24(1), 3-13. 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