Knowledge management in the financial services industry - Free Essay Example

Sample details Pages: 9 Words: 2622 Downloads: 3 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? The challenge of knowledge management at the organisational level stands in the efficient use of multiple sources of knowledge and in the consolidation of knowledge in the memory of the organization. Knowledge management supervises the development and the promoting of coherent business intelligence. Since the concept of knowledge management matures, it becomes increasingly understandable that knowledge management neither is in relation only with technology nor can be accomplished exclusively through information systems (Kalpic and Bernus, 2006). Don’t waste time! Our writers will create an original "Knowledge management in the financial services industry" essay for you Create order Knowledge and management of knowledge give emphasis and expect cooperation from a wide range of participants that includes people, procedures and technology supportiveness in an organisation. With the arrival of the knowledge economy, knowledge has progressively been concerned as the most significant resource to maintain competitive advantages in the modern competitive market which changes rapidly (Weissor, Sheng-Tun and Kuan-Ju, 2008). Therefore, knowledge management has been developed into a critical issue in the contemporary field of management and set the bases for the detection, confine, storage, distribution and recycle of valuable knowledge that exist within an organisation (Kalpic and Bernus, 2006) In the current business environment which characterised by increasingly changing rate, financial services industry are in compliance and affected by these changes. The consecutively regulations and deregulation has created an additional compliance burden. Furthermore the dere gulations have increased the competition in the financial services companies. Thus, financial services companies have an additional challenge to manage. Knowledge management as an important strategic role for financial services companies concentrates on supporting development based on business capabilities through the usage of new knowledge (Burstein, Zyngier and Rateb, 2002). This paper is dedicated to study knowledge management and knowledge management in financial services industry. Knowledge According to Davenport and Prusak (2000) knowledge can be considered as the primary implement to improve the organisational performance and thus attain a sustainable competitive advantage. Knowledge has been suggested as the most important component in wealth creation process (Cole, 1998). As a higher form of information, knowledge promotes the strategic purpose of the organisational while empowering the firm to achieve competitive advantages (Beckett, Wainwright and Bance, 2000). Furthermore, the inability to imitate tacit knowledge, organisational knowledge and complex knowledge obstruct competitors to adopt organisational strategies and processes based on these form of knowledge (McEvily and Chakravarthy, 2002). Consequently, organisations have to identify knowledge relevant to their perspectives and strategies as well as to exploit, enrich and share recognised valuable knowledge. Knowledge can be found in a variety within organisational structure and can be recognised in system practices, processes, people and technology (Cepeda, Galan and Leal, 2004). The knowledge circulation process According to Chang, Sangjae and Kang (2004) the knowledge circulation process comprises five procedures. The first component of this cyclic process involves the creation of variety knowledge, express or tacit, enhanced by the different interpersonal relationships of people with different backgrounds. The second component of the cyclical process of knowledge, knowledge accumulation refers to storage of knowledge in a repository of knowledge. All individuals within an organisation can have access to this repository of knowledge to receive the appropriate knowledge relative to their work problems or decisions. Furthermore, accumulated knowledge stored as an organisational knowledge can play an important role in minimizing several obstacles and failures and improve the efficiency of administration (Anand, Manz and Glick, 1998). However, if the knowledge generated through management activities from the past years have not been saved systematically, either in an electronic format or i n structured documents, then this knowledge cannot be useful for the needs of future. Sharing knowledge it the third component of the cycle of knowledge. This component promotes the diffusion and contributes to convert the working process astute and knowledge intensive. Under these circumstances, the participants which are the knowledge workers can identify the necessary knowledge from repository of knowledge in an organisation and then they can be able to apply the accumulated knowledge to complete successful their tasks (Chang, Sangjae and Kang, 2004). However, Integration of knowledge from various sources required to improve performance. The fourth step of the cyclic process of knowledge refers to the utilisation of knowledge, which can be observed and managed in all levels of management activities. ODell and Grayson (1998) refers that one of the most popular forms to exploit knowledge includes the detection and adoption of best practices from leading businesses with releva nce knowledge. The last component of the cyclical process of knowledge according to Chang, Sangjae and Kang (2004) is the internalisation of knowledge, which may take place when participants of the company identify relevant to their work knowledge, acquire it and then apply it. Therefore, through internalisation occurs new knowledge that enables knowledge creation. Knowledge management Knowledge management has been introduced as an outstanding competitive advantage and an essential strategic process for firms (Davenport, 1998; Grant 1996). Knowledge management success or failure could be measured through the ability to identify and exploit the appropriate knowledge so as to extract and share valuable knowledge (Adams and Lamond, 2003). The significance and the application of knowledge became progressively more critical in business accordingly to the evolution to knowledge era from industrial era (Cepeda, Galan and Leal, 2004). According to Karl (1997) knowledge management has two basic objectives. First, knowledge management should enforce the organisation to perform as intelligently as possible in order to ensure the viability and the overall success. The second goal that knowledge management has to achieve concerns the utilisation of existing knowledge assets effectively and efficiently. Thus, knowledge management focus on understanding and managing systemat ically explicit and tacit knowledge in order to build renewal deliberate knowledge available to apply. An effective system of knowledge management enables an organisation to capture valuable insight knowledge and improve the overall performance. Managing the knowledge grants the opportunity to avoid mistakes that have been made in the past and to highlight the best practices in order to adopt them in other process. Firms strategy is the most important guidance of knowledge management (Thompsen, Ibarra and Center, 1997). The context of knowledge management derives from the strategic gap among what the firm intent to complete and what actually do. The knowledge gap should be recognised and knowledge management has to distinguish what kind of knowledge required from a firm from what knowledge actually has deposit. Furthermore, firms have to perceive and establish knowledge management infrastructures in order to support effective and efficiency knowledge management procedures. (Za ck, 1999) The success of knowledge management implementation depends on the available knowledge management infrastructure so as to support the accumulation, the distribution and the utilisation of explicit and tacit knowledge resources. Knowledge management administrates and supervises the integration of multiple sources of knowledge such as processes, structures, systems and individuals with different role in the organisation (Gold, Malhotra and Segars, 2001). Technology, people and processes are the three primary elements that knowledge management concentrates in order to identify valuable knowledge (Cepeda et al., 2004). Knowledge management infrastructure facilitates the identification and the exploitation of critical knowledge insight the available knowledge areas (Teece, 1998). Furthermore, the identification of critical knowledge areas in an organisation can contribute to develop competitive advantages by improving the current knowledge areas. As companies begun to e stablish the competitive advantage of managing the internal knowledge in order to achieve organisational goals, they compassed on new sources of knowledge not only inside the structures, the process and the people within the organisation (Garcia-Murillo and Annabi, 2002). Customer knowledge management involves and concentrates on the recognition, the accumulation and the exploitation of knowledge across the boundaries of the firm. Organisations can explore this external knowledge through customer knowledge management and improve the providing services and products accordingly. As Blosch (2000) refers, customers can be a unique source of knowledge that enables an organisation to reach and obtain knowledge related to their customer needs. Successively, the firm provides to the customer refined products and services that based on perceived knowledge from customers and their needs. Financial services industry Financial services industry has a critical function in economic environment around the globe while the main prospect is to safeguard the economic development (Fariborz, 2004). Moreover, financial services support the welfare of individuals at the micro level prospective. According to Beck and Levine (2002) the economic growth is positively related to the overall financial development and to the evolution of financial services industry. Furthermore, a positive related link has been observed among a firms growth and the development of financial services (Demirguc-Kunt and Maksimovic, 1998). According the local environmental market characteristics the structure of financial services varies around the world. The government policy and regulations, the economic development and the local economic environment affect the local financial structure. Infrastructure features, logistics and physical geography exert influence in determining the development of local financial services as well a s cultural and social factors. Deregulation of the markets such as the financial services and market Act 2000 has blurred the lines that distinguish the field of financial services to insurance, banking and mortgage lending. Organisations and institutions in financial services industry offer several services and frequently provide different market segments with variations of the same service (Pullman et al., 2001). Financial services industry consists of variety institutions and organisations such as banks, insurance companies, trust companies, credit unions, investment house and mutual fund providers which are vital and fundamental component of economic structure stability. The main activities of financial services industry accommodate the exchange of financial resources. Knowledge management in financial services industry With the arrival of information and knowledge age and moreover with the evolution of service economy, the introduction and the importance of effective management of knowledge has been emphasised (Winslow and Bramer, 1994). The necessity for financial investments services has increase around the word. Knowledge management could improve financial investments and fulfill the need to exchange knowledge openly among the general public and expert financial analysts. Quanyong (2009) developed a wiki based investment knowledge management service for both the financial analysts and the amateur users to share their investment knowledge. The basic design of this prototype system can be categorized into three sub systems. First is the data collection sub system which is responsible to accumulate data. Second, the data storage and computation sub system which record the data and computes the financial analysis. And third, the presentation sub system which demonstrates the results that occur from the financial modeling analysis to the users of the system. Such a knowledge management service supports the financial investment services and promotes investors to make financial investment decisions appropriately. Bolloju, Khalifa and Turban (2002) mentioned that a synergy could be established from the combination of knowledge management and decision support systems since both of these activities involve each other. Knowledge management through the accumulated knowledge, the utilisation and the diffusion that provides could enhance the decision support process. Cheng, Yi-Chuan and Calvin (2009) developed a prototype of knowledge management system particularly for financial research purposes that supply infrastructures to store, diffusion, organise, distribute and share not only information and financial data but also knowledge. Cheng, Yi-Chuan and Calvin (2009) illustrate how ontology of knowledge management and knowledge sharing process support corporate bonds classifi cation and decision making. There has been a radical change in the economic environment worldwide at the end of 20th century (Nonaka and Takeuchi, 1995). Developed economically countries shift away from tangible manufactured products and compassed toward to value added services. This change has motive organisations to concentrate and invest on intellectual capability and establish knowledge management in business strategic design (Davenport TH, Prusak L., 2000). Enhanced competition among organisations increase the competiveness on knowledge intensive products and services and facilitates knowledge management. Dilnutt R. (2002) presented three knowledge management initiatives that have been applied in the Asia Pacific region and have delivered improvements with proven benefits and verifiable results. One of these case studies involves financial institution. A bank with international operation has identified the possibility to manage and support effective the providing financia l services. Financial consultants were depended on paper based information to support financial services and products. The accuracy and the currency of the content were limited while the financial advice provided by the consultants was lingered and wretched. A knowledge based approach to improve the providing services was adopted. A knowledge plan was developed to accumulate, distribute and utilise knowledge. The implementation covered all aspects of knowledge management including people, business process and technology. Knowledge management does not depend only on technology but contrarily technology supports the implementation and the establishment of a knowledge platform in an organisation. The bank have established a successful governance structure founded with the approached of knowledge management through the creation of knowledge repository, knowledge sharing and internalisation of knowledge. Conclusion In a knowledge based economy, knowledge facilitates innovation and increases competition among knowledge intensive services and products. Financial services as a knowledge based industry take the advantage of knowledge management in order to maximise the capability to create, accumulate, recycle, distribute and utilise new knowledge effectively. Knowledge management implementation requires a wide range of participants such as human resources, procedures and information technology. Knowledge management strategies are an essential part of management practices and improve the performance of organisations. Thus, knowledge management gives the opportunity to further development in financial services industry while increases the organisational structure performance which has as a result to provide refined services. References Adams G. and Lamond, B. 2003, Knowledge management systems and developing sustainable competitive advantage, Journal of Knowledge Management, vol. 7 Anand, V., Manz, C. and Glick, W. 1998, Organizational memory: Approach to information management, Academy of Management Journal, 1 vol. 23, no. 6 Beck, T. and Levine, R. 2002, Industry growth and capital allocation: Does having a market-or bank-based system matter?, Journal of Financial Economics 64, Beckett, J., Wainwright, E. and Bance, D. 2000, Knowledge management: Strategy or software?, Management Decision, vol. 38, no. 9. Blosch, M. 2000, Customer knowledge, Knowledge and Process Management, vol. 7, no. 4 Bolloju, N., Khalifa, M., Turban, E. 2002, Integrating knowledge management into enterprise environments for the next generation decision support, Decision Support Systems, vol. 33, no. 2. Burstein, F., Zyngier, S. and Rateb, Z. 2002, Knowledge management in the financial services sector: understandings and t rends in Australia, Monash university, Melbourne, Australia. Cepeda, G., Galan, J. and Leal, A. 2004, Identifying a key knowledge area in the professional services: A case study, Journal of Knowledge Management, vol. 8, no. 6 Chang, L., Sangjae, L and Kang, W. 2004, KMPI: measuring knowledge management performance, Information and Management, vol. 42 Cheng, H., Yi-Chuan L. and Calvin S. 2009, An ontology-based business intelligence application in a financial knowledge management system, Expert Systems with Applications, vol.36, no. 2 Cole, R. (1998), Introduction, California Management Review, vol. 40, no. 3 Demirguc-Kunt, A. and Maksimovic, V. 1998, Law, finance, and firm growth, The Journal of Finance, vol. 53, no. 6 Dilnutt, R. 2002, Knowledge management in practice: Three contemporary case studies, International Journal of Accounting Information Systems, vol. 3, no 2, Garcà ­a-Murillo M., Annabi H. 2002, Customer knowledge management, Journal of the Operati onal Research Society, Vol. 53, No. 8 Gold, A., Malhotra, A. and Segars, A. 2001, Knowledge management: An organizational capabilities perspective, Journal of Management Information Systems, vol. 18, no. 1 Grant, R. 1996, Toward a knowledge-based view of the firm, Strategic Management Journal, vol. 17, Kalpic, B. and Bernus, P. 2006, Business process modeling through the knowledge management perspective, Journal of Knowledge Management, vol. 10. Karl, M. 1997, Knowledge management: Where did it come from and where will it go?, Expert Systems with Applications, vol. 13. McEvily, S. and Chakravarthy, B. 2002, The persistence of knowledge-based advantage: an empirical test for product performance and technological knowledge Strategic Management Journal, vol. 23, no. 4 Moshirian, F. 2004, Financial services: Global perspectives, Journal of Banking Finance, vol. 28, no. 2 ODell, C. and Grayson J. 1998, If only we knew what we know: identification and transfer of int ernal best practices, California Management Review, vol. 40, no. 3. Quanyong, Y. 2009, A New Financial Investment Management Method Based on Knowledge management, Computational Intelligence and Design, vol. 2 Teece, D. 1998, Research directions for knowledge management, California Management Review, vol.40, no. 3 Weissor, S., Sheng-Tun L. and Kuan-Ju C. 2008, A frame knowledge system for managing financial decision knowledge, Expert Systems with Applications, Zack, M. 1999, Developing a knowledge strategy, California Management Review, vol. 41.

Essay on Violating the Fourth Amendment Rights of...

In this case, I am presenting an individual citizens Fourth Amendment protection captivated from Jones and others individuals. The government started investigating Jones with a suspicions conspiracy of drug trafficking. A tracking device installed on the defendants’ vehicle after a terminated authorize a warrant permanent to the Government to search and install a GPA on Jones vehicle. Antoine Jones and others with the same conspiracy of the investigation were sentenced life imprisoned by the District Court Juries of Washington District of Columbia. The jury found Jones guilty of drug trafficking and possessions. The 12 amendments proposed in 1789, that constitutions the Bill of Rights under no circumstance to protections individualities†¦show more content†¦As well as without the defendants’ knowledge, the tracker installed in the vehicle for 28 days. â€Å"The Supreme Court heard oral arguments in U.S. vs. Jones to determine whether the police had violated A ntoine Jones’ Fourth Amendment rights when they attached a GPS to his car without a warrant and tracked his movements.† (Andrew) ACCUSER ARGUMENT The Government argued the defendants’ Fourth Amendment not violated under the constitutional because the parked vehicle was at a public lot. In some States, the Government has the authority to allow police officers to search a vehicle without the necessity of warrant. â€Å"...as long as a state is deciding law based upon its interpretation of its own constitution, the state can be more restrictive than the Supreme Court. 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Rich Dad, Poor Dad Book Review - 1145 Words

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Essay on 1984 Big Brother’s Dystopian World - 1015 Words

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It is continually working towards perfection with an end goal of achieving a utopia. However, the end goal may never be reached because after all, most utopias become dystopias. Utopias are meant to be impeccable societies with perfect life and people. The downfall is that the quality of flawlessness is not attainable. There are selfish people everywhere who takeRead MoreThe Real-Life Counterparts of 1984s Oceania Essay1616 Words   |  7 Pages Adolf Hitler and Joseph Stalin are household names, but what about the more obscure individuals Muammar Qaddafi, Xi Jinping, and Kim Jong-un? George Orwell used 1984 as a prediction of what could happen if the fascism in Nazi Germany and Soviet Russia persisted. The dystopian, fascist government that exists in 19 84 resembles the governments in the real-life, modern-day countries of Libya, China, and North Korea. The government in Orwell’s Oceania is fascist, causing citizens like Winston and

Theme Of Blindness In Trifles And Oedipus - 744 Words

Everyone has the will to acknowledge the truth or not, but there are some that are blinded to the truth. In the dramas Trifles by Susan Glaspell and Oedipus by Sophocles, Both having some type of blindness as their theme. While using the theme of blindness, the authors try to teach that the truth could sometimes be right in plain sight. In Trifles, you start to see the theme of blindness in Henry,Lewis and George during their investigation of the death of John Wright. An example of this occurs during the scene where the men look for evidence in the kitchen. Doing so they end up finding Minnies frozen and broken jar of fruit. While sheriff Henry ends up dismissing it because he declared it as unimportant, The wives of the men start†¦show more content†¦In Oedipus you can see the theme of blindness in Oedipus multiple times. An example would be during Oedipus ordering anyone who knows anything about the murder of Laius to speak. During this order he curses the murder by saying let that men drag out his life in agony, step by painful step. While thinking he knows what happened and acting quick to find the murder, Oedipus, was blinded to the truth that he didnt know he cursed at himself and the fate that waited for him. Oedipus ends up criticizes the people because of how long its taking to find the murder. While criticizing the people, Oedipus claims to fight for Laius as if he was his own father. This support the idea of blindness being the theme because Oedipus displays his own blindness to the truth. Second example would be when Oedipus accuses Tiresias of plotting to kill Laius, Tiresias being upset tells Oedipus that he is the murder, after insults being flung at each other. Tiresias calls Oedipus the blind one for not seeing the truth after Oedipus mocks Tiresias blindness. This is ironic because Oedipus was blinded by rage and couldnt realize his own blindness. The last example is when Oedipus is trying to get the truth out of the shepherd of his childhood. While the ones that knew about his fate, tried to stop him. Oedipus the only that doesnt know about his fate is so blinded that he threaten to torture and kill the shepherd if he does not speak. This support the idea

Business Communication Different Decision-Making

Question: Describe about the Business Communication for Different Decision-Making. Answer: Group 1 Different decision-making techniques have the potentiality to develop the results and effectiveness of the decisions. According to Hwang and Yoon (2012), decision-making techniques involve major categories such as intuition based, analytical and random. As this group is a medium-large group, therefore it requires quantitative, clear and transparent viewpoints regarding the decision-making. This group should follow consensus decision making, which is a dynamic and creative way of attaining the basic agreement in between every existing member of the group. This group should use consensus decision making in order to find effectives solutions to the critical problems within the group. Triantaphyllou (2013) has mentioned that consensus decision making involves transparent ideas, concerns and opinions of every associated individual within the group for listening to everybody in proper manner. As this particular group is medium-large group, therefore, this group should follow classroom-sitting arrangement. Following this specific sitting plan, the problem-solving solving groups can discuss the relevant information regarding the critical problems. Classroom sitting arrangement has the potentiality to mitigate and identify the possible distraction, which can help to streamline own knowledge and boost the entire productivity of the group. The interaction process is more transparent in this kind of sit plan than the other existing one. The leader usually discusses problems with te group member and asks for their effective suggestions on it. Classroom sitting arrangement enhances various skills of the team member involving communication, cooperation, teamwork and reflection, which are perfect for the career progression. It also encourages group discussion and work. Group 2 This group should follow brainstorming, which is a perfect combination of discussion and problem solving. As this is a small group, where the members hardly know each other, therefore, the decision-making techniques should be innovative and creative enough to solve critical problems (Thiel et al. 2012). As this problem-solving group is small, therefore, it should follow nominal group techniques in order to generate potential ides. The leader of this group should note down every suggested ideas of the team member for the entire decision-making process. Even the team members are allowed to vote for some suggestions according to their choice. On certain cases, only the leader or business experts grant the most voted option or choices during decision-making. The sitting arrangement of this problem-solving group should sit in a meeting room in order to take effective decisions for further success of an organisation. This group should seat in a round table as it fosters a perfect feeling and notion of the contribution from every participants of this group. Even this particular sit plans also suggest the equal contribution of every group member (Chiclana et al. 2013). The round table arrangements also make easier to contribute ideas and suggestions, as there is no higher sitting arrangement for leader or head individual in this sit plan. This sit plan reflects equality and high-level of interaction in between the existing members of the group. This recommendation of decision-making techniques and sit plan are appropriate enough for this problem-solving group. References Chiclana, F., GarcA, J.T., del Moral, M.J. and Herrera-Viedma, E., 2013. A statistical comparative study of different similarity measures of consensus in group decision making.Information Sciences,221, pp.110-123. Hwang, C.L. and Yoon, K., 2012.Multiple attribute decision making: methods and applications a state-of-the-art survey(Vol. 186). Springer Science Business Media. Thiel, C.E., Bagdasarov, Z., Harkrider, L., Johnson, J.F. and Mumford, M.D., 2012. Leader ethical decision-making in organizations: Strategies for sensemaking.Journal of Business Ethics,107(1), pp.49-64. Triantaphyllou, E., 2013.Multi-criteria decision making methods: a comparative study(Vol. 44). Springer Science Business Media.

Business Communication and Business System Comparison

Question: Discuss about the Business Communication and Business System Comparison. Answer: Introduction All the businesses of the world vary in their capacities. They are not created equal and neither are their working procedures similar. What may be a regular practice for one organization may be a unacceptable for the other. The size of an organization determines its functioning and way of work. There is a huge difference between a small and a large organization and in their business network and its complexity. In Australia, small and medium sized enterprise is any business that has less than 200 employees regardless of their revenues generated. In this research we have studied a large organization and its components and working and compared it to that of a comparatively small organization (Ingram, 2017). We have studied the way they conduct their business, studied their hierarchy and their organizational communication practices. This will give us an in-depth understanding of effective ways of communication in a small and large organization. The large organization, we have selected fo r the research is Apple Inc. which is an American multinational technology organization and the small business chosen to analyze is Snagajob which is a website for job search headquartered in America (Johnson Phan, 2012). We have studied the organizations and their global footprint, their business type, products and services provided by them, their organizational goals, mission, vision, their risk taking ability and their potential for further growth. Snagajob is a search engine for jobs having its headquarters in Richmond, Virginia. Founded on 17th October 1999 by Shawn Boyer, this organization has been included in the Fortune magazines great places to work list for last eight consecutive years. It has also been named in Deloittes Fast 500, a lust of the fastest growing technology, life sciences, media, telecommunication and clean technology companies in America (Deloitte, 2009). The founder of the organization Shawn Boyer has been the CEO of the organization since its inception in 1999 till 2013. In April 2013, Peter Harrison was made the CEO of Snagajob and has been serving as the same ever since. Shawn Boyer was awarded with the title of Americas small business person of the year in the year 2008 by the Small Business Administration for starting up with the organization and leading it to a national employment network. Snagajob is a privately held organization and it has raised over $141 million from the investors all over the world. The prominent investors include Adams Street Partners, CB capital, August capital, Baird Venture partners, Rho Acceleration etc. As of December 2016, Snagajob is employing about 380 people and has more than 75 million people registered on their website at over 3 hundred thousand locations all over the world (Snagajob Team, 2017). The mission of Snagajob is to put people in right-fit positions so that they can maximize their potential and live more fulfilling lives. And their vision is to create a world where anyone can get work or the workforce that they want, wherever and whenever they want. Currently operating from four different sites in Richmond, Washington DC, Charleston and Oakland, They have a strong workforce headed by Peter Harrison. The Chief Operating Officer is Jocelyn Mangan and the Finances operations are headed by Keith Haas. They have an assorted clientele that constitutes of organizational customers ranging from caf and restaurant retail services, automobile industry, real estate, healthcare, manufacturing plants to management consulting organizations. Their focus area is matching the candidates with employers within minutes by creating quality connections. They are able to carry this out by sourcing, hiring, training and scheduling the workforce for the right workplaces. Although based in Am erica, the organization has both individual and organizational customers from all over the world (Wiley, 2007). The Apple Inc. that was formerly known as Apple Computers was incorporated on 3rdJanuary 1977. It is a designing, manufacturing and marketing organization for mobile communication devices, media devices, computers and portable digital music players (Team, 2012). The major segments of the organization are divided into America, Europe, China, Japan and Rest of Asia Pacific. Along with the devices, the organization Apple Inc. also sells an array of software, services, accessories and third-party content and applications. The products of the organization include the iPhone, iPad, Mac computers, iPod, Apple watch and Apple TV. The organization Apple was founded by Steve Jobs, Steve Wozniak and Ronald Wayne in April 1976. They began their operations to develop and sell personal computers. Apple Inc. is the worlds largest information technology organization in terms of revenue and largest technology company in the world by total assets. It is the second largest mobile phone manufacturing or ganization in terms of the number of phones manufactures following only Samsung and in the year 2014, Apple Inc. became the only US organization to be valued at over 7 hundred billion Dollars (Lazonick Tulum, 2013). Apple Inc. is employing over 115,000 people working full time. Apple enjoys an extremely high brand loyalty and popularity among all age groups and all across the globe. Apples mobile phone range iPhone accounts for more than 60 percent of its total sales. The tablet computers iPad account for another 10 percent of their sales and the rest of their products like iMac desktop, iTunes store, iCloud, Apple watch and Apple TV account for the rest. Apple Inc. manufactures some of its products in Ireland and the US, but most of the manufacturing is outsourced to FoxConn that is a manufacturing industry operating in Asia. While the US accounts for 40% of sales of Apple Inc., the Europe and Greater China region of the organization each account for a quarter of the sales revenue . Apple Inc. has more than 500 Apple Retail Stores across the United States and 20 more nations. Outside of the United States, China and Canada are the largest retail store markets for the Apple Inc. They sell the products through their own retail stores and website. In addition to that, indirect sales channels are also used to sell the products like resellers, third-party retailers, telecom network carriers etc. The direct selling accounts for only about 25% of the totals sales and 75% of the product sales take place through their indirect channels. The comparison made The small and large businesses vary in terms of workforce, resources and ways of communication. All organizations work on the same principle of arranging people in a hierarchy and run processes for getting the work done in an organization. The organizational hierarchy charts may vary from one organization to the other, but the broad functioning remains the same. We cannot point out the differences and tell that which one is better than the other, but we can always study the dynamics and adapt the good things from each to make the functioning and organization in a firm even more efficient. Small organizations like Snagajob that have a fraction of employees as compared to gigantic firms like Apple Inc. varies in not just the job functions but also the culture and organizational structure. Bigger organizations are generally more bureaucratic, as compared to medium and small firms. They have more elaborate rules and procedures that are to be followed and the matrix of a small organizatio n is generally simpler and easier to navigate. In a small organization, people, although have designated tasks to do, but they get an exposure to a wider variety of functions and roles. In a large organization, the rules are more formal and well defined (Varttala, 2010). Also, the rules for a small business are more flexible and less stringent that generally leads to more work life balance for people working in small organizations like Snagajob. However, with innovation and creativity as its core values, Apple Inc. is more adaptive of flexible rules and gives its employees the benefits at par with those received at a small close knit organizational structure. Bigger companies tend to give its employees an opportunity to hone their skills and develop specialization in specific roles and fields (Jaitapker, 2013). They have more opportunities and a scope for much longer association with the employee by providing opportunities for growth and development with programs like job rotation, job enrichment etc. The businesses leverage the information technology and its application in firms functioning in different ways. This depends on their size and number of employees working for them. The bigger organizations depend upon the specialized skills of their members with the best of the lot leading the different functional divisions, however the small and medium businesses generally do not have this advantage. But regardless of the number of employees in the organization, communication is the basic need for all. The instructions and policies need to be communicated to the organization from the top to the lower level of the organization and the feedback, enquiries and grievances of the employees need to be communicated from the lower to the top level of the organization. This communication that takes place in any business organization is known as business communication. Without effective communication taking place in the businesses, it is impossible to get the work done in a systematic and plan ned manner (Sawayda, 2011). Communication also helps in avoiding conflicts, misunderstandings and problems within the organization. A good communication channel is must for a business to run smoothly and in an effective manner. Good communication channel also makes delegation of tasks and responsibilities effective, increase the productivity of the organization maintains harmony in the business and make the work place enjoyable. In order to have effective communication channels and have a good communication system in an organization, regardless of its size, it is important that the organization takes care of the following- There must be minimum distraction and ensure the communication is two-way. Organizational meetings that are infamous for being the biggest time wasters, must be short, having defined goals and agendas and planned well in advance. The organizations must also ensure that the feedbacks given in any form from the customers, suppliers, clients or the employees are taken seriously and action is taken in a timely manner whether it is rewarding or punitive (UTZ, 2012). Today, even small organizations are increasingly making use of technological advancements in the communication field. They are including technology to communicate with their stakeholders and this has brought about a revolution in the way business is being done. Business is carried out through internal telecom systems that helps in quick exchange of information in a reliable manner. This happens without any information exchange charges and the only cost that the organization has to bear is the installation cost, which is very small in comparison to the service provided by the system (Eko, 2012). The second revolutionary tool that has taken the business communication by a storm is the internet. The internet has revolutionized the way we communicate not just within the organization, but also without stakeholders and customers. It has provided us with the fastest, cheapest and most effective way of communicating. It helps in removing the time lag and the difference between the time zone of different countries has also become insignificant with the internet revolution. In Snagajob since the number of employees is limited, the communication is easier to do and manage. The important instructions are conveyed through emails and mobile phones within and across the departments. All the organizational heads report to the Chief executive officer of the organization and the board of directors practice collective decision making. Being an online community, the communication relies heavily on the internet and electronic media. They also have dedicated pages on various social networking websites to make them more approachable and customer friendly. Apple Inc. is a world leader amongst the organizations worldwide. Their organizational structure is said to be the key factor in the organizations success. The culture and organizational hierarchy of Apple Inc. is effectively developed and it is made to accelerate innovation and transparency. This is visible in their products and services as well. Apples organizational structure and communication channels hold the values of excellence, creativity, innovation and secrecy close to the core. They also believe in constantly modifying their practices and organizational structure to keep up with the changing times and employee expectations (Roberts, 2009). The pursuit of excellence, creativity and innovation makes apple the world leader that it is today. The secrecy and ability to surprise and take risks helps Apple Inc. in protecting the negatives of espionage and poaching. This also helps apple in building up on the curiosity of the public, thus increasing the popularity and word of mout h publicity. Apple promotes communication between the employees through the internal communicator application. All the employees working in Apple Inc. have an access to it and can communicate freely. This ensures a two-way communication between employees, board of directors and the top management. Apple believes that it is extremely important for the employees to voice their opinions, concerns and ideas. The team Apple Inc. has always been open to suggestions about the functioning of the organizations, products, services and their production methods. Random audits are conducted in the retail stores and supply chains to ensure the implementation of the best practices and communication of the concerns of the employees. Regular meetings are held with the stakeholders to obtain pertinent information regarding the brand (Royal Melbourne Institute of Technology, 1998). Monthly newsletter that contain accomplishments of the employees and the organization and trends of the current practices are published and made available to the employees to have a stronger connect with them, but secrecy regarding the product development and production practices prevails all communication practices in Apple Inc. They have code names for products being developed and have total control over the information being exchanged over the internet and official phones. They keep a track on the social media platforms, blogs, communicators and messages to ensure absolute discretion in the information being communicated. They take the feedback very strongly and work is compared to and judged by not just the managers but also the peers to make sure only the top quality products hit the market and brand apple is able to maintain the huge mass following. The communication in the organization has been that of a closed nature. Honesty, respect, confidentiality and compliance are the four pillars of communication policies of Apple Inc. Based on these principles, Apple Inc has developed a communication system to exchange information with their stakeholders. This is well understood and emulated in their day to day working by all Apple employees ranging from the top management to the floor staff. But the success of apple stems from the innovative and remarkable products that are launched by them and the uniqueness of these will be lost without taking the necessary steps to safeguard the confidential informa tion against the leaks (Hamel, 2017). The type of business being carried out by Snagajob varies on various levels. The biggest difference between the two is the size of the organization. While Snagajob has just about 400 employees working for it, Apple Inc. has a work force of 115,000 dedicated Apple employees. Snagajob is a service provider and they provide employment services to the individuals and organizations. They provide with the information of available jobs for the individuals looking for one and make available talented workforce to the organizations looking for the same. It is an online portal which is a database of information providing employment services. Apple on the other hand, in addition to online services and applications like iTunes and iCloud, have the products as the prime focus of their business. Their signature product iPhone brings about 60% of the sales revenues of the organization. It is a very large organization spreading its facilities across the globe (OECD, 2009). Conclusion On studying the organizational culture and internal communication processes of both organizations, we came to know about the differences in operations and functions of an organization as small as Snagajob having a workforce of only about 400 people and that of Apple Inc. employing 115,000 people. Snagajob is a search engine for jobs, that is headquartered in America and has customers in the form of individuals looking for jobs and organizations looking to hire talented individuals. It is an organization that works over the internet and the customer base is spread across the world, but a majority of their customers are from the United States. They have four offices that are all located in different parts of the United States. Their internal communication process is simple and takes place through mails and messaging applications. The information is communicated from top down and bottom up very easily due to the limited number of employees in the firm. The communication structure of the organization is very transparent and not complex (Letourneau Letourneau, 2011). The communication in this forms will rely heavily on the internet being an online search engine. One only has to become a member of the website to have access to information like job openings and available candidates for the job. The grievances and complaints of the customers and employees must also be easily communicated to the top management due to the simple communication structure. On the other hand Apple Inc. is a gigantic organization with operations and production facilities all over the world. Their manufacturing is primarily outsourced to FoxConn that is located in Asia. They have their retail stores and corporate offices all over the world. Their communication process is complex and contains a lot of channels and layers to it. Their commitment to keep the information regarding the products and services a secret only adds to this complexity. Their internal business communication is closely mon itored by the IT teams and their officials. The people working at Apple Inc. are made to sign contracts that prohibit them from sharing any information related to the organization and its working out in public. They value innovation and creativity and promote thinking and ideas outside the box (Hooker, 2008). They pursue excellence in both product development and functioning of the organization. Thus the organizational policies and structure is not made public. They have their own ways of monitoring the competitors and stay one step ahead in the race with them and please their loyal customers at the same time. They publish annual reports for the stakeholders and newsletters for the employees to keep them in the loop about the required information. The motive is to share only what is required and keep a tab on what is being communicated. The internal and external policies at Apple Inc. are quite strict and they have zero tolerance for information security breach. References Deloitte, 2009. Deloittes 2009 Technology Fast 50: Annual ranking of the fastest growing technology companies in North America, Available at: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-2009-fast500-winners-020515.pdf Eko, L., 2012. New Media, Old Regimes: Case Studies in Comparative Communication Law and Policy: Lexington Books, Available at: https://books.google.co.in/books?id=cHItD1p8dyoCdq=apple+inc+communication+policy+pdfsource=gbs_navlinks_s Hamel, G., 2017. The Difference Between Big Businesses Small Business, Available at: https://smallbusiness.chron.com/difference-between-big-businesses-small-business-35285.html Hooker, J, 2008. Cultural Differences in Business Communication, Available at: https://public.tepper.cmu.edu/jnh/businessCommunication.pdf Ingram, D., 2017. Organizational and Structural Differences Between Small and Large Businesses, Available at: https://smallbusiness.chron.com/organizational-structural-differences-between-small-large-businesses-10678.html Jaitapker, N., 2013. The Apple Store Refreshing Fearless Feedback: A Strategic Communication Plan, Available at: https://nabeeljaitapker.files.wordpress.com/2013/01/apple-strategic-communication-plan.pdf Johnson, K. Phan, H., 2012. The Innovative Success that is Apple, Inc., Available at: https://mds.marshall.edu/cgi/viewcontent.cgi?article=1420context=etd Lazonick, W. Tulum, O., 2013. Apples Changing Business Model: What Should the Worlds Richest Company Do with All Those Profits?, Available at: https://www.theairnet.org/files/research/WorkingPapers/LazonickMazzucatoTulum_AppleBusinessModel_AIR-WP13.0701.pdf Letourneau, B. Letourneau, C., 2011. Accessible Information and Communication: A Guide for Small Business, Available at: https://www.oaa.on.ca/images/docs/1311167633_AIC_Guide_GuideforSmallBusiness.pdf OECD, 2009. Small businesses, job creation and growth: facts, obstacles and best practices, Available at: https://www.oecd.org/cfe/smes/2090740.pdf Roberts, P., 2009. Differences between large and small firms application to oil leasing policy, Available at: https://www.mcleveland.org/working_papers/Differences_Between_Large_and_Small_Firms.CV.pdf Royal Melbourne Institute of Technology, 1998. Small business and electronic commerce: An Australian survey: RMIT, Available at: https://mams.rmit.edu.au/7zg84s7cucfq.pdf Sawayda, J., 2011. Apple Inc.s Ethical Success and Challenges, Available at: https://danielsethics.mgt.unm.edu/pdf/apple%20case.pdf Snagajob Team, 2017. We're Snagajob and we're here to work for you. [Online] Available at: https://www.snagajob.com/about/ Team, A., 2012. Apple: Company Overview, Available at: https://www.simpletense.com/assets/files/apple.pdf UTZ, C., 2012. Guide to social media: Risks and opportunities for business, Available at: https://www.claytonutz.com/ArticleDocuments/178/Clayton-Utz-Guide-To-Social-Media-Risks-And-Opportunities-For-Business-2013.pdf.aspx?Embed=Y Varttala, T., 2010. Challanges and successes in multicultural corporate communication: HAAGA-Helia, Available at: https://www.haaga-helia.fi/sites/default/files/Kuvat-ja-liitteet/Palvelut/Julkaisut/challenges_and_successes.pdf Wiley, 2007. Information and communications technology (ICT) in small business, Available at: https://www.wiley.com/legacy/Australia/PageProofs/BUS_MAN/1_2/KC_VCE_BusMgmnt_U12_3E_c07__WEB.pdf