Mgmt 1000 Enterprises Essay

Submitted By dshivra
Words: 448
Pages: 2

MThe Importance of Stakeholders
In a demanding and competitive market, organizations have to be able to analyze their stakeholders at all times. In a world where technology and knowledge is increasing at an unpredictable rate means organizations have got to continuously learn and gain explicit knowledge about their stakeholders, as much as possible to get a competitive advantage. Analyzing situation from one perspective is not going to get you anywhere, therefore, it is important to see stakeholders from multiple views, as this will allow you to see connections/relationships, see the bigger picture etc. To make this more dynamic, companies can set up learning organization, where multiple members can work together to learn about these stakeholders and thus, gain and create more knowledge about these stakeholder. brain versus an organization:

Just like how our brain needs multiple processes to work, a business also needs many separate functions to come together in order to work. There is no centralized intelligence in the brain as it requires many parts to work efficiently. If we think of a business the same way, it will also work efficiently without a centralized form of intelligence. An organization will be able to promote innovation, ideas, value and most importantly efficiency if it works similar to the brain. The brain is able to work even when parts of it is dysfunctional. However, if a part of a machine becomes dysfunctional, it will not work anymore. Similarly, if organizations were structured like brains then they would be able to dodge hardships and not become completely destroyed. In fact they would be able to adapt to changing conditions and rebound from unfavorable conditions.

• Downward pressure on wage rate resulting from automation, the de-skilling of work,