Business Communication - Assignment 5

WHY IS TECHNOLOGY IMPORTANT IN BUSINESS?

Technology has important effects on business operations. No matter the size of your enterprise, technology has both tangible and intangible benefits that will help you make money and produce the results your customers demand. Technological infrastructure affects the culture, efficiency and relationships of a business. It also affects the security of confidential information and trade advantages.

1.      Email

Email is widely used as a form of business communication and overall it is a highly effective communication tool. Email is inexpensive, only requiring an Internet connection that is generally already present in the business. Although a printout of emails is possible, emails often stay as soft copies because archiving and retrieving email communications is easy to do. From the CEO to the janitorial staff and even temporary employees of the business can send and receive email communications.

Although it cannot and should not replace all face-to-face communication and others forms of communication, internal email usage can cover many areas within the business. Internal emails can function as an effective communication for sharing basic information, such as new cafeteria prices, paper use guidelines or security precautions, for example. Sending simple messages to an entire workforce with just the click of a mouse is fast, easy, convenient and can save the company money. If saved, the email can function as proof of a message sent or received, and is easily accessible to remind the recipient of pertinent information. Many businesses use email as part of its marketing efforts to share information with prospects, customers, vendors.

2.      Internet

The Internet has revolutionized the way the world does business on both a local and global level. From recruiting employees to gathering data on the competition, the ways businesses utilize the Internet are numerous, as are the benefits of the Internet to the business community.

While computers have been blamed for decreased activity and interaction in the local community, the Internet has been credited with providing a window into the global world. It allows anyone with a computer to think globally and has allowed the business world to forge international relationships with new vendors (to lower costs) and new customers (to increase sales).

The most obvious benefit of the Internet is cost savings. Information at faster speeds saves time, which either saves or makes money. Many functions in the business process, i.e. bookkeeper, have been automated, which has helped to streamline processes and reduce the cost of labor.

3.      Voice Mail

Voicemail, like other communications technologies, can be a boon to productivity or a center of inefficiency for a business. There is almost no doubt that you will wish to use voice mail in some ways –unless your business eschews telephones entirely—but the proper application of voicemail will determine its usefulness.

4.      Teleconference

Teleconferencing among multiple participants in two or more locations is a strategic communication tool deployed by many companies with multiple locations and dispersed employees. Business cyclical shifts and economic downturns tend to see a rise in the use of teleconferencing facilities. Used judiciously and strategically, teleconferencing can enhance organizational productivity, engage employees at all levels and reduce travel budgets.

What is a business report?

Business reports are a type of assignment in which you analyse a situation (either a real situation or a case study) and apply business theories to produce a range of suggestions for improvement.

Business reports are typically assigned to enable you to:

·         Examine available and potential solutions to a problem, situation, or issue.

·         Apply business and management theory to a practical situation.

·         Demonstrate your analytical, reasoning, and evaluation skills in identifying and weighing-up possible solutions and outcomes.

·         Reach conclusions about a problem or issue.

·         Provide recommendations for future action.

·         Show concise and clear communication skills

Types of Business Reports in Business Communication

Reports may be classified based on several criteria, including their use (progress reports and financial reports), purpose (informational, analytical and persuasive reports), frequency of preparation (annual, monthly, weekly and hourly reports), length (short and long reports) and whether they are internal to the business, or are used outside the business.

The most common types of business reports may be divided into the following categories –

1.       Periodic reports – These are reports that are prepared on a regular basis, for both internal and external audiences. Their purpose is solely to inform. Examples of this type of report are –

a.       Routine management reports – These are reports such as equipment reports and sales updates and are prepared for internal audiences.

b.      Compliance reports – These are submitted to external stakeholders, such as the government, stating compliance with regulations such as environmental norms.

c.       Progress reports – These reports may be prepared for both internal audiences such as top management and shareholders, as well as for external audiences such as customers. A project report stating progress on a long-term project is an example of this type of report.

2.      Proposals – Unlike periodic reports, the purpose of a proposal is to persuade. Proposals may be prepared for both internal and external audiences. Examples of proposals include research proposals and marketing strategy proposals to top management, proposals to the government to grant funds for building a research facility and proposals to consumers to buy a company’s products.

3.      Policies and Procedures – The purpose of these reports is solely to inform. They are also prepared only for internal audiences. Examples include reports on company policies and procedures, written by top management and sent to all employees. This is part of downward communication.

4.       Situational reports – These are one-time, exceptional reports that are prepared when a unique event occurs. For example, if sales of the company has shown a significant decline, a study may be carried out to determine the reasons for declining sales and a report prepared on the findings. Similarly, a market feasibility study may be carried out before launch of a new product and a report prepared, based on the study. The purpose of such reports is usually to inform, analyze and persuade.

Characteristic of a Good Business Report

1.      Clearly Defined Purpose

The purpose of a report should be clear to the reader from the beginning. The purpose should be stated in the title of the report if possible and included in the introduction. Identify whether the intent is to persuade the reader to do something. It should also be clearly noted whether past information or future predictions will be provided as evidence to support the points of the report.

2.      Table of Contents

A business report can vary in length from one page to a massive document containing multiple chapters. All readers may not be looking for the same information, so it’s helpful to include a table of contents for all except the briefest reports. This page includes all the main sections of the report and the page numbers where the information can be found. This allows a reader to flip right to the information he needs, without having to search through the entire report.

3.      Easy to Understand

A good business report should be easily understandable, so it can hold the attention of the audience. Before you begin to write, consider the audience. If it consists of people with a great deal of experience in the industry, it’s fine to use complex terminology and provide detailed information. However, if the audience doesn’t have much experience in the industry, the report must be written in simple, straightforward manner, providing definitions for any industry terminology used.

4.      Accurate Facts

It’s essential that facts provided in the report are accurate, as the information is used to prove points and draw conclusions. Any inaccurate facts will skew results and could cause the company to make an ill-advised business decision.

5.      Concise Presentation

Including filler content distracts from the point at hand and wastes the reader’s time. The report should be written in a concise manner, using a minimum amount of words to make a clear point. This is not to say that a long report cannot be effective, it simply means it’s important to avoid including unnecessary information.

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