HospitalityNet.org : Knowledge management is a structure within which the organization views all its processes as knowledge processes. In this view, all business processes involve formation, distribution, renewal, and application of knowledge toward organizational sustenance and survival. This concept embodies a transition from information value chain to a knowledge value chain.
The knowledge workers need to be facile in the applications of new technologies to their business contexts. Such understanding is necessary so that they can delegate programmable tasks to technologies to concentrate their time and efforts on value-adding activities that demand creativity and innovation. More importantly, they should have the capability of judging if the organization's best practices are aligned with the dynamics of the business environment. Such knowledge workers are the critical elements of the double loop learning and unlearning cycle that should be designed within the organizational business processes.
Knowledge is most valuable when it is controlled and used by those on the front lines of the organization. The knowledge workers should also have an overall understanding of the business of their organization and how their work contexts fit within it. Only if they understand the implications of changes in their work contexts for the business enterprise, they can be instrumental in synchronizing the organizational 'best practices' with the external reality of the business environment. "Knowledge is nothing without action. Nothing changes until you do something. What you do will directly determine what you learn." - James A. Belasco & Ralph C. Stayer, Flight of the Buffalo
Given the need for autonomy in learning and decision-making, knowledge workers also need to be comfortable with self-control and self-learning. In other words, they would need to act in an entrepreneurial mode that involves a higher degree of responsibility and authority as well as capability and intelligence for handling both. To do this they knowledge workers need to evolve knowledge sharing environment based continuous improvement and breakdown of the old process to develop new.
Copyright© 1995-2006 Hospitality Net™ All rights reserved.
The knowledge workers need to be facile in the applications of new technologies to their business contexts. Such understanding is necessary so that they can delegate programmable tasks to technologies to concentrate their time and efforts on value-adding activities that demand creativity and innovation. More importantly, they should have the capability of judging if the organization's best practices are aligned with the dynamics of the business environment. Such knowledge workers are the critical elements of the double loop learning and unlearning cycle that should be designed within the organizational business processes.
Knowledge is most valuable when it is controlled and used by those on the front lines of the organization. The knowledge workers should also have an overall understanding of the business of their organization and how their work contexts fit within it. Only if they understand the implications of changes in their work contexts for the business enterprise, they can be instrumental in synchronizing the organizational 'best practices' with the external reality of the business environment. "Knowledge is nothing without action. Nothing changes until you do something. What you do will directly determine what you learn." - James A. Belasco & Ralph C. Stayer, Flight of the Buffalo
Given the need for autonomy in learning and decision-making, knowledge workers also need to be comfortable with self-control and self-learning. In other words, they would need to act in an entrepreneurial mode that involves a higher degree of responsibility and authority as well as capability and intelligence for handling both. To do this they knowledge workers need to evolve knowledge sharing environment based continuous improvement and breakdown of the old process to develop new.
Copyright© 1995-2006 Hospitality Net™ All rights reserved.
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Leaders never sit still. Leaders never allow themselves to be surrounded on the battlefield. Keep striving to beat the odds.
said-Robin Trehan while giving an opinion about leadership in a coference in chicago.
America in the Worldwide Economy
By-Robin Trehan (B.A, MIB, MBAe-business)
Are we ready for a response for the challenges posed by China, India and other countries? At present our workforce is losing jobs, the factories are getting closed, and our basic education system (primary and secondly) is behind many countries. Our work is getting outsourced to low cost countries. Very soon, even the intellectual level, white collar jobs will be migrating to other countries. Even the best of the best companies are being eyed by the Chinese and the Indian companies. The case of state owned Chinese Oil Company bidding for Unocal is a prime example of it.
How will America create jobs in the future, as most of the jobs are going to developing countries? Even when the bottom line results are improving for the corporations, job creation is missing? What's the way out? How do we maintain our competitive edge? For us to have a clear understanding of it, we need to comprehend the basic of it, why they are becoming competitive and challenging us. The reasons are-
Cheaper Labor.
Educated hard working population.
Growing middle class with more money to spend.
Developing countries creating a favorable environment to retain talented people, thus reducing “Brain drain”.
Improving research and development all across the board.
Improving infrastructure to support the growth of industries and services.
If we analyze, we see that it is true that these countries have cheap labor but this is not sustainable. As their economy strengths, the China and India will lose, as the cost of production increases, so will be the wages. They will lose their low cost competitive edge. Supply and demand is based on price. We as America will keep moving our manufacturing bases, imports and services wherever we can get them at the cheapest price. Cheaper imports help us to control inflation; in fact it creates a deflationary environment.
Moreover, we have to keep in mind that these upcoming powers have a system which is authoritative communism on one hand in China and rampant corruption in India. We also know that with more than 2 billion populations (2/5 of world’s population) among these countries, if there is not enough job creation, it will lead to massive social economic and political problem.
The question here is about America and “our objective,” which is singular to win”. We have to make sure we do not fall like a Roman empire. We have to take measures and set up dynamic strategic plans to make a better future for our coming generations.
Here are the steps; I will suggest we should take-
Revolutionizing our schooling system both at the primary and at the secondary level. We should also create a sense of competitiveness in our school and classes. Parents should also become more responsible and involved for their kids social & educational needs.
Making our higher education system less expensive. We need to see that there are no economic barriers for the students who want to do something in their lives. Education system of Europe ( France, Germany, Switzerland is worth looking in this regard).
Making sure we have the best technology and best research and development labs. For this to take place, government need to further increase the funding, so as so blossom a climate of inventions this will improve our technology edge.
Providing value added services and protection to domestic industries when and as needed.
Creating new innovative companies, so as to grow more jobs in the new sectors of the economy.
Further, enhancing the entrepreneurial support environment to have more entrepreneurs likes Bill Gates, Michael Dell.
Improving our InfoTech infrastructure at the earliest. It includes both the Internet and cell phone infrastructure.
Investing heavily in inventing alternative cheap source of energy. Thus reducing our dependence on oil.
Making our workers more wage competitive by removing labor unions. No way we can compete will low cost countries when we have such a high labor cost. The recent case of Delphi bankruptcy is a pointer in this direction. Wages have to be competitive based on international standards.
Making our society information knowledge based service economy.
Revamping our immigration system to attract the best brains from across the world.
Imposing serve restrictions against countries/companies using child labor, giving low wages and having poor human right records.
American is a land of opportunity. We are given an opportunity to reach the sky. We have the resources and have the will to win. We are flexible and are willing to embrace new ideas. We are asking the right questions and the answers will come for sure. And most importantly, we have the courage to follow our heart and intuition to be the best. We already know what we truly want to become and have a common objective to be “The best”.
Robin Trehan is managing director and vice president at transatlantic investment and advisory. He is an expert in the field of dynamic strategic planning and e-business. He can be reached at robin@tafunds.com
America in the Worldwide Economy
By-Robin Trehan (B.A, MIB, MBAe-business)
Are we ready for a response for the challenges posed by China, India and other countries? At present our workforce is losing jobs, the factories are getting closed, and our basic education system (primary and secondly) is behind many countries. Our work is getting outsourced to low cost countries. Very soon, even the intellectual level, white collar jobs will be migrating to other countries. Even the best of the best companies are being eyed by the Chinese and the Indian companies. The case of state owned Chinese Oil Company bidding for Unocal is a prime example of it.
How will America create jobs in the future, as most of the jobs are going to developing countries? Even when the bottom line results are improving for the corporations, job creation is missing? What's the way out? How do we maintain our competitive edge? For us to have a clear understanding of it, we need to comprehend the basic of it, why they are becoming competitive and challenging us. The reasons are-
Cheaper Labor.
Educated hard working population.
Growing middle class with more money to spend.
Developing countries creating a favorable environment to retain talented people, thus reducing “Brain drain”.
Improving research and development all across the board.
Improving infrastructure to support the growth of industries and services.
If we analyze, we see that it is true that these countries have cheap labor but this is not sustainable. As their economy strengths, the China and India will lose, as the cost of production increases, so will be the wages. They will lose their low cost competitive edge. Supply and demand is based on price. We as America will keep moving our manufacturing bases, imports and services wherever we can get them at the cheapest price. Cheaper imports help us to control inflation; in fact it creates a deflationary environment.
Moreover, we have to keep in mind that these upcoming powers have a system which is authoritative communism on one hand in China and rampant corruption in India. We also know that with more than 2 billion populations (2/5 of world’s population) among these countries, if there is not enough job creation, it will lead to massive social economic and political problem.
The question here is about America and “our objective,” which is singular to win”. We have to make sure we do not fall like a Roman empire. We have to take measures and set up dynamic strategic plans to make a better future for our coming generations.
Here are the steps; I will suggest we should take-
Revolutionizing our schooling system both at the primary and at the secondary level. We should also create a sense of competitiveness in our school and classes. Parents should also become more responsible and involved for their kids social & educational needs.
Making our higher education system less expensive. We need to see that there are no economic barriers for the students who want to do something in their lives. Education system of Europe ( France, Germany, Switzerland is worth looking in this regard).
Making sure we have the best technology and best research and development labs. For this to take place, government need to further increase the funding, so as so blossom a climate of inventions this will improve our technology edge.
Providing value added services and protection to domestic industries when and as needed.
Creating new innovative companies, so as to grow more jobs in the new sectors of the economy.
Further, enhancing the entrepreneurial support environment to have more entrepreneurs likes Bill Gates, Michael Dell.
Improving our InfoTech infrastructure at the earliest. It includes both the Internet and cell phone infrastructure.
Investing heavily in inventing alternative cheap source of energy. Thus reducing our dependence on oil.
Making our workers more wage competitive by removing labor unions. No way we can compete will low cost countries when we have such a high labor cost. The recent case of Delphi bankruptcy is a pointer in this direction. Wages have to be competitive based on international standards.
Making our society information knowledge based service economy.
Revamping our immigration system to attract the best brains from across the world.
Imposing serve restrictions against countries/companies using child labor, giving low wages and having poor human right records.
American is a land of opportunity. We are given an opportunity to reach the sky. We have the resources and have the will to win. We are flexible and are willing to embrace new ideas. We are asking the right questions and the answers will come for sure. And most importantly, we have the courage to follow our heart and intuition to be the best. We already know what we truly want to become and have a common objective to be “The best”.
Robin Trehan is managing director and vice president at transatlantic investment and advisory. He is an expert in the field of dynamic strategic planning and e-business. He can be reached at robin@tafunds.com
By Kison Patel, President, National Hotel Exchange & Robin Trehan, Partner at Transatlantic Funds.
Real Estate Investment Trusts (REIT) have been available since 1960, but it has only been in the last decade that they have become a major powerhouse on the exchange. Since 2001, REITs have outperformed most other major market benchmarks including the Dow Jones Industrials, S&P 500 and the NASDAQ Composite. So what are REITs and why should you invest in them.
According to Jerry Jerome Cedicci one of the foremost real estate developer in mid west US- “REITs are companies that own, and in most cases, operate income-producing real estate. Currently that real estate includes residential properties, Shopping Centers, Offices, Lodging/Resorts, and regional Malls to name a few. Some REITs finance real estate others directly own and/or operate income-producing real estate. To be a REIT, a company must distribute at least 90% of its taxable income to its shareholders annually in the form of dividends.”
There are three categories of REITs; equity, mortgage and hybrid. Equity REITs own and operate income-producing real estate. Mortgage REITs lend money directly to real estate owners and operators, or indirectly through loan acquisition or mortgage-backed securities to finance future projects. Hybrid REITs are companies that both own properties and finance development. The growth of REITs has been so significant that Standard & Poors added REITs to its major indexes, including the S&P 500.
So why invest in REITs, why not just buy and sell real estate? Real estate has traditionally been a stable investment, but it comes with risks that must be borne by a single individual. Properties must be maintained and managed and only realize their full financial benefit when ownership is transferred. With REITs, the investor realizes this benefit every time any property in the REIT is bought, sold or upgraded. The investor reaps the benefit of the income generated from multiple properties without the risk. If one property does poorly, it will be offset by those that are doing well. And because REITs must pay out almost all of their taxable income to shareholders, investors receive dividends, on average, typically four times higher than those of other stocks.
What about my 401k, that’s where I have my money invested. The fact is that institutional investors (such as pension funds) have been slow to jump on the REIT bandwagon. Studies show that only about 10% of the nation’s 401k plans even offer REITs to their investors. Call your 401k administrator or check with your benefits specialist and see if the option is available to you. If not, contact the plan and ask for it.
What about the fees, how much will it cost me? The broker commissions on publicly traded REITs are typically between $20 and $150 depending on the brokerage. Investment banks receive a 5-7% fee to underwrite initial or follow-up offerings. These fees typically are determined by the size of the deal .The minimum investment amount is one share.
Stock exchange rules require that a majority of directors are independent of management. NYSE and NASDAQ rules require fully independent audit, nominating and compensation committees. The investors re-elect the directors. To ensure that the investors interests are safeguarded, REITs are required to make regular financial disclosures including quarterly and annually audited financial results with the associated SEC filings.
As an example of the growing interest and success of REITs, look at FelCor Lodging Trust (NYSE:FCH). FelCor Lodging Trust acquires, renovates, redevelops and rebrands hotels. They went public in 1994 with six hotels and a market cap of $120 million. Five years ago, total return was $1.24. Today, FelCor owns 115 consolidated hotels located in 28 states and Canada with a market cap of $3.3 billion. Twelve years after going public, FelCor’s return is $71.39.
They accomplished this by forming strategic alliances with three of the industry’s leading brand owners; Hilton Hotels Corporation, Starwood Hotels and Resorts, and Intercontinental Hotels Group. Their portfolio includes Embassy Suites Hotels, Doubletree, Sheraton, Westin and Holiday Inn.
This example should show the advantage to investing in a REIT over, or in combination with, personal property ownership. This is just one of the possible 200 REITs currently available for investors to choose from. The increased dividend payouts make them an attractive asset to any portfolio.
Kison Patel is President of National Hotel Exchange. He is a specialist in hospitality transactions. He can be reached at kison@nationalhotelexchange.com
Robin C. Trehan is an industry consultant in the field of mergers and acquisitions. He is also a motivational speaker and knowledge management expert. He can be reached at robin@tafunds.com
Jerry Jerome Cedicci, renowed real estate developer in America, while discussing the hotel project Robin Trehan expressed his satisfaction on the outline of the project.
Jerry Cedicci told the NHE and BAC.CC that the projects in Chicago are going in the right direction.
He also mentioned that time has come for America to further improve our economy so as to maintain our competitive edge in the global market. He suggested following steps.
Revolutionizing our schooling system both at the primary and at the secondary level. We should also create a sense of competitiveness in our school and classes. Parents should also become more responsible and involved for their kids social & educational needs.
Making our higher education system less expensive. We need to see that there are no economic barriers for the students who want to do something in their lives. Education system of Europe ( France, Germany, Switzerland is worth looking in this regard).
Making sure we have the best technology and best research and development labs. For this to take place, government need to further increase the funding, so as so blossom a climate of inventions this will improve our technology edge.
Providing value added services and protection to domestic industries when and as needed.
Creating new innovative companies, so as to grow more jobs in the new sectors of the economy.
Further, enhancing the entrepreneurial support environment to have more entrepreneurs likes Bill Gates, Michael Dell.
Improving our InfoTech infrastructure at the earliest. It includes both the Internet and cell phone infrastructure.
Investing heavily in inventing alternative cheap source of energy. Thus reducing our dependence on oil.
Making our workers more wage competitive by removing labor unions. No way we can compete will low cost countries when we have such a high labor cost. The recent case of Delphi bankruptcy is a pointer in this direction. Wages have to be competitive based on international standards.
Making our society information knowledge based service economy.
Revamping our immigration system to attract the best brains from across the world.
Imposing serve restrictions against countries/companies using child labor, giving low wages and having poor human right records.
American is a land of opportunity. We are given an opportunity to reach the sky. We have the resources and have the will to win. We are flexible and are willing to embrace new ideas. We are asking the right questions and the answers will come for sure. And most importantly, we have the courage to follow our heart and intuition to be the best. We already know what we truly want to become and have a common objective to be “The best”.
Robin C. Trehan- B.A, MIB, MBA electronic business
We all want to retain customers. We know the high cost associated with making new customers. But sometimes customers do switch and here comes the concept of “Switching cost.” Switching cost has negative effect both for the switching company and also for the customers. In case of customer, switching costs encompass all the costs incurred from signing a new contract, establishing new relationship and building on it. There are at least three types of switching costs:
1. Transaction costs are costs that transpire to start a new relationship with a provider and sometimes also include the costs necessary to cease an existing relationship.
2. Learning costs represent the effort required by the customer to reach the same level of comfort or facility with a new company product or service as they had for an old company.
3. Artificial switching costs are created by deliberate actions of firms (loyalty rewards). In addition to these explicit costs, there are also implicit switching costs associated with decision biases and risk aversion.
Companies can create concept of “lock-in” effect to reduce switching. This notion refers to the capability of a business model to prompt users to engage in repeat transactions. Lock-in can be enabled by creating switching costs that customers would face if they were to switch to a different service provider. Switching costs are created through loyalty programs, by providing transaction safety and creating the perception of trust, through familiarity with the site, and also through customization and personalization of product and services.
Lock-in prevents the migration of customers and strategic partners to competitors and is manifested as switching costs. A firm’s strategic assets, such as its brand name, the design proprietary standards, loyalty programs and buyer–seller trust, both contribute to lock-in effect.
In the past a companies were the boss. Today company must partners with their customers. Companies should act as host and customer as guest invited to a party. It should be the job of the company to make customer experience a little better each and every time. This will help to retain the customers and reduce switching.
All companies have to always driven, determined and always remain insecure to remain competitive. Stay hungry with passion to bottle your customers. Be the code maker and code breaker and stay ahead of your competitors. Treat your customers as king and word of mouth spreads faster than any marketing efforts. Bottle your customers and you will be Billionaire.
Robin C. Trehan can be reached at robin@tafunds.com
www.tafunds.com