Contemporary Issues in Business and Management
Assignment One –
The Internet of Things
| Page Number |
2.0 Introduction | 1 |
3.0 Internet of Things | |
3.1 What is Internet of Things | 1 |
3.2 Why is this a contemporary issue? | 1 |
4.0 Managing in an increasingly global world | 2 |
5.0 Environment and Culture | 2-3 |
6.0 Issues in managing change and innovation | 3-4 |
7.0 Conclusion | 5 |
8.0 References | 6 |
The following report will be all about Internet of Things. Namely, what it is, when and why it came about and what the ...view middle of the document...
Typical examples of such things would include things like a person with a heart monitor implant, a car that has built in sensors to detect problems with itself, or pretty much any other “natural or man-made object that can be assigned an IP address” (WhatIs, 2014)
The origins of Internet of Things can be traced back to the middle of the 19th century, when an electromagnetic telegraph was created by Baron Schilling in Russia, and in 1833 Carl Friedrich Gauss and Wilhelm Weber invented their own code to communicate over a distance of 1200 m within Göttingen, Germany. Other important discoveries in the modern era that impacted IoT are such as when Time Berners-Lee created the first web page in 1991, or when the phrase itself was coined by Kevin Ashton in 1999. (Postscapes, 2014)
2.2 Why is this a contemporary issue?
What is a contemporary issue? A Contemporary issue is an issue something which is happening at the present time, for example the world is dealing with contemporary issues such as terrorism, global warming or the Ebola crisis. These issues can also be described as a “messy problem”. A messy problem is something which is very complex. These Problems are often related to other problems in interconnected problem situations. From a businesses perspective, they have to respond to change and the shifts in the environment to stay contemporary. Reacting to the Internet of Things is no different. The change may come from customer preference change, the competition they may face from other competitors, technology, new regulations and changes in society.
3.0 Managing in an increasingly global world
Globalisation can be described as the “Process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.”
This process has effects on “the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.” (Globalisation101, 2014)
As an example, take Malaysian Airlines. The airline is a multinational business which flies thousands of people across 60 countries in the world. However they are widely known for the two tragedies which took of the lives of 537 people this year, which has generated an understandably large amount of bad publicity for the business, which has resulted in the business suffering a loss of profits, causing the organisations to be bought out by state funded firm Khazanah Nasional (BBC, 2014) The buyout means that they will now be fully government owned, so they will be off the stock exchange. Which is then allowing Khazanah to be the main shareholder, allowing them to make decisions without worrying about share prices fluctuating which may cause a loss of even more money.
Before the disasters, the carrier's financial performance was among the worst in the industry, putting a question mark...