Sheraz Rafique

M1: Analyse Different Types Of Business Information And Their Sources Classification of Business Communication has been explained well mannered in the previous topic. In this topic, we are going to discuss the various sources of the business information which are classified as authentic and un-authentic sources. Authentic Sources are something which can be judged on the basis of presets determined by the management of the business or key stakeholders of the business. The term “Stakeholders” means any person or organization which is benefited from the operations of the business directly or indirectly and who can influence the decisions of the business directly or indirectly or who is the dicision making authority in the business from outside of inside of the business. Ici Paints As An Example To Desribe The Sources Of Information And Its Analysis ICI paints uses information for different purposes. Some of the information is gathered from the external sources like newspapers, Available Financial Statements of the competitors, Patterns and production of the competitors, Marketing Research Reports of their own department, Inter-department information, customer's feedbacks, distributor's feedbacks, etc. Whatever information is gathered must be used for the successful closure of the organization targets and goals as well as to manage the operations of the business in a mechanized way so that all the demands of the end-user customers, wholesalers, distributors, and retailers should be fulfilled in a efficient and profitable way for every stake holder in the supply chain. Information is mainly classified in two major categories. These categories are Verbal (written form or by word of mouth) Non-verbal ( body language) Verbal Information (Written Form Information) Verbal Information comprises of Printed Financial Statements (Published Accounts in a Stock Exchange or with the Regulatory Authorities or with the Tax Departments), Main Press Conference or event diary on the website, main order signed by the Authority of the Organization like signature on appointment letter or termination letter or training manual or training authorization letter. ICI Paints management Verbal information comprises of written and by word of mouth conversation. Verbal information is very important to know the opinion of the person or group of people sitting together in a session. Every person in the session is equally important and needs to pay attention by the decision making person of the session because no one can judge the opinion without listening to it (.i.e. decision making person should not be judgemental about any person. ICI Paints management is very much concerned about its employees and in this regard they give a great value to their human resources. Whether these resources are in the production department, marketing department, human resources department, finance department or operations department. Because they believe that if the internal customers are happy then they will make the external customers happy as well. For this purpose they give respect to their human capital and recognize the success of their family members in their office environment which make their employees proud. ICI Paints is maintaining this kind of environment by applying the pictures of family members of the employees during the unexpected extraordinary result in their walking corridor which makes the employees more proud to tell others about the success of their family members. This kind of appreciating environment emotionally attach the employees with the organization and in this way organizational loyalty is developed. In this way, organization also collects the feedbacks of the employees for their planning in production and if any one is having a problem either severe problem or minor problem, that problem is listened and resolved and organization can achieve whatever goals are required to achieve in the prescribed time frame (small time frames with overtimes or long time frame with normal working hours) Verbal Information also includes the required material, required model, required quantity and prescribed date before which the production is supposed to be done and in this way the check and balance can also be maintained with in the organization. Internal Control is also very effective if every minor procedure and practice is documented in a written form and is duly signed by the authority in that department which is maintained in the ICI Pakistan. Verbal Information contains the basic details of the company as well likewise the Contact Details, Names of the department heads and management people working in tho department along with their exchange numbers, direct numbers and fax numbers, working hours of the company, special circumstances like-wise special orders or method of placing the order or feedback form. All this information is the integral part of the verbal information in case of any query from the ICI Paints and this diversify the ICI Paints Pakistan in comparison with their competitors in the market. “ICI does not compromise on the quality of the product” and this verbal information creates the customer based (i.e. confidence of customers on the ICI Products). Whatever they produce like weather sheet, paint (Oil Based or Water Based), Plastic Emulsion, etc. Another benefit of receiving the information of order in the written format is that the check on what was demanded and what is delivered is possible without any mistake and in case of any mistake, it is easy to make accountable for that relevant person who committed mistake. Remedial actions are also easy to take if the mistakes can be eliminated and only if the requirements are in written form. Multimedia, facebook and social networking sites are also the main source of gathering information but it cannot be said about the authenticity of the information from these pages because most of the pages are created by the fake person and that is why this information becomes un-authenticated. These sites also contain the pictures and infographics for the presentation of data and those infographics make the information less complex and easy to decide about the future of the company. Analytics are also used to show the written data in a table format which helps the reader to decide whether to work with the organization of not because it is very much understandable for the target audience. NON-VERBAL INFORMATION (BODY LANGUAGE) Non-verbal information is the information which is understood with the help of body language and psychic situation along with the physical appearance of the person in front of you. For example if you ask a person sitting on a chair in front of you to leave the office and bring the specific file for you and that person leave the chair exactly as per you instruct him/her to leave. So it is for sure that person on that seat has understood your demand and will be back with the same specific file you asked for (in case of internal employee). If you ask the person (other than your office employee) to go back and come back along with the related documents for the successful closure of the contract/supply order/purchase order and that person leaves the office after shaking hands with you and give smile or nodding his head as “okay” and on his return till the door of your office that person asks you the time till you are available to come back in case of delay (if the documents arrangement is time consuming and he was not prepared for that kind of requirement) then it means that person is willing to come back and wants to contact back again in near future. Of Business Information Used To D1: Evaluate The Appropriateness Make Strategic Decision APPROPRIATE BUSINESS INFORMATION FOR DECISION MAKING Appropriateness of Business information for decision making varies as per the need of the decision making and type of decision making and the type of customer who is seeking information. Every type of stake holder has own interests and these interests are overlapped with in the stakeholder groups. Different stake holder groups. These stake holder groups are discussed along with the appropriation in decision making process and which information is relevant to which stakeholder. Regulatory Authority: Pakistan Chemical Manufacturers Association is the Regulatory Authority in the Paint industry of Pakistan and they are strongly connected with the paint industry in such a way that the industries are taking care of Hygiene conditions of the working environment and the raw materials which are used in the preparation of paints and chemicals which are used must in proper proportion. SHAREHOLDERS: Share holders major concern is the actualization of business operations in long run and profit generations must by on continuous basis so that they should be paid through dividends continuously without any cut or deductions. Another concern of the share holders is to maximize the utilization of resources up to full utilization level and expand the business of ICI Pakistan globally as well through international trade and international orders and other concerns are increased market share and appreciation in share prices of the company in stock exchange. VENDORS / SUPPLIERS OF RAW MATERIALS Major Information which is required to the suppliers and for which they are much concerned is the payments and days outstanding for payments of suppliers. This kind of information is provided in the Financial Statements of the company which is mentioned in the Published Accounts of the Company. This kind of information is already provided for the decision making purpose of stake holders who ever is interested to know about it. Notes to the accounts contains the further description if any amendment is done in the accounts. INCOME TAX VALUE ADDED TAX WEALTH TAX GST TAX AUTHORITY Federal Tax Authorities are concerned in the operations of the business because they are supposed to collect the taxes from the organizations for the smooth working of the overall country’s major expenditures and salaries of the employees of the government. So information can be gathered with the help of Statement of Financial Position and Statement of Profit and Loss account.