UNIT-V-FOM

Creativity and Innovation in Entrepreneurship:

Innovation is fundamental in the development of a successful business.

Innovation is taking an idea and turning it into something valuable and relevant.
Creativity is the ability to see the world in new ways, find hidden patterns, make
connections between seemingly disparate things and generate new ideas. Innovation
often drives creativity, but creativity does not always lead to innovation.

A creative and innovative entrepreneur can identify opportunities and create new
value for their customers or clients. To be a creative and visionary entrepreneur, you
must have the proper mindset.

What are entrepreneurial creativity and innovation?

Entrepreneurial creativity is the ability to develop new ideas and solutions to

problems. It is the ability to see into the future and generate ideas, solutions and
innovations before they are needed. It is the ability to solve your customer's or client's
problems before they even realize the problem exists.

Entrepreneurial innovation is the ability to turn an idea into reality. It is about

finding new ways to do things and making them better. Entrepreneurial innovation is
about creating new products or services, improving processes or finding new markets
for existing products or services.

Becoming a creative and innovative entrepreneur requires combining both

hemispheres of your brain. Creativity is a right-brain process, while innovation is a left-
brain process. Therefore, it is required to learn how to work with both hemispheres of
the brain and keep a balance between the two.

How to be more creative

There are a few key things that you can do to develop your entrepreneurial
creativity. To be creative, you need to have a mindset open to growth. Here are some
practices to be more creative:

Have a growth mindset. A growth mindset is a belief that your abilities and intelligence
can be developed through effort, good teaching and learning from mistakes. This belief
leads to a love of learning and a willingness to take risks.

Be open to new ideas. Being open to new and different ideas is a must for innovation.
So, be willing to experiment and try new things.
Practice creative thinking. To be creative, you need to be able to think outside the
box. You need to be able to see things in new ways and make connections between
seemingly disparate things. Practicing creative thinking regularly helps you become a
creative thinker.

Take risks. Yes, taking risks is vital to being creative and innovative, but don't forget the
importance of planning. A plan gives you a roadmap to follow and helps ensure you
take the proper steps to reach your goals.

Think outside the box. You also need to be able to think outside the box and come up
with new solutions to problems. Do not take the beaten path.

Be passionate about what you do. It shows in your work when you are passionate
about what you do. In addition, passion helps you think creatively and outside the box,
two main components of being an innovative entrepreneur.

Be willing to experiment. Try new things and see what works. Don't be afraid of failing.
Failure is a part of the creative process and can lead to new and better ideas.

Practice freestyle writing regularly. Writing is a right-brain activity, especially creative

writing. It helps you access the information that your left brain cannot.

Engage in right-brain activities regularly. These activities include but are not limited
to drawing, painting, playing music, creating music, reading, singing, games that require
imagination, etc. These activities help you use your right brain, making you more
creative as you do these things often.

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What Is Technology Management?

Technology management can be described as a discipline – closely related to or

synonymous with IT management – in which businesses and/or companies utilize
the different technologies available to foster strategic growth.
To do this, businesses must understand the role of technology in each of their
departments and as an overall entity.
Further, businesses must invest in new technologies and develop current
technologies for the better. Technology management is a relatively new field that
depends heavily on the comprehension of both business and technical skills.
Technology allows businesses to face contenders in almost any market. There
are a number of ways in which technology can directly impact business growth.
Support and Security

As companies grow, they are required to store large amounts of data and
inventory. With technology, this process can be automated; boosting productivity and
cutting costs. Technology management also permits companies to bury information with
layers upon layers of encryption, securing the integrity of their business.

Globalization

Technology as a tool for communication has had a grand effect on how markets
operate. Every business now has the opportunity for global outreach where they can
establish the trade of goods and services around the world. Exports today happen at 40
times the rate as they did in 1913, and technology is the main culprit.
Mobile Device Management

Perhaps the best example of how technology has significantly changed lives is
the emergence of mobile devices. The invention of the contemporary smartphone is
almost parallel to the first man on the moon in social gravity. Google can attest to this,
as their very own websites. Any business that wishes to remain competitive must
similarly upgrade alongside progressive technologies and implement optimal mobile
solutions.
Cloud Computing

Cloud computing is the reason many startup companies made it off the ground. It gives
businesses the ability to outsource many of their operations to offsite, third-party
resources via the Internet. In consequence, companies can work on tighter budgets as
they do not have to build infrastructure just to host IT management systems like servers
or storage units. Businesses that operate using cloud computing services often do not
have to worry about downtime, crashes, or data.

Consumer Targeting

When technology changes, consumers change. Not only this, but many millennial
and younger generations have had the unique experience of growing up in a transitory
period where technology has drastically evolved far past presumed boundaries.
The same evolving technology has led to improved analytics and therefore
enhanced customer segmentation which can target specific groups for advertising
purposes.
These analyses prove that the technology generation now makes up a substantial
chunk of companies’ consumer base.
Increased connectivity has brought about new modes of communication, where
millennial and people of all generations stay in touch with one another. For that reason,
technology management means managing social media as well.
Technology management, without a doubt, has great potential in developing
businesses. Those who want to grow their companies must put their trust in
technology experts.

Components of Technology Management

Management teams are tasked with:

 Planning
 Organizing
 Monitoring
 Evaluating
 Implementing and
 Staffing with the end goal of strategically moving their company forward.

Characteristics of technology management bear little to no difference save the technical

aspect.
In fact, though technology management is a major business component in and of
itself, the framework of technology management is composed of four key
concepts.
1. Technology Strategy

Technology strategy refers to the role of technology in a company or organization. In

this undertaking, organizations examine the logic of how technology will aid
business growth.
Technology management of this kind entails setting objectives and brainstorming tactics
for achieving your particular business goals. Technology is the primary focus here.
For example, a company may decide that in turn for creating their own
technology they will improve upon previously established innovations.
In utilizing this strategy they can avoid the risk associated with inventing new
technology.
Another company may decide to do the opposite, taking on the exchange in turn for the
prospect of large capital gains.
A technology management team will be culpable for these sorts of decisions.
2. Technology Forecasting

In technology forecasting, businesses identify technologies that can be beneficial

to them. Crucial to this procedure is carefully observing the technological
environment.
Businesses have to be on the lookout for the development of new technology as well as
new methodologies and approaches related to their current and upcoming technology.
Historically, technology forecasting originated in the 1960s.. There are numerous
methods of technological forecasting, the Delphi method being one of the most popular.
The Delphi method is simply based on the results of questionnaires taken by
experts who are typically anonymous.

3. Technology Roadmap

Technology road-mapping
mapping concern
concerns
s itself with mapping the different ways in
which technology can be used.
This concept puts planning at the center of technology management. Both
technology strategy and technology road
road-mapping
mapping can play a role in technology road-
road
mapping.
For instance, a company
mpany whose technology strategy is to build upon existing
technology will need to start mapping short and/or long
long-term
term goals for such technology.
Technology roadmap will be necessary for identifying the distinct technologies
that can be of use.
What companies
ies map will vary widely depending on market needs.
Road mapping is primarily applied in the case of new product development,
particularly the fuzzy front-end
end of development – an epithet reserved for the
conceptualization stage of new technologies.
4. Technology Project Portfolio

A technology project portfolio encompasses all the technology projects that a

business has in development along with all the technologies currently in use.
Besides merely starting a portfolio, your business needs to analyze and consider its
outcomes.
Technology management’s function in building a portfolio includes recognizing its
strengths and weaknesses, figuring out what take priority, and designating resources
amongst other functions.
Benefits of Technological Management

1. Product Development

2. Ease of Manufacturing

3. Augmented Functionality

4. Market Expansion

Management Information Systems (MIS)

Definition:

It refers to the processing of information through computers and other intelligent

devices to manage and support managerial decisions within an organization.
Management Information Systems (MIS) is the study of people, technology,
organizations, and the relationships among them. MIS professionals help firms realize
maximum benefit from investment in personnel, equipment, and business processes.
MIS is a people-oriented field with an emphasis on service through technology. If you
have an interest in technology and have the desire to use technology to improve
people‘s lives, a degree in MIS may be for you.

MIS Importance: Management Information System is formal method of collecting

information in summarized form. It is network established within an organization to
provide information to managers. It provides systematic and analytical information
necessary to all level of managers. It helps managers to take right decision at the right
time. Importance of MIS is described as follows;
1. Management Information System is always management oriented and keeps in view
every level of management and gets the desired information.

2. Integrated – refers to how different components (sub systems) are actually tied up
together. eg: different departments of organization linked together.

3. Useful for planning – as every organization makes log-term and short-term plans with
the help of information like sales & production, capital investments, stocks etc
management can easily plan..

4. Effective Management Information System helps the management to know deviations

of actual performance from pre-set targets and control things.

5. It‘s important for increasing efficiency.

6. MIS provides updated results of various departments to management.

7. MIS is highly computerized so it provides accurate results.

8. MIS adds to the intelligence, alertness, awareness of managers by providing them

information in the form of progress and review reports of an ongoing activity.

9. Helps managers in decision- making

Structure of MIS:

Structure of MIS may be understood by looking at the physical components of

the information system in an organization. The physical components of an
organizational information system may be hardware, software, database, manual
procedures and operating persons. A brief description of these components has been
outlined in the following paragraphs:

Hardware

Hardware refers to the physical data processing equipment and peripheral devices, For
example, CPU, monitor, keyboard, printer, drives, tapes, communication devices, etc.

Software

Software is a broad term given to the instructions or programs that direct the operating
of the hardware. Software could be of two types, i.e. system software and application
software.

Database

The database consists of all data utilized by application software. Data is stored in files.
Procedures

Formal operating procedures, which are required to operate a system, such as

manuals, are also regarded as physical elements.

Operating Personnel

Personnel like Computer Operators, Computer Programmers, System Analysts, System

Managers,
rs, etc., are the operating people of the information systems.

Input and Output

Various physical inputs and outputs from the information system, existing in forms like
printout, reports etc.

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TQM AND ITS PROCESS:

Definition given by ISO(International Standard Organization:

“TQM is a management approach for an organization, centered on quality,

based on the participation of all its members and aiming at long
long-term
term success through
customer satisfaction, and benefits to all members of the organization and to society.”

What Is Total
otal Quality Management (TQM)?

Total quality management (TQM) is the continual process of detecting and

reducing or eliminating errors in manufacturing, streamlining supply chain
management, improving the customer experience, and ensuring that employees are
ar
up to speed with training.
 Process approach
Sticking to processes is essential in quality management as they help in
speeding up the production process.
To implement this TQM principle:

 Clearly define roles and responsibilities so everybody knows exactly what is expected
of them.

 Create an action plan so that everybody can easily visualize what needs to be done
to achieve the desired result.

 Analyze current activities to find where improvements can be made.

Principles of total quality management

1. Is customer-focused. Everything a company does—from training employees to
buying new tools—is done with the customer in mind.
2. Involves all employees. Employees must be empowered to work toward common
goals and allowed to operate in a workplace free from fear.
3. Is process-centric. By enacting processes that take inputs and turn them into
outputs, you can consistently create high-quality products regardless of the people
involved.
4. Is integrated. All developed processes must be integrated into one larger process,
and everyone must be on the same page, buying into the company's vision,
mission, and guiding principles.
5. Has a strategic and systematic focus. Companies must formulate strategic
plans that include quality integration as a fundamental component.
6. Is constantly improved upon. Empowered managers and employees must
continually look for new ways to increase product competitiveness and efficacy.

3 TQM processes

Now that you know what total quality management is, it's time to dive deeper
into three new processes that build on its original principles: ISO 9000, Lean
manufacturing, and Six Sigma.

1. ISO 9000: Focuses on people

ISO 9000—first published in 1987 by the International Organization for
Standardization—encompasses an entire family of quality management systems
standards. ISO 9000 is based on seven quality management principles:
1. Customer focus. Companies should focus first and foremost on meeting
customer expectations.
2. Leadership. Good leaders are necessary to maintain the right internal
environment and drive companies toward their objectives.
3. Engagement of people. Employees must be empowered to take full advantage of
their abilities.
4. Process-centric. All activities and resources should be managed as a system-
wide process.
5. Improvement. Companies must continuously and actively seek improvement.
6. Evidence-based decision-making. Decisions should be based on analyzed data.
7. Relationship management. Companies should maintain healthy and mutually
beneficial relationships with suppliers, contractors, and service providers.
2. Lean manufacturing: Focuses on waste
Lean manufacturing is a systematic method of eliminating waste and
inefficiency within manufacturing while continuing to produce products at the same
(or even higher) level.

Developed in Japan by automobile manufacturer Toyota, it focuses on

overburden ("Muri") and unevenness in work loads ("Mura"). Lean manufacturing
seeks to identify things that add value, as well as those that don't, so the latter can
be eliminated.

Lean manufacturing focuses on seven types of waste:

1. Transport: Moving around things that aren't necessary for production.

2. Inventory: Anything that isn't involved in production.
3. Motion: People or equipment moving more than is required for production.
4. Waiting: Inactivity before the next production step.
5. Overproduction: Producing more than is required.
6. Overprocessing: Using more activity than is necessary to produce the end
product.
7. Defects: Expending too much effort fixing problems with the finished product.

3. Six Sigma: Focuses on process

Six Sigma, developed in the 1980s at Motorola, is a set of techniques for
improving on processes in an organization. This method aims to improve product
quality by identifying and eliminating variability that can cause defects.

The name "Six Sigma" is derived from the sigma rating system for the proportion of
defects to total products created, with six sigma being the very best possible.

Six Sigma projects follow two methodologies, each with five phases: DMAIC and
DMADV.
 DMAIC:
1.Define the system. Figure out what the customer wants.
2.Measure key aspects of the current process. Collect the data.
3.Analyze the data. Determine the cause of a defect.
4.Improve the current process. Create a new future state process.
1.Control the future state process. Put control systems in place and constantly
monitor the process.
DMADV:
1. Define design goals. Figure out what the customer wants.
2. Measure and identify characteristics that are critical to quality. Collect the
data.
3. Analyze the data. Figure out how to develop and design alternatives.
4. Design an improved alternative. Fix the problem.
5. Verify the design. Implement the production process and then monitor it.

Kaizen and its Process:

Kaizen is a Lean manufacturing tool that improves quality, productivity, safety, and
workplace culture. Kaizen focuses on applying small, daily changes that result in major
improvements over time. Kaizen first surfaced during the effort to rebuild Japan after
World War II. At the time, several U.S. business consultants collaborated with Japanese
companies to improve manufacturing. The collaboration resulted in the development of
several new management techniques, one of which was Kaizen.

Kaizen (改善) comes from two Japanese words: Kai (improvement) and Zen (good),
which translates to “continuous improvement”. In business, Kaizen refers to activities
that continuously improve all functions and involve all employees from the CEO to the
assembly line workers. Kaizen’s strength comes from having all workers participate and
make suggestions to improve the business. The purpose of Kaizen goes beyond simple
productivity improvement. When done correctly, the process humanizes the workplace,
eliminates overly hard work, and teaches people how to spot and eliminate waste in
business processes.

The Kaizen Process

The continuous cycle of Kaizen activity has six phases:

1. Identify a problem or opportunity

2. Analyze the process

3. Develop an optimal solution

4. Implement the solution

5. Study the results and adjust

6. Standardize the solution

Kaizen starts with a problem, more precisely the recognition that a problem exists
and that there are opportunities for improvement. Once problems are identified, the
organization needs to enlist the cross
cross-functional
functional personnel to understand the underlying
cause of it. The proposed solution are then tested on a small
small-scale.
scale. Using data, the
team makes adjustments to the solution. And finally, the results are spread across the
organization and the solution is standardized.

Getting Started With Kaizen

As a Lean business practice, Kaizen succeeds when all employees look for
areas to improve and provide suggestions based on their observations and experience.
To facilitate this, management’s role is to communicate the need to change,
demonstrate a personal commitme
commitmentnt to process improvement, educate and train staff in
Kaizen, and manage the improvement process. When first getting started with Kaizen,
here are some things to keep in mind:

Start with training: Everybody needs to know what Kaizen is and how it can benefit
benef the
workplace culture.

Support Kaizen from the top: Employees need to know that they will get support when
they need it.

Get ideas flowing: Use Kaizen boards, quality circles, and suggestion boxes.
Employees need a way to communicate effectively and doc
document
ument their ideas for
improvement.
Keep ideas coming: Let employees implement their own suggestions when possible.
This will encourage participation.

Remove barriers: Kaizen boards and software are especially useful here. They allow
workers to post ideas, track their progress, and see the benefits of each improvement.

Measure impacts: By keeping track of the beneficial results from the kaizen process,
the company is more likely to continue investing in it and sustaining it.

Kaizen is a long-term strategy and the goal is to develop the capabilities and
confidence of workers. As a strategy, Kaizen works when employees at all levels of the
company work together proactively to achieve regular, incremental improvements. In a
sense, it combines the collective talents within a company to create a powerful engine
for improvement.

By having the right system in place, management can help their Kaizen program gain
momentum and succeed. Workers will gain a sense of ownership over their tasks and
become more involved in every aspect of the business. This will ultimately lead to better
processes, higher customer satisfaction, and a more profitable business.

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Six Sigma

There are various project management methodologies and six sigma is one of
them. Project management is the process required to control and manage the projects
in a more efficient way to meet the expectations of the customer. The project manager
has the responsibility to produce the products or services in such a way that it is faster
to market, have a less lead time, less cost, fewer overheads and high performance
without compromising on the quality.

What is Six Sigma?

Six Sigma is a methodology that removes variations in the project by eliminating

the defects in the products or services. As per the six sigma principles, the defects can
be reduced to less than 3.4 defects per million components. Six Sigma certifications
come in various progressive belts such as white belt, yellow belt, green belt, black,
master black belt and champion, etc.

The objective of six sigma implementation

The six sigma implementations' main goal is to control the variations in the
process and reduce the defects in such a way that it ensures that defects are reduced
to 3.4 defects for million of the components or products produced. It ensures that no
defects are produced for 99.99966% of all chance to produce the goods.

Stages of six sigma

The 5 stages of the six sigma are taken in the DMAIC cycle they are as follows,

1) Define -

a) First is to define the problem statements

b) Then to define the objectives of the project
c) Next define the processes by making use of the process maps.
d) Finally, define the customers and their requirements.
2) Measure -

a) Determine the performance of the current processes

b) Create a plan to collect the data for the processes
c) Make sure that the data is reliable
d) Collect the baseline data
e) Develop the project charter
3) Analyze -

a) Observe the processes

b) Use the graphical method to display the data
c) Find out the cause of the problem
d) Verification of the cause of the problem
e) Updating of the project charter
4) Improve -

a) Find the right fix for the problems by collaborative efforts of the team members
b) Let the solutions be practical
c) Develop different processes based on the solutions arrived using process maps
d) Choose the best solution
e) Implement the solutions
f) Measure the improvement in the processes

5) Control -

a) Manage and control the processes.

b) Document the new or change in the processes
c) Deploy the improved processes
 d) Do continuous improvement of the processes
There are 2 main processes in the six sigma they are as follows,

DMAIC and DMADV

The DMAIC method is used for improving the existing business process.

1. Define the problem statement and the goals of the projects

2. Measure the critical parameters of the data-driven facts of the process
3. Analyze the data in each of the processes
4. Improve the processes
5. Control the processes to meet the expectations of the expected product
DMADV method is used for new processes or new products or services.

1. Define the goals and objectives of the project

2. Measure the critical components of the processes
3. Analyze the data in each of the processes
4. Design and test the processes and the products or services
5. Verify the products or services and the processes to meet the required objectives
Benefits of stages of six sigma

Customer satisfaction - One of the benefits of six sigma is that it improves customer
satisfaction and meets the customer expectations on the products or services
requirements.

Improved profitability - The improved processes and the products give an edge in the
competitive environment in terms of profitability.

Standardizations - The standardizations of the various processes provide improved

bottom lines and are easy to manage the cost, time, scope, and quality.

Better returns - Provides better revenue generation when compared to other

standards.

High in quality - One of the important benefits of six sigma is to control the variations in
the processes and produce high-quality products.
The 5S Concept

The 5S methodology is often summarized by the philosophy of “a place for

everything and everything in its place.”

5S is a five-step methodology for creating a more organized and productive

workspace: Sort, Straighten, Shine, Standardize, and Sustain. 5S serves as a
foundation for deploying more advanced lean production tools and processes.

1) Sort: Eliminate that which is not needed.

2) Set in Order: Organize what remains after sorting.
3) Shine: Clean and inspect the work area.
4) Standardize: Write standards for 5S.
5) Sustain: Consistently apply the 5S standards.
Benefits of 5S
 Reduced costs
 Higher quality
 Increased productivity
 Greater employee satisfaction
 A safer work environment

What Are the 5 S's?

The 5S concept might sound a little abstract at this point, but in reality, it's a very
practical, hands-on tool that everyone in the workplace can be a part of.

5S involves assessing everything present in a space, removing what's

unnecessary, organizing things logically, performing housekeeping tasks, and keeping
this cycle going. Organize, clean, repeat.

Sort

The first step of 5S, Sort, involves going through all the tools, furniture, materials,
equipment, etc. in a work area to determine what needs to be present and what can be
removed. Some questions to ask during this phase include:

 What is the purpose of this item?

 When was this item last used?
  How frequently is it used?
 Who uses it?
 Does it need to be here?
These questions help determine the value of each item. A workspace might be
better off without unnecessary items or items used infrequently. These things can get in
the way or take up space.

When a group has determined that some items aren't necessary, consider the
following options:

 Give the items to a different department

 Recycle/throw away/sell the items
 Put items into storage.
Set in Order

Once the extra clutter is gone, it's easier to see what's what. Now work groups
can come up with their strategies for sorting through the remaining items. Things to
consider:

Which people (or workstations) use which items?

 When are items used?

 Which items are used most frequently?
 Should items be grouped by type?
 Where would it be most logical to place items?
 Would some placements be more ergonomic for workers than others?
 Would some placements cut down on unnecessary motion?
 Are more storage containers necessary to keep things organized?
During this phase, everyone should determine what arrangements are most logical.
That will require thinking through tasks, the frequency of those tasks, the paths people
take through the space, etc.

Businesses may want to stop and think about the relationship between the
organization and larger Lean efforts. What arrangement will cause the least amount of
waste?

Waste can take the form of:

Defects

Waiting time

Extra motion
 Excess inventory

Overproduction

Extra processing

Unnecessary transportation

Unutilized talents

Shine

Everyone thinks they know what housekeeping is, but it's one of the easiest
things to overlook, especially when work gets busy. The Shine stage of 5S focuses on
cleaning up the work area, which means sweeping, mopping, dusting, wiping down
surfaces, putting tools and materials away, etc.

In addition to basic cleaning, Shine also involves performing regular maintenance

on equipment and machinery. Planning for maintenance ahead of time means
businesses can catch problems and prevent breakdowns. That means less wasted time
and no loss of profits related to work stoppages.

Shining the workplace might not sound exciting, but it's important. And it
shouldn't just be left up to the janitorial staff. In 5S, everyone takes responsibility for
cleaning up their workspace, ideally daily. Doing so makes people take ownership of the
space, which in the long run means people will be more invested in their work and the
company.

Standardize

Once the first three steps of 5S are completed, things should look pretty good. All
the extra stuff is gone, everything is organized, spaces are cleaned, and equipment is in
good working order.

The problem is, when 5S is new at a company, it's easy to clean and get
organized…and then slowly let things slide back to the way they were. Standardize
makes 5S different from the typical spring-cleaning project. Standardize systematizes
everything that just happened and turns one-time efforts into habits. Standardize
assigns regular tasks, creates schedules, and posts instructions so these activities
become routines. It makes standard operating procedures for 5S so that orderliness
doesn't fall by the wayside.

Depending on the workspace, a daily 5S checklist or a chart might be useful. A

posted schedule indicating how frequently certain cleaning tasks must occur and who is
responsible for them is another helpful tool.
Work Applications:
In recent years, both large and small businesses have reached new heights. Without a
doubt, the corporate world has reached a new level of competitiveness, which means you must
deliver quality to whatever task you work on.
A great way to deliver high-quality work and maintain cohesiveness among teams is by
employing a robust work management platform. An excellent work management tool has it all
from task management to communication, from project reports to time tracking.

What is a work management application?

Work management software is a virtual application that helps you plan, track, organize,
and assess projects and non-project-related work to optimize your company performance and
team success.
Work management entails monitoring and coordinating all individual and team tasks and
task lists within a project or across an organization’s activities. Workflow management presents
reusable workflows that your team may use to complete tasks repeatedly.
What is a work management application?
Work management software is a virtual application that helps you plan, track, organize,
and assess projects and non-project-related work to optimize your company performance and
team success.
Work management entails monitoring and coordinating all individual and team tasks and
task lists within a project or across an organization’s activities. Workflow management presents
reusable workflows that your team may use to complete tasks repeatedly.
What does work management include?

Work management entails the following subcategories:

 Project management: Project management is, without a doubt, the most crucial
component of work management. A project manager is in charge of coordinating and
assigning work and deadlines and delivering the results to clients.
 Time management: Managing and planning how to balance your time between various
activities is known as time management. You must allocate tasks evenly among team
members to keep your projects on track. As a result, time management entails splitting and
conquering tasks effectively, thus, helping establish a proper schedule and a healthy work-
life balance.
 Resource management: Resource management is efficiently and effectively managing
various types of organizational assets. Human resources, assets, infrastructure, equipment,
and others are examples of these resources. It refers to the allocation of resources to the
correct project at the proper time and cost and the planning, scheduling, and future
allocation of resources.
 Process management: The discipline of aligning all of an organization’s business
processes to function together cohesively is known as process management. On the other
hand, businesses frequently find it challenging to execute process management properly.
 Customer management: Customer management is defined as managing an
organization’s, people’s, and customers’ relationships across time. Companies must match
their customer strategy with the company’s goals and objectives to achieve long-term
success.
How do work management tools help organizations?
 A robust work management software allows you to effectively balance project-related as
well as other official responsibilities. It gives you and your team additional flexibility by allowing
you to manage both project and non-project tasks using your workflows.
Listed below are the major benefits of a work management software:
 One tool for everything: Gone are the days when project managers needed multiple
platforms and software to manage a team and handle divergent aspects of a project. Work
management software allows for a clear path for all areas of work to be maintained—a
centralized spot that helps you access tasks, chat, projects, discussions, files, and much
more. A single tool with all the necessary features makes getting work done easier.
 Creating schedules: Work management software allows you to manage and develop
schedules effectively by helping teams manage time and resources. It helps gain an insight
into the schedule of the team members, including particular projects and other tasks. This
helps in the future assignment of tasks without overloading an individual with many tasks.
 Managing time: It helps in managing time effectively not only for particular projects but
helps track time for non-project-related tasks. This promotes better productivity, enhances
performance, and reduces work-related stress as well as fear of meeting deadlines.
 Task management: One of the most important skills for project managers is task
management, and using work management software to delegate tasks makes it simpler. It
helps you to rapidly assign projects to team members and track their progress and reassign
resources as needed to complete the work more quickly.
 Better communication: Communication and collaboration go hand in hand, and efficient
work management software brings your team communication together in one place. Users
can chat with team members, and clients leave comments on tasks and projects to
communicate with teammates and clients without sending long emails.
 Improved productivity: The primary objective of a work management system is to improve
productivity within a team and individual productivity. Productivity is critical to every
organization’s success. If a team member spends a lot of time figuring out what needs to be
done, they will spend the majority of their time figuring out when that time was supposed to
be spent on task execution.
 Remote work management: The concept of remote working is currently at its pinnacle, as
businesses recognize that they may now have a perfect platform to monitor performance for
remote teams. It saves the company time by avoiding the need to reschedule essential
updates, but it also guarantees that everyone is on the same page without going out of their
way.
 File sharing: When you have a lot of tasks at hand, you cannot spend time looking for
critical files and documents every time you need something. With a great work management
system, you can centralize file-sharing using a work management system, making it easy to
discover data linked to each task. It saves your team time, allowing them to organize other
work-related data to make them readily available to others.
1. ProofHub
ProofHub is a project management and team collaboration software that enables
teams to organize their work in one central location. It’s a centralized platform that allows teams
to cut through the noise and visualize their daily duties in real-time.

ProofHub eliminates the need for several apps to share updates, collaborate,
communicate, or manage tasks.

ProofHub offers a variety of productivity tools to help teams of all sizes improve project
outcomes. It comes with a plethora of features that help teams of all sizes and from all
industries. Apart from English, ProofHub is available in German, Spanish, Portuguese, French,
Russian, Italian, Dutch, Chinese (Taiwan), Turkish, and Polish.

2. Hive
Hive is one of the most effective project management tools available. The mobile app,
when used in conjunction with Hive’s desktop and web services, offers yet another way to boost
work ethic and productivity throughout the day. Hive allows team members to check their to-do
lists, interact in real time, collaborate on schedules, share files, and keep track of project
progress.
Hive is one of the most effective work management tools available. When used in
conjunction with Hive’s desktop and web services, the mobile app offers yet another way to
boost work ethic and productivity throughout the day. Hive allows team members to check their
to-do lists, interact in real-time, collaborate on schedules, share files, and keep track of project
progress.
3. Asana
Asana has been around since 2008, making it a seasoned work management tool with
organizations like Intel, Uber, Pinterest, and TED using it as their primary communication tool.
It was created to simplify businesses to track their employees’ performance and achieve the
best possible results. You can use the site to make to-do lists for active projects, set deadline
reminders, and submit requests to colleagues. Within the app, team members may also assign
comments to posts.
All of your projects can be organized in a list or a board format, and there’s a search
option for easily finding previous work. In a nutshell, Asana is a fantastic tool for staying
organized and facilitating communication within and outside the team.
4. Todoist
Todoist is a popular productivity tool that helps you manage and streamline your
workday. This straightforward to-do list tool allows you to keep track of personal projects while
collaborating with friends, family, clients, and coworkers. Subtasks, subprojects, recurring tasks,
notifications, different priorities, and more features are available when investing in Todoist.
Todoist is a simple task management application that lets you keep track of and combine
activities into projects. Consider this a more advanced version of your standard to-do list. You
can use the app to collaborate with others by sharing and assigning tasks and recording and
organizing your tasks.
5. Trello
Trello is a popular work management platform for organizing, planning, and sharing
everything from simple to-do lists to big project management tasks.
It’s as simple as dragging cards onto a Trello board to get started. Single tasks can be
represented using cards, which can have priorities and deadlines. They can also be more
comprehensive checklists with related files and images, and references to other websites.
There’s also a Power-Ups library of custom cards that lets you incorporate various third-
party services into your workflow, including Box, Evernote, GIPHY, GitHub, Hangouts,
Mailchimp, OneDrive, Salesforce, Slack, SmartDraw, SurveyMonkey, Twitter, ZenDesk, etc.
6. Nifty
Nifty is the all-in-one productivity and communication software that helps teams, tasks,
and deadlines stay on track. Whether across departments or with clients, Nifty’s comprehensive
array of collaboration solutions bridges the gap between communication and action. Nifty can be
the cornerstone or single tool in your company’s IT stack, with features like one-tap Zoom calls,
and Harvest time tracking.
 Nifty’s software lets you manage tasks in a Kanban or list format, has a built-in calendar
that can be synced with Google, and allows you to share files and documents. In a nutshell,
Nifty is an amazing work management tool that is widely used by teams globally.
7. Toggl
Toggl is a great project management application with various features for teams to use.
Its user-friendly, drag-and-drop interface makes it simple to plan projects, complete tasks, and
manage team workloads.
Slack, Github, Google Calendar, and other technologies are all integrated. In addition, a
Chrome extension allows you to add tasks from anywhere on the web with a few clicks.
Users can use this platform to track and analyze their time spent on various tasks. It’s web-
based and takes less than a minute to get up and go from the start. Web tracker, desktop
widgets, and mobile apps provide real-time sync with Toggl.
Toggl is available on various platforms, with synchronization allowing you to roam
between devices while keeping track of your work. There’s a lot to look into here, including
manual and automated activity tracking, a Pomodoro timer, automatic idle time monitoring,
reminders, interfaces with other apps and services, etc.

https://www.proofhub.com/articles/work-management-applications

Ethics and Social Responsibility:

From increased productivity to attracting top talent, there are numerous benefits to adding
social responsibility initiatives within an organization. It also allows you to improve your
organization's overall reputation, which can open doors for unlimited new opportunities.
Choosing which initiative is most appropriate for your organization requires careful
consideration, as the endeavor can become costly.

 Social responsibility refers to an individual or corporate accountability to fulfill their civic

duty and take actions that will benefit society.
 Socially responsible company managers make decisions that maximize profits and
protect the interests of the community and society as a whole.
 Providing time for employees to support their own social initiatives can also build pride,
loyalty and motivation among team members.

What is social responsibility?

Social responsibility is an ethical framework in which individuals or corporations are

accountable for fulfilling their civic duty and taking actions that benefit society. If a company or
person considers taking actions that could harm the environment or society, those actions are
considered socially irresponsible. According to this concept, managers must make decisions
that maximize profits and protect the interests of the community and society as a whole.

Social responsibility and ethics

Ethics refers to a set of moral principles that govern a company's or person's behavior.
Companies should incorporate ethics into their daily actions, particularly those decisions that
affect other people or the environment. A code of social responsibility and ethical conduct
should be applied within an organization and during interactions with others outside the
company. As long as a company upholds strong ethical standards and maintains social
responsibility, the environment and employees are held as equals to the focus on profitability.
However, government interference is often necessary if the company ignores its ethical
standards and takes socially irresponsible actions, such as disregarding environmental
regulations to increase profitability.

Advantages of social responsibility

There are several advantages when a company chooses to be socially responsible, such
as:

Gives a company a competitive edge

Most customers agree that social responsibility is a top criterion when choosing a
company to shop with or do business with. Being a socially responsible company is a message
you can use in your brand position and marketing.

Attracts strong candidates and increases retention

Your company's success is strongly impacted by the people who work for you. If you
consistently provide a socially responsible culture for your employees and have a reputation for
doing so, you can attract and retain top talent to your organization.

Makes your business attractive to investors

Investors generally believe that a commitment to social change is a great way to position
a company for long-term success. While there must be a balancing act between focusing on the
profitability of an organization and social initiatives, doing so successfully can create endless
opportunities for companies.

Improves business culture

Your employees are likely to be more motivated and have a greater commitment to the
organization if they see the social initiatives are in place. Providing time for employees to
support their social initiatives can also build pride, loyalty and motivation among team members.
This, in turn, makes everyone more engaged and productive.

Increases customer loyalty and advocacy

Consumers are drawn to companies with a reputation for being good corporate citizens.
Moreover, customer advocacy is key to attracting new customers. As your loyal customers talk
to people they know about your product and share positive reviews, they will drive more
business your way.
Improves company reputation

If your organization is continually participating in social initiatives, it gives an impression

to customers, investors and the world as a whole that your organization is financially viable.
This, in turn, can attract new investors and investors alike.

Improves profitability and value

Companies often find that when they introduce more energy-efficient methods and begin
recycling, they cut operational costs and benefit the environment. Social responsibility also
increases transparency with investment analysts, shareholders and community members,
improving the company's reputation and increasing the overall value.

Disadvantages of social responsibility

While corporate social responsibility is generally advantageous for organizations, there are a
few drawbacks. Here are the primary disadvantages to consider:

Costs money to implement

While large organizations can afford to allocate a budget to corporate social

responsibility reporting, this can be financially taxing on smaller organizations. While smaller
companies can use social media to share any social responsibility policies or initiatives with
customers and community members, monitoring these channels takes time and resources. It
may require the company to hire extra employees to manage the process effectively, which can
be challenging for small businesses.

Impacts profitability

A company has a fiduciary duty to its shareholders and costly social responsibility
initiatives can impact this directly. This conflict can be challenging for managers, who may feel
compelled to choose between socially responsible decisions or initiatives and focusing on the
company's profitability.

Greenwashing

In some cases, social responsibility initiatives have been used to improve a company's
image even though no real change has been made. For this reason, it's important to consider
what social responsibility initiatives you will take and evaluate the impact they will have on the
organization.

Examples of social responsibility in corporations

Here are a few examples of corporate social responsibility initiatives that companies have taken:

 Charitable giving and volunteer efforts: Companies give employees time off for
volunteering every year and donate portions of revenue to a charitable organization.
 Changes to company policies to improve or benefit the environment: Companies
are holding tree-planting events, minimizing paper waste, switching to energy-saving
bulbs, setting up recycling bins and allowing remote work to reduce the negative impact
of commuter traffic.
 Improving labor policies and embracing fair trade: Brands are striving to improve
working conditions and the well-being of employees. They are giving parents significant
periods of paid leave, unlimited vacation time, more natural lighting, soft seating and
plants to boost energy and morale.