Management of Financial Information
The impacts of IT in the business world today are varied. For instance, Information Technology has helped to increase information flow in the market. Other benefits associated with IT include preparation of avenues for information research and validation before public release; organization of information with clarity and consistency and improvement of information quality. Knopf Publications and Wall Street are two publishing houses of American origin. Besides their origin, the two companies are similar in so many other ways.
For instance, they are both over 100 years old. Information technology use in both companies is also relatively similar since they use IT for information management organization. The two companies are also similar through the volume of publications made. While Knopf publishes manuscripts by different authors, Wall Street is focused on newspapers. The volume of manuscripts received by Knopf is so large that the company has a policy to avoid publishing any unsolicited manuscripts unless sent by an agent.
Wall Street has a strong global distribution network that provides over 2.5 million copies through physical distribution and has an online distribution system that has over 1.5 million subscribers. Knopf publishers may accept self addressed manuscripts from writers apart from those received through their agents listed among the writers’ market. The propensity of integrating IT in all the organization’s operations has emerged in both Wall Street and Knopf in the recent years. The use of IT to increase organizational management and output is one of the determinants of effectiveness of the organization.
ICT has brought very many changes to both organizations; however, there is still the challenge of information sharing and copyright infringement. Apart from this, Wall Street also faces the challenge of plagiarism due to the ease of information sharing across the world (Oz, 2011). Despite the perception that ICT has created sustainability of information flow through the years, the issue of free press is considered challenging to the media houses, particularly like those in the US where there is the right to Free Press. In this context, information sharing poses a challenge since some countries to not have the freedom for Free Press.
The lack of Free Press in many of the Asian countries can be addressed through advocacy to encourage governments to adopt the freedom of press. This will help Wall Street and other Newspapers to market their products effectively in the whole world. Alternatively, educating the masses on the importance of Free Press can also help companies such as Knopf to achieve their plans through accessing a wide market.
Through guidelines on how Free Press can be achieved without the varied negative impacts such as publication of wrong information, the companies can be able to enjoy the right to Free Press. With the replacement of the print media with various other forms of media, information censoring becomes quite difficult due to everyone’s ability to post their own news (Knopf, 2011).
While it may be easier for Knopf to censor their information since it is collected through agents, Wall Street finds it difficult to do the same. Knopf publications are mainly for entertainment and hence there are particular guidelines that are followed for their publication (Geisst , 2004). Apart from this, Wall Street also does some online advertising using the company website while Knopf focuses on the promotion of its books.
It is therefore recommended that both companies should engage ICT in all their operations and make use of online media to market their products. Through the use of varied models of ICT, the organizations will be able to achieve the desired level of growth in the global context.
References
Geisst, C. R. (2004). Wall Street: A History : From Its Beginnings to the Fall of Enron. New York: Oxford University Press.
Knopf, A. (2011). Publishing then and now: 1912-1964, Issues 14-22. New York: New York Public Library.
Oz, E. (2011). Management Information Systems [With Access Code]. New York: Cengage Learning.
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