International Trade/Offshore Manufacturing/Sourcing/Export/Import/Consulting Web Marketing: So Much To Know By Jeffrey Graham The Internet and globalization have promulgated a trans-national business culture. Though volumes have been written about the differences in how business is conducted in various cultures around the world, little has been said about the similarities. Clearly, the Internet has been instrumental in bringing us closer together. The World Wide Web is, in reality, a global electronic bazaar where all sorts of goods and services are being bought and sold. Some businesses have obviously recognized that the changes brought about by globalization and the Internet present some extraordinary business opportunities. Many others, however, have not only failed to take advantage of these opportunities but continue to struggle with the enormity of the changes. This trans-nationalization of business culture, which is most clearly apparent on the World Wide Web, is for many enterprises a double-edged sword; it cuts both ways. While presenting opportunity, it also requires that businesses ingest and process extraordinary quantities of information that is being generated in all of the media. Sources of information include, but are not limited to the following: Newspapers Magazines Journals Industry newsletters Radio and television Special reports from think tanks E-mail and Usenet groups Web sites A knowledgeable executive recently placed this issue into proper context. "How am I supposed to remain well-informed about my industry when there is so much information being produced? I barely have enough time to read the morning newspaper. And you can forget about the Internet. Who has time to visit all of these Web sites?" Her questions are relevant to most companies. Managing information, especially the information generated by the Internet, is now becoming an important function in the business enterprise. Some business executives argue that this is just another ploy to create a new category of highly paid "specialized" employees. Others point out that much of this information has little relevance to their business. Still others advocate that the only information of any real value to the business enterprise is the database that has the names of customers and those who could become customers. While all have valid arguments to support their viewpoints, the marketplace marks such discussions as being insignificant.So, how can your company develop an information management strategy? Decide what information is relevant to your business. This is extremely important. Some companies, especially those in mature industries, do not find industry trend news or advances in technology to be important. Others are not as concerned about foreign news. Each business has different needs. What is important is that you decide to evaluate your information needs. Merely thinking about your needs will probably change the way you look at information entirely. Reorganize your company to assimilate information better. Somebody has to really be on top of making sure that critical information gets to the proper people in the company. This may require some changes in duties and responsibilities of various employees. The most important point to consider here is the knowledge and skill level of the person pushing information to decision-makers. In some cases, make certain there is no duplication of effort. If an executive regularly reads certain publications, the person in charge of gathering for him/her can monitor other sources. Develop information channels. Vendors, customers and service providers all have access to information that is vital to making decisions within the business. Sometimes, due to the informal nature of the contacts between employees, critical information is lost. You should advise your employees to listen to what we commonly call "gossip" and other bits of information. Companies that closely monitor this type of information often adjust better to changing marketplace conditions. Monitor the Internet carefully. This is also essential. So much of the new and interesting information is being broadcast via the Internet, either by e-mail, Usenet and e-mail discussion lists, or Web sites. Seek outside assistance when appropriate. Such things as clipping services can be a valuable tool. Periodically review the information gathered and assess its value, as compared to the effort in collecting it, and do a cost-benefit analysis. Managing information is no longer optional. Developing a strategy to manage information will provide other benefits to your business, as well, because you will enhance inter-departmental communications. Companies are often amazed at how they are able to save money on the costs of doing business by merely getting their employees to communicate with each other in a professional manner. Those companies who fail to develop such a strategy will pay a serious price: failure. When this article was first published, Jeffrey Graham was president of JPG Consulting, a Philadelphia, Pa.-based international business consulting company founded in 1995, that sponsors the Going Global Web site, which provides information and assistance for newbies to the Internet and international business, as well as enhanced opportunities for global business outreach for companies and organizations. Advertise on this site Put your company on this site!