Linguistic skills and trust creation in international business relationships

Today’s international business in highly related to crossing national, cultural and linguistic borders making communication and linguistic skills a vital part of the trade. The purpose of the study is to understand the role of linguistic skills in trust creation in international business relationships. Subobjectives are to discuss the importance of linguistic skills in international business context, to evaluate the strategic value of trust in business relationships and to analyze the extent to which linguistic skills affect trust formation. The scope is restricted to business-to-business markets. The theoretical background consists of different theories and previous studies related to trust and linguistic skills. Based on the theory a new LTS-framework is created to demonstrate a process model of linguistic skills affecting trust creation in international B2B relationships. This study is qualitative using interviews as a data collection method. Altogether eleven interviews were conducted between October 2014 and February 2015. All of the interviewees worked for organizations operating in the field of international business in B2B markets, spoke multiple languages and had a lot of experience in sales and negotiations. This study confirms that linguistic skills are an important part of international business. In many organizations English is used as lingua franca. However, there are several benefits of speaking the mother tongue of the customer. It makes people feel more relaxed and it makes the relationship more intimate and allows to continue developing it at a more personal level. From the strategic point of view trust creates competitive advantage to a company adding strategic value to the business. The data also supported the view that linguistic skills definitely impact the trust formation process. Quickness and easiness could be stated as the main benefits. It was seen that trust forms faster because both parties understand each other better and they become more open about information sharing within a shorter period of time. These findings and the importance of linguistic skills in trust creation should be acknowledged by organizations, especially regarding the human resource management. Boundary spanners are in key positions so special attention should be put into hiring and educating employees which then take care of company’s relationships. Eventually, these benefits are economical and affect to the profitability of the organization

A Business Incubator, Accelerator, or Coworking Space? Case Health Innovation Village at GE

Health Innovation Village at GE is one of the new communities targeted for startup and growth-oriented companies. It has been established at the premises of a multinational conglomerate that will promote networking and growth of startup companies. The concept combines features from traditional business incubators, accelerators, and coworking spaces. This research compares Health Innovation Village to these concepts regarding its goals, target clients, source of income, organization, facilities, management, and success factors. In addition, a new incubator classification model is introduced. On the other hand, Health Innovation Village is examined from its tenants’ perspective and improvements are suggested. The work was implemented as a qualitative case study by interviewing GE staff with connections to Health Innovation Village as well as startup entrepreneurs and employees’ working there. The most evident features of Health Innovation Village correspond to those of business incubators although it is atypical as a non-profit corporate business incubator. Strong network orientation and connections to venture capitalists are common characteristics of these new types of accelerators. The design of the premises conforms to the principles of coworking spaces, but the services provided to the startup companies are considerably more versatile than the services offered by coworking spaces. The advantages of Health Innovation Village are that there are first-class premises and exceptionally good networking possibilities that other types of incubators or accelerators are not able to offer. A conglomerate can also provide multifaceted special knowledge for young firms. In addition, both GE and the startups gained considerable publicity through their cooperation, indeed a characteristic that benefits both parties. Most of the expectations of the entrepreneurs were exceeded. However, communication and the scope of cooperation remain challenges. Micro companies spend their time developing and marketing their products and acquiring financing. Therefore, communication should be as clear as possible and accessible everywhere. The startups would prefer to cooperate significantly more, but few have the time available to assume the responsibility of leadership. The entrepreneurs also expected to have more possibilities for cooperation with GE. Wider collaboration might be accomplished by curation in the same way as it is used in the well-functioning coworking spaces where curators take care of practicalities and promote cooperation. Communication issues could be alleviated if the community had its own Intranet pages where all information could be concentrated. In particular, a common calendar and a room reservation system could be useful. In addition, it could be beneficial to have a section of the Intranet open for both the GE staff and the startups so that those willing to share their knowledge and those having project offers could use it for advertising.

Development of project management procedures for customer project business

Objective of the thesis is to develop project management procedure for chilled beam projects. In organization is recognized that project management techniques could help in large and complex projects. Information sharing have been challenging in projects, so improvement of information sharing is one key topic of the thesis. Academic researches and literature are used to find suitable project management theories and methods. Main theories are related to phases of the project and project management tools. Practical knowledge of project management is collected from two project business oriented companies. Project management tools are chosen and modified to fulfill needs of the beam projects. Result of the thesis is proposed project management procedure, which includes phases of the chilled beam projects and project milestones. Project management procedure helps to recognize the most critical phases of the project and tools help to manage information of the project. Procedure increases knowledge of the project management techniques and tools. It also forms coherent project management working method among the chilled beam project group.

Development of business processes and sales reporting - Case recovered paper

The purpose of this research is to discover development points for business processes and sales reporting in the recovered paper sourcing organization. The processes under development are both sales and sourcing processes that were determined by the commissioning company. All of these processes have in common that there are used sales orders to organize the money flows correctly. Although the main objective is to source only recovered paper, the sourcing also brings by-products that cannot be utilized and are thus sold. As the purpose of the sales function is to only support the sourcing strategy, it should be organized as efficiently as possible. Investigating the current status of the processes and finding development points help in building proposals for enhanced process descriptions. In order that sales function could be analyzed, should the sales reporting be accurate and present the needed key figures. The current status of the processes as well as the possible problems and development ideas were researched with the help of interviews. Best practices could also be brought from other business lines in the commissioning company. The theory part was build according to relevant literature and scientific articles. The research indicates, that processes have shaped differently in sourcing organization’s business units. Local infrastructure and legislation sets certain limitations to the sourcing of recovered paper, and these circumstances cannot be changed. Customer-supplier power relations also affect to the formulation of business processes. In order to steer the processes, there has to be more internal controls. Still, the enterprise resource planning system also sets boundaries how the processes can be made more efficient.