University of Arizona Global Campus The Value of Intangible Benefits Discussion

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naqlva

Business Finance

university of arizona global campus

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The Value of Intangible Benefits

[WLOs: 1, 2] [CLO: 4]

Prior to beginning work on this assignment,

In this assignment, you will construct a justification for the purchase or outsourcing of the technology you would recommend as the solution to the video communication problem described in your Week 3 What It Takes to Be a Champion of Change Video Presentation discussion. Conduct an internet search using the key-word phrase “video conferencing solutions” to identify a solution that might fit the company’s needs.

NOTE: The chosen technology is only a framework and isn’t as important as your justifications using the intangibles you identified in your Week 2 What are Intangibles Worth? discussion, Current Intangible Business Costs assignment, and from reviewing the An Intangible Example Download An Intangible Exampledocument recommended resource.

Using the elements you identified in the DaregeanGrix scenario in Week 2 for justification,

  • Build a table with approximate costs associated with each of the elements in the company’s current environment.
    • Some of these should be actual (tangible) costs and some should be implied (intangible) costs (e.g., customer satisfaction, employee satisfaction, efficiency, etc.).
  • Weigh the tangible costs and the intangible improvements that the new technology will bring to the organization using a narrative format and contextual reasoning.
  • Create a justification for the solution using the intangible elements the solution will provide.
  • Explain how these elements have a significant impact on the organization, employees, and customers.

Remember that your goal is to be able to justify a possible investment using intangible benefits in a new technology in which there is little in the way of traditional return on investment (ROI) to lean on.

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DARGEANGRIX BUSINESS SCENARIO DargeanGrix, Inc. is a fictitious international venture capitalist (VC) organization in a niche product development market. The organization is very successful and has reported annual revenue averages of $250M over the past seven years. A key element to their success is the warm relationships they build with their clients and prospects. DargeanGrix relies heavily on video conferencing and telepresence equipment for conference calls with potential entrepreneurial investment opportunities worldwide, and for managing their portfolio of current entrepreneur client investments. The goals for using the technology are to create a close facsimile of face-toface interaction to facilitate open communication, enable relationship nurturing, and foster a sense of camaraderie among the team members while reducing both the stress and the costs of domestic and international travel. Company Details  500 combined domestic and international employees.  10 offices in 10 states.  250 remote employees and 250 on-site employees.  Two overseas locations, each has 50 employees. Current Issues  A mishmash of technology is used for videoconference tools in the current environment.  There is wasted meeting time when troubleshooting frequent issues with the disparate and often quirky video technology.  The cost of maintenance for the aging video equipment is rising.  Video calls are often full of dropouts and delays and have poor audio quality.  Customer and employee satisfaction with video calls is low as the equipment is not reliable and the video experience is poor.  Issues with equipment and call quality means time spent in video meetings is not productive, making the experience stressful and frustrating for those attending the video calls.  Dissatisfaction with video calls has increased travel costs. DargeanGrix’s Long Term Goals  Reduce maintenance costs.  Reduce travel time and associated costs.  Reduce client and employee call frustration.  Provide a great client experience on every call.  Increase call productivity and effectiveness.  Increase bottom line. 1 Introduction Companies require effective technological tools to enhance their videoconferences involving staff located in different locations to save time and reduce communication costs. DargeanGrix has been spending a lot of finances and time organizing and conducting videoconferences between its employees in different states of the world through mishmash technological tools. Improving the company technology and tools used in video conferencing would improve DargeanGrix processes by saving on costs and time utilized on other important company processes (Shore, Yellowlees, Caudill, Johnston, Turvey, Mishkind, and Hilty, 2018). Furthermore, improving DargeanGrix communication processes would require a technological tool to support high-quality audio and visual communications between all the company staff while saving on time and other resources. Effective video conferencing tools and technology would improve the quality of audio and visual and hence pass the message effectively to every meeting attendee. For an effective conferencing meeting, the company has to use technological tools with great displays, with built-in microphones, high-quality webcams, built-in speakers, have strong internet connectivity, and other great features that would enable great communication between meeting attendees and producing high-quality audio and visuals (Shore, Yellowlees, Caudill, Johnston, Turvey, Mishkind, and Hilty, 2018). Additionally, by improving on the technology and videoconferencing tools, we would improve the level of satisfaction between our employees and customers as they would collaborate well in their communication and improve the company working culture. One of the best modern technological tools for conferencing that would greatly improve communication in our company is Zoom. My idea of improving the DargeanGrix process: 2 Zoom would improve the DargeanGrix communication processes. It will provide high-quality audio and visual connectivity, provide instant messaging between the meeting attendees, allow sharing of various content, and enhance the recording of meetings. These features would greatly improve the company employees' current mishmash of technological tools used for videoconferencing (Archibald, Ambagtsheer, Casey, and Lawless, 2019). Additionally, the zoom software would reduce the overall costs and time spent organizing and conducting company meetings without delays. Additionally, the zoom software allows network connectivity and can be installed on different devices, which improves its usability and reliability in conducting videoconferencing meetings. Furthermore, the zoom would improve the efficiency in DargeanGrix communication processes by enabling effective connectivity between the company staff and customers, which would improve the level of satisfaction to all the meeting attendees (Werner, Mayleben, Bokkelen, 2012). Also, the zoom software has a technological support system that includes Chrome and the Linux operating system, enabling flexibility. When DargeanGrix implements zoom software in its conferencing meetings, it will be possible to conduct the meetings according to their planned order and time (Archibald, Ambagtsheer, Casey, and Lawless, 2019). Additionally, zoom software conferencing allows DargeanGrix to provide enough security to information shared by the staff and the customers in the meeting. Hence, it provides secured communication as it has socket layer encryption. Improving DargeanGrix process organization: Zoom would improve the DargeanGrix communication processes by saving on resources used in organizing videoconferencing communications. Different versions of zoom software are free with almost efficient features and abilities to provide high-quality audio and visual 3 communication. The costs saved on conducting meetings using zoom software would be used on other company processes that improve the company productivity and revenue. Additionally, the zoom would help the company manage communications and share content with the employees and the customers (Wiederhold, 2020). Therefore, zoom provides a cheap channel of videoconferencing, which helps reduce the company expenditure. Additionally, the zoom software allows communications between two or more attendees and hence can support videoconferencing with many employees and customers allowed to attend those meetings (Hollingsworth, Copeland, and Johnson, 2019). Also, the zoom software would improve the organization's processes by allowing company staff to achieve their goals and meet the company's needs. With the ease of use, the zoom would improve communications without requiring training and improve company efficiency. The company can also conduct events and webinars through zoom and hence support all the business processes. Zoom conferencing also improve staff and customer satisfaction by providing high-quality audio and visuals during communication while also providing security to their communications. Future implications on the DargeanGrix process: Zoom will save on the company maintenance operation costs as it does not require any extra hidden costs. Additionally, using zoom will not lead to extra costs on information and technology support and manage the videoconferencing meetings. The zoom software video conferencing also provides high-quality communications to all meeting attendees through highquality audio and visuals, which would improve the overall cooperation and connectivity between company employees and customers (Wiederhold, 2020). Through the improvement of cooperation, the company productivity and efficiency would have improved. Another long-term impact of using zoom software conferencing is that it saves on the company's transport costs. 4 Those required to attend the meetings can easily get across the software with a single button and not move to other areas. Zoom enables connectivity of company staff and customers across the world, including those in remote areas. Additionally, the zoom will improve DargeanGrix processes by enabling the management to conduct webinars, meetings, and events without incurring an extra cost (Hollingsworth, Copeland, and Johnson, 2019). Thus, zoom is the best cheap modern technological innovation that every company can utilize to improve its overall operations while saving on overall costs. Finally, zoom software conferencing will result in an overall return and value on investing as it will lead to improvements in employee relationships and cooperation. Supporting exploration of the idea: As the company chief financing officer, I would participate in the pilot test department to implement an effective zoom video conferencing software. Within the pilot test department, I will choose a project team with the best skills and experience in the sector. Implementing the zoom software videoconferencing committee would form the general concepts and the impact it will have on the DargeanGrix processes (Radomska, 2015). Additionally, I will define the business model of implementing the zoom software video conferencing to the company by describing various assessments on the viability of the system to the company. My team will also help conduct the feasibility study, especially on the company's technical and financial concepts of implementing the system. After conducting the feasibility and assessment tests, I will help implement the zoom software video conferencing for the company. Finally, I will help establish the business operations to become a success and positively impact the DargeanGrix processes. Through the project's viability assessments, we will get additional information on the possibilities of improving video conferencing communication.
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Explanation & Answer

Please view explanation and answer below.

Running head: MANAGEMENT QUESTION

Management Question
Name
Institution
Professor
Date

1

MANAGEMENT QUESTION

2
Management Question

Costs
Element

Costs

Audio conferencing costs

$ 100

Visual costs

$ 50

Cloud storage fee

$ 60

Developer support

$ 90

Commissions

$ 50

Equipment’s and systems

$ 100

Weighing of tangible costs and intangible benefits
Implementation of zoom video conferencing brings more intangible benefits to the
company than tangible costs. Zoom videoconferencing improves the general productivity of the
company and efficiency in communications. Through the high-quality visual and audio
connectivity services, the employee and customer cohesion is improved, which results in greater
satisfaction to those involved in the meetings and teamwork (Jin, Yan...


Anonymous
Really helpful material, saved me a great deal of time.

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