Corporations are complex organizations. They encompass a variety of business functions that have to be orchestrated in such a way that the corporation thrives. The many arms of a corporation work at an equilibrium though sometimes at odd and sometimes competing for limited resources. Upper management has the task of ensuring that the organization as a whole is in synch despite possible internal tensions.
Good corporate governance is the healthy interaction between the management of the company, stakeholders and workers. Parameters of performance are set, after getting inputs from concerned personnel and they will be monitored by management. Operational costs will also be carefully monitored to maximize profit and this ensures that the shareholders get a fair return on their investment.
Corporate governance sets a road map to take effective and strategic business decisions. Good corporate governance ensures transparency of business operations and ensures that all shareholders, both major and minor, get a fair deal since their interests are protected.
Benefits of corporate governance
- It ensures success of the business and future growth
- It results in investor confidence which enables the business to raise capital at minimum cost
- Good corporate governance results in higher share prices
- It ensures that both owners and management will strive to achieve the objectives of the corporation, thus protecting the interests of the corporation and shareholders
- Helps minimize inefficiency, wastage and mis-management
- It helps reduce business risks
- It helps in brand recognition among the public
- Good corporate governance ensures that the organization is managed in a manner that benefits all stakeholders
Corporate Management Software
Corporate Management Software consists of multiple integrated applications which a Corporation can use to collect and store data. This will enable the business to interpret the data from various business activities such as:
- Product planning and cost
- Manufacturing/service delivery
- Inventory control
- Transportation costs
- Invoices and payments
Corporate Management Software gives an integrated overview of core activities of the business. It can give a real-time assessment of activities using common databases contained in the database.