Impact Of New Media In Promoting Efficiency And Accountability In Business Organizations

This study was carried out on the impact of new media in promoting efficiency and accountability in business organizations using Kuda Bank, Lagos State as a case study. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprised of senior and junior staff of Kuda Bank, Lagos State. In determining the sample size, the researcher conveniently selected 53 respondents and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables. While the hypotheses were tested using chi-square statistical tool. The result of the findings reveals that business organizations uses new media to promote efficiency and accountability. The study also revealed that the extent at which business organizations use new media in promoting efficiency and accountability is not very high. The study further deduced that the use of new media by business organizations have an impact on business growth. Therefore, it is recommended that public administrators in the organizations should be cautioned against creating sites that may negatively affect the reputation of their employer. Furthermore, publicly acknowledging support for or displaying opposition to a particular group, policy, or any other issue could be misconstrued as organizational opinions or may cause reputational problems for the employers. Hence, it is critical to raise awareness among employees that their social media interactions and conduct, however frivolous, could tarnish the reputations of the public organizations. To mention but a few.

Introduction

1.1 Background of the Study

The Internet provides a new paradigm for communication and has empowered millions of people to network socially beyond the confines of geographical proximity. Online social networking has moved from a niche phenomenon to mass adoption (Wang, 2009). New media includes various methods such as social networking, user-sponsored blogs, multimedia sites, company-sponsored websites, collaborative websites, podcasts, etc. From the business perspective for any business, effective networking is an essential component to success (Kelley, 2010). Today‟s new media tools are bringing rapid change to organizational communication and public relations. new media networks are enabling businesses to become more socially engaged, exploiting new business model innovation based on firms‟ ability to monetize and extract value from crowd generated data and content. new media has enabled organizations to establish a stronger relationship with the community of reference, in order to exploit the network effect and harness collective intelligence.

These technologies have shifted the emphasis of internet services from being consumption- based towards becoming interactive and collaborative, creating new opportunities for interaction between organizations and publics (Henderson & Bowley 2010). Therefore considering the growing importance of new media as a strategic tool among organizations, this research aims to investigate the impact of new media usage on organization performance. Technologies in some cases have uncertain, little, or no impact on organizational performance (O‟Sullivan 1998), some researchers say corporate adoption of new media, is already showing enormous benefits since the organizations are using it for advertising, branding, information and knowledge search and for customer service and building relationships. new media usage among organizations is growing tremendously. Organizations are now building and maintaining new media public pages to improve their social network salience, enhance interest in their organizations, and build relationships with the online public. The majority of the studies on new media usage are based on the individual perspective but the study focuses on the new media usage based on organization.

new media has revived more ancient types of decision-making prevalent before the emergence of mass media, when the exchange of opinions between one‟s families, relatives, friends, and neighbors was the basis for product purchase (Dellarocas, 2003). Different from the one-way model of communication in most mass media, new media represents two-way communication between consumers and the materialization of the communication content. As the digital version of word-of-mouth, new media represents the solidification, storage, and retrieval of the word-of-mouth content online. Face book was created because a Harvard undergraduate student wanted to connect with his fellow students (Mezrich et al., 2009).

Internet developments have played a significant role in the growth of industry over the last two decades (Kim, Li, and Brymer, 2016). Web 2.0 apps offer the opportunity to convert internet capabilities to a social environment where people can interact online using new media (Sigala and Chalkiti, 2014). A social network is a social system composed of people or organisations called nodes that are connected by one or more different forms of interdependence, such as friendship, mutual interest, and financial exchange, relationships generated, expertise, or prestige. A cyber danger may be both unintentional and intentional, targeted or untargeted, and it can come from a variety of sources, including foreign nations engaged in spy and information warfare, terrorists, hackers, virus writers, disgruntled employees and contractors working within a business. The new media platforms are not just intended to communicate with other people or interact internationally; but also an important way to promote business (Gharibi and Shaabi, 2012). Social networking is an effective cyberspace for secure access and updating of information (Sigala, 2012). The success and massive use of new media makes online learning and information sharing easier (Hur, Kim, Karatepe, and Lee, 2017). Social networking helps users to connect and create content without having physical presence (Zhang, Guo, Hu, and Liu, 2017). It"s an unfortunate reality that work processes have become so complicated in today"s world that no one can work in a vacuum and every one has to work with each other to get things done. Mobility has made things more difficult, because the person to deal with and the customer may not be in physical proximity. Given the recent hype around new media, the social networking idea has been around and developed much like any other invention and has since become sophisticated with technical advances.

New media such as YouTube, Twitter, WhatsApp, Facebook andand Instagram deliver users a global platform for connecting, interacting and sharing information (Sakthivel and Parasuraman, 2017). Mayfield (2008, 2012) described five essential characteristics that almost all social networking sites shared: engagement, accessibility, community, interaction and connectivity. Taprial and Kanwar (2012) went on to point out five more important features and separated the new media from the mainstream media. These are accessibility, speed, interactivity, durability and reach. Because of the latest discussion on new media, optimistic and negative, performance of organisations and job performance, the aim of this research is to extend previous research on new media use comprising four independent variables: openness, conversation, community and connectedness and their impact on organisational performance.

1.2 Statement of the Problem

Adoption of new media is expected to a great extent in view of its benefits. However studies show that this isn‟t so. Many firms worldwide are slowly accepting new media as an important tool that could revolutionize the way they conduct business. For a business to succeed, it should engage in or focus on satisfying customer needs more efficiently than its competitors. As cook (2002) observes, today‟s customers are increasingly sophisticated, educated, confident and informed. They have high expectations of the service they want to receive, want greater choice and will not be manipulated. Firms must look for better ways of serving them. One such is new media which some firms have adopted but the extent is still not yet known. In respect of internet marketing firms, a question arises then, to what extent has new media been adopted by business organizations in Nigeria?

New media may play a major part in reducing costs and growing revenues for internet marketing firms, advertising and market development research.

Literature on new media to a large extent focuses on western countries linking new media phenomenon to the works of corporate companies or private sector touching less cooperative movements (Freiet, 2007). There have been various initiatives to enhance the efficiency and effectiveness among business organizations including use of various communication channels between business organizations and their stakeholders, employees and management, employees and employees and business to business.

New media is among the communication channels that business organizations have adopted and started using in order to improve their performance. Despite widespread diffusion and use of ICT and new media in the society, it is not yet reported how and to what extent the new media have contributed to improvement of organizational performance. Some studies claim that the use of social network sites makes employees happier and therefore, more productive (AT & T, 2008; Bennett et al., 2010; while other studies consider it as a reason for reduced productivity since it can waste time and be addictive. (Accountemps, 2010) these studies that argue that using social networking sites reduces productivity in the workplace looked only on at the time wasted as a result of social networking and ignored the possible indirect benefits such as enhanced job satisfaction, higher organizational commitment, lower absenteeism, higher retention rates, higher innovative behavior and increased productivity.

Many process improvements may be found through efficient social networking programs and organizational connectivity (Chiveet al. 2008).

1.3 Objectives of the Study

The main aim of this study is to examine the impact of new media in promoting efficiency and accountability in business organizations.

Other objectives of this study are:

To determine whether business organizations use new media in promoting efficiency and accountability.

To determine the extent business organizations use new media in promoting efficiency and accountability.

To determine whether the use of new media by business organizations has an impact on business growth.

To determine the types of new media used by business organizations in promoting efficiency and accountability.

1.4 Research Questions

The following research questions will be answered in this study:

Does business organizations use new media in promoting efficiency and accountability?

To what extent do business organizations use new media in promoting efficiency and accountability?

Does the use of new media by business organizations have an impact on business growth?

What are the types of new media used by business organizations in promoting efficiency and accountability?

1.5 Research Hypotheses

The following null hypotheses will validate this study:

H01: Business organizations do not use new media in promoting efficiency.

H02: The use of new media by business organizations does not have an impact on business accountability.

1.6 Significance of the Study

It is necessary to understand how business is taking advantage of best practice in new media to strengthen the company organisation"s relationship with customers, in order to encourage owners of these companies to make decisions about the value of new media, recognise the most successful tool in this regard and highlight the role of new media in enhancing and growing business and increasing profit, and lastly how to use new media to interact with the public.

1.7 Scope of the Study

This study is focused on the impact of new media in promoting efficiency and accountability in business organizations. Specifically, this study is focused on determining whether business organizations use new media in promoting efficiency and accountability, determining the extent business organizations use new media in promoting efficiency and accountability, determining whether the use of new media by business organizations has an impact on business growth and determining the types of new media used by business organizations in promoting efficiency and accountability. The respondents for this study will be obtained from Kuda Bank, Lagos State.

1.8 Limitations of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges..

1.9 Definition of Terms

New Media:

New media are forms of media that are computational and rely on computers and the Internet for redistribution. Some examples of new media are computer animations, video games, human-computer interfaces, interactive computer installations, websites, and virtual worlds.

Business Organizations:

An entity formed for the purpose of carrying on commercial enterprise. Such an organization is predicated on systems of law governing contract and exchange, property rights, and incorporation.

1.10 Organization of the Studies

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.

Chapter One:

Introduction

1.1 Background of the Study

1.2 Statement of the Problem

1.3 Objective of the Study

1.4 Research Questions

1.5 Research Hypothesis

1.6 Significance of the Study

1.7 Scope of the Study

1.8 Limitation of the Study

1.9 Definition of Terms

1.10 Organization of the Study

Chapter Two:

Review of Literature

2.1 Conceptual Framework

2.2 Theoretical Framework

2.3 Empirical Review

Chapter Three:

Research Methodology

3.1 Research Design

3.2 Population of the Study

3.3 Sample Size Determination

3.4 Sample Size Selection Technique and Procedure

3.5 Research Instrument and Administration

3.6 Method of Data Collection

3.7 Method of Data Analysis

3.8 Validity of the Study

3.9 Reliability of the Study

3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

4.1 Data Presentation

4.2 Analysis of Data

4.3 Answering Research Questions

4.4 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

5.1 Summary

5.2 Conclusion

5.3 Recommendation

References

APPENDIX

QUESTIONNAIRE

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