Popular Practices in Business Networking & its Impacts on the Organisation “A Theoretical Review”
Mr. Adesh Wadekar & Mr. Rushikesh Khurgaonkar
Student of Indira School of Business Studies PGDM, Pune.
Abstract:
This paper provides a comprehensive theoretical review of popular practices in business networking and their impacts on organisations. Business networking is a vital strategy for organisations seeking to enhance their growth, expand their market reach, and forge valuable partnerships. This practice involves building and maintaining relationships with other business professionals to exchange information, resources, and opportunities, ultimately leading to mutual benefit. The paper explores the conceptual underpinnings of business networking, drawing on theories related to social capital, relationship marketing, and knowledge management. It examines how these theories support the practices and outcomes associated with business networking, providing a comprehensive understanding of its role in organisational success.
The paper highlights the significance of business networking in today's interconnected business landscape, where success often hinges on more than just a brilliant idea or a superior product. It relies on the power of connection, the art of building and nurturing relationships. The paper argues that business networking is a critical element of modern business practices, and its significance cannot be exaggerated. The paper also discusses common strategies used by companies to improve their networks, including developing clear and comprehensive network strategies, network design and configuration, network segmentation, and the use of technology such as cloud-based solutions, software-defined networking, and secure access service edge.
In addition, the paper explores the role of digitalization in networking, including the implementation of centralized management, enhanced security protocols, and the integration of advanced technologies like artificial intelligence and machine learning. It also discusses the role of social media in networking, including its ability to simplify connections, keep individuals informed about industry trends, and promote personal branding.
Keywords: Business Networking, Organisational Growth, Market Reach, Partnerships, Social Capital Theory, Relationship Marketing, Knowledge Management, Networking Strategies, Network Design, Network Segmentation
