Oxford, Oxfordshire (PRWEB UK) 12 May 2014
Democratisation of online information, always-on media and the proliferation of audiences creates distorting effects that are not well understood, according to a new white paper published by the Oxford University Centre for Corporate Reputation at Saїd Business School and the University of San Diego School of Law. ‘How Reputations are Won and Lost in Modern Information Markets’ seeks to identify the key challenges and opportunities for businesses and policy-makers in dealing with online information networks. Recipients of early copies include the Policy Unit at No 10 Downing Street, the White House and the European Central Bank. Among the topics explored by the white paper are:
Based on a conference co-hosted in San Diego by the two university institutions, and including contributions from leading academics, business executives and journalists, the report also suggests initiatives to counter some of the ‘biases’ fostered by information networks and to create a more productive environment for the exchange of information between business, government and their audiences, as well as helping policy makers understand how they can use reputation ‘as a mechanism to hold organisations and institutions to account’.
‘The effects of information networks and 21st century instant communication work in surprising and often counter-intuitive ways,’ says Rupert Younger, Director of the Oxford University Centre for Corporate Reputation at Saїd Business School. ‘These effects can distort markets, and damage the reputation and health of businesses and governments. But they also provide particular challenges and opportunities in terms of how reputations can be created, sustained and rebuilt.’
The paper is organised under three headings:
The subject matter covered, based both on academic research and practitioner experience, ranges from: the growing distrust between business and media and its wider implications; the positive ‘herding’ effects of ratings websites; the reputational challenge of dealing with consumer data across different territories; maintaining long-term business goals in the face of short-term information cycles; and the survival of traditional publishing in a digital age.
It makes a number of recommendations that seek to redefine the way information networks are understood and engaged with, grouped under Trust, Humanity and Literacy:
We recommend that government organisations formally ramp up their engagement with society in order to rebuild trust. At a minimum, this public-private engagement should include transparent focus groups, polling, and public consultations. The public sector should formalise relationships with private sector groups to study how governments and corporations can harness technology and instill reasonable principles of transparency and self-policing.
We recommend that government and business leaders put in place public-private teams to help leaders manage the increasing speed of the information cycle. These teams should include a wide range of media representation. The goals should include managing informational feedback loops, processing information as it arrives in stages and understanding – and potentially avoiding – quick reactions that are conditioned by biases.
We recommend a systematic and sustained programme of public and private education related to core financial issues. Both the UK and US governments should target key audiences – policy, regulatory, business and the public – using clear and simple language, and employing technology to articulate basic financial constructs and how they work.
We recommend that government and business create public-private initiatives to counteract biases in two ways. First, teams should ensure that there is a counterweight to the instant views that often dominate search engines and technology-related feedback mechanisms. Second, teams should encourage a culture of welcoming and engaging views that are discordant with early accepted norms.
We recommend that governments play a light-touch, yet important, role in this area, signalling through their actions that the way businesses relate to society is a national priority. Business leaders should consider formally articulating and embedding a culture of humanity in their mission and vision statements.Policy makers should consider tax incentives and reporting initiatives to encourage investment in tools that make it easy for companies’ employees, customers and other stakeholders to accomplish social goals. Technology, in particular, can help stakeholder groups to form information and communications networks that facilitate the basic human desire to do good.
We recommend that private and public leaders attempt to harness the power of ‘yes and’, rather than ‘yes but’, in their decision-making forums. We do not mean that decision makers should ignore risks or critical oversight, but rather that the analysis should embrace possibilities and be more constructive than restrictive. For example, businesses could focus their risk management efforts, not on regulatory requirements and negative possibilities, but on the potential for positive outcomes.
Contributors to ’How Reputations Are Won And Lost In Modern Information Markets’ include: Twitter co-founder Biz Stone; senior executives from global companies eni, Experian and Millennium Management; prominent journalists from Reuters, the New York Times and CNBC; and professors from the Universities of San Diego, Stanford, Oxford and MIT. The full list of contributors is available in the paper.
For further information or to speak with Rupert Younger, please contact the press office:
Clare Fisher, Head of Public Relations, Saïd Business School
Mobile: +44 (0)7912 771090; Tel: +44 (0) 1865 288968
Josie Powell, Press Officer
Mobile +44 (0)7711 387215; Tel: +44 (0) 1865 288403
Email: josie(dot)powell(at)sbs(dot)ox(dot)ac(dot)uk or pressoffice(at)sbs(dot)ox(dot)ac(dot)uk
Notes to editors
1 ‘How Reputations are Won and Lost in modern Information Markets’ paper
2 About Oxford University Centre for Corporate Reputation
The Oxford University Centre for Corporate Reputation, established in January 2008, is an independent research centre which aims to promote a better understanding of the way in which the reputation of corporations and institutions around the world are created, sustained, enhanced, destroyed and rehabilitated.
3 About Saїd Business School
Saïd Business School at the University of Oxford blends the best of new and old. We are a vibrant and innovative business school, but yet deeply embedded in an 800 year old world-class university. We create programmes and ideas that have global impact. We educate people for successful business careers, and as a community seek to tackle world-scale problems. We deliver cutting-edge programmes and ground-breaking research that transform individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class University, tackling world-scale problems.
In the Financial Times European Business School ranking (Dec 2013) Saïd is ranked 12th. It is ranked 13th worldwide in the FT’s combined ranking of Executive Education programmes (May 2013) and 23rd in the world in the FT ranking of MBA programmes (Jan 2014). The MBA is ranked 5th in Businessweek’s full time MBA ranking outside the USA (Nov 2012) and is ranked 5th among the top non-US Business Schools by Forbes magazine (Sep 2013). The Executive MBA is ranked 23rd worldwide in the FT’s ranking of EMBAs (Oct 2013). The Oxford MSc in Financial Economics is ranked 6th in the world in the FT ranking of Masters in Finance programmes (Jun 2013). In the UK university league tables it is ranked first of all UK universities for undergraduate business and management in The Guardian (Jun 2013) and has ranked first in nine of the last ten years in The Times (Sept 2013). For more information, see http://www.sbs.ox.ac.uk/