Creating Business Accountability and Transparency…The Case for Social Media

“It is a new world and a new society in which social activists, sophisticated and experienced, are demanding that companies exhibit new forms of behavior’” states Heather Pavitt in a paper published in 2012 (Pavitt H., 2012)

She goes on to state, “People have an expectation that organizations must be accountable for all of their business practices that may impact others.” (Pavitt H., 2012)

Research has shown that businesses are more transparent and accountable than ever before, but why?  Because the power is now in the hands of the consumer to call for action when they observe serious improprieties and incongruence.  Below is a link to one of our co-founders, Matt Fuller’s e-portfolio site.  Matt Fuller has recently completed a research project examining just how impactful social media has become.

What has been discovered is that data and analytics are allowing businesses to better track purchasing patterns and execute targeted marketing.  The argument now emerging involves data consumption, how to secure it and the complications disseminating the analytics into useful metrics with measureable business improvements.

So much data is infiltrating company walls that companies are struggling with dissecting it into useful metrics while it is still relevant.  While these efforts can be beneficial to consumers and stakeholders, it can also be dangerous if not protected adequately.

While metric targeted marketing is assisting companies in being profit efficient, it has also proliferated ratings through social media and in return placed the power back into the hands of the consumers and the public.  Such was the case with BP in the Gulf Oil Spill in 2010, where they were caught manipulating photos of the oil spill undermining public trust and providing serious incongruence between their mission and values and their actions. (Pavitt H., 2012) 

There are many cases and research to support the fact that social media is helping the public have a voice.  This is a similar mission we strive for at KeneXsus, only we are focused on financial transactions.  We believe in assisting and educating the public about complex financial products before obtaining them, while in return giving them the opportunity to share those experiences.  To share them with other constituents and the public along with the companies they do business with.

So why should we share good and bad business experiences?  We must first understand that businesses are profit centers that operate under one common rule, to make a profit for their owners and shareholders.  This certainly does not mean they get a free pass to pursue profits at the expense of the consumer or their stakeholders.  But, if no one were holding them accountable, then why would they change?  It is up to each of us to talk about good and bad experiences because we help each other avoid being taken advantage of.  Moreover, we assist the companies “doing it right” to be graced with our business and the ones who are not, to be more accountable.  In the end, we can collectively assist these businesses in changing bad behaviors while being more accountable and congruent with their mission and values.

Research shows us that social media does have a positive impact on transparency and accountability.  Social media, similar to our KeneXware rating system, may change behaviors but it may simply prevent bad ones from occurring.  Either option is a win for the consumer and a win for the businesses who are playing fair and responsibly.  Subsequently, any company behaving badly is just not going to last given the plethora of social network options for ratings and rankings.  This in turn, creates business accountability and transparency.

Please click this link Consumers Influence on Business to read the entire body of research and learn more about this topic.  The research presented is compelling and is a good read for anyone, especially those exploring social media strategic planning.  The paper also cites several resources that break down simple plans to create winning social media strategies.  Oh yes, two things, please like our FB Page and subscribe to our blog as we continue our mission to bring you relevant educational information about the products and people you do business with everyday.

The KeneXsus Team

References

Pavitt, H. (2012). No Place to Hide: New technological advances in Web 2.0 and Social Media may force organizations to improve their corporate social responsibility. Social Alternatives, 31(2), 22-26.

Protecting your Identity and the Case for Privacy 

Recently, we have found several sites that allow public access to your personal information.  This may come as a shocker to some, but those of us who have spent time in the financial industry realize this is normal.  The trend for collecting analytics is growing exponentially.  It is time to take action and protect yourself, your family and your friends.

Our recent research, and subsequent discovery, has raised our level of concerns about consumers privacy.  So we thought what a great post to circulate among our members and readers.  

We discovered a website (not new) called Spokeo found at www.spokeo.com.  Yet have we found a website which can grant access publicly to an individuals personal information so easily and with very little effort.  For a small price the public can also access much more personal, financial and credit information about you and or your family.

So, it has become even more important to pay attention to these companies as they progress.  In keeping with our mission of financial education and rankings, we are showing you here how to protect yourself from this companies ability to access your personal information.  


This website is compiling data about each of us.  It gathers and displays (through a simple name search on their site) your full name, all the places you have lived, your kids names, ages, other family, emails and phone numbers, household incomes, a picture of your home + GPS map.  It also allows people to pay a small fee (typically less than $5.00) to obtain background checks, credit info, your posts to social media among many other private things.

I searched myself and found this site is very accurate, so take this seriously!  If you could, forward this to ALL teammates, friends and family so they can get themselves and others removed from the site.  Many sites etc. track us, but I have yet to come across one that is this accurate and compiles this much data in one concise place.  

Here are directions for removal:

1)      Go to www.spokeo.com
2)      Search your name (or anyone you want to remove)
3)      Once your listing comes up highlight and copy the website URL (it will be specific to you and your profile) from the address bar of your web browser i.e. internet explorer, safari, google chrome etc. (you will need this in the next step)

Example: www.spokeo.com/mattfuller/listing (highlighted) --> right click --> copy

4)      Scroll to the bottom of the page and click “Privacy”
5)      At the bottom, click on the “Opt Out” form to remove yourself
6)      Type in your current email and then right click --> paste in the next box to paste your profile URL (The one you copied on the previous step)
7)      Submit, you will now be removed.
8)      Finally, you will get an email asking you to confirm your removal.  Follow the link in your email to remove yourself.

Stay tuned to our blog as we continually post helpful information on this topic and many many others.  Also, feel free to email us anytime with questions or concerns.

KeneXsus Owners & Staff