Introduction
This assignment will consider Gareth Lewis, CEO and co-founder of Delio, for critical appraisal of a global environmental issue. Delio is a UK Fintech that has specialised in digitising private markets operations of the world’s leading financial institutions (Powell et al. 2020). Mr Gareth Lewis has been the executive officer of this institution, and for the last seven years, it has experienced massive growth in international strategy. Delio has a team of experienced professionals and gained the world’s most respected financial services and technology organisations. The team is passionate about how technology can improve the consumption of financial services globally. Delio’s culture is rooted in helping clients unlock their capabilities in private markets.
As a successful Fintech enterprise in the market, this report will analyse a critical issue affecting the global environment relevant to this enterprise, the CEO, and may affect its internationalisation aspirations. Therefore, this paper will critically discuss internationalising entrepreneurship, an appraisal of the selected issue affecting the global environment, its implications for the Delio enterprise, and its potential for internationalisation. A conclusion will summarise the key points discussed in the report. Lastly, a section of references be provided to support the academic literature discussed, materials borrowed from the enterprise and the entrepreneur.
Critical discussion of international entrepreneurship (500 Words)
International entrepreneurship is an approach through which firms expand to become global enterprises, and strategies that make this process happen. Mainela et al. 2014 describe international entrepreneurship as starting and operating business ventures in multiple countries. This comes along with challenges and opportunities from cross-border activities and global markets. Recently, international entrepreneurship has been considered a dynamic and complex field with significant attention from the increased globalisation of economies and technological advancement. Even though international entrepreneurship has various advantages, it also comes with critical issues that must be considered and addressed.
One of the critical issues in international entrepreneurship is the impact of cultural diversity on business operations (Muzychenko, 2008). Often, entrepreneurs encounter different cultural norms, business practices, and values when expanding into foreign markets, significantly influencing their success. It is significant for entrepreneurs to understand these cultural nuances and build solid relationships with local employees, customers, and suppliers (Johnson et al. 2006). Failure to this adaptation, the enterprise may fall to misunderstandings, communication barriers, and final business failure.
Additionally, the complexity of regulations and legal frameworks in different countries is a critical issue influencing the operations of international entrepreneurship (Silbey, 2013). Every country has its own set of policies and laws regulating business activities. In this way, entrepreneurs must navigate complex systems to ensure compliance and evade legal penalties. Intellectual property protection varies widely and can have adverse risks to innovative ventures (Brander et al. 2017). Therefore, it is wise for international entrepreneurs to invest resources such as time to understand the legal requirements of each nation they enter.
International entrepreneurship encounters economic uncertainties in diverse market conditions (Liesch et al. 2011). Economic factors, including inflation and fluctuations in exchange rates, can have a major impact on business operations and profitability. In this case, international entrepreneurs should develop approaches to mitigate these economic risks, such as diversifying operations in multiple markets and exposure to hedging currency. Entrepreneurs need to be agile, swiftly respond to changing market dynamics, and grab opportunities while reducing risks.
Another critical aspect of international entrepreneurship is access to resources and capital (Pisano et al. 2007, Peiris et al. 2012). Establishing business ventures in multiple countries requires a significant financial investment, which can challenge start-ups and small-medium-sized enterprises. Access to financial sources and building solid partnerships are crucial for such entrepreneurs to support their global ventures (Karra et al. 2008). However, limited financial resources may impede the growth and sustainability of international entrepreneurship.
Managing human resources across borders in international entrepreneurship may also be challenging. Human resource is the pillar of the success of entrepreneurship (Vance and Paik, 2015). Processes such as hiring, training, and retaining a diverse global workforce call for careful planning and cultural awareness (Bartlett and Ghoshal, 2017). Factors such as diverse labour laws, restrictions in mobility, and language barriers may hinder human resource management. Therefore, entrepreneurs should develop constructive strategies to retain talented personnel, acquire and develop talent and establish a strong international team.
International entrepreneurs bring critical challenges that should be addressed to ensure smooth operations in multiple counties. Managing such critical challenges can ensure entrepreneurs unlock their potential in international markets and promote sustainable growth in their business ventures (Santamaria-Alvarez et al., 2018).
Critical appraisal of the chosen issue affecting the global environment (600 words) (1 issue).
Climate change is one of the pressing issues that have continued to affect the global environment. Werndl (2016) defines climate change as the shifts in long-term temperature and weather patterns. Such activities can be natural such as volcanic eruptions and changes in solar activity. However, Trenberth (2018) claims that human activities are the main drivers of climate change due to the burning of fossil fuels. Climate change needs a critical appraisal due to its wide-ranging impacts on the global environment.
Climate change has diverse ecological effects. To mention a few, climate change has resulted in ice caps melting due to rising temperatures. Over the last 25 years, half of the rise of the sea level can be traced to thermal expansion, which describes the process of water expansion due to higher temperatures (Anisimov et al. 2007). Additionally, higher temperatures cause the melting of glaciers. About 14% of ice melting occurs each year, which has endangered the habitat of numerous species (Hoegh-Guldberg and Bruno, 2010). Sfetcu (2018) argues that the polar bear population is estimated to decrease from 26000 to about 9000 between 2051 and 2057.
Additionally, climate change has a significant risk to human society. For instance, increased frequency and intensity resulting from extreme weather events. Populations living in the coastal areas are prone to droughts due to changing rainfall patterns. The availability of freshwater sources is also a threat in these areas leading to water scarcity.
The economic impact of climate change has various facets. The costs associated with mitigating climate change impacts affect enterprises, individuals and the government. For instance, the frequency of natural disasters strains insurance firms and infrastructure, leading to economic losses (Ghesquiere, 2012). Industries reliant on natural resources, such as tourism and agriculture, are vulnerable to the impacts of climate change. For instance, Germany has an estimated agricultural damage of half a billion euros (Zink et al. 2016).
Similarly, tourism is heavily impacted by climate change. Weather determines the length and quality of tourism seasons, significantly influencing destination choice and tourist spending (Li et al., 2017, Anup, 2017). In addition, the shift to a low-carbon economy involves considerable investment in renewable energy and infrastructure, which may be a challenge for developing countries.
Climate change also has a significant social and geopolitical impact which is vital to consider (Dalby, 2013). Climate change has caused significant disruptions exacerbating the current social inequalities and tensions. Individuals have been displaced, facing serious social and economic relegation and migrating pressures (Pismennaya et al. 2015). Climate change has intensified geopolitical conflicts such as competing for scarce resources, for instance, arable land and freshwater (Evans, 2011).
The issue of climate change needs to be addressed with urgency and concerted action at an international level. Global agreements such as the Paris Agreement are established to mitigate greenhouse gas emissions and foster adjustment policies (Agreement, 2015, Delbeke et al., 2019). However, the progress could have been faster, and many countries have fallen short of commitment. The shift to a low-carbon and sustainable ecosystem needs a comprehensive approach, including policy intrusions, technological invention, behavioural change, and global collective efforts.
Generally, climate change is a critical and multifaceted issue with significant consequences on the global environment. Innovating and sustainable practices are needed to mitigate these risks and ensure the well-being of the future generation.
Relevance/implications of the chosen issue from Section 3 to the selected entrepreneur and their enterprise and future internationalisation aims or potential (500 words).
Climate change has significant relevance and implications for Gareth Lewis and the Delio Enterprise, precisely in their future internationalisation potential.
- Market Demand: The demand for environmentally conscious investment grows concerning growth in global awareness of climate change and sustainability (Sachs, 2012). Investors seek opportunities that match their values and integrate environmental, social and governance considerations (Aldridge and Krawciw, 2017). Delio’s internationalisation efforts should consider such an evolving landscape, realising the essence of offering investments that address climate-related risks and foster sustainable practices. Macchiavello and Siri (2022) argue that by integrating ESG factors into the Fintech services, Delio can meet clients’ preferences and tap into a growing market segment.
- Regulatory Landscape: Governments worldwide are establishing policies that mitigate climate change and encourage sustainable practices (Ehrhardt-Martinez et al. 2015). These policies may affect the investment landscape by requiring firms to disclose their carbon emissions and develop sustainable strategies towards eco-friendly initiatives. To navigate these regulations, Delio enterprise can stay informed and ensure compliance with the evolving environmental standards and influence opportunities presented by supportive regulations.
- Risk Management: Financial institutions encounter significant risks from climate change (Sullivan, 2014). Harsh weather conditions can affect the value of assets such as infrastructure. Also, change in regulations can hinder the profitability of this enterprise (Shao et al., 2020). In this way, Delio should assess and incorporate its climate risks into risk management to maintain long-term value with clients and protect their investments (Lee and Shin, 2018). In this way, the enterprise can offer a comprehensive investment approach to the financial institutions they deal with.
- Reputation and rand Image: Climate change has become a critical concern for society, with enterprises being assessed based on their ecological impact and sustainable practices (Sultana, 2022). The aim of internationalising the Delio firm could be influenced by its reputation concerning climate change. In this way, by adopting sustainable practices and encouraging their clients to foster sustainable practices, Delio can establish its brand image and differentiate itself from established enterprises in the international market (Chueca and Ferruz, 2021).
- Innovation and Investment Opportunities: Shifting to a low-carbon economy has several investment opportunities. Green technology is an example of a sector that can experience steady growth in Delio. Delio can explore developing markets and scrutinise investment opportunities that match eco-friendly objectives. For instance, Triodos Bank and Starling Bank promote sustainability in their countries (Zoi, 2021). These financial institutions are eager to go green by choosing planet friendly options and attracting more customers to their services (Bayram et al., 2022). For instance, the Starling Bank in the UK market is paperless and branchless and operates on renewable energy (Dharamshi (2019), Saluja (2021). In this way, Delio should consider such clients in digitising their investment cycles. Also, through Delio’s technology tools, such as advanced data analytics, this Fintech Company can help evaluate and minimise its environmental impact and help investors channel their operations to more sustainable assets (Al-Khatib, 2022). Delio can take this opportunity to transform its operations into a green Fintech enterprise. Therefore, by engaging in green investments, Delio can become a Fintech leader in the resilient global economy.
Conclusion
Climate change holds a substantial implication and relevance for Gareth Lewis and the Delio Enterprise. Therefore, as Delio shadow its internationalisation potential, it is important to consider client preferences, regulatory landscape, risk management strategies, opportunities for investment and innovation and reputation aspects related to climate change. By embracing sustainable practices and integrating green Fintech solutions into their services, Delio can succeed in the international market driven by eco-friendly concerns.
References
Santamaria-Alvarez, S.M., Muñoz-Castro, D.C., Sarmiento-González, M.A. and Marín-Zapata, S.I., 2018. Fragmented networks and transnational entrepreneurship: Building strategies to prosper in challenging surroundings. Journal of International Entrepreneurship, 16, pp.244-275.
Ghesquiere, F., 2012. Sovereign natural disaster insurance for developing countries: A paradigm shift in catastrophe risk financing (Vol. 4345). World Bank Publications.
Sachs, J.D., 2012. From millennium development goals to sustainable development goals. The Lancet, 379(9832), pp.2206-2211.
Lee, I. and Shin, Y.J., 2018. Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), pp.35-46.
The agreement, P., 2015, December. Paris agreement. In Report of the Conference of the Parties to the United Nations Framework Convention on Climate Change (21st Session, 2015: Paris). Retrieved December (Vol. 4, p. 2017). HeinOnline.
Evans, A., 2011. Resource scarcity, climate change and the risk of violent conflict.
Delbeke, J., Runge-Metzger, A., Slingenberg, Y. and Werksman, J., 2019. The Paris Agreement. In Towards a climate-neutral Europe (pp. 24-45). Routledge.
Ehrhardt-Martinez, K., Rudel, T.K., Norgaard, K.M. and Broadbent, J., 2015. Mitigating climate change. Climate change and society: Sociological perspectives, pp.199-234.
Aldridge, I. and Krawciw, S., 2017. Real-time risk: What investors should know about FinTech, high-frequency trading, and flash crashes. John Wiley & Sons.
Pismennaya, E.E., Karabulatova, I.S., Ryazantsev, S.V., Luk’yanets, A.S. and Manshin, R.V., 2015. Impact of Climate Change on Migration from Vietnam to Russia as a Factor of Transformation of Geopolitical Relations. Mediterranean Journal of social sciences, 6(3 S2), p.202.
Dalby, S., 2013. The geopolitics of climate change. Political Geography, 37, pp.38-47.
Bayram, O., Talay, I. and Feridun, M., 2022. Can Fintech promote sustainable finance? Policy lessons from the case of Turkey. Sustainability, 14(19), p.12414.
Sullivan, R., 2014. Climate Change: Implications for investors and financial institutions. Available at SSRN 2469894.
Sultana, F., 2022. Critical climate justice. The Geographical Journal, 188(1), pp.118-124.
Dharamshi, L., 2019. Digital-only Banks (Next Level of Banking Experience). Journal of Global Economy, 15(1 (Special), pp.1-5.
https://www.linkedin.com/in/garethrlewis?miniProfileUrn=urnlifs_miniProfileACoAAANso5ABSMvhsByqgXsm9eHAzjesah2RE6g&lipi=urnlipaged_flagship3_search_srp_alljopXcQWqTWHU8HFSNT7wA
Saluja, S., 2021. Banking on Change. Transformational Leadership in Banking: Challenges of Governance, Leadership and HR in a Digital and Disruptive World, p.37.
Powell, G., Anderson, N., Mayo, J. and Ingledew, S., 2020. Research and innovation for Uk Fintech. A platform for Innovation speeches, pp.1-63.
Zoi, S., 2021. FinTech and Digital Transformation in Financial Services: a New Digital Financial World (Doctoral dissertation, University of Piraeus (Greece)).
Sfetcu, N., 2018. Climate Change-Global Warming. Multimedia Publishing.
Zink, M., Samaniego, L., Kumar, R., Thober, S., Mai, J., Schäfer, D. and Marx, A., 2016. The German drought monitor. Environmental Research Letters, 11(7), p.074002.
Hoegh-Guldberg, O. and Bruno, J.F., 2010. The impact of climate change on the world’s marine ecosystems. Science, 328(5985), pp.1523-1528.
Anisimov, O.A., Vaughan, D.G., Callaghan, T.V., Furgal, C., Marchant, H., Prowse, T.D., Vilhjálmsson, H. and Walsh, J.E., 2007. Polar regions (arctic and Antarctic). Climate change, 15, pp.653-685.
Werndl, C., 2016. On defining climate and climate change. The British Journal for the Philosophy of Science.
Trenberth, K.E., 2018. Climate change caused by human activities is happening and has major consequences. Journal of Energy & natural resources law, 36(4), pp.463-481.
Li, H., Song, H. and Li, L., 2017. A dynamic panel data analysis of climate and tourism demand: Additional evidence. Journal of Travel Research, 56(2), pp.158-171.
Anup, K.C., 2017. Climate change and its impact on tourism in Nepal. Journal of Tourism and Hospitality Education, 7, pp.25-43.
Silbey, S.S., 2013. Organisational challenges to regulatory enforcement and compliance: A new common sense about regulation. The Annals of the American Academy of Political and Social Science, 649(1), pp.6-20.
Shao, S., Hu, Z., Cao, J., Yang, L. and Guan, D., 2020. Environmental regulation and enterprise innovation: a review. Business Strategy and the Environment, 29(3), pp.1465-1478.
Brander, J.A., Cui, V. and Vertinsky, I., 2017. China and intellectual property rights: A challenge to the rule of law. Journal of International Business Studies, 48, pp.908-921.
Mainela, T., Puhakka, V. and Servais, P., 2014. The concept of international opportunity in international entrepreneurship: a review and a research agenda. International Journal of management reviews, 16(1), pp.105-129.
Al-Khatib, A.W., 2022. Can big data analytics capabilities promote a competitive advantage? Green radical innovation, incremental innovation and data-driven culture in a moderated mediation model. Business Process Management Journal, (ahead-of-print).
Liesch, P.W., Welch, L.S. and Buckley, P.J., 2011. Risk and uncertainty in internationalisation and entrepreneurship studies: Review and conceptual development. Management International Review, 51, pp.851-873.
Chueca Vergara, C. and Ferruz Agudo, L., 2021. Fintech and sustainability: do they affect each other? Sustainability, 13(13), p.7012.
Pisano, V., Ireland, R.D., Hitt, M.A. and Webb, J.W., 2007. International entrepreneurship in emerging economies: the role of social capital, knowledge development and entrepreneurial actions. International Journal of Technology Management, 38(1-2), pp.11-28.
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Macchiavello, E. and Siri, M., 2022. Sustainable Finance and Fintech: Can Technology Contribute to Achieving Environmental Goals? A Preliminary Assessment of ‘Green Fintech’and ‘Sustainable Digital Finance’. European Company and Financial Law Review, 19(1), pp.128-174.
A Strategic Analysis Of Exxon Mobil’s Marketing Strategies Sample Essay
Introduction:
Exxon Mobil Corporation is a multinational energy company headquartered in Irving, Texas. With a rich history and extensive operations in the oil and gas industry, Exxon Mobil has established itself as one of the largest publicly traded companies globally. However, effective marketing strategies are crucial for maintaining and expanding market share in an ever-evolving energy landscape. This capstone project aims to conduct a strategic analysis of Exxon Mobil’s marketing strategies, evaluating their effectiveness and identifying areas for improvement while adhering to the Capstone Proposal Scoring Guide provided in the course.
Topic and Problem Statement
I intend to study Exxon Mobil’s marketing strategies. It is important to note that the Corporation faces challenges in a rapidly changing energy market, including increased competition, evolving consumer preferences, and growing environmental concerns (ICMR, 2019). These factors necessitate a thorough examination of Exxon Mobil’s marketing strategies to ensure they align with market dynamics and effectively communicate the company’s value proposition.
Level of Accessibility to Data
To comprehensively analyze Exxon Mobil’s marketing strategies, I will combine primary and secondary research methods that adhere to the MBA research guide provided for the project. Primary research methods will include conducting surveys and interviews with consumers, industry experts, and Exxon Mobil stakeholders. Secondary research methods will involve analyzing publicly available data, including Exxon Mobil’s marketing materials, financial reports, industry reports, and market research studies. Online databases will also form a critical part of the research, as depicted in the provided Capstone Proposal Instructions (2023).
Demonstration of MBA Learning Outcomes
Strategic Thinking and Decision Making
The capstone project will demonstrate strategic thinking and decision-making skills by analyzing Exxon Mobil’s marketing strategies in light of market dynamics and competitive forces. It shall also address the marketing mix to delve into the company’s competitiveness. Informed recommendations will be developed based on comprehensive research and analysis.
Problem-solving and Analytical Skills
To ensure the credibility of my capstone project, I will utilize credible resources such as peer-reviewed scholarly journals, articles from the Capella Library, and reputable sources like the Wall Street Journal and Harvard Business Review (CU, 2023). I can provide robust support for my analysis and recommendations by incorporating evidence-based information from these sources.
Leadership and Teamwork
Practical completion of the capstone project will require leadership and teamwork skills. Collaboration with team members, stakeholder coordination, and effective communication is essential to drive the project forward and achieve desired outcomes.
Communication and Presentation Skills
Comprehensive reports and persuasive presentations will communicate findings, recommendations, and insights effectively. The approach will involve articulating complex ideas, visually presenting data, and conveying strategies and recommendations to improve Exxon Mobil’s marketing performance.
Ethical and Social Responsibility
The project will uphold ethical considerations and social responsibility by ensuring participant privacy and confidentiality in surveys and interviews. Adherence to legal and ethical guidelines in data collection and analysis will be ensured, and the potential impact of recommendations on various stakeholders will be considered.
Conclusion
This project proposal has outlined the background of Exxon Mobil Corporation, identified the business topic and research problem, and highlighted the accessibility to data necessary for the analysis. The capstone project aims to provide recommendations to enhance the company’s marketing efforts and contribute to its long-term success by conducting a strategic analysis of Exxon Mobil’s marketing strategies. The project will demonstrate MBA program outcomes by highlighting strategic thinking, problem-solving skills, leadership abilities, effective communication, and ethical decision-making, all essential for organizational and managerial roles.
References
Capella University (CU) (2023). MBA Capstone Project Description.
IBS Center for Management and Research (ICMR) (2019). ExxonMobil – Challenges and Opportunities. Icmrindia organization. https://www.icmrindia.org/casestudies/catalogue/BusinessStrategy/BSTR582.htm
Capstone Proposal Instructions (2023). Instructions.
Capstone Proposal Scoring Guide (2023). Guidelines.
Adherence To Leadership, Ethics, And Intervention In Addressing Medication Sample College Essay
Introduction
The project addresses the problem of medication adherence, recognizing its significance and influence on patient outcomes and healthcare systems. Medication non-adherence affects many people worldwide, causing health problems, higher healthcare costs, and the quality of life. As a nurse, this issue affects treatment effectiveness and patient safety. Non-adherence reduces therapy efficacy and jeopardizes healthcare delivery, affecting patients, families, and organizations. We concentrate on medication adherence to increase patient compliance, health outcomes, healthcare costs, and sustainability.
Role of Leadership and Change Management
Leadership is crucial to drug adherence. Effective leadership is essential for transforming culture, promoting medication adherence, and building lasting behaviors. Change management is essential for medication adherence efforts. To guarantee the intervention’s success, leaders must actively involve stakeholders, create clear goals, assign resources, and monitor progress. Leaders may motivate their people to do new things and overcome obstacles by being proactive. They should promote open communication, cooperation, and ongoing learning to create and execute sustainable solutions. Leaders may motivate medication adherence through vision and strategic decisions (Heinen et al., 2019). They may inspire healthcare professionals, patients, and caregivers to engage in adherence campaigns by promoting a holistic and integrated approach.
Influence of Leadership and Change Management on Intervention Development
Leadership and change management solutions have helped healthcare professionals, patients, and their families collaborate, shaping the suggested intervention. These leaders fostered open communication, shared decision-making, and teamwork during intervention development and implementation. Leaders kept the intervention relevant, practicable, and broadly accepted by aggressively engaging stakeholders (Franklin, Abel, & Shojania, 2020). Collaboration has enabled healthcare professionals to engage closely with patients and their families to understand their requirements, preferences, and concerns. This collaborative approach has helped integrate varied viewpoints for a more thorough and successful response. These leaders have fostered a culture of trust, openness, and involvement where the intervention appreciates and includes ideas and comments. The intervention’s efficacy and healthcare professionals’, patients’, and families’ ownership and commitment have increased due to stakeholder participation. Thus, the suggested strategy may address identified issues and improve healthcare.
Ethical Considerations in Intervention Development
The development of the proposed intervention has been guided by nursing ethics, which have played a crucial role in shaping its framework. Ethical concepts, including autonomy, beneficence, and justice, have been carefully studied to protect patients’ rights, promote their well-being, and distribute resources fairly. The intervention prioritizes patient-centered treatment, putting their needs and preferences first. Informed consent, which emphasizes giving patients all the information they need to make healthcare decisions, is also valued (Franklin, Abel, & Shojania, 2020). The intervention emphasizes patient privacy and confidentiality. Ethical issues go beyond the person and include managing conflicts of interest to maintain the intervention’s integrity and impartiality. Transparency in implementation and assessment fosters trust and accountability by informing and involving stakeholders. The suggested intervention promotes patient welfare, respects autonomy, and ensures fair resource allocation while keeping the highest nursing ethics.
Strategies for Communicating and Collaborating with Stakeholders
Effective communication and engagement with patients, families, and groups improve drug adherence results. Fostering an open and compassionate atmosphere allows healthcare staff to understand patients’ views, address their issues, and educate them on drug adherence. Patients are empowered by collaborative goal-setting and shared decision-making, which increases their drug adherence. This strategy promotes healthcare provider-patient relationships and helps doctors understand individuals’ unique situations, concerns, and preferences. Healthcare workers may learn about patient medication adherence hurdles via open conversation (Franklin, Abel, & Shojania, 2020). This offers personalized treatments and helps to overcome these obstacles. Healthcare practitioners may ensure that treatment plans meet patients’ needs, preferences, and objectives by including patients and their families or support networks. The collaborative approach also empowers people to take charge of their health. By communicating and collaborating, healthcare practitioners may increase drug adherence, health outcomes, and patient satisfaction.
Patient, Family, or Group
The proposed intervention targets adult patients with chronic diseases that need long-term drug treatment from varied socioeconomic backgrounds and may struggle to take their pills. Patients with chronic health issues need continual therapy and drug management. These individuals may struggle to follow their drug schedule due to financial or educational issues. The intervention targets adult patients with chronic diseases to improve medication adherence and health outcomes by addressing their particular requirements (Heinen et al., 2019). Targeted support, information, and resources will help patients and their families navigate long-term drug treatment. The intervention will also address socioeconomic differences that worsen medication adherence by personalizing treatments to patient histories and situations.
Benefits of Gathering Stakeholder Input
Medication adherence is improved by including patient, family, and group viewpoints, experiences, and preferences. Collaboration with these stakeholders boosts treatment acceptability, engagement, and adherence. This inclusive approach tailors therapy to individual needs and difficulties, improving patient results and satisfaction. Healthcare practitioners may learn about treatment compliance by incorporating patients, families, and groups in medication adherence decision-making (Franklin, Abel, & Shojania, 2020). This information may be utilized to tailor tactics and treatments to individual choices, lifestyles, and situations. By doing so, healthcare practitioners may empower patients and their support networks, motivating them to follow drug regimens. This collaborative approach encourages patient-centered care that values individual views and actively incorporates patients and their families in decision-making.
Best-Practice Strategies from the Literature
Franklin et al. (2020), Guerrero et al. (2020), and Heinen et al. (2019) list numerous best practices for healthcare communication and cooperation. These methods improve drug adherence and patient outcomes. Shared decision-making includes patients in treatment plan decisions. This empowers patients and gives them a say in their treatment, improving satisfaction and drug adherence. Patient education also helps patients comprehend drug adherence and its advantages. Another important step is giving patients clear, straightforward pharmaceutical instructions on dose, timing, and adverse effects. Motivational interviewing, a patient-centered counseling method, may boost patient involvement and drug adherence. In addition, family members or caregivers may help patients, particularly with medication management.
State Board Nursing Practice Standards and Organizational/Governmental Policies
The intervention follows state board nursing practice guidelines and corporate norms. These guidelines emphasize patient-centered care, teamwork, communication, and evidence-based approaches. Nurses can safely and efficiently manage drugs and educate and engage patients with their thorough recommendations. Nurses may establish a patient-centered atmosphere by following these guidelines. The standards and regulations promote patient-centered care to meet each patient’s requirements, preferences, and values. Effective communication helps nurses and patients build trust, share information, and make decisions. Collaboration ensures a diverse approach to treatment and helps healthcare practitioners achieve optimum patient outcomes. Adherence to evidence-based practice guidelines ensures that nursing treatments are based on the best research and clinical evidence, improving quality and safety. These standards and regulations promote professional growth and incorporate new information and innovations into nursing practice.
Effectiveness of Standards and Policies
Much research shows that standards and regulations improve drug adherence and results. According to studies, following practice standards reduces medication mistakes, improves patient safety, and boosts patient satisfaction. These recommendations help healthcare institutions improve drug adherence and patient outcomes. These guidelines and rules help promote best practices and maintain healthcare uniformity. They help healthcare providers administer medicine correctly and reduce mistakes. Thus, patient safety improves, and adverse events and complications decrease. Patients receiving standardized care are more likely to follow their prescription regimen, improving treatment results and overall health. Adherence to practice standards and norms increases patient satisfaction by building trust in the healthcare system. Patients feel better about the healthcare organization and their services when it follows standards.
Improvement of Care Quality, Patient Safety, and Cost Reduction
The proposed intervention emphasizes medication adherence, a key to successful therapy, to improve care. Promoting and maintaining drug adherence reduces problems, hospitalizations, and disease progression. This strategy improves patient safety and reduces healthcare expenditures from unnecessary hospital admissions and ER visits. Medication adherence improves health outcomes and reduces needless healthcare interventions. Healthcare practitioners may encourage individuals to take charge of their health by emphasizing medication adherence (Guerrero et al., 2020). This technique improves therapy efficacy and patient satisfaction by easing disease and offering peace of mind. By avoiding problems and hospitalizations, individuals and the healthcare system may use resources more effectively.
Evidence Supporting Intervention Outcomes
According to extensive research, adhering to medications reduces hospitalizations, improves disease management, and improves the quality of life. Medication adherence treatments have been shown to improve clinical outcomes, healthcare use, and cost savings. These results emphasize the importance of patient drug compliance, which affects their health and outcomes. Healthcare providers can improve patient outcomes, reduce hospital admissions, optimize disease management, and save the healthcare system money by addressing adherence barriers and promoting medication compliance (Guerrero et al., 2020). Medication adherence may benefit patients, healthcare professionals, and the healthcare ecosystem as a whole.
Relevant Benchmark Data Sources
Healthcare organizations, government agencies, and research institutes provide benchmark data on care quality, patient safety, and costs. Patient registries, government databases, and research projects give significant information. Patient registries provide extensive data for comparing treatment outcomes across populations and environments (Guerrero et al., 2020). Researchers and policymakers may assess healthcare quality and safety using government records. Research on drug adherence and its effects is also available. These different data sources aid evidence-based decision-making and healthcare delivery.
Role of Technology, Care Coordination, and Community Resources
Tools and resources from technology may increase drug adherence. Technology may help people take their medications by providing reminders, instruction, and monitoring. Integrating electronic health records and medication management systems improves care coordination and transitions across healthcare locations. Healthcare practitioners may assure medication adherence by using technology (Muth et al., 2019). Collaboration with community resources, including pharmacies, support groups, and home health agencies, may boost medication adherence support. These innovations and collaborations foster drug adherence, improving patient health.
Conclusion
Medication adherence needs leadership, change management, ethics, and patient, family, and healthcare professional engagement. Healthcare organizations may improve medication adherence, patient outcomes, and costs by adopting evidence-based treatments, enhancing communication and teamwork, and leveraging resources. Changes and a medication adherence culture need strong leadership (Heinen Et al., 2019). Change management solutions ease novel intervention implementation and assure healthcare system integration. Ethical decisions respect patient liberty and privacy. Collaboration between patients, families, and healthcare providers improves patient participation and decision-making. Healthcare organizations may improve patient care and system efficiency by using these methods to manage drug adherence.
References
Franklin, B. D., Abel, G., & Shojania, K. G. (2020). Medication non-adherence: an overlooked target for quality improvement interventions. BMJ Quality & Safety, 29(4), 271–273.
Guerrero, E. G., Frimpong, J., Kong, Y., Fenwick, K., & Aarons, G. A. (2020). Advancing theory on the multilevel role of leadership in implementing evidence-based health care practices. Health care management review, 45(2), 151.
Heinen, M., van Oostveen, C., Peters, J., Vermeulen, H., & Huis, A. (2019). An integrative review of leadership competencies and attributes in advanced nursing practice. Journal of advanced nursing, 75(11), 2378-2392.
Heinen, M., van Oostveen, C., Peters, J., Vermeulen, H., & Huis, A. (2019). An integrative review of leadership competencies and attributes in advanced nursing practice. Journal of advanced nursing, 75(11), 2378-2392.
Muth, C., Blom, J. W., Smith, S. M., Johnell, K., Gonzalez‐Gonzalez, A. I., Nguyen, T. S., … & Valderas, J. M. (2019). Evidence supporting the best clinical management of patients with multimorbidity and polypharmacy: a systematic guideline review and expert consensus. Journal of internal medicine, 285(3), 272-288.