Tag: Definition

What is business continuity management (BCM)? Definition from #stock #market #quotes


#business continuity

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business continuity management (BCM)

Business continuity management (BCM) is a framework for identifying an organization’s risk of exposure to internal and external threats.

The goal of BCM is to provide the organization with the ability to effectively respond to threats such as natural disasters or data breaches and protect the business interests of the organization. BCM includes disaster recovery. business recovery, crisis management, incident management, emergency management and contingency planning .

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According to ISO 22301. a business continuity management system emphasizes the importance of:

  • Understanding continuity and preparedness needs, as well as the necessity for establishing business continuity management policy and objectives.
  • Implementing and operating controls and measures for managing an organization’s overall continuity risks.
  • Monitoring and reviewing the performance and effectiveness of the business continuity management system.
  • Continual improvement based on objective measurements.

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Business Process Management Definition #business #economics


#business process management

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Business Process Management (BPM)

BPM (Business Process Management) is a business solution approach which views a business as a set of processes or workflows. BPM Software is software which enables businesses to model, implement, execute, monitor and optimize their processes.

Disambiguation: BPM can stand for several things, such as Beats for Minute, Beam Propagation Method, and Sirius XM (a satellite radio channel), but this article is about its use in business process management. Below are several examples of concepts, methodologies and features, which have become prevalent in the business world since the introduction of BPM approaches and technology.

For a closer look into the core concepts of BPM, best practises and project methodology, check out our BPM Traveler s Guide eBook :

Watch a Video: What is BPM?

The following 3 minute video explains the main concepts behind BPM, using an example of a Customer Self Service application:

Core Concept the Workflow

In BPM frameworks, solutions are nearly always based on a workflow or set of workflows. The concept is that work in a real-time business environment should not be static, rather it should progress through a series of steps ( a process ) in time. Basing a solution on sequential activities is effective in encouraging teams to reach completion of goals within a set period. The system encourages progression through tasks by sending the participants reminders and indications of their completion status and due date. Because of this, teams who use BPM solutions tend to perform faster and accomplish goals more consistently.

Beyond Workflow to BPM

While there are various types of workflow software, BPM software is distinguished in that it provides additional capabilities, beyond just workflow. These capabilities round out the BPM suite s ability to cover a fuller business scenario. They typically include:

  • Business Rule management
  • Integration with external systems
  • An end user environment
  • Charts and Analytics
  • Communications between users

Common Terms

Here we provide a set of terms that are commonly used in relation to BPM applications:

Types

  • BPMS: A Business Process Management Suite. A software suite which enables a business/organisation to implement BPM solutions.
  • Intelligent BPM: A Gartner concept, which describes the next generation of BPM suites. These are suites which include intelligent features such as adaptive analytics, mobility, social collaboration, ad hoc processes, and cloud deployment.
  • iBPMS: An Intelligent Business Process Management Suite (as defined by Garter in their Magic Quadrant for iBPMS 2012).
  • Predictive: Features which enable predicting the outcome of processes by extrapolating analytics in real time.
  • Adaptive: A framework which enables processes to be adapted as they are run in production based on dynamically changing conditions.

Features and Deployments:

  • Mobile: Management/operation of business processes via mobile devices
  • Social: Social process features, such as Questions and Answers, Comments, Process Wall, etc.
  • Cloud: A business process solution that is deployed over the cloud. Companies are opting for cloud options more and more frequently as it provides fast time-to-solution with low infrastructure costs.
  • On-premises: A solution that is deployed on premises.

Solutions:

  • Horizontal solutions: Solutions that can be applied across several industries.
  • Vertical solutions: Solutions that are specific to a particular industry or type of process.

Additional Concepts:

  • BPMN: A graphical representation for specifying business processes in a business process model. It was previously known as Business Process Modeling Notation .
  • ROI: The return on investment from implementing a BPM solution.
  • SOA: A solution which implements a SOA (Software as a Service) model.
  • BPM for Enterprise: A BPMS which is robust and scalable enough to provide a viable solution for a larger enterprise.
  • BPM for SME: A BPMS which is appropriate for SMEs in its scope and scalability.
  • Iterative BPM: A model for improvement whereby processes are optimized in an iterative fashion.
  • Case Management: A parallel discipline to Business Process Management (overlapping in some cases) whereby each instance of the solution focuses on solving a particular case. A knowledge worker solves each case, employing unstructured processes and other resources. Learn more about case management and case management software
  • Intelligent Analytics: Analytics which can be plugged back into the process to optimize its performance/flow over time. Intelligent Analytics are an integral part of Intelligent BPM.

Methodologies and Tools:

  • Lifecycle/Cycle of Improvement: the cyclical lifecycle of a project which includes: Modelling, Implementation, Monitoring, Improvement
  • BPM Methodology: A methodology which promotes the above-mentioned life cycle of improvement and other best practises.
  • Collaborative BPM: A methodology which promotes social features and collaboration between stakeholders to improve process performance.
  • BPEL: Business Process Execution Language for Web Services.
  • Business Intelligence (BI): Software systems and tools that extract practical conclusions from accumulated data.
  • Business Analytics: Accumulated and organised data on business processes that enable stakeholders to monitor and analyze process metrics, and respond to changes.
  • Process Discovery: A system whereby areas of operation which could benefit from a solution are discovered.
  • Simulation: A method of simulating process execution before or during development.
  • Business Process Modeling Tool: A software tool that enables Business Analysts, Managers, Architects to create business process diagrams.

iBPMS vs. BPMS

While Business Process Management Suites have been around for more than a decade, Gartner (who coined the term BPM ) has recently introduced a second concept: iBPMS. Standing for Intelligent BPM Suite , Gartner defines an iBPMS as a suite with next-generation features which enable intelligent business operations, such as intelligent analytics (processes that learn to perform better over time based on real-time data), and advanced mobile, social and cloud capabilities.

When you purchase a new phone, do you buy a classic model, or a smartphone? The answer should be obvious – the smartphone. PNMsoft Sequence iBPMS (Intelligent Business Process Management Suite) is the only Microsoft-technology based pure play vendor defined by Gartner as an Intelligent BPM Suite (Gartner s iBPMS Magic Quadrant from 2012 and onward). For companies with Microsoft infrastructure such as SharePoint, Dynamics, Office, Azure, it is the leading choice for Process Management software .

Sequence Intelligent BPM Suite

PNMsoft’s Sequence iBPMS goes beyond the classic feature set of suites and incorporates:

  • Process Optimizing Analytics
  • Dynamic Process Change
  • Case Management Work Optimization
  • Communication with External Systems
  • Social Collaboration
  • Mobile Process Operation
  • iBPMS Cloud Services

…with unique HotChange ® technology.

PNMsoft is positioned on Gartner’s iBPMS Magic Quadrant.

Complete the form below to download our BPM Traveler s Guide eBook:


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International business etiquette in Europe – definition and etiquette tips #business #funding


#business etiquette

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Business Etiquette

International Business Etiquette definition and tips

Do you know the definition of Business Etiquette? Business etiquette is about building relationships with other people. Etiquette is not about rules regulations but is about providing basic social comfort and creating an environment where others feel comfortable and secure, this is possible through better communication.

Social media communication platforms (i.e. Facebook, Linkedin) are evolving rapidly day by day, as the concept of social media etiquette becomes a crucial part of business. Business etiquette consists of two things. Firstly, thoughtful consideration of the interests and feelings of others and secondly, being able to minimise misunderstandings. These are influenced by individual behaviour demeanour. Business etiquette instructs this behaviour.

Business etiquette differs from region to region and from country to country. This creates a complex situation for people as it is hard to balance the focus on both international business etiquette and other business activities at the same time. Therefore, a wise step is to focus on some key pillars of business etiquette.

Here are some key business etiquette tips that mean real success to business:

‘ Thank You ’ Note

If you want to differentiate yourself from others then never forget to write a‘Thank You’ note to your job interviewer or your client. This will leave a good impression and also reflect well on your company.

Give others respect by knowing their names which will increase goodwill and communication. it is also worth management stepping back and acknowledging people individually for their good work as this will enhance their self esteem and increase motivation.

Observe the Elevator Rule

Be mindful of saying appropriate things at a job interview or client meeting. Don’t start discussing business with a client or interviewer as soon as you step out of the lift. By doing so, you avoid the risk of damaging your reputation.

Focus on the Face, Not the Screen

Never forget to switch off your phone and try not to use any other device just to prove you are a multitasking individual. In fact, in the world of business this is considered bad manners. Concentrate on the meeting and listen to what people are saying.

Everyone is unique in their own way and uses a different approach to deal with situations. Therefore, if you disagree with another person’s approach instead of criticising try to understand it from their point of view. By doing so, you create a friendly environment. Always remember you get respect by giving respect.

Whether in business or between individuals, one concern is brand awareness. Individuals want to be noticed both socially and professionally. People want to be remembered by others.

However, in the digital landscape you have to be very careful when trying to pursue your brand awareness. Think carefully before doing. What we mean by this is that before creating a hashtag, posting on a Facebook wall or texting think how the other person will feel when they receive your message.

Character, Behaviour, Honesty

Your character reflects your individuality and your behaviour exhibits your personality. Business etiquette encourages revealing your positive qualities. This helps your reputation.

Always be honest and remember that it takes a long time to develop trust and a good reputation and only one small mistake to lose it. Business etiquette provides a framework for stating the boundaries of terms conditions, contracts and promises.

Sensitivity Diplomacy

A key pillar of business etiquette is sensitivity, meaning giving careful thought to every business aspect before making a judgement. This gives a strong foundation to your business. Also, thoughtless words and actions lead to a negative outcome. Being aware of business etiquette encourages careful thought.

Elements of business etiquette

Business etiquette instructs on you how to present yourself professionally in different cultures. The keys for making a good impression are dressing appropriately, your body language, presenting your business cards, gift giving, conducting meetings and many other important elements.


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What is business plan? Definition from #rcm #business


#what is business

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business plan

A business plan is a document demonstrating the feasibility of a prospective new business and providing a roadmap for its first several years of operation.

Business plans are an important part of creating new businesses, whether as a startup or an offshoot of an existing business. Business plans for startups are often shared with funding agencies, potential investors and venture capitalists to obtain the necessary funding.

Although the specifics may vary, here are the typical components of a business plan for a new business:

  1. The executive summary is a nutshell version of the entire plan, briefly covering the essentials.
  2. The business description describes the proposed new endeavor, explains its purpose and its target market.
  3. The plan’s market analysis section describes the industry and the market environment of the proposed business, including a profile of the competition.
  4. The organizational and managerial section explains how you envision the structure of your business, what types of positions and departments it will encompass.
  5. The products (or services) section details what you’re offering. This section should include a full description of the products you’ll sell and your plan for product lifecycle management (PLM ).
  6. The marketing and sales section explains your strategies for branding. marketing and selling your product or service.
  7. The funding request will differ according to what type of information is required by the funding party.
  8. The financial projection covers the expected performance and milestones over the first years of operation, usually five years. For an existing business, historical financial data should be included.
  9. An appendix can include useful information that doesn’t belong in any of the other sections.

A business plan is similar to a business model. However, the latter is a representation of how an existing business works, rather than how a prospective business can work.

This was last updated in December 2013

Contributor(s): Ivy Wigmore

Related Terms

Definitions

– Risk management is a company’s process for identifying and controlling threats to its assets, including proprietary corporate data, customers’ PII and intellectual property. (SearchCompliance.com )

– Rebranding is an update of the materials and presentation used to represent a business. A company may rebrand to appear more modern or to distance itself from past issues, among other possibilities. (WhatIs.com )

– A/B testing is a statistical method used to assess proposed changes to a product or service. (SearchBusinessAnalytics.com )

Glossaries

– Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

– This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce.

Dig Deeper


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What is business continuity management (BCM)? Definition from #business #acquisition #loan


#business continuity

#

business continuity management (BCM)

Business continuity management (BCM) is a framework for identifying an organization’s risk of exposure to internal and external threats.

The goal of BCM is to provide the organization with the ability to effectively respond to threats such as natural disasters or data breaches and protect the business interests of the organization. BCM includes disaster recovery. business recovery, crisis management, incident management, emergency management and contingency planning .

Download this free guide

Download 9 FREE Strategic Planning Templates that your Peers Already Use

Having a clear-cut IT strategy is key establishing a competitive advantage over any competition. It can be the difference maker between a business’ success and its failure. Reach your business goals and stay organized by downloading this FREE e-guide which includes 9 templates already in use by major organizations such as NASA and Brown University.

By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.

You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy .

According to ISO 22301. a business continuity management system emphasizes the importance of:

  • Understanding continuity and preparedness needs, as well as the necessity for establishing business continuity management policy and objectives.
  • Implementing and operating controls and measures for managing an organization’s overall continuity risks.
  • Monitoring and reviewing the performance and effectiveness of the business continuity management system.
  • Continual improvement based on objective measurements.

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Turnkey Business Definition #financing #a #new #business


#turnkey business

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Turnkey Business

What is a ‘Turnkey Business’

A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term “turnkey” is based on the concept of only needing to the turn the key to unlock the doors to begin operations. To be fully considered turnkey, the business must function correctly and at full capacity from when it is initially received.

BREAKING DOWN ‘Turnkey Business’

A turnkey business is an arrangement where the provider assumes responsibility for all required setup and ultimately provides the business to the new operator only upon completion of the aforementioned requirements. A turnkey business often already has a proven, successful business model and merely requires investment capital and labor.

Turnkey Business and Franchises

Often used in franchising, a firm’s high-level management plans and executes all business strategies to ensure that individuals can buy a franchise or business and start operating immediately. Most franchises are built within a specific pre-existing framework, with predetermined supply lines for the goods required to begin operations. Franchises may not have to participate in advertising decisions, as those may be governed by a larger corporate body.

The advantage of purchasing a franchise is that the business model is generally considered to be proven, resulting in a lower overall failure rate. Some corporate entities ensure that no other franchise is set up within the territory of an existing franchise, limiting internal competition.

The disadvantage of a franchise is that the nature of the operations may be highly restrictive. A franchisee may be subject to contractual obligations, such as items that can or cannot be offered, or where supplies may be purchased.

Direct Sales and Multi-Level Marketing

Direct sales and multi-level marketing (MLM) businesses, such as Mary Kay, can also be seen as turnkey businesses based on how little it takes to have them up and running. Often, a person only needs to sign up with the particular service as a consultant and pay fees for the inventory required to perform the work. A consultant is not an employee of the company; instead, the consultant functions as an independent entity. Profits are made based on the difference between the supply costs and the price at which the items are ultimately sold.

Other Turnkey Businesses

Aside from franchises, any existing business that’s already up and running successfully or a new business whose doors are ready to be opened could be considered a turnkey business. In these cases, if the business has a proven track record, the risk may be lower compared to starting a new business from scratch, and it may also provide more control over business decisions than a franchise model.

However, it may be challenging to get an accurate valuation before the business is purchased, as well as information about why the business is for sale. There are no preset methods for increasing the likelihood of success in cases where the current performance of the business is lacking in some way.


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What is lead? Definition from #innovative #business #ideas


#business leads

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A lead, in a marketing context, is a potential sales contact: an individual or organization that expresses an interest in your goods or services. Leads are typically obtained through the referral of an existing customer, or through a direct response to advertising/publicity. A company’s marketing department is typically responsible for lead generation .

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Learn the best strategies IT solution providers can leverage for starting up and securing a cloud practice, successful approaches to selling and marketing cloud, and why it is urgent partners to transition now.

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What is business process outsourcing (BPO)? Definition from #business #icons


#business process outsourcing

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business process outsourcing (BPO)

Business process outsourcing (BPO) is the contracting of a specific business task. such as payroll, human resources (HR) or accounting, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain their position in the marketplace.

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BPO services

Two categories BPO is often divided into are back office outsourcing. which includes internal business functions such as billing or purchasing, and front office outsourcing, which includes customer-related services such as marketing or tech support.

Back office outsourcing offers organizations services to help manage tasks like data entry. data management. surveys, payment processing, quality assurance and accounting support. Back office tasks are integral to a company’s core business process and help keep business running smoothly.

Front office outsourcing services deal with customer interactions. Examples of front office tasks include phone conversations, email. fax and other forms of communication with customers. Front office outsourcing providers’ service lists include:

Outsourcing options

BPO that is contracted outside a company’s own country is sometimes called offshore outsourcing. BPO that is contracted to a company’s neighboring country is sometimes called nearshore outsourcing. and BPO that is contracted with the company’s own county is sometimes called onshore outsourcing .

Pros and cons of BPO

The top advantages of BPO are saved money and increased time to focus on the core business. Some other benefits include:

  • Speed and efficiencies of outsourced business processes are enhanced
  • Organizations using BPO get access to the latest technology
  • Freedom and flexibility to choose the most relevant services for the company’s operations
  • Quick and accurate reporting
  • Save on resources related to staffing and training

Some disadvantages of outsourcing business processes include:

This was last updated in May 2016

Continue Reading About business process outsourcing (BPO)

Related Terms

data collection Data collection is a process for gathering information from different sources. In business, data collection helps organizations. See complete definition e-procurement (supplier exchange) E-procurement is the business-to-business purchase and sale of supplies and services over the Internet. See complete definition workflow Workflow is the series of activities that are necessary to complete a task. See complete definition

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What Is Business Math? Real Estate Definition #simple #business #ideas


#business math

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What You Need to Know About Business Math

By Deb Russell. Mathematics Expert

What is Business Math?
Put quite simply, Business Math deals with Money! Who can t benefit from having a better understanding of money and finance? Everyone can! Business math is for the individual who wants to fully understand everything about personal finance and it s also for the business person who wants to learn about business finance. You simply can t take business without taking math, business and math go hand in hand.

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Some passionate business math enthusiasts will tell you, if you don t take any other math or if you don t like math, you still need business math and because it deals with money, you might just like it. Everyone needs to manage money on some level which is what makes business math important for everyone to take.

What Math Do I Need to Take Business Math?
If you decide that business math is for you or that you need business math for your career goal, you will benefit from having an understanding of the following topics along with the ability to solve word problems:
-Fractions, Decimals and Percents (use the four operations with fractions, convert between fractions and decimals and percents, calculate percents of a number with and without a calculator, convert and simplify fractions, reduce and convert fractions
-Whole Numbers (to a million, read, write, round and estimate numbers) and Integers (understand how to use the four operations with integers
-Basic Equations in Early Algebra (solve equations involving more than 1 unknown term, solve proportions, solve equations using more than one operation, use the problem solving plan
-Be Able to Use a Variety of Formulas
-Understand and Work with the Mean, Median and the Mode
-Read Charts and Graphs

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In Summary
Business math is not just for the business owner or for personal finance. Business math is also important for the real estate profession, they need to know how to financially close a deal, and to understand mortgages, calculate commission rates, taxes and fees and use a variety of formulas effectively. Wealth managers and advisers, bankers, investment consultants, stock brokers, accountants and tax consultants all need to understand the financial transactions for investment purposes along with having an understanding about growth or loss over time. Business owners need to understand payroll applications and deductions. Then there s goods and services. Whether it s buying or selling, an understanding of discounts, markups, overhead, profits, revenues and costs are all an essential components of the math needed to manage inventory whether it be goods and services or property, which also needs to be financially managed.

Having a background in math opens opportunities and the job prospects are promising. Now is the time to embark on business math.

Technical Math


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Business Banking Definition #buying #a #business


#business banking

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Business Banking

What is ‘Business Banking’

Business banking is a company’s financial dealings with an institution that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals. Business banking is also known as commercial banking and occurs when a bank, or division of a bank, only deals with businesses. A bank that deals mainly with individuals is generally called a retail bank, while a bank that deals with capital markets is known as an investment bank.

BREAKING DOWN ‘Business Banking’

In the past, investment banks and retail/commercial banks had to be separate entities under the Glass-Steagall Act, but changes to the law made it so a single bank can deal with business banking, retail banking and investment banking. The Glass-Steagall Act is also known as the Banking Act of 1933, and was introduced to manage speculation. Parts of the act were repealed in 1999, making it no longer illegal for an investment bank to also engage in business/commercial and retail banking.

Services Offered by Business Banks

Business banks provide a wide range of services to companies of all sizes. In addition to business checking and savings accounts, business banks offer a range of financing options and cash management solutions.

Bank Financing: Bank financing is a primary source of capital for business expansion, acquisitions and equipment purchases, or simply to meet growing operating expenses. Depending on a business’ needs, business banks can offer fixed term loans, short and long term, as well as lines of credit and asset-based loans. Banks are also a main source of equipment financing, either through fixed loans or equipment leasing. Some banks specialize in lending in certain industries, such as agriculture, construction and commercial real estate.

Cash Management: Also referred to as treasury management, cash management services help businesses achieve greater efficiency in managing the cash coming into the business, or receivables; cash going out of the business, or payables; and cash on hand, or liquidity. Utilizing the latest digital technology, business banks set up specific processes for businesses that help them streamline their cash management, resulting in lower costs and more cash on hand.

Banks provide businesses with access to Automated Clearing House (ACH) and electronic payment processing for accelerating the transfer of money in and out of the business. They also allow for the automatic movement of money from idle checking accounts into interest-bearing savings accounts, so surplus cash is put to work while the business checking account has just what it needs for the day’s payments. Businesses have access to a customized online platform that links their cash management processes to their checking and savings account for a real-time view of their cash in action.


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