Tag: Definition

What is a Business? Definition, Characteristics & Examples – Video & Lesson Transcript #sba

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What is a Business? – Definition, Characteristics & Examples

This lesson provides a definition of a business and reviews the key characteristics needed to have a business. The conclusion of this lesson includes a variety of business examples.

Definition

According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is ‘the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.’ A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way.

Characteristics

There are three key characteristics that must be met to have a business. First, businesses must be the result of individuals working together in an organized way. Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit.

As Pride, Hughes and Kapoor note, businesses are comprised of individuals working together in an organized way in order to be successful. Businesses are organized around the resources needed to be successful, as well as the type of business that is being operated. Some businesses may be organized in a way that requires constant cooperation and communication with other employees. Other businesses may not require as much contact with other employees but may instead rely on automated workflows. They must decide the best way to be organized based on their individual goals.

Businesses must also satisfy a need for society. For example, a grocery store satisfies the need to be able to purchase food for ourselves and our families.

Grocery stores satisfy a basic societal need.

Another example of satisfying a societal need is a gas station that provides needed fuel for most cars to operate.

Gas stations provide fuel to drivers, satisfying a need in society.

Businesses must carefully consider what need they are meeting for society in order to strategically plan for success. For example, society may have a limited interest in purchasing a personal hovercraft for travel. Travel needs are currently met in other ways, so a business focused solely on personal hovercraft may struggle more than the gas station at meeting a definite need.

Finally, businesses are organizations which are profit-seeking. meaning that they are not the same as non-profit organizations. Whereas non-profit organizations seek donations and funding to meet a mission, such as feeding the homeless in a city, a business organization’s goal will be centered on profit. For example, a business organization might be seeking to become the first four-star hotel in a city.

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Examples

Examples of businesses are nearly everywhere we look. We interact with businesses each day as we commute to and from work, purchase goods and services, or decide what we’ll have for dinner. Businesses include large organizations such as Coca-Cola, Amazon, Walmart or General Motors. The heart of America, however, remains the small business. Small businesses in your city may include accounting firms, restaurants, local shops, and more. The Internet has helped to bridge the gap of competition between small and large firms. Businesses, whether large or small, are able to use the Internet to increase sales around the world as well as to compete globally.

Lesson Summary

Let’s review. A business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs. There are three key characteristics that must be met to have a business:

  • First, businesses must be the result of individuals working together in an organized way.
  • Second, businesses must satisfy a societal need.
  • Third, businesses must seek to make a profit.

Businesses are all around us, from the large organizations such as Coca-Cola and Amazon to small businesses like local shops and restaurants found just next door.

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Business To Business (B To B) Definition #business #simulation


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Business To Business – B To B

What does ‘Business To Business – B To B’ mean

Business to business, also called B to B or B2B, is a type of transaction that exists between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business to business refers to business that is conducted between companies, rather than between a company and individual consumers. Business to business stands in contrast to business to consumer (B2C) and business to government (B2G) transactions.

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BREAKING DOWN ‘Business To Business – B To B’

A typical supply chain involves multiple business to business transactions, as companies purchase components and products such as other raw materials for use in the manufacturing processes. Finished products can then be sold to individuals via business to consumer transactions. In the context of communication, business to business refers to methods by which employees from different companies can connect with one another, such as through social media. This type of communication between the employees of two or more companies is called B2B communication.

B2B Relationship Development

Business to business transactions require planning to be successful. Such transactions rely on a company’s account management personnel to establish business client relationships. Business to business relationships also must be nurtured, typically through professional interactions prior to sales, for successful transactions to take place. Traditional marketing practices also help businesses connect with business clients. Trade publications aid in this effort, offering businesses opportunities to advertise in print and online. A business’s presence at conferences and trade shows also builds awareness of the products and services it provides to other businesses.

B2B E-Commerce

The internet provides a robust environment in which businesses can find out about products and services and lay the groundwork for future business to business transactions. Company websites allow interested parties to learn about a business’s products and services and initiate contact. Online product and supply exchange websites allow businesses to search for products and services and initiate procurement through e-procurement interfaces. Specialized online directories providing information about particular industries, companies and the products and services they provide also facilitate business to business transactions.

B2B Examples

Business to business transactions are the backbone of the automobile industry. Many vehicle components are manufactured independently and auto manufacturers purchase these parts to assemble automobiles. Tires, batteries, electronics, hoses and door locks, for example, usually are manufactured by various companies and sold directly to automobile manufacturers. Service providers also engage in business to business transactions. Companies specializing in property management, housekeeping and industrial cleanup, for example, often sell these services exclusively to other businesses, rather than individual consumers.


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What is business process management (BPM)? Definition from #business #coaching


#business process management

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business process management (BPM)

Business process management (BPM) is a systematic approach to making an organization’s workflow more effective, more efficient and more capable of adapting to an ever-changing environment. A business process is an activity or set of activities that will accomplish a specific organizational goal.

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The goal of BPM is to reduce human error and miscommunication and focus stakeholders on the requirements of their roles. BPM is a subset of infrastructure management. an administrative area concerned with maintaining and optimizing an organization’s equipment and core operations.

BPM is often a point of connection within a company between the line-of-business (LOB ) and the IT department. Business Process Execution Language (BPEL ) and Business Process Management Notation (BPMN ) were both created to facilitate communication between IT and the LOB. Both languages are easy to read and learn, so that business people can quickly learn to use them and design processes. Both BPEL and BPMN adhere to the basic rules of programming, so that processes designed in either language are easy for developers to translate into hard code.

There are three different kinds of BPM frameworks available in the market today. Horizontal frameworks deal with design and development of business processes and are generally focused on technology and reuse. Vertical BPM frameworks focus on a specific set of coordinated tasks and have pre-built templates that can be readily configured and deployed. Full-service BPM suites have five basic components:

While on-premise business process management (BPM ) has been the norm for most enterprises, advances in cloud computing have lead to increased interest in on-demand, software as a service (SaaS ) offerings.

See also: business process outsourcing (BPO ), Web Services Description Language (WSDL ), enterprise application integration (EAI ), business process reengineering (BPR ), business activity monitoring (BAM )

This was last updated in January 2011

Continue Reading About business process management (BPM)

Related Terms

CEO and other C-suite executive titles The CEO, or chief executive officer, is part of the C-suite. Other C-suite executive titles include the chief financial officer. See complete definition innovation management Innovation management is the process of managing an organization’s innovation procedure, which helps increase competitive. See complete definition product development (new product development, or NPD) Product development, or new product development (NPD), is the process of bringing new or updated products or services to a target. See complete definition

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What Is Business Law? Definition & Overview – Video & Lesson Transcript #small #business

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What Is Business Law? – Definition & Overview

Business law is a broad area of law. It covers many different types of laws and many different topics. This lesson explains generally what business law is and how it’s used.

Definition of Business Law

Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy businessperson will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations. Let’s take a look at some of the areas included under the umbrella of business law.

Starting a Business

Much of business law addresses the different types of business organizations. There are laws regarding how to properly form and run each type. This includes laws about entities such as corporations, partnerships and limited liability companies. For example, let’s say I decide to start my own pet grooming business. I need to decide what type of business I want to be. Will this be a partnership? Will it be a sole proprietorship? What papers do I need to file in order to start this business? These questions fall under the laws that govern business entities. which are state laws. The type of entity I pick will also affect how I pay my federal income taxes. These, of course, are federal laws.

Next, what will my business be called? Let’s say I decide on Barks Bubbles as a name for my dog grooming company. Now I need to know if anyone else already has that name. This is a trademark question. Patents. copyrights and trademarks are part of intellectual property law. The federal law governs most intellectual property law. Then I need to know if I’ll require any special type of license for this business. Do groomers need a license? Am I allowed to have animals on my property, or do I need some sort of special permit? I’ll need to check my local and state laws to find out. How will I advertise my business? Am I allowed to say that I’m the ‘best in town?’ This question falls under consumer protection law. which can be federal or state law. Wow. That’s a lot of business law, and I’m not even open for business yet!

Buying a Business

Now let’s say I decide to buy a business instead. I’m going to buy Patty’s Pampered Pooches from my Aunt Patty. There are many business laws that govern how to buy a business. If I buy Patty’s business, do I now own the actual store? This is a real estate law question. Do I own the pet grooming equipment in the store? This is a property law question. Both of these fall under state law. Am I now the boss of Patty’s employees? This is an employment law question.

Can I start hiring my own employees and ordering supplies? This will involve contract law. since I’ll be making new agreements with people regarding my business and determining which of Patty’s agreements I need to uphold. Contracts are legally binding agreements made by two or more persons, enforceable by the courts. Businesses are involved in many different types of contracts, and as a result, there are many interesting cases involving breach of contract. A breach of contract is when one party doesn’t hold up his or her end of the bargain. It’s common for parties to dispute the terms of a business agreement or disagree on how the agreement should be performed.

For instance, consider the famous case of Locke v. Warner Bros. Inc. Sondra Locke was a longtime girlfriend of Clint Eastwood. When the two broke up, Locke sued Eastwood for support. As a part of their settlement, Eastwood negotiated a contract for Locke with Warner Bros. Locke was given a director’s contract, where Warner Bros. would pay Locke for any projects she directed or produced. Locke proposed more than 30 projects, but Warner Bros. never hired her. She sued Warner Bros. for breach of contract, saying that Warner Bros. never intended to hire her in the first place. After a court ruled that Locke had enough evidence to proceed with her case, the parties settled.

This case demonstrates the importance of making good contracts. A wise businessperson will be sure to enter contracts with a good understanding of the content and a good faith interest in upholding the contract.

Managing a Business

There are many laws that concern managing a business because there are many aspects involved in managing. As you can already see, running a business will involve a lot of employment law and contract law. For my new business, I’ll need to know how to hire, what my contracts should look like, what kind of benefits I have to provide, how to pay employee insurance and taxes and even how to properly fire an employee. Many of these employment and benefit laws are federal laws and regulated by government agencies. For example, the Equal Employment Opportunity Commission is a federal agency that enforces employment discrimination laws.

If I also decide to sell things as part of my pet grooming business, like dog collars or dog treats, then I’ll need to be familiar with the laws on sales. For businesses that conduct sales, it’s especially helpful to be familiar with the Uniform Commercial Code. or UCC. This publication governs sales and commercial paper and has been adopted in some form by almost all states.

What happens if I provide services but have trouble getting paid? Let’s say I groom several dogs for Victor’s Vet, but he won’t pay my bill. Can I demand payment or report him to the credit reporting agencies? This is a debt collection law question. Debt collection laws are mostly federal laws. For instance, many of our debt collection laws are found in the Fair Debt Collection Practices Act, or the FDCPA, which is enforced by the Federal Trade Commission.

What happens if Victor just didn’t like my services? Let’s say Victor accuses me of purposely sabotaging his chances at a national dog show by giving his poodle a bad haircut. Can Victor sue me? And, if so, will his lawsuit be against me personally, or will it be against my Barks Bubbles business entity? This scenario falls under tort law. Torts are private, civil actions for wrongful deeds. Tort law is usually state law. This is an extensive area of the law and includes things like work injuries and negligence claims.

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Stock Market Definition #starting #your #own #business #ideas


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Stock Market

What is the ‘Stock Market’

The stock market is the market in which shares of publicly held companies are issued and traded either through exchanges or over-the-counter markets. Also known as the equity market. the stock market is one of the most vital components of a free-market economy, as it provides companies with access to capital in exchange for giving investors a slice of ownership in the company. The stock market makes it possible to grow small initial sums of money into large ones, and to become wealthy without taking the risk of starting a business or making the sacrifices that often accompany a high-paying career.

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BREAKING DOWN ‘Stock Market’

The stock market lets investors participate in the financial achievements of the companies whose shares they hold. When companies are profitable, stock market investors make money through the dividends the companies pay out and by selling appreciated stocks at a profit called a capital gain. The downside is that investors can lose money if the companies whose stocks they hold lose money, the stocks’ prices goes down and the investor sells the stocks at a loss.

The stock market can be split into two main sections: the primary market and the secondary market. The primary market is where new issues are first sold through initial public offerings. Institutional investors typically purchase most of these shares from investment banks. All subsequent trading goes on in the secondary market where participants include both institutional and individual investors.

Stocks are traded through exchanges. The two biggest stock exchanges in the United States are the New York Stock Exchange. founded in 1792, and the Nasdaq, founded in 1971. Today, most stock market trades are executed electronically, and even the stocks themselves are almost always held in electronic form, not as physical certificates.

If you want to know how the stock market is performing, you can consult an index of stocks for the whole market or for a segment of the market. Examples include the Dow Jones Industrial Average. Nasdaq index, Russell 2000, Standard and Poor’s 500, and Morgan Stanley Europe, Australasia and Far East index.


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Business Banking Definition #business #current #events


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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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Captive Finance Company Definition #business #franchise


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Captive Finance Company

What is a ‘Captive Finance Company’

A captive finance company is a subsidiary whose purpose is to provide financing to customers buying the parent company’s product. Captive finance companies can range in size from mid-sized entities to giant firms, depending on the size of the parent company. Their range of services can also vary widely, from basic card services to full-scale banking. A captive finance company can be a source of significant profits for the parent organization.

BREAKING DOWN ‘Captive Finance Company’

A captive finance company is usually wholly owned by the parent organization. The best-known examples of such companies are the giant subsidiaries of the “Big Three” automakers, and the store card operations of large retailers such as Wal-Mart, Target and Sears.

Due to the size and scale of their operations, the captive finance companies of the Big Three car manufacturers: General Motors Acceptance Corporation (GMAC), Chrysler Financial and Ford Motor Credit Company – are arguably almost as well-known as their parent companies. Note that subsequent to the bankruptcy of General Motors in 2009, GMAC underwent a name change to Ally Bank and rebranded as Ally Financial in 2010.


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What is business process management (BPM)? Definition from #business #funding


#business process management

#

business process management (BPM)

Business process management (BPM) is a systematic approach to making an organization’s workflow more effective, more efficient and more capable of adapting to an ever-changing environment. A business process is an activity or set of activities that will accomplish a specific organizational goal.

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 .

The goal of BPM is to reduce human error and miscommunication and focus stakeholders on the requirements of their roles. BPM is a subset of infrastructure management. an administrative area concerned with maintaining and optimizing an organization’s equipment and core operations.

BPM is often a point of connection within a company between the line-of-business (LOB ) and the IT department. Business Process Execution Language (BPEL ) and Business Process Management Notation (BPMN ) were both created to facilitate communication between IT and the LOB. Both languages are easy to read and learn, so that business people can quickly learn to use them and design processes. Both BPEL and BPMN adhere to the basic rules of programming, so that processes designed in either language are easy for developers to translate into hard code.

There are three different kinds of BPM frameworks available in the market today. Horizontal frameworks deal with design and development of business processes and are generally focused on technology and reuse. Vertical BPM frameworks focus on a specific set of coordinated tasks and have pre-built templates that can be readily configured and deployed. Full-service BPM suites have five basic components:

While on-premise business process management (BPM ) has been the norm for most enterprises, advances in cloud computing have lead to increased interest in on-demand, software as a service (SaaS ) offerings.

See also: business process outsourcing (BPO ), Web Services Description Language (WSDL ), enterprise application integration (EAI ), business process reengineering (BPR ), business activity monitoring (BAM )

This was last updated in January 2011

Continue Reading About business process management (BPM)

Related Terms

CEO and other C-suite executive titles The CEO, or chief executive officer, is part of the C-suite. Other C-suite executive titles include the chief financial officer. See complete definition innovation management Innovation management is the process of managing an organization’s innovation procedure, which helps increase competitive. See complete definition product development (new product development, or NPD) Product development, or new product development (NPD), is the process of bringing new or updated products or services to a target. See complete definition

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Business Process Management Definition #business #for #sale


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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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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 .

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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