AI is getting a lot of attention these days
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As U.S. President Donald Trump and some of America s democratic allies talk up a vision of Indo-Pacific cooperation, China is determined to ensure that the future belongs to Asia .
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THE BUSINESS OF TECHNOLOGY
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AI is getting a lot of attention these days
Visit Earnings Calendar for the week starting 11/05; 69 reports are scheduled.
#what is business
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.
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.
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 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.
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:
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 consultants provide management consulting to help organizations improve performance and efficiency. These professionals analyze businesses and create solutions while also helping companies meet their goals. Business owners should consider hiring business consultants when they need help or perspective on their chosen path or need a catalyst for change in their companies.
There are a number of reasons why business owners should consider hiring consultants:
The first step for any business consultant is the discovery phase, where the goal is to learn the client s business. A good business consultant takes the time to learn as much as possible about the business, from the owner and employees. This can include touring the facility, meeting with the board of directors and employees, analyzing the finances and reading all company materials. During this process, the business consultant will uncover the details of a company s mission and what operations are in place.
Once an in-depth understanding has been developed, a business consultant has entered the evaluation phase, where the goal is to identify where change is needed. This includes identifying the company s strengths and weaknesses, as well as current and foreseeable problems. These can include problems already seen by ownership and management, and new problems seen thanks to the business consultant s objectivity. A business consultant should also identify opportunities to grow business, increase profits, and boost efficiency. [Related: SWOT Analysis: Examples, Templates Definition ]
In addition to identifying these problems and opportunities, a business consultant should also develop solutions to problems and plans on capitalizing on opportunities. Perhaps a company has a particularly strong sales department but weak marketing department; this is an opportunity for the company to increase marketing resources and capitalize on the sales staff. During this phase, it s important for the consultant and the company s employees to maintain open and clear communications.
It s important for an owner to take the business consultant s advice at this stage as constructive criticism, and not as a criticism to how the owner has been doing things. The business consultant brings objectivity and a fresh viewpoint, whereas the owner is personally close to the business. The owner should certainly have feedback and provide opinions to the business consultant, who should take the owner s reflections and revise plans as necessary.
Once the owner and the consultant agree on a plan, the consultant should enter the third phase of consulting, which is the restructuring phase, or the implementation of the plan. In this phase, the consultant is to build on assets and eliminate liabilities, as well as monitoring progress on the plan and adjusting as needed.
Finding the right business consultant may be the most difficult part for the owner or management. The consultant should have a passion for their work, a drive for excellence, and an eye for organization and detail. It s important to find a consultant with expertise in your industry or with the kind of problems that your business faces. When hiring a consultant, make sure they have solid referrals and offer these skills.
Anyone can call themselves a consultant, but it takes a combination of many skills to make for a good business consultant. It s also important to make sure that they have any necessary certification, depending on your industry. You should vet the consultant through their website and materials. Look for professional images and well-documented information about their services. It s a good idea to request examples of past successes and to speak to those businesses.
Business consultants are not necessarily cheap. But the feedback and planning they provide can help increase business and boost profits in the long run, while also helping ensure future success by eliminating problems and identifying opportunities.
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#business process management
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
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