Business Intelligence is the process of discovering and analyzing data to make informed business decisions. The management in any business needs this aspect of management as part of the companies integral infrastructure in today’s world in order for the business to succeed. The data collected from many of the data collecting sources is used to determine trends, or measure, manage and improve on the performances of individuals, processes, teams and business units. The enterprise refers to any business organization that uses computers as an integral part of their business and relies on it for that businesses development. The History Of Business Intelligence In 1958, IBM researcher Hans Peter Luhn was the first one to use the term BI and he defined intelligence in his words: “the ability to apprehend the interrelationships of presented facts in such a way as to guide action towards a desired goal”. The business intelligence that Continue reading
Modern Management Concepts
Entrepreneurial Marketing
Entrepreneurial Marketing is the combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything. A contemporary definition that meets the present scope in which entrepreneurial marketing is defined as: “the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” Recently, entrepreneurial marketing has gained popularity in the marketing and entrepreneurship disciplines. The success of business activities pursuing non-traditional marketing approaches can be attributed to entrepreneurial marketing practices. Despite the large numbers of marketing models and concepts, there are notable successes that deviate from these and are labeled “entrepreneurial.” Economic growth Continue reading
Stage Gate Process by Robert Cooper Explained
Entrepreneurs use a set of approaches and tools to assess the viability and potential of ideas and profit from them by developing and launching products. Cooper’s Stage Gate Process is one such approach that is key to any product or service in the commercial or non-commercial sector. Cooper’s Stage Gate Process is critical to the processes and performance of an organization as it reduces production errors and therefore saves the company from losses. Cooper’s Stage Gate Process is one of the most frequently used tools in the project development process. This model is based on the fact that any project is broken down into stages that make up a cascade, and to move from one stage to another, managers must go through the “gate”. These gates are critical points for deciding whether to proceed to the next stage. Simultaneously, decisions made at these gates have such options as “go”, “kill”, Continue reading
Five Domains of Emotional Intelligence
Several studies have demonstrated that individuals with purely high IQs possess a great range of intellectual interests and abilities, they have difficulty dealing with their own emotions and with the emotions of others. Other intangible characteristics and abilities, such as self-motivation, impulse control, the ability to regulate one’s own emotions, and empathizing with others clearly have an effect on a person’s accomplishments in life; these qualities have been collectively termed Emotional Intelligence. People with high emotional intelligence levels excel socially, are outgoing and cheerful, are rarely fearful or worried, and are sympathetic and caring in their relationships. Read More: Four Components of Emotional Intelligence Five Domains of Emotional Intelligence Emotional intelligence can be broken down into five main domains: knowing one’s emotions, managing emotions, motivating oneself, recognizing emotions in others, and handling relationships. 1. Knowing One’s Emotions – Self Awareness People deal with their emotions by either being aware of Continue reading
Blending Spiritual Values with Business
The root for value is valor, which means strength. Values are sources of strength because they give people the power to take action. Values are deep and emotional and often difficult to change. Values are the essence of any organization and philosophy for achieving success. Values provide employees with a sense of common direction and guidelines for day to day behavior. The first step in creating an atmosphere of common commitment is to invite the hearts and minds of employees to join the purpose of the organization. Shared missions, values and vision bring people together. They unite and provide the link between diverse people and activities. People who share values or vision are more likely to take responsibility; they are more likely to challenge the limits of convention. Values provide guidance. Spiritual value is a way of expressing more humanity and recognizes each persons own beliefs. Traditional ways of achieving Continue reading
Cognitive Mapping – A Mental Representation Technique
In 1947, Edward C. Tolman at the University of California at Berkeley, was doing experiments demonstrating that complex internal cognitive activity occurred even in rats and that these mental processes could be studied without the necessity of observing them directly. He proposed that rats have a cognitive map; that ‘in the course of learning,something like a field map of the environment gets established in the rat’s brain… And it is this tentative map, indicating routes and paths and environmental relationships, which finally determines what responses, if any, the animal will finally release.’ [Tolman, 1948, p 192] Due to the significance of his work, Tolman is considered to be the founder of a school of thought about learning that is today called cognitive-behaviorism. A cognitive map in the trivial sense is whatever mental or neural mechanism enables an animal to navigate. On this usage, it is tautologous that animals capable of Continue reading