Corporate governance is a central and dynamic aspect of business. Corporate governance is the relationship among various participants in determining the direction and performance of corporations. The main participants are the shareholders, the management and the board of directors. Corporate governance is the process whereby directors of a company are monitored and controlled. There are two areas considered to be fundamental to corporate governance, one is supervision and monitoring of management performance and the other is ensuring accountability of management to shareholders and other stakeholders. Till now, probably the two most important basic elements of good corporate governance have been “full disclosure” and the presence of independent directors and auditors, who each has their own ways to confirm that the data provided by the corporation are true and fairly stated. The contents of full disclosure are listed out in regulatory demands and professional pronouncements, and companies are expected to fully Continue reading
Modern Business Concepts
Food Traceability – Definition, Meaning and Advantages
Food traceability and safety is an up and coming trend. With the slow food, organic, and natural movements more consumers are wanting to know where their food is coming from. Food producers also are making food traceability a trend because each producer wants to know who they can point fingers at when a customer claims that they have become sick from a producer’s food. For most producers, traceability is just one element of any supply-management or quality/safety control system. Tracking an apple from the tree to your mouth is something that each producer needs to know. They need to know where that apple was to make sure that the apple did not go anywhere it shouldn’t have been. So, what exactly is food traceability? How does it work, and what can it accomplish with regards to safety? What is traceability and how does it pertain to our food system? The Continue reading
Business Continuity Management (BCM) – Meaning and Example
“An ounce of prevention is worth a pound of Cure” – Benjamin Franklin The entire businesses around the world are exposed to risk or disruptions whether it is from fire, equipment failure, natural disaster, communication failure, economy downturn or an act of terrorism. There can be hardly superior hazard to any organization than recession. The organizations experienced more disruptions than ever in the past years. These disruptions can ruin the organizations or make it difficult to survive. This is where Business Continuity Management (BCM) plays integral role to smoothly run the business without any interruption. Business Continuity Management is very important for the endurance of the business. Business Continuity Management is a method designed to ensure that the functions of an organization can be managed or restored promptly in the event of internal or external occurrence. One of the most important objectives of the BCM is to reduce the legal, Continue reading
The Five Stages of Business Intelligence
Business Intelligence is the process of transforming related business data into information, information into knowledge and with repetitive identification turning knowledge into Intelligence. Data: It is a raw data i.e. it represents reality, facts and figures. Information: It is a data that is processed and interpreted. Knowledge: After the information is processed, it becomes more sensible containing some meaning and understanding. Business Intelligence (BI) is a wide category of applications and technologies for collecting, storing, analyzing, and providing access to data to help the enterprise users make better decision making. BI applications supports the activities decision support systems, querying and reporting, online analytical processing (OLAP), statistical data analysis, forecasting and data mining. Some important definitions of Business Intelligence are: Business Intelligence is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information used to enable more effective strategic, tactical, and operational insights and Continue reading