Business and Management
- [Picking Wildflowers - Leopold Franz Kowalski]
EGO = 1 / KNOWLEDGE
More the Knowledge, lesser the Ego,
Lesser the Knowledge, more the Ego.
- Overview
Business management is the process of organizing, analyzing, and overseeing a company's operations and activities. It's a broad field that involves many aspects of a business, including:
- Planning: Creating strategic plans to achieve organizational goals
- Decision-making: Making strategic decisions to help the business grow and adapt
- Resource management: Coordinating resources like people, finances, and materials to achieve goals
- Working with teams: Hiring, training, and creating an effective work environment
- Risk management: Assessing potential threats and developing strategies to mitigate them
- Innovation: Creating a culture that supports new ideas and experimentation
Business management is different from business administration, which focuses on the day-to-day operations and administrative tasks of an organization. Business management takes a broader view, encompassing leadership and strategic planning.
Business management is a core part of business administration and is essential for both startups and large businesses. There are many different types of business management, including financial, production, IT, and design.
Please refer to the following for more information:
- Wikipedia: Business and Management Research
- Business Research Management
Business and Management Studies is a systematic investigation that helps to solve business problems and contributes to management knowledge. This is an applied research.
Ever wonder what it takes to build a thriving business? Designed to maximize sales and profits, business research helps you gather comprehensive information about your business and make changes accordingly if needed.
Business research management (BRM) is the process of gathering and analyzing data to help a company make decisions about their products, services, and operations:
- Purpose: The goal of business research is to help a company maximize profits, increase sales, and promote growth.
- Scope: Business research can cover a wide range of topics, including finances, advertising, customer experience, and competitor research.
- Methods: Business research can involve collecting data from employees, customers, and business records, as well as secondary data sources like public records and academic research.
- Steps: A typical business research process involves identifying what you want to improve, forming a hypothesis, reviewing existing data, experimenting to test the hypothesis, observing the results, and drawing conclusions.
- Benefits: Business research can help companies understand their target market, assess customer satisfaction, and make informed decisions.
Therefore, in this successful process, we collect all types of data in order to better define our strategy and understand what products or services our customers really want. If you plan to expand your business, research can help you determine the odds of positive outcomes.
- AI in Business and Management
Artificial intelligence (AI) in business is the use of AI tools such as machine learning (ML), natural language processing (NLP), and computer vision to optimize business functions, boost employee productivity, and drive business value.
AI can help businesses in many areas, including management, by providing data-driven insights and streamlining operations. AI can help managers make informed decisions, identify areas for improvement, and optimize operations.
Here are some ways AI can help in business management:
- Data analysis: AI can analyze large amounts of data in real-time, uncovering patterns and correlations that humans may miss. This can help with predictive analytics, such as forecasting sales, managing inventory, and financial planning.
- Automation: AI can automate routine tasks, which can increase productivity by up to 40%. This can free up managers to focus on other areas of their organization.
- Decision making: AI can provide insights to inform strategic planning, risk management, and resource allocation.
- Other areas: AI can also help with marketing strategies, product development, customer support, human resources, and security.
- Business Management System
A Business Management System (BMS) is a set of tools for the tactical implementation and strategic planning activities of the practices, processes, policies, guidelines and procedures used to deploy, execute and develop business strategies and plans and any related management.
When it comes to current processes, tasks, activities, and procedures, they provide the basis for tactical and strategic business decisions, with the goal of meeting all of the organization's goals and meeting customer expectations and needs.
The main idea of a business management system is to provide management with tools to monitor, plan and control its activities and measure business performance. They also work on implementing a continuous improvement process in the company.
The system discovers the principles by which an organization exists and is closely related to business success criteria. It is a multi-level hierarchy of different business solutions showing how a profit-driven organization will perform different functions such as marketing, sales, staffing and purchasing to successfully accomplish its mission.
- Managing Technology and Innovation
Now, the management of innovative technology is particularly important. Questions about R&D, strategy and business models, and innovation are important from both theoretical and managerial perspectives.
What is driving demand? Rapid and continuous change. “The world has changed dramatically, and so fast that new issues are constantly emerging. The continued rapid development of social technologies has revolutionized marketing, communications and organizational relationships, making these topics critical.
Technological innovation management is both an art and a science; the process involves on the one hand the know-how and technical core skills that provide functionality, and on the other (close attention) the ability to identify technological changes to come up with new innovations. Therefore, this requires frameworks, system tools and methods to improve the output of innovation.
- [Vienna, Austria - Civil Engineering Discoveries]
- Education, Sustainable Development, and Resources Management
Energy management, water resource management and sustainable development are all considered the great "macro" themes of this century. If these problems are not addressed in the short term, life on Earth could be seriously threatened, or at least unpredictably complex.
Education for Sustainable Development (ESD) empowers learners of all ages with the knowledge, skills, values and attitudes to address the interconnected global challenges we face, including climate change, environmental degradation, biodiversity loss, poverty and inequality.
Learning must enable students and learners of all ages to find solutions to the challenges of today and tomorrow. Education should be transformative, enabling us to make informed decisions and take individual and collective action to transform our society and care for the planet.
- Social Entrepreneurship
Social entrepreneurship is the process by which individuals, start-ups and entrepreneurs develop and fund solutions that directly address social problems. So, a social entrepreneur is someone who explores business opportunities that have a positive impact on their community, society or the world.
An example of social entrepreneurship is microfinance institutions. These institutions provide banking services to unemployed or low-income individuals or groups who otherwise would not have access to other financial services. Other examples of social entrepreneurship include educational programs, banking services in underserved areas, and helping children orphaned by pandemics.
All of these efforts are aimed at addressing unmet needs within communities that are overlooked or not granted access to services, products, or basic necessities available in more developed communities.
- Corporate Responsibility, Ethics and Accountability
Today, it is not enough for a company to be profitable. We also expect managers to profit by doing the right thing. Unfortunately, no matter what managers decide to do, someone or some group of people will be dissatisfied with the outcome. Managers do not have the luxury of choosing theoretically optimal, win-win solutions that are clearly desired by all involved.
In practice, solutions to ethical and social responsibility issues are not optimal. Often, managers must settle for a solution that is just right or the least harmful. Morality is a set of moral principles or values that define right and wrong for a person or a group. Workplace deviance is unethical conduct that violates organizational norms of right and wrong. Ethical behavior follows the accepted principles of right and wrong.
Companies are placing increasing emphasis on ethical decision-making. They now offer ethics training, including making ethical behavior a standard part of performance reviews, and communicating internally about disciplinary action taken when unethical behavior occurs.
- Deviance
Company-related deviations affect tangible and intangible assets. A workplace bias called production bias can compromise the quality and quantity of work produced. Examples include leaving early, taking too long work breaks, deliberately slowing down work, or wasting resources.
Property deviation is unethical conduct with respect to company property or products. Examples include vandalism, theft or damage to equipment or products, and overcharging for services and then pocketing the difference.
Political bias is the use of one's influence to harm others in the company. Examples include making decisions based on favoritism rather than performance, spreading rumors about coworkers, or blaming others for mistakes they didn't make.
Personal aggression is hostile or aggressive behavior toward others. Examples include sexual harassment, name-calling, stealing from co-workers, or making physical threats to co-workers.
- Accounting and Finance
Finance is the management of funds and investments of individuals, companies and governments. Financial professionals pursue careers in investment banking, wealth management, and financial planning and analysis (FP&A).
Whether these professionals are working on behalf of individuals or businesses, it is their responsibility to ensure that sufficient funds (capital) are available to meet the needs of the situation and to allocate funds as optimally as possible. Their job is to create value by managing capital in a way that earns higher-than-expected risk-adjusted returns.
Accounting is the recording, maintenance and reporting of a company's financial records. Accounting professionals work for individuals, within companies, or for other businesses on behalf of public accounting firms such as the Big Four. These professionals are responsible for securing all financial transactions.
[More to come ...]
