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Bi Assignment
Bi Assignment
Bi Assignment
Assignment Title 1
Data analytics are used by business intelligence tools to help decisions in a variety of areas
of an organization's operations. Collecting data, processing, analyzing, visualization,
modelling, reporting, and forecasting are all included in this technology-driven
methodology. The firms are then given practical information to enable them to make
decisions more quickly and effectively than they otherwise could.
Example:
BI analytical programs are used by a hotel owner to get statistical information on average
occupation and room rates. Calculating the overall revenue earned by room is important. In
order to assess each hotel's competitiveness in various markets, it also gathers market
share figures and customer survey data. Management can provide discounts on room rents
by observing these trends over the course of a year, a month, and a day.
P1: Examine, using examples, the terms ‘Business Process’ and ‘Supporting
Processes’?
What is business process?
A business process is a structured procedure used by a corporation to carry out everyday
tasks. Maintaining your company's organization and progress depends on its business
procedures. A company's utilization of a repeatable series of actions to achieve a goal is
known as a business process. Effective processes are essential for achieving your goals and
improving your operations. The purpose of a business process is to help your company
accomplish a particular aim. You may move forward with repeatable, predictable
operations in your company by using processes.
A good process meets three essential criteria:
Repeatability:
Every process needs to be made repeatable. A method that you do not even intend to
repeat is called an action plan as opposed to an actual process. It's the line that separates
routine purchases from the purchase of an entirely new facility.
Transparency:
Processes must also be quantifiable so that you may evaluate their effectiveness. Phases of
an efficient process that track data allow you to assess performance and efficiency over
time.
Agility:
Processes with strict standards cannot hold up in real-world circumstances. To avoid
delays brought on by little alterations in the working environment, a process must be
adaptable to a variety of scenarios. If more significant or long-term adjustments are made,
a successful process should also be straightforward to modify.
Difference between business process and business functions:
Business functions and business processes are frequently misunderstood. Despite their
similarities, these ideas shouldn't be mixed together.
A business function is a group of connected tasks carried out by one department of your
company. A business function is made up of interrelated and challenging to distinguish
operations. For instance, managing and organizing your personnel as well as your hiring
practices are crucial corporate functions.
A business process, on the other hand, is a group of actions intended to produce a certain
result. The actions aren't always related to one another, unlike a function. Instead, they
band together to promote one particular outcome. For instance, your business could have a
procedure in place for worker retention that involves work from HR, maintenance, and
management with the goal of lowering attrition.
A business process is a group of loosely associated tasks with a particular purpose,
whereas a business function is made up of closely related actions with a general goal. Both
business activities and procedures are essential to a well-run organization. In actuality,
several functions will participate in numerous processes. In addition to many other
operations, the HR department would be involved in hiring, retention, and disciplinary
procedures.
The importance of business process:
Business processes help your business stay focused, avoid errors, and increase employee
productivity. It is hard to guarantee that a task will always be accomplished in a similar
way without explicitly established processes. You incur the danger of inconsistent data
gathering, inconsistent legal paperwork that doesn't comply with legal standards, and
uneven quality of your products or services.
On the other hand, establishing protocols promotes consistency, allowing you to offer
higher-quality products, services, and customer service. When your company's business
processes are well-designed, it becomes more productive. When your staff members know
how to do things, they do tasks faster and with fewer mistakes.
Quality and efficiency are only two advantages of creating improved company processes.
Implementing business procedures has other benefits, such as:
Locating opportunities for improvement:
You must consider your present strategies while creating techniques and processes. During
the process, you will be given the option to both identify and address present problems.
For instance, if your procedures now rely on antiquated technology, you may upgrade them
to include more modern possibilities.
Decreasing costs:
By developing methods that are more efficient and speedier, you may save expenses for
your company. You'll conserve money on cost of materials up front and subsequently on
pay as your team utilizes less time on inefficient activities if you can identify ways to
eliminate waste.
Working towards long term goals:
The first step in revamping your current processes is to identify the tasks that your staff
must perform a part of their regular duties. You may develop new processes that include
actions that further the long-term goals of your company. If you make real progress toward
your goals every day, you have a better chance of completing them on time.
Example of business processes:
As an example, let's look at the hiring process for an HR department. The hiring process
involves various stages, beginning with advertising the job opening and concluding with
employee onboarding. The following is an example of a simple method, albeit it may vary
depending on the business.
The HR manager publishes the job update.
In a portal, many candidates apply.
The HR manager evaluates the applicants and selects the best-fits.
The chosen applicants are contacted for the recruitment's subsequent phases.
At the very end of the hiring process, the ideal applicant is selected.
There are wage and policy discussions.
The candidate receives the offer letter and accepts it.
You may categories business processes into several "categories". Each organization is
required to develop one of four types of corporate procedures. The four factors are shown
below along with examples of how they might appear in actual life scenarios.
1. Operational processes
2. Supporting processes
3. Sales processes
4. Management processes
Operational processes:
Operational procedures are one of the most crucial elements of a business since they
directly generate and distribute products and services.
Product development:
The creation and ongoing improvement of your products is a part of the product
development process. This process varies depending on the company, but it adheres to the
same basic principles:
• The business has a chance to capitalize on a market opportunity.
• The development team suggests several solutions to the problem.
• A small number of potential choices are developed.
• Demos are tested to assess how well they work.
• The publication of one edition is created.
• The release's success is monitored.
The procedure is repeated each time the organization wants to improve, update, or create a
whole new product.
Manufacturing:
Now that your products have been created, it's now time to put them into production.
Manufacturing is often one of the most transparent and well-designed corporate processes.
Usually, it involves the following steps:
• acquiring materials;
• acquiring materials;
• turning the raw materials into a completed product by following a set of
predetermined steps;
• packaging the final
• turning the raw materials into a completed product by following a set of
predetermined steps;
• packaging the final product for distribution.
• the item's packaging and transportation to the pickup location.
You've undoubtedly observed how a company's operations may be improved by paying
careful attention to its production processes if you've any experience with the Lean
method, a corporate strategy that places a high focus on productivity and low waste.
Delivery:
Depending on how your business is set up, the distribution process may or may not
be simple. Transporting items to an on-site exhibition is only one aspect of it;
navigating intricate international shipping restrictions is another. This process will
seem different for companies that provide both products and services.
For instance, a service might be provided on your premises or at a customer's
location, while a product could be supplied to a shop, a distributor, or a customer
directly. Regardless of the business model you have, planning your delivery process
thoroughly will help you avoid wasting time, cash, and effort.
Supporting processes:
Supporting processes refer to business operations and divisions that seem to be crucial to a
company's operation but are not directly involved in product sales or delivery.
Accounting:
The current assets and liabilities of your business must be managed carefully in order to
maintain financial stability. Maintaining compliance with Internal Revenue Service and
other regulatory regulations also requires accounting. Maintaining copious records,
keeping careful tabs on bank accounts, loans, debts, and assets, as well as staying current
with regulatory obligations, are all part of the accounting process for many businesses.
Maintenance:
Your organization needs the maintenance and cleaning staff even if they don't directly
impact sales. Instead, they do the required maintenance to avoid incurring additional fees.
They perform vital tasks that stop harm to your company's property and machinery.
Maintenance consists of:
regular sanitization of your workplace.
routine maintenance of manufacturing equipment.
Sales processes:
Businesses must sell their products in order to prosper; the sales processes are the steps
they take to ensure this happens.
Sales:
The sales process refers to the steps a company takes to find a prospect and convert them
into a committed customer. The many steps which make up the total sales process are as
follows:
Lead generation,
lead validation,
lead calling,
negotiation,
contract closure,
customer retention is all included.
The design of every one of these subprocesses should complement your business strategy.
They complement one another to help you boost overall sales.
Marketing:
Despite frequently being a part of a lead generation sales subprocess, marketing is
significant enough to warrant establishing its own department in many businesses. In the
advertising business process, your goal is to boost brand trust and loyalty. Marketing
subprocesses may focus on several types of advertising, such as print ads, advertisements
on social media and web browser advertisements.
Customer service:
The customer support process is a part of the sales subprocess. Providing excellent service
to your current customers encourages them to make more orders from your company in
the future. Possible processes in the customer service process include learning about the
common problems that customers have, testing the most well-liked solutions, developing
original solutions for unusual situations, and following up later to make assured that
everything is operating as it should.
7 steps for business process lifecycle:
Define goal
Plan and map processes
Set actions and assign stakeholders
Test the process
Implement the process
Monitor results
Repeat
Advantages of business process:
According to the Harvard Business School, a business method and its definition
institutionalize how work is done. Every participant in a reported business operation is
guaranteed to follow the same set of rules when carrying out their tasks. The time spent
training new reps is reduced by a business procedure. A corporate method frees up leaders
to handle extraordinary circumstances rather than ongoing operational problems. If a work
procedure is known for routine preparation, an operational problem can be identified more
quickly. Corporation processes allow evaluators to more quickly audit jobs to see whether
actions are in compliance with rules when a business is especially directed, such as a stock
financier organization. Communication between departments is improved by business
procedures since each division's responsibility is clearly defined. Additionally, following
procedures makes it easier to look for opportunities to save money. Each stage in the
process may be analyzed to determine whether it is necessary or completely unnecessary
and whether it can be completed more successfully over time.
Data management:
Data management includes the preparation, blending, investigation, and cleaning of data.
By integrating many different data collections, you may create a new one.
Discover trends, patterns, features, and areas of concern in the data by investigating it, and
then utilize visualization tools to depict them. Use OLAP operations like drill-up, drill-
down, and slice and dice to make complex data analysis simpler.
Data integration:
A BI solution won't work if it can't connect to the available data sources. The right analytics
platform provides superior native connection to accelerate analysis regardless of where
the data is hosted.
You can quickly query the database without writing custom code. It should seamlessly
integrate with the actual data strategy without requiring further investments or disturbing
your current data architecture.
Connectivity to several platforms is made possible, including big data and e-Commerce
platforms, ERP and CRM software, and more.
Data mining:
Data mining is the process of dissecting data to find useful instances and nuggets of
knowledge. Organizations may analyze data from numerous sources to find trends using
the bundled product. Given the vast amounts of information that are currently available,
businesses use large data executive arrangements that may develop smart data mining to
provide them with knowledge to make informed decisions. Recently, associations have
benefited from the increased accuracy provided by information mining software. Executing
information-digging operations for a variety of firms is now much simpler and more
effective as a result of the continuous breakthroughs and enhancements in these kinds of
tools. Information control functions, such as drilling down to different semantic layers of
information, slicing and dicing data through organizing and separating, and a vast array of
others, which were previously exclusively reserved for knowledgeable knowledge
examiners and researchers, could now be made available to non-specialized end users
through an external device or within the application itself.
User-specific security:
let's say you would like to control who has access to what data sets. Your BI features and
apps must be able to be customized for individual individuals or groups of individuals that
are utilizing your BI system. Some systems provide user-specific data sources, which let
one application get data from a variety of sources according to the user.
Long-term decisions are Every day, tactical decisions Operational decisions are
strategic ones. are made. not made regularly.
When it comes to future These decisions are focused These decisions are based on
planning, these are taken on the near future. the medium-period.
into consideration.
The company purpose and These are chosen in These decisions are made in
vision are taken into accordance with operational accordance with both
consideration while making and strategic decisions. strategic and administrative
strategic decisions. considerations.
These are connected to the These have to do with how These have to do with
organization's overall workers work for an manufacturing.
counter planning. organization.
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