The definition of business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives. It could be said that a strategy is a leadership plan. The word strategy derives from the Greek word stratēgos, which derives from two words: stratos (army) and ago (ancient Greek for leading). Some experts claim that a strategy should be designed to provide competitive advantage for the organisation. Indeed one part of a strategy should be to build in sufficient buffer or slack to be able to ride out any storm. Business Intelligence Business Intelligence, often referred to as BI, is a popularized, umbrella term introduced by Howard Dresner of the Gartner Group in 1989 to describe a set of concepts and methods to improve business decision making by using fact-based computerized support systems (Nylund, 1999). The strategy needs to be frequently reviewed against prevailing external and internal environment (īusiness intelligence comes in where you need to constantly monitor how the strategy and the objectives are being executed.Įvery 5 to 15 years most companies suffer from some unexpected misfortune. This is the basis of the balanced scorecard approach.Ĭlick on the the following graphic to find out more about Business strategy maps On great way of representing these cause and effect relationships is to use a strategy map. Strategy creation is involved because there are so many inter-dependencies. It takes the systems thinking approach - everything in an organization and its environment is interrelated and so determines the outputs of the whole system. Importance of Creating a Business Strategy MapĪ Business strategy map is a great way to see the whole picture on one piece of paper and to adjust and align business activities to achieve the vision and goals of the company. Organisations can face unforeseen circumstances and adverse conditions through no fault of their own.Ĭlick here to find an example - Ryanair Business Strategy - Fly for Free!Ĭlick on the following link to read about What Strategy is - according to this article tin the Harvard Business Review - Is Strategy a choice between “do something so dauntingly original that no one can copy you” or “fight to the death with your rivals over the pie.” Without a strategy management has no roadmap to guide them.ĭefining your business strategy is a core management function.It must be said that having a good strategy and executing the strategy well, does not guarantee success. It states how business should be conducted to achieve the desired goals. Strategy is management's game plan for strengthening the performance of the enterprise. Image Copyright : rawpixel definition of business strategy is a long term plan of action designed to achieve a particular goal or set of
#BUSINESS INTELLIGENCE DEFINITION PDF HOW TO#
What is a Vision Statement and How to Write One.
#BUSINESS INTELLIGENCE DEFINITION PDF SOFTWARE#
Emergent Strategy - Scott Cook Chairman and Founder of Intuit Software.
0 kommentar(er)
