Unit 1: BUSINESS SYSTEM Presented by - Dr. Rahul

Transcript:Unit 1: BUSINESS SYSTEM Presented by - Dr. Rahul:
Unit 1: BUSINESS SYSTEM Presented by - Dr. Rahul Singh (Asst. Prof) DSPMU, Ranchi Unit -1 Business System Unit-1 Business System BUSINESS A business refers to an organization or entity engaged in economic activities with the primary goal of earning a profit. It involves offering products or services to customers or clients in exchange for money or other valuable considerations. The purpose of a business is typically to generate revenue, cover expenses, and ideally, make a profit. Businesses can take various forms, such as sole proprietorships, partnerships, corporations, or even non-profit organizations, each with its unique characteristics and objectives. The concept of a business is central to the world of commerce and economics, encompassing a wide range of activities and industries. Business System A business system is a structured and interconnected set of processes, workflows, people, technology, and resources within an organization designed to achieve specific goals and objectives. It involves the organized flow of information, materials, and activities to facilitate the efficient and effective functioning of the business. Characteristics of a business :- Processes: The systematic series of tasks and activities that are performed to produce goods or services or achieve a specific outcome. Interconnectedness: Various components of the system, such as departments, teams, and technologies, are interconnected and interdependent. Goals and Objectives: The system is designed to help the organization achieve its strategic goals and objectives. Efficiency: Business systems aim to streamline operations, minimize waste, and optimize resource utilization. Data and Information: They rely on data and information flow to support decision-making and performance monitoring. Technology: Many modern business systems leverage technology, including software and hardware, to automate and improve processes. Feedback Loops: Systems often incorporate feedback mechanisms to continuously monitor and improve performance. Examples of business systems include supply chain management systems, customer relationship management (CRM) systems, financial management systems, and human resource management systems. These systems play a vital role in helping organizations operate smoothly, adapt to changes, and achieve their strategic objectives. Nature of business system A business system refers to the structured and interconnected set of processes, activities, people, and resources within an organization that work together to achieve specific goals and objectives. The nature of a business system can vary widely depending on the type of business, industry, and its goals. Some key aspects of a business system include: Purpose: The business system exists to fulfill the primary purpose of the organization, which