Applied Business Tools and Technologies PDF

pplied Business A Tools and Technologies Chapter 1 Business Tool Terminologies  What is a Business Tool? A business management tool is an application, system, or methodology that helps a business operate effectively, maintain a competitive posi...

pplied Business A Tools and Technologies Chapter 1 Business Tool Terminologies  What is a Business Tool? A business management tool is an application, system, or methodology that helps a business operate effectively, maintain a competitive position, and improve performance.  Classification of Business Tools There are several ways of classifying software tools, each of which gives us a different perspective on these tools. A functional perspective where tools are classified according to their specific function A process perspective where tools are classified according to the process activities that they support. It allows the company to know how well their business is running. An integration perspective where tools are classified according to how they are organized into integrated units that provide support for one or more process activities  Business Tool Types -are designed to ensure teams are able to accomplish both short and long-term projects. They include charts and graphs designed to track progress, repetition- based Planning approaches to testing and adjusting everyday processes, and other actions that Tools allow organizations to manage and improve important projects. Examples: PERT tools A Program Evaluation Review Technique (PERT) chart is created in order to analyze all of a project’s tasks while estimating the amount of time required Using this information, the project to complete each one. manager can estimate the minimum amount of time required to complete the entire project. Examples: Estimation Tools Techniques that help you accurately estimate the time, cost, and resources required to complete your project. An accurate estimate are needed to ensure you, your team, and any project stakeholders are all in agreement on what’s needed before a project begins. Examples: Spreadsheets A spreadsheet or worksheet is a file made of rows and columns that help sort, organize and arrange data efficiently, and calculate numerical data. What makes a spreadsheet software program unique is its ability to calculate values using mathematical formulas and the data in cells.  Business Tool Types It involves reviewing, organizing, correcting grammar and spelling, and formatting a piece of content. It tends to refer to computer programs that can be used to edit audio, video, photographic, and graphic files. Editing Tools Examples: Text editors It is a software application that creates and edits plain text files. In addition to simply typing text directly, they can cut, copy, and paste text from other sources and quickly find and replace text within a file. Examples: Diagram Editors An application that allows you to create diagrams for professional and educational purposes. They are used by many people, including engineers, scientists, and even designers, who need to present their ideas visually. Examples: Word Processors A type of software application used for composing, editing, formatting and printing documents. Word processors have a variety of uses and applications within the business environment, at home and in educational contexts.  Business Tool Types It is designed to support and facilitate organizational change. These software tools assist in planning, implementing, accelerating, and tracking change within an organization, ensuring a structured and systematic approach to change Change Management management. Tools Examples: Requirements Traceability Tools They enable project teams to keep track of all clients’ project requirements, including changes and updates. This helps project teams meet and exceed their client’s expectations, leading to fewer changes during a project and happier clients overall. Examples: Change Control Systems It is systematic approach to managing all changes made to a product or system. The purpose is to ensure that no unnecessary changes are made, all changes are documented, services are not unnecessarily disrupted and resources are used efficiently. Business Tool Considerations When it comes to choosing a business tool, there are several important considerations to keep in mind. Some of the most important ones include. Business Tool Considerations Defining Purpose Before selecting a business tool, it’s important to determine what you need it for. Understanding your needs and goals will help you to select the most appropriate tool for your business. Business Tool Considerations Choose a tool that is easy to use A business tool that is difficult to use can quickly become more of a hindrance than a help. Look for tools that are easy to navigate, with clear instructions and user-friendly interfaces. (Less stress, more productivity) Business Tool Considerations Considering the Costs Business tools can range from free to quite expensive, so it’s important to consider the cost of a tool relative to the value it will provide to your business. Be sure to factor in any ongoing costs such as subscription fees or maintenance costs. Business Tool Considerations Choose what is easy to Integrate If you use multiple business tools, it’s important to select tools that can integrate with one another. This will help to streamline your workflows and reduce the amount of time you spend switching between different tools. Business Tool Considerations Considering Its Security Level Depending on the nature of your business, security may be a major concern when selecting a business tool. Look for tools that offer robust security features such as encryption, two-factor authentication, and regular security updates.  Business Tool Considerations Considering its Scalability As your business grows, so will your need for more advanced tools. When selecting a business tool, consider whether it can scale with your business, or whether you will need to switch to a more advanced tool down the line.  Uses of Business Tools It is an art of creating specific business strategies, implementing them, and evaluating the results of executing the plan, in regard CRM is a technology for to a company’s overall long- managing all your term goals or desires. company’s relationships and interactions with customers Strategic and potential customers. The goal is simple: improve Planning business relationships. Customer relationship management  Uses of Business Tools The continual process of detecting and eliminating It is a process that manufacturing errors, involves measuring the streamlining supply chains, improving customer performance of your experience, and ensuring business against a employees are fully trained. competitor in the same market. Total quality management (TQM) Benchmarking  Uses of Business Tools BSC unites the four They are the defining elements (learning & products, services, skills and growth, business capabilities that give a business advantages over its processes, customers, competitors. In other words, and finance). business core competencies are advantages that no competitor can reasonably Balanced offer or replicate. scorecard (BSC) Core competency  Uses of Business Tools The business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in- They are plans that house by the company’s own enable companies to employees and staff. implement new processes, systems, and strategies to Outsourcing achieve superior business performance Change management programs How to Use Business Tools to Stay Competitive Define your Assess the current objectives situation You need to clearly define your priorities before deciding what business Figure out what tool resources to use. Then works, what does not think about what exactly work, and be you want that business completely aware of tool to assist you with. operating procedures. How to Use Business Tools to Stay Competitive Create a roadmap Clean up your Data Compile a practical timeline The realization of outlining short and long- actionable knowledge term priorities. When it requires clean data. So, comes to your business tools make sure you spend efforts, this timeline should some time tidying up serve as a path map to all the details that you follow. have on hand.  How to Use Business Tools to Stay Competitive Employ Additional Support (if required) Select the right tools Take some time to try free trials, interview Consider hiring a Chief different providers of Data Officer in the business tool and event that you are analytics, and consider struggling to navigate creating a custom the complexities of application. Business tool resources on your own effectively. QUESTIONS?