Business Definitions: the key to reliable Business Insights & Reporting
Without robust Business Definitions to express “what is what”, there are no reliable and consistent (regulatory) Reporting or Analytics
The question of “Business Definitions” seems to be such an evident matter.
It is not, please believe me. Think about it: do you have robust Business Definitions across all of your business units? Can you tell what the business definition of a “new client” is, for instance, and how this translates into data you capture, then process and visualise for decision-making?
Business Definitions are intrinsically related to Corporate Insights and the ‘Single Version of the Truth’ Principle. I wrote a blog about this here.
Without robust Business Definitions, there is no reliable and consistent (regulatory) reporting and analytics. And even less would there be any sort of data science or ML/AI worth a penny.
My next question is: how does this definition of a new client translate into your business collecting (-ed) data? How do you translate a conceptual phraseology of “new client” into tangible, reliable and consistent data across all your business so you get proper reporting and analytics?
Please think about it again if your instinct suggests this is obvious. This question is even more important if your business is regulated.
Without robust Business Definitions, there is no reliable and consistent (regulatory) reporting and analytics. And even less any sort of data science or ML/AI worth a penny.
Let’s discuss. Please get in touch to discuss in confidentiality how Reason Praxis can assist.
Thank you for your time and interest.
Please join us by subscribing to our Blog. Posts are occasional and written as thoughts come.
Please leave your comment at the bottom of this page to continue the reflection on this post.
If you are looking for a reliable, independent professional consultancy to assist you in getting through the mist and the storm and cutting through an often artificial complexity, please do get in touch with us for an informal discussion, or write to contact @ reasonmakesense .com (please remove spaces)
Get in touch to discuss freely; reason will Make Sense, with you and for you.
A few words about Reason
reason supports Shareholders, Board, C-Suite Executives and Senior Management Team in achieving Business Excellence and Sustainability through our Praxis unique approach.
We Make Sense with you and for you.
We work and think with integrity, are independent and fed by a very broad spectrum of robust information sources, which is certainly one of the rarest and best qualities a consultancy can offer demanding decision-makers willing to overcome challenges and reach impactful, tangible and measurable Business Excellence.
We follow reason, facts, best practices, common sense and proper scientific approaches. This is our definition of professionalism. It brings reliability, confidence and peace of mind.
Please check our offering, subscribe directly on this page, write to contact @ reasonmakesense .com (without the spaces) or click on our logo below to get redirected to our contact form.
Thank you for reading!
Reason Praxis | Make Sense
Excellence & Sustainability
www.reasonmakesense.com
There is nothing wrong in doing things right, first time.
Share this post
Published first time on 18th Nov 2021 | Updated on 17th Mar 2022 , 4th Sept 2022, 18th Sept 2023
