Business Definitions: the Cornerstone For Reliable 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.
For good and evident reasons, we have dictionaries for words. Why so many businesses can’t fathom the importance of Business Definition?
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.
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