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Topic Review
Business Process Reengineering
Business process re-engineering (BPR) is a business management strategy, originally pioneered in the early 1990s, focusing on the analysis and design of workflows and business processes within an organization. BPR aimed to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs, and become world-class competitors. BPR seeks to help companies radically restructure their organizations by focusing on the ground-up design of their business processes. According to early BPR proponent Thomas Davenport (1990), a business process is a set of logically related tasks performed to achieve a defined business outcome. Re-engineering emphasized a holistic focus on business objectives and how processes related to them, encouraging full-scale recreation of processes rather than iterative optimization of sub-processes. Business process reengineering is also known as business process redesign, business transformation, or business process change management.
  • 1.1K
  • 12 Oct 2022
Topic Review
Online Shopping
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2016, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones. An online shop evokes the physical analogy of buying products or services at a regular "bricks-and-mortar" retailer or shopping center; the process is called business-to-consumer (B2C) online shopping. When an online store is set up to enable businesses to buy from another businesses, the process is called business-to-business (B2B) online shopping. A typical online store enables the customer to browse the firm's range of products and services, view photos or images of the products, along with information about the product specifications, features and prices. Online stores typically enable shoppers to use "search" features to find specific models, brands or items. Online customers must have access to the Internet and a valid method of payment in order to complete a transaction, such as a credit card, an Interac-enabled debit card, or a service such as PayPal. For physical products (e.g., paperback books or clothes), the e-tailer ships the products to the customer; for digital products, such as digital audio files of songs or software, the e-tailer typically sends the file to the customer over the Internet. The largest of these online retailing corporations are Alibaba, Amazon.com, and eBay.
  • 19.2K
  • 12 Oct 2022
Topic Review
Knowledge Management Criteria in the Banking Industry
Banks’ performance and profitability were influenced significantly by the COVID-19 pandemic. Facing the impact and challenges derived from the pandemic, some responsive measures needed to be adopted by the banking industry. Supported by successful sustainability performance and a competitive advantage, accurate knowledge management could help organizations to survive future pandemics.
  • 616
  • 12 Oct 2022
Topic Review
Consumer Privacy
Consumer privacy is a form of information privacy concerned with the legal and political issues arising from the interaction of the public's expectation of privacy with the collection and dissemination of data by businesses or merchants. Consumer privacy concerns date back to the first commercial couriers and bankers who enforced strong measures to protect customer privacy. In modern times, the ethical codes of most professions specify measures to protect customer privacy, including medical privacy, client confidentiality, and national security. Since most organizations have a competitive incentive to retain an exclusive access to customer data, and since customer trust is usually a priority, many companies adopt security engineering measures to protect customer privacy. Consumer privacy protection is the use of laws and regulations to protect individuals from privacy loss due to the failures and limitations of corporate customer privacy measures. Corporations may be inclined to share data for commercial advantage and fail to officially recognize it as sensitive to avoid legal liability in the chance that lapses of security may occur. Modern consumer privacy law originated from telecom regulation when it was recognized that a telephone company had access to unprecedented levels of information. Customer privacy measures were seen as deficient to deal with the many hazards of corporate data sharing, corporate mergers, employee turnover, and theft of data storage devices (e.g., hard drives) that could store a large amount of data in a portable location.
  • 465
  • 12 Oct 2022
Topic Review
Flat Rate
Flat interest rate mortgages and loans calculate interest based on the amount of money a borrower receives at the beginning of a loan. However, if repayment is scheduled to occur at regular intervals throughout the term, the average amount to which the borrower has access is lower and so the effective or true rate of interest is higher. Only if the principal is available in full throughout the loan term does the flat rate equate to the true rate. This is the case in the example to the right, where the loan contract is for 400,000 Cambodian riels over 4 months. Interest is set at 16,000 riels (4%) a month while principal is due in a single payment at the end.
  • 936
  • 11 Oct 2022
Topic Review
Business Continuity
Business continuity is the planning and preparation of a company to make sure it overcomes serious incidents or disasters and resumes its normal operations within a reasonably short period. This concept includes the following key elements: Typical disasters that business continuity covers include fires, floods, accidents caused by key people, server crashes or virus infections, insolvency of key suppliers, negative media campaigns and market upheavals (ex. stock market crashes). The locations of these disasters and the company real estates may be independent.
  • 520
  • 11 Oct 2022
Topic Review
The Concept of Local Wisdom-Based Corporate Social Responsibility
Corporate social responsibility (CSR) refers to actions taken by companies through socially responsible behaviour toward society, with a focus on economic, social, and environmental concerns. Local wisdom is needed to make corporate social responsibility (CSR) activities benefit local communities.
  • 459
  • 11 Oct 2022
Topic Review
Material Passport
A material passport is a document consisting of all the materials that are included in a product or construction. It consist of a set of data describing defined characteristics of materials in products, which give them value for recovery, recycling and re-use. The core idea behind the concept is that a material passport will contribute to a more "circular economy", in which materials are being recovered, recycled and/or re-used in an open traded material market. The concept of the 'material passport’ is currently being developed by multiple parties in mainly European countries. A possible second-hand material market or material-bank could become a reality in the future. Similar concepts are being developed by several parties. Other names for the material passport are: circularity passport, cradle-to-cradle passport, product passport.
  • 818
  • 11 Oct 2022
Topic Review
Valuation
In finance, valuation is the process of determining the present value (PV) of an asset. In a business context, it is often the hypothetical price that a third party would pay for a given asset. Valuations can be done on assets (for example, investments in marketable securities such as companies' shares and related rights, business enterprises, or intangible assets such as patents, data and trademarks) or on liabilities (e.g., bonds issued by a company). Valuations are needed for many reasons such as investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability.
  • 447
  • 11 Oct 2022
Topic Review
Consultant
A consultant (from Latin: consultare "to deliberate") is a professional who provides expert advice in a particular area such as business, education, law, regulatory compliance, human resources, marketing (and public relations), finance, health care, engineering, science, security (electronic or physical), or any of many other specialized fields. A consultant is usually an expert or an experienced professional in a specific field and has a wide knowledge of the subject matter. The role of consultant outside the medical sphere (where the term is used specifically for a grade of doctor) can fall under one of two general categories: internal consultant and external consultant. By hiring a consultant, clients have access to deeper levels of expertise than would be financially feasible for them to retain in-house on a long-term basis. Moreover, clients can control their expenditures on consulting services by only purchasing as much services from the outside consultant as desired. Consultants provide their advice to their clients in a variety of forms. Reports and presentations are often used. However, in some specialized fields, the consultant may develop customized software or other products for the client. Depending on the nature of the consulting services and the wishes of the client, the advice from the consultant may be made public, by placing the report or presentation online, or the advice may be kept confidential, and only given to the senior executives of the organization paying for the consulting services.
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  • 11 Oct 2022
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