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Business Information Systems

Business information systems are tools and procedures enabling data collection, processing, and visualization to support decision making in the enterprises' operations.

Term

Descriprion

Accounting(accountancy)

is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements that summarize a large company's operations, financial position and cash flows over a particular period are a concise summary of hundreds of thousands of financial transactions it may have entered into over this period.

Administrative Expenses

are the expenses that an organization incurs not directly tied to a specific function such as manufacturing, production or sales.

Benchmarking

is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.

Business information

is one of the three main segments of the information industry. The other two segments are scientific, technical and medical (STM) and educational and training content.[citation needed] While most of the content industry revenues are advertising-driven, the business information segment remains largely driven by paid content, either via subscription or transaction (pay-per-view) The primary forms of business information include: News, Market research, Credit and financial information, Company and executive profiles, Industry, country and economic analysis, IT research.

Business intelligence (BI)

comprise the strategies and technologies used by enterprises for the data analysis of business information.

Business management tools

are all the systems, applications, controls, calculating solutions, methodologies, etc. used by organizations to be able to cope with changing markets, ensure a competitive position in them and improve business performance.

Business reporting(enterprise reporting)

refers to both "the public reporting of operating and financial data by a business enterprise," and "the regular provision of information to decision-makers within an organization to support them in their work." It is a fundamental part of the larger movement towards improved business intelligence and knowledge management.

Cost of goods sold (COGS)

refers to the direct costs attributable to the production of the goods sold in a company. This amount includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. It excludes indirect expenses, such as distribution costs and sales force costs.

Critical success factor(CSF)

is a management term for an element that is necessary for an organization or project to achieve its mission. To achieve their goals they need to be aware about each key success factor (KSF) and the variations between the keys and the different roles key result area (KRA).

Customer relationship management (CRM)

is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.

Data mining

is the process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems. Data mining is an interdisciplinary subfield of computer science and statistics with an overall goal to extract information (with intelligent methods) from a data set and transform the information into a comprehensible structure for further use.

Enterprise resource planning (ERP)

is the integrated management of main business processes, often in real-time and mediated by software and technology. ERP is usually referred to as a category of business management software — typically a suite of integrated applications—that an organization can use to collect, store, manage, and interpret data from these many business activities.

General And Administrative Expense (G&A)

re expenditures related to the day-to-day operations of a business. General and administrative expenses pertain to operation expenses rather than to expenses that can be directly related to the production of any goods or services, including rent, utilities, insurance, and managerial salaries.

Income

Income is money (or some equivalent value) that an individual or business receives in exchange for providing a good or service or through investing capital.

Information Services

Second, there are information processing services. Some services, such as legal services, banking, insurance, computer programming, data processing, testing, and market research, require intensive and intellectual processing of information. Although those services do not necessarily provide information, they often offer expertise in making decisions on behalf of clients. These kinds of service industries can be regarded as an information-intensive part of various industries that is externalized and specialized.

Information industry (Information Industries)

are industries that are information intensive in one way or the other. It is considered one of the most important economic sectors for a variety of reasons. There are many different kinds of information industries, and many different ways to classify them. Although there is no standard or distinctively better way of organizing those different views, the following section offers a review of what the term "information industry" might entail, and why. Alternative conceptualizations are that of knowledge industry and information-related occupation. The term "information industry" is mostly identified with computer programming, system design, telecommunications, and others.

KPI (Key performance indicator)

is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages.

Key Result Areas(KRA)

refer to the general metrics or parameters which the organisation has fixed for a specific role. The term outlines the scope of the job profile, and captures almost 80%-8% of a work role.

Key success factor (KSF)

Those functions, activities, or business practices, defined by the market not the company, and as viewed by customers that are critical to the company/customer relationship.

Knowledge

is a familiarity, awareness, or understanding of someone or something, such as facts, information, descriptions, or skills, which is acquired through experience or education by perceiving, discovering, or learning.

Knowledge management(KM)

is the process of creating, sharing, using and managing the knowledge and information of an organisation. It refers to a multidisciplinary approach to achieving organisational objectives by making the best use of knowledge.

Machine learning (ML)

is the scientific study of algorithms and statistical models that computer systems use to perform a specific task without using explicit instructions, relying on patterns and inference instead. It is seen as a subset of artificial intelligence.

Multidimensional analysis

in statistics, econometrics, and related fields, multidimensional analysis (MDA) is a data analysis process that groups data into two categories: data dimensions and measurements.

Net profite(net income, NI)

is equal to net earnings (profit) calculated as sales less cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses. This number appears on a company's income statement and is an important measure of how profitable the company is.

Online analytical processing(OLAP)

is an approach to answer multi-dimensional analytical (MDA) queries swiftly in computing. OLAP is part of the broader category of business intelligence, which also encompasses relational databases, report writing and data mining.

Operating Expense(OPEX)

is an expense a business incurs through its normal business operations. OPEX include rent, equipment, inventory costs, marketing, payroll, insurance, and funds allocated for research and development.

Performance metric

measures an organization's behavior, activities, and performance. It assesses how well workers are doing their respective tasks and how companies are accomplishing their objectives. It provides hard data and gives off outcomes that appraise clearly defined quantities within a range that facilitates improvement and upgrading. Ideally, good performance metrics form the basis for better achieving a small business' overall goals.

Predictive analytics

encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning, that analyze current and historical facts to make predictions about future or otherwise unknown events.

Predictive modeling

uses statistics to predict outcomes. Most often the event one wants to predict is in the future, but predictive modelling can be applied to any type of unknown event, regardless of when it occurred. For example, predictive models are often used to detect crimes and identify suspects, after the crime has taken place.

Return on investment (ROI)

is a ratio between net profit (over a period) and cost of investment (resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favorably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. In economic terms, it is one way of relating profits to capital invested.

Taxes

re involuntary fees levied on individuals or corporations and enforced by a government entity — whether local, regional or national — in order to finance government activities.

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