Definition Of Business Knowledge
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The Term Was First Coined By Peter Drucker In The Landmarks Of Tomorrow 1959 He Suggested The Most Valuable Asset Of Knowledge Worker One Coin Non Business
It is a sum of skills experiences capabilities and expert insight which you collectively create and rely on in your business.
Definition of business knowledge. Bi business intelligence is a set of processes architectures and technologies that convert raw data into meaningful information that drives profitable business actions it is a suite of software and services to transform data into actionable intelligence and knowledge. Developments in politics the economy technology society and the environment could all affect your business development so you need to keep yourself informed. In fact the acquisition documentation validation and evaluation of business knowledge is the core of analysis. This occurs as users interact practice and learn.
1 capture and documentation of individual explicit and tacit knowledge and 2 its dissemination. Knowledge of the business environment your business can be affected by numerous outside factors. It is the creation of ideas which is at the heart of a company s competitive advantage. Strategies and processes designed to identify capture structure value leverage and share an organization s intellectual assets to enhance its performance and competitiveness.
It is based on two critical activities. Business knowledge is defined as a thorough understanding of the general business functions and the specific areas under analysis. What is business intelligence. Business knowledge is an important strategic asset.
You could consider setting up a team of employees to monitor and report on changes. Knowledge creation refers to the continuous combination transfer and conversion of different kinds of knowledge. By its very definition business knowledge is knowledge about the business what it is what it does why and how it does what it does and how those activities can be performed more efficiently.
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