Business Enterprise Terminology
In many organizations, many employees possibly do not know what a Business Terminology is or fail to see why it is important to the future success from the enterprise. Development of an business Business Terminology is still often viewed as an expensive exercise in semantics. However , the market waves are usually increasingly highlighting the importance of the particular Business Terminology to senior professionals.
What do we mean simply by ‘Business Terminology’?
Business Terminology is really a definitive dictionary of company terms and relationships utilized across an enterprise. The particular definitions must be designed to coin a common understanding of what is meant by the term for all workers and key business companions regardless of business function. Not every employees and business companions must understand all the company terms and relationships inside the enterprise business Terminology yet all that they will use - this will often be limited to one or a number of domain names.
This lack of a common plus well understood definition of the term can extend in order to virtually every key field throughout an organization, such as prospect, believe, profitability, territory, cost of sale, product development costs, and business, to name but a few.
With no enterprise-wide Business Terminology company workers, including senior executives, are merely communicating at cross reasons - they do not have a typical, accurate view of the business as it is today, nor a typical view of their stated goals and key performance indicators. The impact of this is like senior management setting out on the journey without a common knowledge of either their starting point or even where they want to go.