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In 50 minutes be ready to present your business plan to venture capitalists.

Reading 2

      1. Read the text and answer the following questions:

  1. What are the consequences of poor business planning? Why?

  2. How can a business be more efficient thanks to business planning?

  3. Why should business planning be integrated?

  4. What is IBP according to the text? Find the definition.

  5. What is a business model?

  6. What are the types of business processes?

  7. What is BPM?

  8. Give examples of business process modeling tools.

  9. How is a business model created?

  10. When is reengineering required? Why?

  11. Why is a “clean slate” perspective the key to reengineering?

      1. Take notes of key ideas of the text by filling in the table:

    1. Integrated business process management

    1. Integrated business planning (IBP)

    1. Business model

    1. Business process

    1. Business process modeling (BPM)

    1. Business process modeling tools

    1. Modeling and simulation

    1. Business process integration

    1. Business process reengineering

Benefits of Integrated Business Planning, Forecasting, and Process Management8

Integrated business process management

Today's businesses are more likely to have a heterogeneous and confused mixture of disconnected applications and processes. These disconnected applications and processes cannot easily accommodate growth in transactions, cannot be easily scaled to accommodate more users, and have severe database limitations. Additional applications can be added leaving businesses with a disconnected slew of applications. The ramifications include (but are not limited to) lost productivity in attempting to consolidate data from the disparate systems, lack of visibility to the information necessary to make decisions, and outgrown applications that cannot be scaled to allow the business to grow. The business is trapped by the limits of the very technology that was intended to help the company grow and thrive.

Addressing the plethora of disconnected applications and processes is the first step a business can take to gain better control of its business operations and increase the efficiency of those operations. A single integrated suite of applications/processes provides significant advantages to the business, accommodating the breadth of the company's business, while providing the flexibility for even small companies to tailor the suites to meet their specific business needs. New advances in technology bring benefits of a single business management suite without the cost, complexity, and rigidity of traditional applications.

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