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What are the advantages to a broad-based approach to business?

In this paper I will be discussing the advantages to a broad-based approach to businesses; broad based approach is basically related to changing business environment of the firm. We develop relationship in between data, information and knowledge, and on the basis of these facts the businesses can improve their corporate performance. The other main advantage of this approach is that, traditional approaches tell the decision makers that what had happened but what they don’t highlight is why and what should be done as a remedy. Broad based approach not only highlights the issues but it also provides the solutions and resolution to the problem.

Now let’s discuss how businesses can take advantage from this approach, Dow Chemical Co. is having a massive increase in their customer base, just because they have implemented this approach and increase options for their customers for dealing with the company. Now their customers can go online to check their offerings, check the invoices, order status, pay bills online and integrated supply chain. I think to compete in today’s competitive world; businesses would have to implement the broad based approach to their businesses and re-engineer their services and approaches.

One more advantage of this approach is that companies

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can pick new industries to enter and decide which industry to enter and when to enter. Last but not the least advantage of broad-based approach to business is that in this approach you are able to express your own thoughts on the basis of facts & figures and than express your opinions on the basis of these facts.

References:

Peter Senge, The fifth Discipline, (1990), P-1 Walter A. Klienschord, “In business, knowledge is power”, beyond computing 1995, p 36-38, 40.

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