Industry Terminology

http://www.theevansgroupllc.com/published-articles/the-big-words-seminar/
Industry Terminology
In most organizations, many employees either do not know what a Business Terminology is or fail to see why it is essential to the future success of the enterprise. Development of an enterprise Business Terminology is still often seen as an expensive exercise in semantics. However , the market waves are increasingly highlighting the importance of the Business Terminology to senior business owners.

What do we mean by ‘Business Terminology’?

Business Terminology is a definitive dictionary of business terms and relationships used across an enterprise. The definitions must be designed to engender a common understanding of what is designed by the term for all employees and key business partners regardless of business function. Not all employees and business partners must understand all the business terms and relationships within the enterprise business Terminology but all that they will use -- this will often be restricted to one or a number of websites.

This lack of a common and well understood definition of a term can extend to virtually every key field across an organization, such as prospect, suspect, profitability, territory, cost of purchase, product development costs, and market share, to name but a few.

Without an enterprise-wide Business Terminology company employees, including senior executives, are simply communicating at cross purposes - they do not have a common, accurate view of the enterprise as it is today, nor a common view of their stated objectives and key performance signals. The impact of this is much like senior management setting out on a journey without a common understanding of either their starting point or where they want to go.