Enterprise Development — the Concept and Functions in a Nutshell

Enterprise development is one of the crucial concepts of capitalism and a necessity for those seeking to find success in entrepreneurship. The most basic yet complete explanation of the concept is about value creation and its increase. Each enterprise sets a goal of scaling and offering more value for consumers, thus improving its own stature and profitability. Business process management is detrimental to completing that objective.

IT industry leads the pack with its desire to simplify, digitalize, and improve the efficiency of every process within the enterprise. Working directly with cutting-edge technologies, IT companies set a high standard of enterprise development, often adopted by other industries. Enterprise architecture that tech businesses build is highly beneficial for every contributor and therefore provides higher value for consumers.

Onto the details now. What enterprise development is capable of?

Efficient Business Management Of The Enterprise

One of the critical functions of the concept is an effective adoption of techniques and technologies that allow further improvement of business management within the company.

IT enterprise development (as well as that of any other industry) starts with top management. Productive communication between stakeholders is critical toward securing better results. This results in a range of factors that determine the success of the business process.

• Managing Business Partnerships. Stakeholders focus heavily on obtaining and keeping connections that can be used for scaling and amassing profits. The more extensive the network of contacts is, the more careful management must take place to gather the maximum out of the opportunities. Enterprise partnerships are essential when discovering new markets. Befriending local entrepreneurs allows a better understanding of the market and increases the chances of the successful adaptation of the business to the strategy that provides more value for the given case.
• Managing Project Portfolio. As enterprise scales, it is important to allocate the increased budgets according to the development strategy. Naturally, more lucrative directions are a priority, while other projects are taken care of as the opportunity arises. Competent enterprise development requires smart resource distribution and recycling of the profits.
• Managing Company Structure. A healthy enterprise is always built in a way to grant responsibilities to the most skilled individuals and departments. Governance, team management, project management and more — these are crucial aspects of an efficient structure that is built from the top of the chain.
• Managing Services. The growth of an enterprise is inevitably connected to an increased range of services provided to add to the value of a business. Efficient enterprise development system means sustaining already established services and exploring new opportunities at the same time. This is profoundly connected to financial management and requires in-depth analysis as well as thorough planning, that is a primary responsibility of the stakeholders and key managers.

Governance Model Of IT Enterprise. Source: IT Standard for Business.

Enhancement Of Enterprise Through Development Of Inner Business Processes

Implementing new processes and optimizing the existing ones is another vital function of active enterprise development. The responsibility is shared on many levels, from CEOs to Project Managers and Team Leaders (if any).

The crucial aspects of this function are as follows:

• Concepts and Vision. Whether it is related to a brand, services or particular projects, the process of defining the concept starts at the top of the management chain. Once an idea is set and discussed, it goes down the governance pyramid and spreads throughout the enterprise for optimal reaching of the goal. Requires a high level of management and well-established communication processes.
• Developing Business Processes. The efficient working process requires successful task management and the system of feedback. Polishing the method of constant communication is detrimental to the success of the enterprise on the inner level.

Why Is Enterprise Resource Planning Important for Businesses?

ERP systems increasingly become a must-have for companies that want to make the most use of their resources. They can assist executives in reallocating human and financial resources, as well as in developing more effective core business processes that save money without losing performance and effectiveness.

When it comes to planning and coordination, an ERP is also beneficial. Workers may access detailed information about current inventory and client orders, as well as supplier purchase orders and predicted future requirements. They can make modifications if required to avoid complications. Employees may check on the state of other departments to inform their own decisions, which increases cooperation and interaction.

In case your team is looking for a vendor for your enterprise product or simply need a team extension — feel free to mail us directly.

The publication was updated on February 16, 2022.