Increasing revenues and controlling costs is paramount to the success of your business. In fact, any business that does not have a clear understanding of its cost structure and the revenues it is bringing in to cover their expenses is destined to fail. For a business to be successful its leader must have access to accurate and timely information so they can make sound business decisions. To this end many businesses rely on an executive information system to feed their executives this key information.
Most executive information systems can be customized to include the information that is most pertinent to your situation. An executive information system links to your enterprise system, allowing key managers and executives the ability to access time sensitive data and information that can have an immediate impact on day to day profitability.
Executive Information SystemMini Case Study
Situation: Gold Rush Corporation relies heavily on its sales trends to predict future demand for the high quality gold watches that it manufactures and sells to jewelry and watch stores around the country. In the past the sales information has been passed on to production managers, sometimes up to month after large orders for popular watch styles have been ordered.
Problem: The production managers are grateful for the information they do receive from the sales department because they base most of their production estimates on these numbers. However, the production managers could avoid costly production overruns as well as shortages in product if they had the information readily available to them.
Solution: Gold Rush Corporation decides to implement an executive information systemavailable to all of its senior level managers, including the production managers, that possesses information regarding real time sales and orders of Gold Rush’s products. Thanks to this new system production managers are able to more accurately estimate the inventory levels they must realize in order to achieve demand. As an added benefit, production managers have decided that the executive information system provides them with such valuable and accurate real time information that they hope to move to a just in time inventory model to cut down on holding costs.
Like the case study indicates, open dissemination of information through the executive information system can really enhance the efficiency of the corporation. As the company realizes better efficiency levels its bottom line should improve. Often times large corporations struggle with widespread distribution of information, however, utilizing an executive information system can help eradicate some of the problems that accompany large companies.
Spending the Millionaire Cash Flow
Are you sure you want to be rich? I mean really rich? Like the kind of rich where you have so much cash flow coming in you don’t even know what do with all this money – except for swim in it. Being a millionaire would definitely be great. Think about all the great things you could do with your millions in cash flow.
The One Great Way to Make Money
Is there one great way to make money? The simple answer is no. In fact there are a variety of great ways to make money. Just ask Robert Allen or Mark Victor Hansen, two of America’s foremost experts on creating wealth. A few of the great ways to make money include investment (be it in real estate, mutual funds, stocks etc.), entrepreneurial ventures, or via rapid corporate promotions. Each path to wealth offers its own unique advantages, but if you are looking for the one great way to make money that anybody can follow then you have come to the right place.
Management Fundamentals
For beginning business students learning the business terminology will go a long way in ensuring you perform well in your classes. Not all families have a strong business pedigree and many of us must learn the business basics the old fashioned way – on our own. If you don’t know what management is or what the financial reporting process entails, then this is a great place to start. To jump start your busing understanding here is a brief overview of some fundamental business terms.
