Question

How will you determine the business implications?

Answer 1

Ans: Business Implication: It is the outcome of a policy or action or some external crisis like COVID-19 that negatively affect the operations or potential profit of the organization.

For eg. in the current scenario how COVID-19 affects the profit potential of the company.

How to determine business implications: It determines the disruption of a business function and process and gathers information, data to develop recovery strategies.

• It identifies the operational and financial losses in terms of fewer sales, less income, delayed sales due to govt. regulations, customer dissatisfaction, delay of further operations, delay of new business plans, erosion of the business reputation, etc.
• Absenteeism of employees, workers gives a negative impact on the business.
• Restricted access to a site or building to the supply chain.
• Failure of transportation
• Collect all the above data in order to assess the revenue impact of the business function and quantifying the long term impact of losses in the market share. Prepare a questionnaire and need to go for a detailed survey from team members, managers, supervisors, and others.
• After evaluating the data a report should be prepared and necessary action should be implemented.
• All this information is very critical to business success.