The Business Environmental Monitoring Cycle
Gain Insights Into Your Business Environment for Better Business Strategy
Business environmental monitoring gathers internal and external data that could affect a company. Business leaders and financial analysts can examine that data to identify implications for their company and develop strategies for those implications. These strategies often mitigate threats or capture opportunities. Companies that better understand their business environment can anticipate and plan for changes, build more accurate financial projections, and allocate resources more effectively. This video focuses on the financial aspects of environmental monitoring.
In this video, you'll learn:
- The five steps of business environmental monitoring
- Types of internal and external data to gather
- Common financial analyses done by Finance as part of environmental monitoring
- How to identify and monitor key assumptions of business strategies and budgets