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Meaning of business system
A business system refers to the overall structure and organization of a company or enterprise, including its various components, processes, and relationships.
Etymology of business system
The term "business system" originated from the combination of "business" and "system", with "business" coming from the Old English "bisignis", meaning "anxiety" or "care", and later influenced by the Old French "busines", meaning "anxiety" or "occupation".
The word "system" comes from the Latin "systema", meaning "a whole made up of several parts", and the Greek "sustēma", meaning "a whole composed of several parts".
Historically, the concept of a business system has evolved over time, with the term gaining popularity in the late 20th century as companies began to focus on optimizing their internal processes and external relationships to achieve competitive advantage.
Synonyms
Definitions
- A business system is defined by Oxford Languages as the internal and external elements of a business that interact to achieve its objectives, including its structure, processes, and relationships.
- * It encompasses the organizational framework, management structure, and operational methods that enable a company to function effectively and efficiently.
Usage Examples
- The company's business system is designed to streamline operations and improve efficiency.
- * The new business system implemented by the CEO has resulted in significant cost savings and increased productivity.
- * The business system of the corporation includes a complex network of suppliers, manufacturers, and distributors.