Exodia Consulting's Lexicon:

Unveiling Our Interpretations

 

In the complex world of business, language is crucial, and the meanings of terms can sometimes vary.

 

At Exodia Consulting, we believe in clarity and transparency. Here, we offer our unique interpretations of certain terms, providing a glimpse into our perspective. Be sure to check back regularly for fresh insights, as we remain open to evolving our definitions in response to new information and positive changes in our ever-evolving world.

 

If your organization is currently without a list of definitions, consider adding one as part of your continous improvement process. It will be helpful for new employees, and clarification in the future situations.

 

  • SME - A Versatile Acronym: The term SME is like a chameleon in the business world, capable of taking on different forms depending on the context. It can stand for Small Medium Enterprise, but it can also represent a Subject Matter Expert. The key is understanding the industry you're in or working with, as these acronyms, while sharing the same letters, carry distinct meanings. At Exodia Consulting, we use SME interchangeably. It signifies a Small Medium Enterprise when we're discussing the provision of services for such businesses. Simultaneously, it denotes a Subject Matter Expert when we're engaged in the design or analysis of processes.

 

  • Supply Chain - From Raw to Refined: The concept of a supply chain is the journey from raw materials to a market-ready product. The definition hinges on the industry you're in. In some cases, raw materials may be tangible, such as sand, water, and gravel, used to create concrete as the final product. Alternatively, they can be intangible, like ideas, information, or research, used to develop processes, write articles, or provide services as the end product. In essence, it represents the direct path from the source material to the ultimate product.

 

  • Value Chain - Behind-the-Scenes Excellence: The value chain comprises essential steps to ensure a business's continued operation. It includes departments like HR, Accounting, Administration, IT, Custodial, and more. These departments may not be directly involved in the supply chain but are vital to the organization as they contribute value in various ways. For example, HR ensures that potential employees possess the necessary qualifications, meet legal obligations, and handle payroll and benefits. Accounting ensures bills are paid and revenue is collected, enabling HR to fulfill its duties and procurement to obtain more materials for the supply chain. Even roles such as janitors and cleaners play a pivotal part in the value chain. At Exodia Consulting, we recognize that every role contributes to an organization's success.

 

  • Going Concern - A Financial Indicator: In the world of finance, the term "going concern" is an accounting concept used to confirm that organizations are currently operating profitably.

 

  • Profit - Beyond the Bottom Line: Profit is the standard metric for measuring an organization's success in the financial realm. However, at Exodia Consulting, we acknowledge that the world is changing, and our understanding of profit is evolving. Let's be candid; we all aim to make money because it sustains our quality of life in today's world. Profit, in itself, is not a taboo word. The true measure of success in business today is not just profit but the balance between profit and the quality of life it provides to employees.

 

In summary, Exodia Consulting embraces a comprehensive understanding of these terms, viewing them not as isolated concepts but as interconnected elements in the intricate web of modern business. Our philosophy revolves around recognizing the significance of every role in contributing to an organization's success. We believe in adapting to the changing landscape of business and keeping a keen eye on the balance between profit and the well-being of those who make it possible.