Exodia Consulting

Lexicon

These are our definitions, some are standard, some are how we interpret the meaning.

There are so many interpretations of these terms, here are ours:

Check back often for new content.

We reserve the right to change our definitions based on new information or positive change in the world.

 

SME – Small Medium Enterprise or Subject Matter Expert. Many industries use acronyms, and sometimes these acronyms can use the same letters but have different meanings. Always know what industry you are working in/with before determining what the acronym signifies. We use it interchangeably. SME as a small medium enterprise when we talk about providing services for SME. And Subject Matter Expert when we talk about designing or analyzing a process.

Supply Chain – The necessary steps to get material from raw to sellable product. Depending on your industry, raw material can be anything from hard material like sand, water, and gravel to make concreate as a final product. Or raw material can represent soft material like an idea, information, research, etc, to develop a process, write an article, or deliver a service as a final product. In short, it is the direct path from material to final product.

Value Chain – The necessary steps to ensure the business continues as a going concern. The value chain consists of departments like; HR, Accounting, Administration, IT, Custodial, etc. Any job that is not directly involved with the direct path from material to final product. They are considered value chain because they add value to the organization by expertly handling those areas of business. For example, HR is directly responsible to ensure the qualifications of potential employees meet the requirements of the position. They ensure legal obligations are met and monitor, and all those things employees come to work for: payroll and benefits. And accounting, well they make sure that the bills are paid and bills are collected, which in turn allows HR to pay employees, benefits, etc, and allows procurement to purchase more material to put into the supply chain for production. Let’s not forget the janitors and cleaners in the value chain, non of us would be happy going to work without those people. This is where Exodia Consulting shines, it is our philosophy that every role plays into the success of the organization.

Going Concern – Is an accounting term used to identify organizations are currently operating profitably.

Profit – Is the measurement we use in finances to determine the success of an organization. At Exodia Consulting we understand the world is changing and there is a shift in thinking about this measurement. Let’s keep it real, we all want to make money because we need it to maintain our quality of life with the current way the world works. So profit is not a dirty word. It is the amount of profit verses the quality of life of employees that is the real measurement we need in business today.