08-16-2017, 09:21 PM
What do we mean by domain knowledge?
Domain knowledge is the knowledge about the environment in which the business organizations operates, and it encompasses understanding of the industry dynamics, history, sectors and segments, business model, competitive landscape, value chain, customers, supply chain, challenges and the industry specific strategies of the target enterprise. Domain Knowledge is the knowledge of a particular industry. Business acumen is keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome. The term "business acumen" is the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization.
Why acquire domain knowledge?
All these functions have industry specific best practices and variance. Gaining business acumen and domain expertise provides the ability to make good judgments and quick decisions and empower the executives to deal with complex business situations. Gaining understanding of the industry means a more thoughtful analysis, clearer logic underlying business decisions, closer attention to key dimensions of implementation and operation, and more disciplined performance management.
We as professionals work for these enterprises and provide various solutions that need to be tailored to the unique demands of target industry and its dynamics. For our solutions to be sustainable and effective they must be designed keeping in view the present and future dynamics of the industry and that can be achieved only by having domain and business understanding of the particular industry/business.
How TechnoFunc helps?
In this section, we are trying to provide you with overview of various industries, their operational dynamics and their unique challenges. TechnoFunc provides you with the best tutorials (made of articles and videos) to gain domain knowledge and business acumen in large number of industries/businesses. Browse industry specific tutorials by clicking on the image for the industry of your interest.- Learn more at technofunc.com. Your online source for free professional tutorials.