Interesting question. First, what is the meaning of business? Dictionary.com’s third definition of business is “a person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit-seeking enterprise or concern.”
Next, science is defined as “systematic knowledge of the physical or material world gained through observation and experimentation.” If we put these two definitions together, we get “systematic knowledge of the physical or material world gained through observation and experimentation” that is applied to “a person, partnership, or corporation engaged in commerce, manufacturing, or a service.”
Science is all about experimenting and observing to gain knowledge about the world that surrounds us. This is applied and theorized in various fields such as physics, astronomy, chemistry, engineering, artificial intelligence, mathematics, etc… In all of these fields, experience is gained and theories that can be tested are built. These theories are the basis for application.
The same theories and practices can be applied to business. This may be more obvious in fields such as engineering, but what about a marketing department? How about a human resources department? Each one of these things have something in common, they are really a collection of moving pieces that create a whole. This is called a system, which should sound familiar if we look back to the definition of science.
It’s true, a business and parts of a business are all complex systems that drive and interact with each other. As people, we have learned to deal with these systems in the form of process, data / systems and through people. This is where business science comes in, it is the implementation of these three things and understanding and learning about the interactions between process, data / systems and people. All of this is done with the goal of being successful in business, which is providing a good or service to the public.
Going forward, we will be examining business and business science in detail. This is a topic full of key learnings. Keep checking in on new blog posts related to business science.