Being a teacher in a business management department, I want to emphasize on the tremendous importance of ‘business modeling’ in Business Management. For any MBA student, ‘business modeling’ should be the core of business management studies. ‘Business modeling’ in any area of business management namely finance, production, marketing, decision sciences, operations, export-import, insurance etc. comprises of 2 steps. The first is, complete theoretical understanding of the subject area done through individual book studying and the traditional chalk and board teaching in the class. In the second step, the theoretical models from the book are converted to models in the computer. This ability is known as ‘business modeling’.In the present global business world, the days of theoretically solving problems by hand are no longer valid. Typically, a business manager needs to solve many problems in a day. If the manager relies on hand computation to solve any problem, it will take several days or weeks to solve a problem. Hence, hand computation is no longer feasible. Each business analyst should have the ability to build models in the computer.One of the best platforms for doing ‘business modeling’ is Microsoft EXCEL. In Excel, only blank worksheet templates and some in-built functions are present. All models have to be built from scratch. The business analyst can build models and quite easily solve problems in all possible areas of management. And, the best part is that, once the model is built, the computation is done within few milliseconds by the computer. Myriads of day-to-day business problems can be solved using ‘business modeling’. Another good platform for doing modeling is MATLAB.Please remember that, we do not have software to solve all the problems of the human civilization. One of the best ways to create new software is to build ‘models’ in the available platforms. If a ‘model’ successfully solves the problem for which it was built, the logic of the ‘model’ can be easily converted to software using various software development technologies It would not be wrong to say that, good ‘business modeling’ can lead to building software in newer areas, where there is no existing software at all.
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