Entity
Entities are the legal entities such as a business’s customers, vendors, employees, partners, etc. and who are the parties to transactions.
Business Relationships
Business transactions are always carried out in a context of the involved parties, the locations
and jurisdictions, and the date and time of transaction consummation. By describing in detail the
Business Relationships of the parties and places involved in a transaction, we can establish
terms, rules, and requirements to which business transactions must adhere.
Person
A Person is someone who acts as an agent on behalf of an Entity. This may be a real individual person in the world or indicate a function, such as “Customer Support”, where the actual person contacted may vary and identifying a specific individual is unimportant.
Place
Places are the retail stores, warehouses, factories, and offices in which the business conducts its operations.
Relationships
Entities, People, and Places will have “Relationships” between them. It is these Relationships which provide us the richest information and carry the most interesting meaning within the subject area of Business Relationship Management. The lists of Entities, People, and Places may identify with whom we’re dealing and where, but Relationships tell us why we care and what we should expect for any business transaction.
Entity/Entity Relationships
Business Relationships of various kinds can be formed between two Entities. These Relationships define how the Entities interact in different contexts.
Entity/Place Relationships
Places can have varied Relationships with Entities. Enity/Place Relationships describe the roles, privileges, and responsibilities which an Entity has in regard to a specific place.
Person Roles
A Person can have various Relationships with Entities, Places, and even other Relationships.
Last modified September 28, 2023: Publish Theory Book business relationships content (90f361ac)