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TL;DR: BizOps and Strategy teams serve as internal consultants, using data and analysis to optimize operations, answer strategic questions, and drive company growth. They sit at the intersection of all business functions with direct access to leadership.
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Business Operations (commonly abbreviated as BizOps) is:
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BizOps teams have unrestricted access to the data of every business unit, they are able to perform both quantitative and qualitative analysis, and use their findings to create decision-support mechanisms that allow them to optimize the day-to-day operations and answer important strategic questions.
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Key Insight: BizOps could be viewed as a countermeasure to any ego- or intuition-driven decision makers within the business.
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Especially in smaller technology companies and startups, Business Operations and Strategy can have significant overlaps and/or be covered by the same team. However, there are lots of technology companies with their own, dedicated Corporate Strategy Teams (e.g. Adobe, Splunk).
These corporate strategy teams are typically small, focused units in which former management consultants think about the long-term strategy of the company, often times directly interacting with the C-Suite.
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BizOps Focus
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Corporate Strategy Focus