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Drivers of Business Intelligence [BI]


Business Intelligence is a hot topic in most organisations today. Currently, most organizations do not have the information they need to manage and drive the performance of its key objectives.

More time is spent by analysts in finding, extracting, cleaning and integrating data, instead of analyzing and reporting it.

Enterprises do not have a consistent platform across all services and locations upon which to measure and manage key metrics.

There are various factors are driving enterprises to take an holistic view of Performance Management.

These include:

  • Rapid Change - many enterprises are recognising that the fast pace of change in business markets requires a new view of how the business is managed, and a new approach to preparing for the future.
  • Governance - Following a spate of corporate scandals and alleged frauds, governments are demanding higher standards of corporate governance.
  • Stakeholder Demands - stakeholders demand that management deliver predictable execution, operational efficiency and corporrate accountability, which collectively make Performance Management more of an imperative.
  • Expanding on ERP - ERP's manage transactions but do not provide sufficent feedback on operational and corporate performance.
  • Data Availability - Significant increases in enterprise data have made Performance Management more
    practical.

Business intelligence is essential to corporate performance management.

 

Corporate Performance Management

An effective Performance Management program is a consistent and adaptive process which encompasses three fundamental principles:

  1. Driving a forward-looking view of the business
  2. Ensuring alignment to corporate strategy
  3. Enabling more effective decision making at all levels of the company

The benefits of a Performance Management initiative will include more solid foundations for making decisions, the discovery of previously hidden inefficiencies and a more rational use of resources in planning and control activities.

NEXT: Barriers To Business Intelligence

 

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