Businesses now need tools that can put the power of Analytics and KPI’s in the hands of Business Users.
Users can no longer wait for IT to produce rear view oriented reports. Business users need information and KPI’s in REAL TIME which they can trend, visualize, forecast and do what if analysis on the fly.
Business analytics is an evolved version of business intelligence but with far more emphasis on gaining insights and predicting trends. With companies needing to capture and aggregate data from multiple sources, it is critical to identify the actionable information and use it effectively. “Using ‘what-if’ analysis, we can extrapolate trends based on current data which can provide new insights and fact based decision making. The explosion in demand for analytics can be attributed to three factors — the continuing increase in data, increased competition and pressure on business to remain competitive in an ever changing marketplace.
Many organizations are reporting too many performance measures too late. Optimization is left “chasing the horses well after they bolted from the barn”. Organizations that think they have KPI’s that are measured monthly or quarterly, have reporting environments that do not create or promote change, alignment and growth.
David Parmenter in his book, makes the point that unless you are reviewing your KPI’s daily and weekly and align your business processes around your KPI’s you are not creating an agent for change.
It is becoming imperative that Key Performance Indicators and other essential corporate data be readily available and shared with people throughout the organization in near real time so they can act on it quickly and effectively. This allows for better decision making and increased collaboration and coordination internally and with partners.