How to Leverage a Business Intelligence Solution for Corporate Performance Management
In the past, Business Intelligence has been focused on data mining and management. It has been helpful in creating reports and effectively changing processes, but bringing the entire Business Intelligence process into the performance arena has been a challenge. Now, with improvements in data visualization and predictive analysis, Business Intelligence technology has developed to the level where informed reporting can actually assist your company in performance management. Business Intelligence is making great inroads at combining human capital and effectiveness with Corporate Performance Management (CPM).
When considering how to leverage Business Intelligence for CPM, it is important for you to keep in mind that actionable goals are the way that organizations move forward. Proposing hypothetical levels of performance without considering whether your business is capable of such work is not helpful. Excellent areas to consider include developing organizational goals dealing with operations, costs and increasing revenue. Business Intelligence technology can integrate disparate data sources from multiple departments to identify where CPM can have biggest impact. And, by evaluating past performance and using predictive analytics to help define goals, Business Intelligence can show you strengths and weaknesses in a clear format.
Another way to leverage CPM is by focusing on accountability. Once goals are developed, accountability helps to increase creativity, innovation and value. Engaging the entire company workforce, not just senior-level teams, will help to strengthen your company. In order to do this, using a combination of Business Intelligence, scorecarding, and data consolidation will give you a good idea as to which departments are meeting their goals are which are not.
In addition, Business Intelligence and CPM can be used to identify and gather specific data that is used to make decisions and set goals. These goals can be monitored to attach performance to the amount of effort inputted by your teams and the results. Once overall organizational goals have been determined, the process can move downward through the organization. By making overall goals transparent, departmental goals and objectives can be developed and discussion can begin as to how specific work aligns with performance metrics and overall profitability. As time progresses, evaluation of the CPM can begin and adjustments can be made. With strategic planning, barriers to performance improvement can be removed and your company can begin to set new targets and goals. The reporting present with CPM allows almost automatic decision making as data is distilled down within context to make recommendations for best practices. In this way, everyone in your organization gets a senior-level view of what’s going on. And everyone has the ability to participate in performance improvement.
Once the relationship between Business Intelligence and CPM has been developed in your organization, better informed business decisions will result. And, as time goes on, in increased market share and sales will be part of your business. Companies like Cognizant use Behavioral Business Intelligence (BBI) to give companies reports that show what decisions have led to best practices and how to replicate the cycle. Making CPM work in your business involves making sure that information is communicated in multiple directions so that every level of your organization has the ability to implement necessary changes.
Overall, Business Intelligence and Corporate Performance Management is used to examine performance effectiveness, provide oversight and help companies to set priorities. Focusing on accountability, communication and actionable goals sets the foundation to leverage Business Intelligence for Corporate Performance Management.