Businesses can no longer afford to make decisions based on gut or opinion. Today’s management teams and directors insist on measurable results and metrics that clearly demonstrate what is working, what should be changed or updated and how to get to the results they want and achieve the objectives they have set.
Business intelligence is not a dry, robotic reporting mechanism. Rather, it is (or should be) a source that is based on enterprise wide data, integrated to help users see results, find the source of a problem and delve into opportunities that offer business potential.
What’s that old carpenter’s saying? ‘Measure twice. Cut once.’ When it comes to measuring and metrics in business, you only want to ‘cut once’. In other words, you don’t want to make a mistake or misstep that will put you in legal risk or damage your business reputation, or take you off course and cost time and money.
Elegant MicroWeb has joined forces with the National Dairy Development Board(NDDB) of India to provide application development for financial and budget control management for NDDB projects all over India with workflow management. To support NDDB analytical requirements, the Elegant MicroWeb team also implemented its flagship business intelligence solution, ElegantJ BI, with BI tools for reporting, personalized dashboards, mobile BI, key performance indicators (KPIs) and other sophisticated, easy-to-use business intelligence features.
Business Intelligence isn’t new but the way we gather, analyze and digest this intelligence is definitely changing. In the past, business intelligence was delivered to senior executives by IT and/or business analysts. The combination of a fast-paced business environment and a limited budget and limited resource reality means that most organizations must optimize resources and time to produce results. There are few businesses today that have the luxury of waiting for information, data or reports.
There has been a lot of discussion about Business Intelligence over the past decade. Business professionals hear this term in industry conferences and read about it in trade journals. But, many struggle to define the concept, so let’s start this discussion with a business intelligence definition.
Every business manager and most every team member in every organization today understands the need for objective metrics and measurements and knows that senior management and shareholders will not accept guesswork or a lack of clarity on where and how resources and investments are helping or hurting the bottom line. So, it is no surprise that Key Performance Analytics have become the norm. And, KPI Analytics are not reserved for data scientists, IT staff or business analysts.
KPI analytics is not just the process of choosing static measurements and placing them on a chart or graph, then reviewing them once every few months to see where your business falls in terms of its projected results and success.
If your business is like most, you are trying to focus on the facts! You want to measure results and make plans, using the facts rather than opinion or guesswork but that can be difficult. Key performance indicators (KPIs) allow you to establish and monitor metrics and measurements that will tell you whether activities, tasks, and processes are getting you to your goals and helping you to meet your objectives. KPI Software is crucial to the management of your workflow, training initiatives, investments etc.
There is no doubt that business intelligence and analytics should include key performance indicators (KPIs). Business intelligence tools must include KPI software and an intuitive KPI dashboard that is easy for business users to adopt and to use to monitor, manage and understand business metrics, actual vs. planned results and other data.
