Business intelligence can be used to show historical patterns to help stakeholders assess the state of their organization, alerting them to problems and possible improvements. Business intelligence can also help organize teams, keeping them aware of key performance indicators (KPIs). Using information technology to measure business performance involves IT systems collecting data and analyzing it. Business performance management systems allow managers to examine the details of organizational activities.
Once you identify the metrics that you want to track, compare the values over time to assess how your company is performing. Obtaining metrics such as sales, the average time to resolve support incidents, and operating costs often involves linking multiple IT systems. Use IT functions to identify delayed measures (report on past performance) and key measures (that predict future performance), such as customer satisfaction or website traffic, to make strategic business decisions. Using this type of data when making business decisions helps the company to respond to customer needs more effectively and to improve business performance.
Business metrics are quantifiable measures that track and evaluate the state of a specific business process. Regularly checking your company's performance protects your company against any financial or organizational issues. Using IT solutions, for example, the Mentisys' ProcessOne system or the Categoric products, allows you to manage business operations workflow processes, including the scheduling of tasks and resources. The proliferation of business intelligence (BI) has had a significant impact on performance measurement in organizations.
The challenges faced by any organization in terms of business intelligence and decision-making include plan failure, lack of preparation, lack of resources, and the ability to take risks. Constant changes in market conditions mean that it is essential to constantly monitor and review your company's objectives and performance to remain competitive. What competitive information is useful to your company depends on the type of company and the market in which it operates. This article proposes a novel, process-based framework to allow the comprehensive analysis of the implementation of technology-driven PMS in an organization.
Once you have established your KPIs, you can set the right objectives, develop strategies to achieve them and evaluate your progress and, finally, have a historical record of your company's performance. The data collected and analyzed with Performance Management is also used to create long-term and short-term objectives for the organization. This article focuses on methods for integrating these emerging paradigms into existing manufacturing processes, specifically, on how data mining principles can be used to begin exploring the concept of intelligent manufacturing in Industry 4.0, with a focus on improving the quality of products and processes. While BI uses data collection to analyze and evaluate historical data, Performance Management uses data collection to evaluate and improve an organization's processes and methodologies.
Aligning your business performance measurement strategy with your corporate plans allows you to prepare reports that provide comprehensive coverage of the company's functions. Evaluating employee performance from a financial perspective can be a valuable management tool. Business intelligence helps you understand historical results to help your organization make better decisions, for purposes such as financial analysis, inventory and supply chain management, marketing segmentation and segmentation, and even historical analysis of employee performance.
