Saturday, August 15, 2020

Improve Organizational Maturity via Business Intelligence

The more modern-day approach is that information-based analytics must be actionable for improving the organizational agility and driving business success. 

With abundant information and ever-evolving digital dynamic, a new paradigm arises out of new mindsets, updated knowledge, and structural approaches. Organizational maturity today is not just about process efficiency, but more about capabilities based business achievement with desired attributes such as intelligence, innovation, and people-centricity. 

Information is the most invaluable asset of the company today. Information analytics in itself adds no value, it’s the information-based decisions that help to make the actual business value. To survive and thrive around the multi-faceted business world, it's important for companies to apply analytics and business intelligence to decode complexity and improve overall business maturity.

Improve performance management effectiveness: Corporate performance Management is a management control across functional domains and management disciplines. Some traditional performance management practices cause silo mentality, dysfunctional behaviors, and even motivate people to hide bad news on delays and cost overruns. It's critical for the company to share information among its primary stakeholders, to make business intelligence more “visible” for them. Information-driven performance management will bring business leaders together across the organization to share the data-based insight wherever there is a gap in the system, leverage predictive analytics to provide practical guidance for improving business performance ultimately.

As a matter of fact, is the company that is dysfunctional in digital analytics is going to struggle to make the transition to the digital paradigm. A robust performance management system needs to be designed with end-users in mind, data-based, future-oriented, and output-driven, not process-driven, etc, focus on optimizing future performance. The insights obtained from data mining needs to be converted into an actionable plan and business outcome validated in terms of financial figure.

Achieve proactive compliance management: GRC is an important pillar of achieving a high level of organizational maturity. Compliance is an integral component of GRC discipline. The effective analytics-based compliance tool monitors change, alerts the organization to risk conditions, and enables accountability and collaboration around changes impacting the business. Proactive compliance requires a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record to monitor regulatory change, audit, and measure the impact. Having all that in place though will truly enable your company to show a competitive advantage.

Hyper-connectivity and interdependence are the very characteristics of digital businesses. Organizations must build business intelligence for adapting to changes timely and seek processes for collaboration, accountability, and integration. Compliance needs to be proactive in order to maximize coherence and congruence. With data-based analytics, fine-tuning of compliance processes will become easier and the cost-benefit becomes more transparent. Showing the value internally of proactive information-driven compliance can help to build a case for performing it, and improve organizational maturity systematically.

Increase business agility: Business Agility is the organizational ability for adapting to the changing environment and a function of organizational culture, more than business practices. What analytics-based agility did is to highlight the problem for all to see, so the upper management can rightly know it is their business decisions that got them here. It’s also important to leverage analytics for doing data investigation or any attempt at understanding the business context. You need data-driven management discipline across departments, business units, and ecosystems to ultimately build a high-intelligent and high mature digital organization.

Business agility also means using what works and adapting to make it continue to improve and innovate. After all, how you run your business is dependent on how you make the business decision. Analytics has no value until they inform decisions, which further helps to optimize various business management, directly or indirectly related to long-term revenue and organizational agility. Data-driven analytics should be driven by top-down so that the right patterns, right insights, and right decisions are made smoothly to break down silo mentality and improve business maturity. The goal of shaping an agile organization is simply to make a profit while respecting and promoting the integrity and well-being of its members and the community in which it resides and does business and it involves the analysis of their attitude and level of adoption about changes.

To predict is to control; to co-create is to influence what you would like to bring into the business change. Analytics as a troubleshooting turnaround tool for business insights and decisions needs to be positioned aggressively for the right kind of ramifications. The more modern-day approach is that information-based analytics must be actionable for improving the organizational agility and driving business success.


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