Business Intelligence

Business Intelligence (BI), also referred to as decision support, allows organizations to better understand, analyze, and even predict what’s going to be the future of business units. Business Intelligence helps the organization turn data into useful and meaningful information that can then be distributed to those that need it, when they need it-so that they can make timely and better-informed decisions, notes Nathan Jurczyk. It allows organizations to combine data from a wide variety of sources and create an integrated, up-to-date, and 360-degree view as well as better workforce management.

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Business Intelligence enhances communication between departments, coordinates activities, and enables business management to respond more quickly to changes (e.g., in financial conditions, customer preferences, supply chain operations, etc.). In addition, Enterprise Performance Management (EPM) helps companies develop consistent and data-based business decisions-producing better results than basic decisions on guesswork. When an Enterprise Performance Management system is well-designed and properly integrated into processes, it becomes a key driver of systemic performance improvement within the company, according to Nathan Jurczyk.

Evidence of the competitive value of BI and EPM are growing. Fact-based decision making is spreading throughout various business environments. Good decision making and performance management are keys to business value generation. In the current market condition there is added pressure on business units to show clearly how and where they are creating or adding value to the company. Furthermore, the corporate focus on IT costs is often driven by the enterprise-wide mandate to ‘do more with less’ and growing demands for industry or regulatory compliance. BI and EPM solutions help companies with all these aspects of business, explains Nathan Jurczyk. These business assessment models enable us to answer three key business questions:

1. How are we currently doing
2.Why are we engaged in certain business practices
3.What should be our next key areas of focus

BI and EPM provide operational managers and employees with actionable business intelligence – information that is both relevant and timely. BI and EPM help companies with delivering impressive ROI figures, identify and integrate effective cost-cutting programs, uncover business opportunities and present ERP data in reports easily accessible to key leaders within the organization.

Using Enterprise Performance Management tool throughout a business allows success and improves the quality of business decisions, explains Nathan Jurczyk. It enables businesses to quantify corporate performance indicators and identify and overcome issues linked to monitoring and control. This tool also provides alert mechanisms to achieve effective performance management. Enterprise Performance Management solutions can identify the cross effect of performance of one level, activity, or process, to another level or process within the organization. Direct correlation allows for accurate analysis and problem solving. By using this solution, companies can establish corporate strategy and effectively communicate and monitor related activities to ensure that the entire organization is focused on the Performance Matrix.

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BI and EPM efficiently support management processes, also making information collection and dissemination faster and more efficient, increasing flexibility and accelerating the company’s adjustment to market demands.

One Response to “Business Intelligence”

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    Nathan Jurczyk News » Blog Archive » Identifying Key Performance Indicators Says:

    [...] Business Intelligence [...]

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