The Mayans predicted that the world would come to an end of December 21, 2012. It turned out the Mayans were wrong. The world is still here so what now? It’s time to look ahead. 2013, a new year with new challenges but also new possibilities. Or according the Mayas even a new era.
What is more important to start a year with than setting goals to your ambitions? Unfortunately performance measurement is often seen as an onetime event at the start the year with instead of a valuable process through the entire year. And the following years.
That’s why I always urge companies and organizations to consider Closed Loop Analytics Based Performance Management. A model like this is foundational to getting the right measures and KPIs, to understand how performance can be influenced.
With analytics based performance management I mean a closed loop improvement process in which the performance of a company’s strategy and objective is continuously is measured and improved. This by using (big data) analytics, leading to business decisioning and business execution. Followed by measuring and reporting, evaluation and back to analytics. It’s all about turning data into actionable information to support the business in in strategic decision making.
As said it starts with collecting information. Having the right information in place helps you to provide a complete picture of the performance of your organization. Translating your company strategy, in strategic objectives and identifying critical success factors is the basis for determining the proper measurement framework supported Key Performance Indicators (KPI).
So investing in business intelligence (which is not just hardware!) is helping your organization with decision making, monitoring the current performance and forecasting future phenomena. It makes you smarter, better informed, opportunity- and/or cost driven.
Business intelligence provides you with solid, effective actions you can take towards measurable results and business success. I wish you all the best for 2013 and this new era!
In addition I would like to suggest to go mobile. Research shows that mobile will one of the key trends for 2013. Making state-of-the-art dashboards available on mobile devices (tablets and smartphones) improves your corporate reporting and increases the awareness in your company or organization.
What a horrible first paragraph. They didn’t predict the world would end; if they had, why would they also predict a new era?
Attention to detail and asking the right (honed) questions based on a good understanding of the current situation seems to be essential. When the starting premise is flawed then subsequent research is hindered—no matter how clear and useful the dashboards may be.
Thank you Andrew. Apparently you are an expert on the Mayans. Happy to consult you when writing a next blog on the Mayans.