Do Your KPIs Before They Do Forensics

Posted by Gerry Poe


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Visualize your business before the forensics team arrives.
Business success and failure may be as close as the hair on a dog's back. Business histories, financial burdens, failing economies, declining sales and profits, increasing costs and operating expenses are all in the forensic closet. These factors come to bear in the analytics of business intelligence dashboards. The clues are there all along. If we take the time to develop and use proper key performance indicators (KPIs), we have a change to make a difference.

What are KPIs? - Business Intelligence Solutions automating business metrics reporting. Packed with predefined content and specialized in KPI trend analysis, Business Intelligence Dashboards enables executives and managers to understand and improve business performance with decision support.

Some leading questions:

  • What was the first indication sales were declining or profits were diminishing; despite sustained sales volumes?
  • When would have been best time to learn/know why the trend lines were changing?
  • What is the earliest opportunity, you can imagine, knowing these factors can be of value to help improve decision making?
  • When is the latest, in your business cycle, you can make changes for improvement effective, minimizing losses?

Business analytics software costs are lowering and the benefits are soaring. The average company isn't looking at these KPIs until potentially severe consequences are plausible. Seemingly, the reason for this lack of attention is due to telling ourselves, there is always time to look at it later, when we have other more important things done. In fact, later becomes never and the decision support we could have used today requires monumental efforts to collect, identify, collaborate, certify, validate and quantify. The expense we expected is dwarfed by the urgency and lack of data availability and viability necessary and qualified.

Sooner is better and proactive is the best practice. With economic uncertainty in front of global markets, certainty of several factors (KPIs) before, during and after decisions are made is paramount. In short, the only decision which is complete is the one we have not questioned, Asking more “why” questions is probably going to deliver better results than “if only we had” done something.

Clarifying the purpose which KPIs factor into your business and industry are a conundrum to solve. Disparate data, collated from various sources, which, when combined, presents to you a well rounded set of reporting on these and more criterion: Competitive markets, periods of time, trending sales and product mixes. The best analytics comes from integrated data sources. This enables a reliable, single source of the truth without.

Presentation tools such as executive dashboards and metrics in the forms of charts, bars, graphs, with relevance and timing are crucial to the value of your KPI data. Performance management dashboards help clarify and flatten deep-data producing useful and insightful metrics-based reports

Factors for clarifying your KPIs:

  • Know those KPIs absolutely essential to your business’s success. Standards-based data says six to seven KPIs are necesary.
  • Summary KPI to assess relevance and value of your chosen KPIs – making sure it all adds up.
  • Align KPIs to purpose and vision.
  • Take on effective supporting infrastructure.
  • Integrate data sources for a single version of the truth.
  • Implement systems against strategic vision.
  • Continuous feedback and improvement.

Benefits

  • Beyond status reporting: Analyze your KPI trends
  • Your business visualized on any device
  • Integration of your ERP data sources
  • Low Cost solution with fast ROI.

Solutions

  • Corporate Performance Management
  • IT Analytics
  • CRM Analytics
  • ERP Analytics

The Introduction of Mobile and Retail

As mobile handheld devices, product data, and online shopping flourish, retailers are able to learn more about their customers and their own business than ever before. However, many retailers do not have the tools or the competency required to access this information where it would be most helpful. Business Intelligence (BI) tools, especially when deployed to handheld or mobile devices, can make information available to people who need to use it. But not all retailers understand the value of BI and the ways it can be used within their organization. Most still think 'spreadsheets' when they think 'analytics': 26% still use spreadsheets as their exclusive analytical tool, and 44% use them as a primary tool for business analysis. Aberdeen surveyed 99 retail organizations to understand the BI-related pain-points they are facing, and how technology adoption plans can mitigate these pressures. Analysts’ insight tells us the different courses of action outlined pursued by Large and SMB retailers as they expand their BI capabilities is changing.

Summary:

Defining KPI metrics being measured help solve business problems and assess the overall efficiency of your business. Using detailed rooting analysis will help deliver the best targeted KPIs with the best decision support.

SYSPRO ERP  software offers organizations the tools necessary for smooth running, financially sound, best business practices operations.

The best ERP and Analytics Software is no accident. SYSPRO, for over 30 years, has been the winner for more than 14,000 enterprises worldwide.

Knowing where you are, with trust in your enterprise tool-set, helps define where to start. For the best possible outcomes; do your internal systems align; people, technologies, and enterprise software?

To find out, click here for your personal enterprise answer and review.

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Tags: Best ERP Software, SYSPRO, SYSPRO Support

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