SEVEN DIMENSIONS OF MONETIZATION
Business Analytics
The dimension of business analytics takes reporting and controls one step further and uses accurate and–preferably–real-time data to make strategic decisions and plans and to monitor the company’s performance in a variety of areas.
What is Your Company's Maturity Level?
Ad-hoc
Decisions are made on past performance, as reports are available, with no forward-looking data to rely on. Any analysis is done manually, as needed.
Structured
System provides dashboards for executive insights but data is not always updated or accurate. It takes too much time to gather data, as not all systems are fully integrated.
Coordinated
Better integration into key systems makes dashboards more accurate and useful for decision-making. Automated reporting capabilities. Data stored centrally and available to multiple systems.
Optimized
System provides real-time analysis and insights. Data is accurate and timely, stored centrally, easily accessed by anyone who needs it and a critical tool in the executive toolbox.
The business analytics dimension consists of the following processes:
Real-time data for analysis and decision-making provides up-to-date information on various aspects of the business, such as sales, operations, customer behavior and market trends. By utilizing real-time data, organizations can respond quickly to changing circumstances, identify opportunities, and address challenges promptly.
Once real-time data is available, the next step is to perform data analytics and generate forecasts of future performance. This element involves analyzing historical and current data to identify patterns, trends, and correlations. By applying statistical models and forecasting techniques, organizations can project future performance, anticipate market dynamics, and make better strategic decisions.
Executive dashboards are a valuable tool for presenting summarized, visual representations of key performance indicators (KPIs) and metrics (read more in Part 3). This element focuses on providing a concise and easily understandable view of the organization's performance to executives and decision-makers. Executive dashboards offer a holistic view of critical metrics, enabling leaders to monitor progress, identify areas of concern, and make data-driven decisions.
Key Takeaways
Building a robust business analytics function allows companies to leverage real-time data for immediate analysis and decision-making. Subsequently, they can utilize analytics and forecasts to gain insights into future performance, and finally, present the summarized information through executive dashboards for effective monitoring and strategic decision-making. This process facilitates agility, proactive planning, and the ability to seize opportunities in dynamic business environments.