Right-Time Business Intelligence Optimizing the Business Decision Cycle
Right-time business intelligence (BI) is all about delivering the right information in the right format to the right people at the right time for decision-making purposes. Right-time business intelligence optimizes (“right-sizes”) the time latency between when a business event occurs and when an appropriate action is taken. In business intelligence, this usually means shortening the overall decision cycle. There are three segments of BI latency: data latency, analysis latency and action latency.
Senior Management holds the responsibility for the success or failure of the business. Senior team works largely by indirect means for performance of the organization:
- Setting the KPIs and KRAs to achieve organizational goals and communicating
- Strengthening the organizational traditions and climates
- Identifying senior talent and providing career path for building the teams
- Determining and allocating the capital, as per long-term and short term priorities.
For Senior Management to meet its opportunity of being the CEO, CXO, profit center head, SBU head – it needs to understand and manage all the business decision areas. Key performance management decision areas includes each for risk and compliance management.
- Financial Management
- Operational Revenue Management
- Operational Expense Management
- Long-term and short-term Assets Management
- Risk and compliance Management
Right-time business intelligence encompasses any BI data collection, analysis, or action that falls between once-a-day and real-time. Right-time business intelligence is used to run an organization’s daily business with the ability to modify the business intra-day.
Benefits of right-time BI solutions were impressive-enhanced business information, improved data integrity, the ability to optimize business functions and more efficient management of a BI environment. All of these customers identified a significant improvement in ROI.