Cost reduction and improved organizational effectiveness top the list of latest CIO initiatives.
Any one of these could seriously impact the effectiveness of your company, but it is the impact on performance management initiatives that worries Ventana Research the most. Companies that do not successfully deploy performance management initiatives in this decade will suffer.
Performance management is about effective decision making, collaboration, and optimizing business processes. Every aspect of the patchwork, hodgepodge, or whatever you want to call a multitude of disparate tools, goes against the very essence of performance management. From the lost efficiencies of acquiring, deploying, and using many systems, to the loss of consistent, timely, and easily accessible information, to the lack of collaboration they create, the organization that does not act quickly to standardize its BI technology will be doomed.
Business intelligence technology has matured to a point where it is a key enabler for performance management. Ventana Research asserts that performance management will be the competitive differentiator for this decade.
Companies will either successfully deploy performance management initiatives or will suffer crippling competitive threats. Information is vital to improving performance and BI technology is critical for obtaining actionable information that represents the results of an organization.
Ventana Research strongly advises our clients to consider standardizing/consolidating their BI systems to reduce cost, simplify their IT infrastructure, and, more importantly, to improve performance that will result in lasting value for the company.
Unfortunately, standardizing/consolidating is a complex undertaking. There are cultural issues, IT issues, and business issues. Potential BI pitfalls include planning and strategy issues surrounding standards setting, management issues regarding user support, and failure to manage software licenses properly. The result can be a fragmented BI implementation, lack of end-user adoption, and wasted resources.
Ventana Research recommends that proper preparation in project process development and creation of an experienced performance management initiative team to work with an IT Program Management Office (PMO) to oversee the process will go a long way toward ensuring the success of your standardization project.
The Agile ArchiveWhen it comes to managing data, donít look at backup and archiving systems as burdens and cost centers. A well-designed archive can enhance data protection and restores, ease search and e-discovery efforts, and save money by intelligently moving data from expensive primary storage systems.
2014 Analytics, BI, and Information Management SurveyITís tried for years to simplify data analytics and business intelligence efforts. Have visual analysis tools and Hadoop and NoSQL databases helped? Respondents to our 2014 InformationWeek Analytics, Business Intelligence, and Information Management Survey have a mixed outlook.
Top IT Trends to Watch in Financial ServicesIT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
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