| | JUNE 20188CIOReviewSeveral key ingredients contribute to your success in implementing a performance management infrastructure and achieving sustained, profitable growth. First, establishing measurable performance goals and priority objectives with clear milestones help you define what success looks like. Second, creating regular forums to review actual performance and progress drives accountability and fosters an environment where stakeholders can work together to solve problems, evaluate risks and discuss opportunities. Third, leveraging data and analytics to enhance decision-making results not just in better planning, but in improved responses to actual performance that's trending below expectations. In terms of performance improvement, this third element often has the greatest potential but is frequently overlooked because, in many cases, the data is inaccessible and complex. It doesn't have to be this way. By simplifying how you approach data and leveraging technology, almost any organization can improve performance through the power of actionable insight.From Data to InsightIt's helpful to simplify the analytics process into three stages: data compiling, analysis and advising. For many organizations, 80 percent of the effort is in the data-compiling stage, leaving just 20 percent for analysis and advising. Because most situations come with time and resource constraints, this 80/20 dynamic results in rushed analyses, reducing the quality of your insights and limiting your ability to produce sound recommendations. Over time, many organizations find the cost-benefit of analytics lacking and abandon the idea altogether. To tap into the real benefits of analytics, organizations need to shift their analytics process from 80/20 to 20/80 ­ where only 20 percent of the effort is in the data-compiling stage, leaving 80 percent to convert analyses into quality insights and advising with actionable recommendations. This shift does not mean sacrificing the integrity of data, because the outputs can only be as good as the inputs. Rather, what it means is leveraging technology to improve the efficacy of data compiling, so that finance and analytics professionals can use more of their time and talents analyzing and advising.By Nick Fischer, Senior Vice President & CFO, BetteridgeBETTER PERFORMANCE THROUGH INSIGHT: HOW TECHNOLOGY CAN GET YOU FROM 80/20 TO 20/80Nick Fischer
< Page 7 | Page 9 >