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Most Read Contributor in Luxembourg, November 2019
In an increasingly digital world, there are crucial questions
that every organization should be asking: Are you able to fully
exploit the potential of your organization's fast-growing data
assets? And: Are you able to leverage technology to truly support
your business demands for fact-based decision-making based on
insight and data analysis?
Knowledge is key
Being performant nowadays has become more and more dependent on
leveraging technology as a core driver for business success,
supporting business processes and turning data into knowledge and
action. Technology however, is only part of the equation. Truly
understanding the business and the key processes that drive the
company is equally important to driving the expected success.
Knowledge is set to become the future's most valuable
company asset, but we all know that you cannot improve what you
cannot measure. It is indicative that large organizations, unable
to effectively capitalize on their large data repositories, are
losing market position to smaller competitors that manage to do the
opposite.
What's the challenge?
The volume of data available, as well as the demand for
successful, intelligent and targeted insight and analyses of this
data, is growing every day. The challenge is to turn inaccessible,
incomplete data (often located in incompatible systems) into
information and market intelligence, and to use it as working
knowledge in an efficient format.
Regardless of their size, many businesses have difficulties
taking advantage of the data they generate. They struggle not only
with the extraction but also with the determination of data
relevance. In a nutshell, data must be collected from different
sources, integrated and then analyzed to produce dynamic reporting
and actionable intelligence.
The fast track to Business Intelligence
KPMG has helped a broad range of clients across multiple sectors
to reach their full potential of data and knowledge use in their
business. From alternative investment funds to large public sector
institutions, and from automation needs to efficient data
visualization and dashboard creation, we have been able to help our
clients reach their goals of efficient decision-making and
monitoring.
How?
We created a four-part Business Intelligence (BI) framework that
takes a broad and comprehensive approach to developing your
strategy in line with your specific needs. Each service offering
within the framework can be delivered individually or as part of an
integrated package.
Business strategy
alignment: The strategic foundation. This involves
establishing the vision for BI and translating it into a framework
that communicates and measures business strategy at all levels of
the organization. Critical success factors are identified., and
KPIs are defined to track each objective.
Performance management
process & reporting: The pivot point. A framework is
built for business-unit and enterprise-level performance management
based on four key steps: measurement, performance reporting
reviews, tracking & remediation, and rewards &
compensation. We focus on the delivery of information that can
change business performance outcomes.
Governance: The
guiding principles. It is essential to design a governance
structure that includes a clear articulation of the roles and
responsibilities for BI. You can establish principles, processes
and the organizational structure required to ensure integrity and
alignment of information to meet business needs.
BI platform: The
looking glass. The link between data dictionaries and business
reporting requirements is provided by designing the visual and
functional aspects of reporting dashboards. Where applicable, BI
tools are evaluated and recommendations provided.
Bringing together business and technology will enable you to
deliver value from your data at the speed of business. Start
now!
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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