Home > Risk > Is the information you use for decisions good enough?

Is the information you use for decisions good enough?

September 24, 2012 Leave a comment Go to comments

In the last year or so, amazing advances have been made in the technology that creates information from data and delivers it to decision-makers.

Are you still using the same information to make decisions as you did last year?

Should you?

How much more value would be obtained if that information was delivered to decision-makers:

  • Faster?
  • On their mobile device instead of a laptop or in a paper report?
  • In a way that lets them quickly drill down into the data to see what lies beneath?
  • In a way that more effectively highlights what they need to see, the answers to the questions they are asking, without asking them to pore through the reports to detect visually the trends and anomalies?

How about if the quality of the information was improved so that it was:

  • More complete, such as tapping into other sources of data (such as social media) to detect employee morale issues; vendor problems; potential reputation risk issues?
  • Current, rather than as of last quarter or even last week?
  • Forward looking, rather than historical?
  • More easily shared with others, including the ability for the decision-maker to take items from a report and route it (perhaps by email) to a colleague to answer questions?
  • Combined with related data for a more complete view? For example, what would the value be if risk and performance data were combined in reports for each strategy, objective, project, etc?
  • More reliable?

Just because it was good enough last year doesn’t mean it is good enough this year, when technology has moved on.

Is your organization at risk of making sub-optimal decisions, while your competitors are getting better information and taking advantage?

It can be expensive to deploy new toys. It can be even more expensive not to.

  1. Norman Marks
    September 24, 2012 at 4:10 AM

    I deliberately left out of this post a list of the technology that enables better information. That list might include:

    – Improvements in business intelligence tools, now with integrated data quality capabilities
    – Enhanced capabilities to mine so-called big data without taking hours to do so. It is not sufficient to have the ability to analyze both structured and unstructured data when the number of records runs into the billions and the process takes many hours, maybe days
    – The ability to access real time information at speed, running reports in a matter of seconds that would previously have taken many hours
    – Visualization capabilities that turn data into useful information that enables faster, better decisions
    – Delivery of information, together with the ability to drill down further, into the hands (literally) of the decision-makers through mobile BI
    – The integration of decision-enabling information into normal business processes, rather than always being an additional process
    – The availability of these tools in the cloud and on mobile devices, bring the cost down and usability up

    What have I missed?

  2. Babz Hayat
    September 24, 2012 at 1:53 PM

    Adding to your second point – entity extraction. Moving away from reviewing large amounts of data to finding relevant data

    Taxonomisation of data

    interoperability of systems allowing organisations to bring together multiple mission critical systems

  1. May 20, 2014 at 7:28 AM

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