This article explores how integrating performance management methods such as Economic Profit (EP) and Balanced Scorecard (BSC) with Business Intelligence (BI) can help organizations deploy strategy effectively and generate strategic advantage.
In today's world, organizations need to understand and target particular customer segments with appropriate and profitable products and services. To be competitive, organizations must manage and reduce operational costs to drive operational efficiencies. BI is about managing business information and turning intelligence into knowledge - to help executives make the right business decisions at the right time and effectively deploy strategy. Information is typically obtained about customer needs, customer decision making processes, the competition, conditions in the industry, and general economic, technological, and cultural trends. However, the reality is that although some organizations have made a success out of BI, others have implemented BI systems that merely function as an operational reporting tool disconnected from the organization's strategy.
This article is part of HCL EAS's Enterprise Performance Management Process. To view other articles in this process please visit the Enterprise Performance Management page.