Study reveals
ways to increase the accuracy, timeliness, and cost effectiveness
of Business Intelligence and Analytical solutions
Released
on: February 27, 2008, 11:06 am
Press
Release Author: MaxMetrics
LLC
Industry:
Computers
Press
Release Summary: Organizations that make an investment in a decision
making support entity, e. g. a Business Intelligence Competency
Center or equivalent, reaped the benefits of more accurate, faster
or more economical decision-making according to a recent study conducted
by Troy University.
Press
Release Body: In January, Troy University surveyed
529 management, business, and academic professionals from 50 countries
representing 30 industries on “Decision Making Using
Systems & Technology.” The survey was augmented
by telephone interviews with a subset of 10 survey respondents.
The research found that when respondents could identify a decision-making
support entity of any name or structure within their organization,
the organization was more likely to:
• use decision-making software (e.g., business intelligence,
analytical, and performance management software) for strategic-decisions
in automated ways across a broad spectrum of business areas,
• use advanced capabilities to forecast and predict strategic
options,
• have a more pervasive usage of decision-making software
throughout the corporate, business and functional levels of the
organization,
• have a higher degree of user satisfaction with decision-making
software, and
• have better collaboration between the IT and business
functions in delivering solutions that support the organization’s
growth strategy.
77%
of the organizations with a decision-making support entity indicated
that the entity has been effective in contributing to improvements
in organization-wide financial performance. In addition, these organizations
indicated that the entity helped with reducing the cost, time, or
effort related to the decision-making software.
The
research analyzed 14 characteristics (i.e., authorities and responsibilities)
of any reported decision-making support entities. This analysis
yielded some correlations between the 14 characteristics and positive
impacts on organizational performance. According to Gloria
J. Miller, one of the research co-authors, “In
some areas the research re-affirmed things we already knew through
our Business Intelligence Competency Center (BICC)
experience. However, in other areas the research provides some fresh
insights on the most relevant and significant characteristics for
a BICC."
“Through
several of the interviews it became clear that the decision-making
support entities play a key role in changing the mind-set of organizational
leaders about using a data-driven approach to decision-making,”
said Dr. Thomas D. Queisser the research co-author.
The entities not only provide help, assistance, and competency development
to the entire organization but in some cases, they conduct the analysis
and present findings to executive management for action.
By
playing a cross-organizational role in the strategic decision-making
process, these support entities can spot emerging trends in the
external environment as well as contribute to developing new competitive
product offerings. This contribution was underscored by several
of the interview candidates. For example:
• An Asian Financial Services interview candidate whose
company offers credit products in rural areas noted that it is
not good enough for the company to know the customer. The emerging
trend is that the customer must know the company. Therefore strong
communication and collaboration environments are needed with the
customer.
• A European Financial Services interview candidate indicated
that because of the analysis and effort of the entity, the organization
was able to offer its clients a service it would not have been
able to offer otherwise. This brought competitive advantage and
financial benefit to organization.
The
research indicated that according to organizational managers implementing
a decision-making support entity can deliver superior decisions
in a more accurate, timely, and cost effective manner.
The
survey was conducted by Troy University’s Heidelberg,
Germany Site. The research was co-authored jointly by Troy
University and MaxMetrics, an international Management
and IT Consulting Company. The full results including
interview cases will be published in May 2008.
About
the authors:
Dr.
Thomas D. Queisser is Director, Troy
University – Heidelberg (Germany) Site and
teaches in its MBA program.
Gloria
J. Miller is founder and Managing Consultant of
Maxmetrics, and co-author of Business Intelligence
Competency Center: a Team Approach to Competitive
Advantage published by Wiley in 2006.
About
MaxMetrics
MaxMetrics is an international Management
and Information Technology Consulting firm with professionals
that have vast amounts of experience in helping organizations to
implement projects and programs for improving decision making and
management. MaxMetrics has offices in Atlanta,
Georgia and Heidelberg, Germany.
Web
Site: http://www.maxmetrics.com
Contact
Details: MaxMetrics LLC
Katja Petillon
2625 Piedmont Ave NE, Suite 56-101
Atlanta, GA 30324
Tel: +1 404 759-2937
Fax: +1 404 261 6416
Email: info@maxmetrics.com
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