You believe in your organisation! If you didn’t, you would not be in business. But, belief is not enough! To successfully operate your business, you must develop a workable strategy and monitor and adjust that strategy to achieve optimum results in an ever-changing market. Imagine a world in which every employee, line manager, business unit manager and executive could easily and quickly find and monitor information and make the appropriate recommendations and adjustments to keep the company on track. In such a world, your team could truly function as a cohesive, unified group – with everyone working toward clear, concise goals that are oriented for results and easy to measure.
You may think such a world is a fantasy! But, the ElegantJ BI Business Intelligence and Corporate Performance Management solution suite can help you achieve this vision, with simple, affordable, practical tools that are suitable for every end-user and every situation, from the highest level strategy to the lowest level tactical processes and goals.
The ElegantJ BI Corporate Performance Management solution includes our rich, robust Balanced Scorecard tool. When you implement this system, your organisation is on its way to achieving elusive goals and gaining a competitive advantage in your product or service market.
Balanced Scorecards enable Strategic Performance Management and Business Performance Measurement and provide proven results by aligning the entire organization and enabling quantifiable performance metrics and measures to objectively manage your organisation at every level. Effective Corporate Performance Management takes into account all aspects of your business, including financial and non-financial aspects of corporate performance – Finance, Customer Relationships, Sales, New Products and services, Internal Business Processes and Employee Learning, Training and Growth initiatives.
Balanced Scorecards ensure accurate Performance Management and the ElegantJ BI Balanced Scorecards can help you to translate vision and strategy into an integrated set of performance and action measures and, more importantly, cascade this measurable information down through the organization so that everyone is operating with the most current, concise information.
By breaking down goals into measurable targets and providing a simple system for use through the organisation, you can produce appropriate dashboards and reports suitable to manage every type of task and you can engender continuous improvement for business processes, and financial and operational results.
While your organisation may have developed good metrics to measure performance, it is often difficult to know what to do with the metrics when the organisation is underperforming. We know that the measurements show poor results but we may not know how to fix the problem. If your team can see the impact of prospective changes and perform sensitivity analysis to determine how much or how little to change pricing or processes, you are more likely to achieve the results you want without spending more money or making more changes than necessary. And you can avoid making changes that do not provide enough stimulation to improve the results to your satisfaction.
Our ElegantJ BI Balanced Scorecards include a feature to perform impact and sensitivity analysis using complex multivariate non-linear analysis. Using this feature you can review and manipulate your metrics measures to consider historic performance and determine the impact of these metrics and any changes you may be considering.
“I am part of a steering committee consisting of five members. All of the committee members are division directors. The committee was established to try to understand our declining customer profitability. We are trying to gather the information we need to undertake this task, but with so many data sources, we’re finding it hard to get the information we need. Even in divisions where we are able to compile the data, we aren’t sure we really understand the source of the problem we are trying to address.”
Lena Perkins, Age 40, Eastern Division Director, Brandywine Jewelry
Brandywine Jewelry is a national jewelry store chain. As Eastern Division Director, Lena has been asked to lead a steering committee of division directors and to research the source of declining profitability and suggest appropriate action to improve performance and processes. Lena and her fellow division managers must also suggest a process to monitor and control these results for the long-term so that the enterprise does not find itself in the same situation in the future. To improve customer profitability and gross profit, the steering committee must analyse the historical results and draw accurate conclusions about the source of the decline in profitability. They must also make recommendations to the senior team of executives as to how they will go about improving the bottom line.
In order to complete the analysis and make appropriate recommendations, the committee needs to integrate and merge critical enterprise data from various sources, including several large enterprise systems, a small custom data base and spreadsheets maintained by the sales teams in each division. The organisation must find a simple, affordable way to accomplish this task quickly so that they can complete their analysis and make recommendations to establish new processes. Because this analysis will cross various divisions and departments, it is important that every manager and individual has a clear picture of their particular piece of the puzzle and how it impacts the goals established. If the committee can implement a system to satisfy these needs, the task of monitoring results and making appropriate corrections will be much simpler. This analysis will help the organisation to focus on the areas that will have the most positive impact on gross profit and avoid spending time on those things that will not provide the results they need. It will also ensure that the organisation does not ‘over correct’ the issues they find and spend more money or time than is required to improve results.
Perhaps one of the most difficult challenges faced by the committee is the lack of a consistent, cascaded approach to enterprise strategy. Every division, department, team and individual works with a set of goals and objectives and metrics to determine performance. These goals, objectives and metrics are very diverse and the divisions do not have a consistent approach to reporting results to the executive team.
If the committee is to be successful, it must create a uniform, accurate view of results, understand the specific perspectives and objectives of each part of the organisation and align those to the overall strategy. It must also provide a system that will allow every function and role to manage and monitor results with a uniform picture of goals and with personalised views of the data that suit the purposes of the individual or team using and managing the data.
Lena and the committee used the ElegantJ BI CPM Balanced Scorecard solution to organise and display their data. The ElegantJ BI solution was implemented as a hosted, Software as a Service (SaaS) solution with rapid deployment, and affordable pricing. This solution enabled the committee to easily integrate data from disparate sources and to access that data using a browser-based interface.
The committee identified four critical components for customer profitability and gross profit.
After ElegantJ BI was implemented, Lena created a balanced scorecard to track and measure results. Using the data integrated from the diverse enterprise systems, Lena created a Balanced Scorecard to review the historical results. She confirmed that the gross profit had declined steadily over the past year, and she explored the various components of customer profitability to discover the source of the problem.
She can view these Balanced Scorecards and results in a summary view, and also view results in a graphic form and drill down to specific data to clearly see where the issues originate. In this display, it is clear that the gross profit margins are steadily declining at an alarming rate. The team can review performance against targets and established benchmarks, and understand where gross margins are at risk.
If the organisation must improve product dependability and quality in order to improve the profit margin, this effort will involve those responsible for product design, production, testing and quality management. Once these issues are resolved, the task of continuous improvement and ongoing monitoring begins. The organisation will establish appropriate metrics and measures to monitor the expenses and factors involved with product quality and production, e.g., marketing costs, product testing, and direct product costs, and each team, department and function will view these results and receive alerts that help them support the established goals and address issues in a timely and appropriate manner.
With ElegantJ BI corporate performance management and balanced scorecard capability, Brandywine Jewelry defined a strategy and mapped that strategy within the system, cascading this strategy to the entire organisation with goals and objectives and assigned tasks tied to metrics and key performance indicators (KPI) that engender accountability and insight into performance across all divisions, departments, teams and individuals. With these tools, the organisation can evaluate the results of their strategy and monitor performance on an ongoing basis, taking corrective action as soon as an issue arises and focusing their attention in appropriate areas to improve business results.
As the example above illustrates, the ElegantJ BI Balanced Scorecards provide the foundation to better focus the organizational tasks and ensure that no assigned activity is misdirected. This focus can help the executives adapt to changes in the market but, more importantly, it can help each department and division understand how their tasks, goals and dependent activities can be improved to achieve the overall goals and strategies established by the executive team.
The analytical results are displayed in a way that is simple to understand and can improve the speed and accuracy of decisions. This functionality is critical to business success, but it is not available as a standard feature in most Business Intelligence or Corporate Performance Management products. It is a distinctive, differentiating factor in our ElegantJ BI solution.
Drill-down capability, enables the organisation to find the source of a problem and take concise, swift action to correct that problem. Unique, intuitive impact and sensitivity analysis features enable the organisation to focus their attention on the factors and activities that will result in timely, effective market response and ensure that the organisation can adapt to change. Managers, teams and individuals can establish and align metrics to objectively measure performance and, based on these metrics and performance indicators, they can receive alerts to notify them when a threshold has been crossed.
Additionally, our balanced scorecard functionality provides a dynamic, adaptive environment wherein your managers, team members and individual contributors can monitor and easily understand results and make appropriate changes to strategy, processes, assignments and tasks - quickly and with confidence!
ElegantJ BI Corporate Performance Management and Balanced Scorecards provide:
ElegantJ BI enables the organisation to create and monitor perspectives and metrics that are unique to each division, department, team and individual. These perspectives provide valuable insight into the processes and tasks that engender success and those that must be addressed in each function and role in order to provide improved results metrics and key performance indicators (KPIs) clearly illustrate accountability and where changes must be made. End-users can establish alerts and receive automatic delivery and publication via email to inform them when established thresholds are crossed and when issues need attention. The divisions, teams and individuals can manage its collective and individual responsibilities without monitoring information from multiple systems or designing complex reports.
ElegantJ BI Balanced Scorecards are simple and easy to use. With the right information, the management team can focus their efforts on more important performance metrics and drive the business from a financial, customer, business process, learning, growth, training, and future business perspectives.
ElegantJ BI Balanced Scorecards provide visually intuitive snapshots of corporate performance against goals, without having to search through analytical reports, graphs and indicators so the organisation can more easily develop and monitor Key Performance Indicators (KPIs). For example, users can perform trend analysis using a line graph over a sequential time period and they can view current performance using dial gauges. As the user drills down into the summary data, it is easy to see the problem or issue and find the root cause. End-users can utilize the strategy map and review the relationships among metrics to understand dependencies and make adjustments.
The ElegantJ BI Corporate Performance Management and Balanced Scorecard solution can seamlessly integrate with a variety of corporate data sources and provide, concise, easy to use, relevant information using current strategic, financial and operational data. Interactive strategy maps enable users to drill through charts and graphs and multi-level balanced scorecard reports to get to source data as appropriate.
Our dashboards make it simple for all users to review information in a way that is relevant and meaningful to their needs, and our alert system ensures that users will receive immediate alerts to notify them of critical issues and results. Our ElegantJ BI Corporate Performance Management solution is unique, in that it integrates balanced scorecard functionality and allows for rich, cross population of reports and dashboards and enables drill down and complex, robust analytical activities for every user, no matter their technical skills or their role in the organisation.
ElegantJ BI and CPM is a one-stop Corporate Performance Management solution for every organisation. It is simple, affordable and practical and implementation is fast and easy.
ElegantJ BI Balanced Scorecard process and allows you to:
Contact us today to learn how our Corporate Performance Management Solution – Balanced Scorecard can enhance your business and help you stay ahead of the competition and achieve the results you deserve.
Balanced Scorecards ensure accurate Performance Management. Our Balanced Scorecards can help you to translate vision and strategy into an integrated set of performance and action measures and, more importantly, cascade this measurable information down through the organization so that everyone is operating with the most current, concise information.
ElegantJ BI allows you to establish Key Performance Indicators and critical metrics and reporting alerts to notify the user, either when a KPI crosses a pre-defined threshold, or when specific events occur. These alerts can be delivered via email, with embedded links to BI objects like dashboard, cross tab, graphs or reports. The alert feature allows users to set up simple and complex thresholds to ensure prompt corrective action.
ElegantJ BI What If Analysis module utilizes integrated data and powerful OLAP, graphical and dashboard features to clearly and accurately illustrate the business results of a prospective market entry, a potential change in pricing, impact on profit margins, break even schedules or an expansion of products or services.
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Customer Success Story
The client is a leading financial securities firm, and a respected corporate member of the National Stock Exchange (NSE) of India. Read full story »
Martin Butler is well respected in ‘Business Intelligence’ industry circles and his latest report ‘The Business Value of Enterprise Performance Management’ compliments his earlier report ‘The Business Value of Business Intelligence’ extremely well.