Debunking Common Business Intelligence Myths
Myth #4: You Don’t Need KPIs or Balanced Scorecards to Manage Corporate Performance
It is easy to get confused by the plethora of business intelligence tools and claims in the BI tools market today! But, there is no reason to be discouraged. Your enterprise can cut through the confusion, debunk the BI market myths and make the right decision for the business and for your business users. Choose a tool that will truly empower your business users and allow you to hold users accountable for results and work as a team, with collaborative features and sophisticated, yet simple, self-serve, mobile tools for every user in your enterprise.
This seven-article series is entitled ‘Debunking Common Business Intelligence Myths’. These articles will help you to debunk the common myths in the BI tools market, and cut through the market confusion to make the right decision for your business and your users.
In the fourth article of this series, we will disprove the myth that if you have a so-called self-serve BI dashboard tool, you don’t need key performance indicators (KPIs) or Balanced Scorecards to manage corporate performance.
Before we analyze the need for KPIs and Balanced Scorecards, let’s consider a few questions. What do you envision when you think of Key Performance Indicators (KPIs) and Balanced Scorecards?
- Exotic gauges with some filters?
- Reports or dashboards displaying trends and performance indicators with images and colors?
- Gauges and large text displays placed in a static dashboard?
If the business intelligence dashboards and tools you have seen reflect the types of displays described above, it is important to distinguish between those static visualization tools, and restrictive features and the features and tools provided by a true self-serve performance management and business intelligence solution. True Performance Management takes more than static displays and monitoring of gauges on an exotic dashboard.
In order to implement true corporate performance management, your organization must choose a business intelligence solution that offers flexible and intuitive KPI and Balanced Scorecard tools that are easy to implement and ready to use with business logic like polarity, frequency, break down and hierarchy of perspectives, objectives and measures. Look for a vendor that understands the performance management domain and incorporates the comprehensive theories and practices of performance management systems.
If you give your business users the power and freedom to think out of the box, to be creative, to be analytical and to solve problems and capitalize on opportunities, you are much more likely to gain a competitive market advantage and to create forecast and perform dependable predictive analysis upon which you can base strategic, operational and tactical plans.
Traditional, static KPI Reporting will not get you to your goal. Look for mobile, self-serve tools that provide seamless access and easy-to-use, sophisticated KPIs and balanced scorecards. Objective metrics are important to every organization and, if a business user is part of that process, the enterprise, the business unit, the division, the team and the individual will reap the benefits.
Give your organization (and your business users) what it needs to succeed in the market and to meet goals and plans. Debunk the myths of Self-Serve Business Intelligence, remove the obstacles, achieve better results, and enjoy flexible, user-friendly, mobile BI tools that fit the definition of self-serve business intelligence and dynamic performance management.
Additional articles in this seven article series will include:
Myth #1 – All ‘Self-Serve’ BI Tools Are Suitable for Business Users
Myth #2 – True Self-Serve BI Tools Will Compromise Data Governance
Myth # 3: Business Users Do Not Need Ad Hoc Data Analysis
Myth #5: It is Expensive and Time-Consuming to Give Mobile BI to Business Users
Myth #6: You Need Data Scientists to Employ Predictive Analysis in Your Organization
A Summary of the Myths and Confusion in Business Intelligence
Original Source – You Don’t Need KPIs or Balanced Scorecards to Manage Corporate Performance- Myth#4Share