In a technology and data-driven industry, Business Intelligence is key to giving construction companies the ability to view and understand how the numerous company operations fit together to serve one purpose and assess important improvement areas.
According Viewpoint Author Greg Fry, “Business Intelligence is more than just understanding how to run your company. It refers to a technology-driven analysis of data to enable actionable information in helping stakeholders and end users make smarter decisions.”
Business Intelligence is just one aspect of a much larger solution, however. That solution is Business Performance Management (BPM), commonly referred to as Business Intelligence + Planning.
BPM Solutions help users take action in pursuit of common, achievable goals: hitting performance targets, executing company strategy, and delivering value to stakeholders.
We at RITHM have come up with a four-step process in helping you succeed in this strategy-driven process.
This is the beginning of your process, and a very important step to take. During this step, you take the time to determine your overall mission, values, goals, objective, incentives and develop your strategy maps.
Now is the time to develop your budgets for specific projects. You should also take the time here to review forecasts, models, initiatives and your specific targets.
This is the meaty step in the process for a successful BPM Solution. This is when you get to get elbow-deep in RITHM optimized ERPs with custom performance dashboards, reports, and analytical tools.
In the final step of our four-step process to success, you interpret and track your gathered information, collaborate with your employees that need the specific data, assess your situation, act on your data and make your adjustments.
Having a successful BPM Solution is much like preparing for a race. Can you prepare without knowing the proper details? Understand what type of race you plan to run: 10-miler? Half-marathon? Marathon? How well do you want to do? Finish in the top five? Being specific with your goals is key to executing company strategy.
If you determine your targets, and hit them in a timely manner, you will deliver value and worth to your stakeholders.