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How to Gain Meaning and Value from Performance Analytics

There are a number of ways firms can leverage big data and performance managem

There are a number of ways firms can leverage big data and performance management with analytics, but not all of these serve the same purpose, even if they're based on the same information. Companies need to focus on so many facets of corporate operations that they can come up with diverse initiatives based on a single report, depending on the depth of knowledge available, the clarity of file tracking solutions and the ability of IT personnel to bring these reports together in an actionable way.

Internal and consumer-facing projects can be assessed and fine-tuned using corporate performance management tools. Making better use of the assets these parties have at their disposal is the first step to obtaining more insight and getting closer to the sources of these valuable data outlets.

One of the leading technologies currently accessible to consumers and employees is mobile devices. These tools are responsible for fueling an entire workplace movement, known as bring-your-own-device (BYOD), which allows companies to capitalize on tech tools that their staff members already own and understand.

Finding new financial frontiers
These assets also represent a critical part of new initiatives to push for greater understanding of individual motivations. Performance management with analytics can monitor mobile web browsing, keep track of application usage and provide feedback based on the places a person physically frequents. The Financial Post reported that location information can help businesses target potential customers who travel past their storefronts, offering them deals and pitching products that are within their interest range based on proximity.

Location analytics is a powerful tool for businesses in all settings. Those in major cities can broaden their followings just by implementing a solution that pings every smartphone or tablet that comes within a certain distance. Companies in remote regions can ensure that everyone in a set geographic area receives information about their offerings, pulling in foot traffic that may once have walked right by without stopping. These resources create a different kind of corporate performance management tool, but one that is no less essential to operational success.

Information Management Online reported that a seminar led by the International Institute of Analytics (IIA) forecast that 2013 will be the year where big data and performance analytics come together in a way that reshapes the face of modern business. Location analytics and geographic advertising are just some of the ways this is becoming a reality, but there are plenty of other options yet to be explored.

"Big data has certainly been an enormous factor changing the way people view analytics," said IIA director Tom Davenport. He stated at the IIA event that up until this point, information regarding different aspects of big data has remained siloed, despite this technology being integral in breaking data centers out of these kinds of structures. Davenport was hopeful that businesses would recognize the potential power of corporate performance management tools when introduced to integrated environments.

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