I’ve established that my retirement needs a “Business Plan”, so, a great guide to developing “Business Intelligence”!
In business, we frequently say, “you can’t control what you can’t measure;” or, better yet, “you get what you measure.” We thus invest in sophisticated (read expensive) business intelligence (BI) programs run by professional teams of analysts. These BI programs frequently involve the purchase and installation of very high-end enterprise tools supported by large databases that can collect and warehouse just about any piece of data from the business. But, after all of that time and money, most BI programs don’t succeed. Why not? Because most programs focus on the technology.
The most important aspect of a BI program isn’t the technology
(that’s just the time-consuming part);
it’s actually figuring out what to measure.
In this article, I propose a framework that enables:
- understanding and categorizing five distinct types of metrics;
- developing a hierarchy of metrics that supports achieving an outcome.
Ultimately, not all situations require all five types…
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