The Business Management Cycle is a good way to visualise how any company should work with Business Intelligence.
Starting at the top left of this model, data is captured from various storage systems, there can be many of course. This raw data feeds the next box which is ‘Analysis’.
In Analysis, data is converted to information. The information a business needs is likely to be unique and may change as drivers and circumstances evolve over time. It needs to be timely, insightful and easy to interpret as it feeds the Decisions box.
The Decision process could be a board meeting, team meeting or an individual charged with deciding direction or strategy on a regular basis. The relative complexity of this step is partly a function of the success of the previous step. Good information will often make the decisions simple meaning most of the effort will be about planning the “how to” of the next box, not deciding what to do.
Next, ‘Take Action’. The direction and strategy of the previous box is put into place and the outcomes provides more data which feeds the next iteration of the cycle.
The more a business can deploy this cycle they better it becomes. The cycle time will typically be constrained by either “Take Action” or “Analysis” and this is a question of capacity. By automating the Analysis section to deliver the right information more capacity is released to deliver actions and the business becomes more responsive, more agile and more competitive.
Can your business deliver more action by better using this cycle? Find out quickly with an Information Strategy Review. Find out more here.