individual-entry-BA-Blog

« Claims management - processing faster and detecting fraud with EDM | Main | Congratulations Egg! »

Want to Bridge the "Insight Gap": Get the Insights First

James has argued repeatedly and convincingly that Enterprise Decision Management serves to "bridge the insight gap".  That is, when data and analytics generate insights about the business, EDM can help put those insights quickly, easily, and inexpensively into action.  Or as James would put it, what's the point of knowing what your business is doing from minute-to-minute if it takes three months to react?

Of course, there is a flip side to this.  Not every firm is equipped well enough to know what's going on in their operations.  To bridge that gap, I recommend looking at a white paper recently authored by one of my colleagues in Fair Isaac's Chicago office, Bradly Ganas, who works in our Technology Consulting organization.  Brad has significant experience in business intelligence, and particularly in helping leading organizations develop "dashboards", or what he describes as "summarized graphical representations of already-existing reports".

Brad's paper touches on a number of considerations that are relevance to successful dashboard development, such as reviewing the dashboard's purpose - operational vs. tactical vs. strategic -and thinking long and hard about its aesthetics, but most importantly giving significant attention to the specific nature of the decisions to be made.

He concludes that "the dashboard, when integrated with a business rules management systems designed to support pre-defined strategies, will result in a powerful tool that maximizes your business intelligence (BI) investment and ability to adjust to business conditions."

I've attached Brad's paper for further review.  If you are developing an EDM-oriented system, it would be very worthwhile to consult it, because it is based on substantial prior practical experience!

P.S.  Also check out Jeff Zabin's article on the topic of dashboards, and their specific application in the marketing realm, in today's Chief Marketer online magazine. Jeff also writes a blog at www.paretorules.com

First time on the EDM blog?
Subscribe to the EDM blog feed or check out some other recent posts:

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d83451629b69e200d8352cd01e69e2

Listed below are links to weblogs that reference Want to Bridge the "Insight Gap": Get the Insights First:

Comments

The Dashboard Spy

Thanks for the pointers to the dashboard material. Particularly interesting was the Zabin article. For a look at real-world dashboards such as the marketing dashboards mentioned in the article, take a look at this collection of enterprise dashboards. There are over 800 screenshots of dashboards at http://www.enterprise-dashboard.com.

The comments to this entry are closed.

Search Site


  • dmblog.fico.com

Subscribe

  • enter your email

Upcoming Events

  • FICO Tools & Analytics User Forum 2012
    BERLIN: September 11-12, 2012 LONDON: September 18-19, 2012 Gain new insights for improving business performance through advanced analytics and decision management tools.