Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMakers Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
In our previous segment, we talked about Business Intelligence and the difficulty associated with certain aspects of getting good information to make the right decisions based upon accurate and complete information.
The goals you should be striving for include:
Getting your corporate strategy to match up with your business processes. We have seen many instances were performance attributes revolve around only a group; or a person’s individual segment of the business. And many times there is no cohesive, well rounded 360 degree view of the organization with these attributes. Allowing business units to function independently of the overall business plan doesn’t really address effective use of Business Intelligence.
Getting enterprise wide resource allocation and visibility ensures you are working on the right priorities with the right people. Do you know if you are paying vendors, before your customers pay you? Do you know the right territories that are most profitable? Which accounts bring you the greatest value? Without good targeting of your resources, you are wasting effort, time, and money.
Finally, you should strategize around reducing the impact of compliance reporting so that it’s not draining valuable resources. Financial compliance usually comes to mind regarding compliance reporting. But a broader view includes not only financial management, but safety, green initiatives and product quality that can all have huge consequences to an organization. Compliance reporting can be used as a catalyst for driving improvement, rather than just being something we do.