In my previous blog I discussed the importance of developing a thorough approach to your Business Intelligence (BI) strategy. I illustrated that it requires a lot of ground work up front. Once work on the approach is complete; we then need to define the scoring and scorecards. When we talk about scoring and scorecards, and measures in BI solutions we commonly hear terms such as actionable, Key performance Indicators (KPI’s), dashboards and metrics etc. These are all very valid and indeed necessary, but how do we get there?
Let’s begin by clarifying that scorecards and/or KPI’s are derived from corporate drivers, quality control, efficiency, and related optimization goals that a particular industry is focused on. Along with analytics, scorecards assist in aligning strategy and mission critical objectives in an organization. Scoring or using scorecards, with the proper design (created during the approach phase) will provide the key metrics, indicators and benchmarks needed to gain insight.