Now is the time to invest in innovation that demonstrates a clear ROI
Banks returning to profit and rising house prices can be seen as significant signs of a possible economic upturn.
However, now is not the time for complacency; positive signs are no excuse for a lack of attention to detail. Businesses that take time to heave a huge sigh of relief will see fast-moving rivals quickly pass their organisation.
Now, then, is the time to learn from our experiences and to turn lessons into action. More than ever before, the recession has pushed attention on to leading executives, who are expected to closely monitor spending and produce a quick return on investment (ROI).
The focus on value will prove invaluable during the recovery, where a tight focus on operational expenditure will help create more funds for innovation. Many IT leaders will have spent the last 12 months avoiding new IT spending – that is now simply not an option.
Sweated assets will need refreshing and smart technology chiefs will find ways to make the best of innovative systems. Creating a strategy that proves a quick ROI will show that lessons learnt from the recession have been heeded.
Corporate performance management (CPM), encompassing business intelligence (BI) systems, should be at the top of your agenda, providing a combination of analysis, planning and reporting.
BI software will help you to measure key performance indicators that will prove the true value of IT initiatives. It will also enable company-wide reports on the achievements and status of specific projects, departments and product lines, for example.
Like all innovations, business intelligence needs to demonstrate value. Success is not a given – research from analyst IDC shows that while 53% of users believe investment in BI has delivered an ROI, as much as 32% are unsure and 15% suggest it has not.
Make sure you select the right tools and partners to help you prove the business benefits of BI as well as IT in general. Get innovation right and the business will see that good things can indeed emerge from a recession.
