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Business Intelligence is not just Information

in Business Management
Business Process Management

BI Includes the Technologies, Applications and Practices Used

Business analytics, reporting, dashboard, performance management, data mining, process mining, OLAP, spreadsheets and other software tools all fall under the term BI.

Business decisions are usually made on the basis of past experience, though they can also be based on qualitative considerations or rules of thumb. Past experience typically consist of an overwhelming mass of data.

BI tools and techniques are used to mine this data and extract meaningful information out of it. Keep Reading

Business Performance Management Fundamentals

in Business Management
Business Management

Performance Management Process Involves Goal Setting and Control

Managing performance involves attending to issues like clear planning, effective organization, employee development, working conditions and well-designed control systems.

Performance is measured by comparing actual results against desired results. In a business context, desired results consist of increasing profits and continuing growth.

These are achieved by developing comprehensive plans and implementing control systems that report upon actual performance against plans. Keep Reading

Performance Ratios Look at Operational Issues

in Business Management
Business Performance

Emphasis is on Business Performance instead of Financial Performance

Operating performance ratios are concerned with the utilization of physical facilities, productivity of employees and management of working capital. Keep Reading

What Is the 80-20 Rule?

in Business Management
80 20 Rule

How to Get More out of Your Time and Efforts

Constantly driven by what is urgent, people don’t take time to think about what is most important. The 80-20 rule helps you get more bang for your buck.

Most managers know about the 80-20 rule, but how many use it effectively?

What Is the 80-20 Rule?

It means: 80% of output comes from 20% of input. As a strategic decision making tool, the 80-20 rule can help you decide what’s important and how you should spend your time for the best return. Most people are driven by what is urgent without stopping to think whether it’s really as important as something else they could be doing. No doubt everything you do has some importance.

It’s a question of relative worth, relative return on your investment of time and effort. The numbers 80 and 20 are not hard and fast, but they make concrete the point that a few of the things you do add much more value than everything else you do. Being strategic means identifying that small set of activities where you have the most to gain.

Here are some practical uses of the 80-20 rule.

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