If You Can’t Measure It, You Can’t Improve It … Peter Drucker
Most business leaders are familiar with the basic IT reports they should be getting monthly, but many are less familiar with the kinds of management reports available that could help their businesses increase profits and improve productivity.
In every professional context, analysis and reporting on effectiveness, investment, activity and results is paramount. Business leaders needs this information to form their decision. However, making decision based on wrong information will have consequences. So, what should business leaders focus on?
Business Impact Analysis Reports VS IT (Technology) Management Reports
Unexpected events and circumstances can spring on the organization in its day-to-day operations. Business Impact Analysis, or BIA, refers to the process of determining, assessing and evaluating the potential effects of an interruption or stoppage of critical operations, functions and processes of the business due to an accident, emergency, or disaster.
Successful organization constantly measure, review and enhance their IT Strategy based on Business Impact Reports. Senior management will rely on the contents of the BIA Report when developing strategies…Martin at ClaverismTechnology investment project converts the cash spent by a business into financial benefits that exceed the costs involved… ICAEW is a founder member of the Global Accounting Alliance. (Download book on this topic by ICAEW)
Focus your IT Department to provide Business Impact Reports rather than IT Reports
Business Impact Reports: Technology is usually a small item on organization expenditure list compare to other business operational items. However, it has most impact on all major business operations. A variety of reports can be developed to assess the current conditions of the technology impact, its operations, and the management procedures that are used to ensure the sustainability, productivity, and/or profitability of the business and all its areas.
Here’s top 3 reports business must review:
Critical Cost Analysis: Technology involves both hard and soft cost (impact) in business. Business leaders must have means to measure soft cost (risks, productivity, functionality, security etc). Business impact reports are valuable for critically analyzing financial impact and business performance in which the business is doing well or poorly. These reports also allow business leaders to measure soft cost of technology and impact of technology on payroll/productivity. Deep diving into available data leads to a cause-and-effect approach to solving performance problems. You may find that certain functions of technology or process underperformance and experiencing loss of payroll- productive hours. Payroll – Productivity Reports…read more on IT Strategy
Benchmarks, Goal Setting and KPI's: These business reports show performance across quarters and for the entire year, in the case of annual reports. Watching performance trends allows for the company to set benchmarks and goals. These reports also allow business leaders to align technology with business goals including technology investment with budget and business strategy. These reports and monitoring avoid any unexpected expenses and provides long term road map of operational changes and expected investment. Benchmark reports will provide data on industry standards, technology investment of other organization of similar size/type etc, providing opportunities to stay competitive and lean…read more on documentation
Planning and Decision Making: Reports help business leaders plan and make strategic decisions. They use the data to back their decisions and to justify each move made. Reports can influence hiring, firing, new product development, the elimination of entire departments and adaptable measures made to ensure that the business survives and thrives in the future. These reports provide data on operational investment for business leader to consider while pricing out their product and services cost to their clients. Shareholders of large businesses will use reports to track their value and make high level decisions about top level management capable of improving their overall invested value…read more on impact of technology
IT (Technology) Reports: These reports are critical reports since data is basis for business impact reports. Organization must have on-going process to gain access to some of the following reports if not all. Here’s list of some of the examples of IT Reports:
- IT Asset Details and Performance Reports
- BDR Details and Performance Reports
- Network Health Check and Performance Reports
- Hardware and Software Health Check and Performance Reports
- Inventory Management Reports
- Data Breach Liability Report
- External Vulnerability Report
- Share Permission & User Behavior Reports
- --more--
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Also review – Impact on Revenue blog
