Issue link: https://epubs.iltanet.org/i/30285
SETTING PERFORMANCE MEASUREMENTS FOR SUCCESSFUL BI data; others will be generated internally, either between departments or through time-series analysis. Targets should motivate best-in-class performance within realistic time frames. To move beyond the mentality that good is good enough, targets should stretch individual performance beyond current performance levels. Firm leaders should create a sense of urgency; the introduction of business intelligence is a perfect opportunity to establish a reason for change, because it so clearly shows the link to desired outcomes. As you analyze and benchmark department, location and client performance, you will discover that different metrics and areas of focus will develop for each department, client attorney and so forth. While the firm strategy directs overall firm efforts, individual be alerted if a survey reveals that a client is not totally satisfied. Efficiency through automation and the careful selection of critical success factors should reduce the number of ad-hoc reports that the accounting department must prepare. This often represents a significant time-savings that is realized either through staff reduction or by refocusing the accounting staff on value-added activities such as analyzing financial data. Decision-making intelligence is a perfect opportunity to establish a “ The introduction of business reason for change” departments and attorneys may contribute in different ways. Your communication and reporting should be tailored to each unique situation. To more effectively communicate and set unique targets, you may want to take advantage of Web-enabled desktops with user specific Web parts. The benefit is that everyone in the organization can get real-time information that is aligned to his or her objectives. Many systems are also designed with built-in alerts that advise specific users, on a real- time basis, when intervention is required. For example, a client relation attorney can be emailed automatically if a client is late with a promised payment, or a practice leader can is also improved with an electronic desktop because the volume of information is reduced to what is necessary and strategic. Variances can be examined by drilling down to the level of source data that is needed to explain the variance. Since electronic dashboards present all information in a consistent graphical format, the average learning curve is also greatly reduced for additional efficiency and effectiveness. Successful firms are giving their decision makers better information that supports proactive planning. These firms are creating new delivery methods with executive dashboards, electronic reports that deliver real-time data, exception reports that identify variances to expected performance, and summary data with drill-down capabilities that enable users to keep a high-level view until detailed information is needed. ILTA www.iltanet.org Financial Management 47